BGD Barton Gold Holdings Ltd

Boulder Steel Limited (ASX: BGD), today announced that it has signed financial advisory and capital raising mandates with The National Investor ("TNI"), an Abu Dhabi-headquartered investment company, to act as its exclusive financial advisor, lead manager, lead arranger and book runner in relation to certain investment banking services. Under the terms of these mandates, TNI will seek to raise US$ 600 million of debt and equity, pending finalization of a bankable feasibility study for Boulder Steel's previously announced seamless tube project. Boulder Steel will use the proceeds to fund the seamless tube project, which consists of a steel mill and finishing line in Queensland, Australia that will produce, respectively, up to 350,000 and 175,000 tonnes per annum, and a finishing line in the UAE that will produce up to 175,000 tonnes per annum. Boulder Steel will establish a UAE-based subsidiary to undertake the Seamless Tube Project (the "Subsidiary"). Of the US$ 600 million debt and equity, Boulder Steel expects to raise approximately US$ 150 million through a secondary offering of its shares on the Dubai International Financial Exchange ("DIFX"). Some Middle Eastern investors have indicated a desire to invest in the equity of the Subsidiary directly (as minority shareholders). If this occurs, the amount that Boulder Steel raises through a secondary offering on the DIFX would be reduced accordingly. In addition, TNI is expected to raise US$ 15 million through an equity private placement to fund the expansion of Boulder Steel's 50% owned Euro Forming Services business. TNI already has identified potential investors and due diligence is expected to commence shortly. Peter Wallner, Chairman and Managing Director of Boulder Steel, commented, "We are very grateful for the assistance and support of Mr. Abdul Rahman Falaknaz, our Dubai-based director, and those who are arranging our financing for their work in preparing, negotiating and finalizing the contractual arrangements with TNI. We are excited to commence these fundraising initiatives and to move forward in the execution of Boulder Steel's long-term strategy for developing its seamless steel tube businesses." It is anticipated that the equity raising will be completed within approximately five months. This time frame includes and is subject to calling a general meeting of the shareholders of Boulder Steel to approve the transaction, completion of the bankable feasibility study, a review by the Australian Foreign Investment Review Board and the necessary regulatory approvals of the Dubai Financial Services Authority for the DIFX listing. About The National Investor The National Investor (TNI) is a leading regional investment and merchant banking firm with a distinguished track record in investment banking, private equity, real estate and asset management. The firm is a Private Joint Stock Company headquartered in Abu Dhabi and is the leading arranger of public share offerings in the UAE and the GCC. The Company was ranked as the leading equity house in the UAE by Euromoney magazine in 2006 and 2005. Further information on TNI can be obtained from its website (www.tni.ae). About Boulder Steel Limited Boulder Steel is an international tubular steel company, whose current major asset comprises a cash-flow producing forging company (EFS) that processes tubular steel products, largely for the automotive industry. The Company is in the process of raising funds for a state-of-the-art steel mill and seamless tube plant in Queensland, Australia to produce seamless tubes primarily for use in the oil and gas industries. In addition, Boulder Steel is exploring expansion opportunities in the United Arab Emirates (UAE), including the evaluation of an UAE location to build a steel finishing plant. The Company is headquartered in Australia and the stock trades on the Australian Stock Exchange ("BGD"), the Frankfurt Stock Exchange ("WKN 871 708") and the OTC Bulletin Board ("BLSTY.PK"). To learn more about Boulder, visit the Company's web site www.bouldersteel.com.au.