Godolphin Resources Limited has reviewed its project and operational requirements as the Company continues the development of its portfolio of projects within the Lachlan Fold Belt (LFB) of central New South Wales (NSW). As a part of the review, the Board of Godolphin determined that the Company should be led by a Managing Director based in NSW. It was the intention of the Board that the Company's current Chief Executive Officer, Mr. David Greenwood, take up the position of Managing Director. Unfortunately, Mr. Greenwood was unable to take up the Managing Director's position for personal reasons. Accordingly, the decision has been made to make the current Chief Executive Officer's position redundant. Godolphin will, during the next four to six months, appoint a Managing Director based in New South Wales. The appointment of a NSW-based Managing Director is consistent with the Board's focus on Godolphin's 100%-owned projects in the Lachlan Fold Belt of NSW, Australia's prime world-class gold-copper province. To facilitate the changeover to a Managing Director, Mr. Greenwood has agreed to remain as Godolphin's Chief Executive Officer for the next three months.