CHAMELEON MINING NL (ASX.CHM)

name changed to Kupang Resources Ltd

we understand that on or about this date the company consolidated its shares 1 for 3

the suspension of trading in the securities of Chameleon Mining NL (the "Company") will be lifted immediately, following retirement of the receiver appointed to the Company by International Litigation Partners Pte Limited

Chameleon Mining NL (CHM) today announced it has been successful in its NSW Supreme Court proceedings against International Litigation Partners Pte Limited (‘ILP") - The court yesterday made orders to the following effect: ILP has no entitlement to the Funding Fee it was claiming; ILP is entitled to payment of an Early Termination Fee, less any sums previously paid to it by CHM; the injunction restraining the receiver from exercising any right or power has been restated and will be in effect until CHM pays the Early Termination Fee. The only issue currently preventing CHM from paying the Early Termination Fee is ILP's delay in providing a full account of payments made and received by it. CHM is prepared to pay the amount due to ILP immediately

company says that on 31 August, 2010 the Court will determine: whether the appointment of the Receiver was valid in the circumstances; declarations sought by the parties relating to Chameleon's termination of the Funding Agreement with ILP; and declarations sought by Chameleon and Cape Lambert as to whether the Funding Agreement was void on the basis that ILP is not licensed in accordance with the relevant statutory obligations set out in the Corporations Act 2001 (Cth). The Company will make a further announcement following the Court's decision which will be delivered tomorrow

International Litigation Partners Pte Ltd makes a submission to the court to have the injunction dissolved (that is, ILP tried to have the injunction restraining the Receiver overturned) - the Company vigorously defended its position and was successful in resisting those submissions made on behalf of ILP

International Litigation Partners Pte Ltd appoints a Receiver to the Company

the Company obtains an injunction restraining the Receiver from exercising any right or power pursuant to the appointment document relied on by ILP until those issues relating to the appointment of the receiver and the termination of the funding agreement are determined by the court

the securities of Chameleon Mining N.L. (the "Company") will be suspended from quotation immediately, at the request of the Company, pending an announcement from the Company

the former managing director of gold exploration company, Chameleon Mining NL (CHM), Mr Gregory Barnes, was sentenced today in the NSW District Court to nine months imprisonment with a non-parole period of six months after being found guilty by a jury on two counts of permitting false and misleading information to be given to the Australian Securities Exchange - Mr Barnes' sentence followed an earlier guilty plea by Mr Landan Roberts, the former director and secretary of CHM, to two counts of permitting false and misleading information to be given to the ASX (with a third count admitted and taken into account under section 16BA of the Crimes Act). Mr Roberts' was sentenced today to eight months imprisonment with a non-parole period of five months

shares reinstated to quotation

the share placement is now closed fully subscribed - the company is applying for re-quotation of its shares on ASX

company releases its Half Yearly Report and Accounts

at the General Meeting of Shareholders held today, all resolutions were carried by show of hands

the company releases an independent valuation of its exploration tenements

company releases its Quarterly Report for the quarter ended 31 March 2007

the company releases its Annual Report for the financial y/e 30 June 2006

an Annual General Meeting is to be held at Level 16, 131 Macquarie St, Sydney NSW 2000 at 11.00 am on 7 August 2007 - the company is seeking to raise $2.3m

the company says it is finalising accounts for the years ended 30 June 2005 and 30 June 2006 - a private share placement is also contemplated

appoints new auditors - ADP Audit Services

the company is working towards the re-quotation of its shares

the creditors trustee today releases to the market a circular to creditors that he signed off on 30 May 2006 - he was planning a first and final distribution to creditors about 14 days following that

according to the administrator the company is in the hands of new directors who are working to meet the ASX requirements to list

court orders received by liquidator terminating the winding up of the company

the company (in liquidation and subject to a Deed of Company Arrangement) issues a prospectus to "facilitate the secondary trading of shares to be issued pursuant to a placement of 362 million fully paid shares" - it has also been issued to provide information on the offer of 53,020,000 shares offered under the document

all resolutions considered at the meeting today were passed

administrator provides a notice of meeting of shareholders for 11 January 2006 to consider various proposals for the reorganisation of the company

we are advised that at the meeting on 13 September, the creditors of the Company accepted the Deed of Company Arrangement, and therefore Mr John Vouris was appointed Deed Administrator of the Company - the Deed Administrator is now in the process of receiving an experts report - once that is received he will call a shareholders meeting

administrator gives notice of a meeting of creditors to be held on 13 September to consider the future of the company

John Vouris (previously appointed liquidator) advises that he has obtained orders from the Supreme Court appointing himself as administrator (on 18 July 2005) - in that capacity he will now proceed to call separate meetings of shareholders and creditors to approve the sale of a majority interest in the company

liquidator advises that Centrebright P/L is required to pay $1.53m for the issue of 112m shares (at an issue price of 0.25 cents per share), 250m shares (at an issue price of 0.5 cents per share) and 66.82m shares to certain creditors - he expects to call a meeting of shareholders on or about 8 October 2005

liquidator executes a subscription agreement with Centrebright P/L for the sale of shares in the company

we understand that offers for the business are being considered and there should be a proposal put forward to shareholders shortly

liquidator advises that he is currently offering the company and its assets for sale "in order to maximise the return to creditors and shareholders" - separate meetings of creditors and shareholders will be held "by 31 March 2005 to ratify any sale"

the liquidator (John Vouris ) has requested that shareholders confirm to him in writing their current shareholding in the company (a somewhat strange request - but there must be a reason for it) - we suggest you confirm your shareholding and current address to Mr John Vouris, Vouris & Bell, GPO Box 4453, Sydney NSW 2001

reports that a NSW Supreme Court judge has questioned the quality of management at Chameleon Mining and raised questions about whether Chameleon will recover a $3 million deposit it made to a mystery group called Zenith Development International - Justice Rex Smart said a statement made by Chameleon management to the stock exchange two months ago about the $3 million deposit did not inspire confidence and he rebuffed a claim by Chameleon managing director Greg Barnes about a mechanism by which the company would recover its money - Justice Smart made the comments in a judgement this week explaining his decision to last month grant an application by major Chameleon shareholder Robert McLennan to appoint a liquidator to the Perth-based explorer

court orders that J Vouris of Vouris & Bell be appointed liquidator and the company be wound up under s 459 of the Corporations Act - Mr Vouris will be conducting an investigation into the company and will report to the market in due course - this type of action never augurs well for shareholders but it is too early to speculate on the outcomes

a Notice of Application to Wind Up the Company was issued against the Company by Rupert Ltd and former consultant geologist and vendor Mr Robert McLennan - the company has appointed Sydney Chartered Accountants, Armstrong Wiley & Co, to prepare an Independent Assessment of the Company's Solvency in response to the above Notice - the matter is before the Supreme Court of NSW on the 18th November, 2004 and the company is very confident of successfully defending the action

shares suspended from quotation