10:33     SIMSEN INT'L<00993> - Announcement (5)                              

    Based on the information obtained from Bloomberg, the closing             
    price of Goldsat Shares as quoted on the TSX Venture Exchange             
    on 1 February 2005 (being the last trading day of the Goldsat             
    Shares on the TSX Venture Exchange immediately before the date            
    of the Disposal Agreement) in Canada time was CAD0.04. On the             
    assumption that the Capital Reorganization has taken effect on            
    1 February 2005 in Canada time, the adjusted closing price per            
    each consolidated Goldsat Share should be CAD0.40.                        
                                                                              
    The initial conversion price of CAD0.40 per Goldsat Share is              
    equal to the adjusted closing price of CAD0.40 per each                   
    consolidated Goldsat Share and represents a discount of                   
    approximately 39.39% to the average adjusted closing price of             
    about CAD0.66 per each consolidated Goldsat Share for the 10              
    trading days up to and including 1 February 2005 (Canada time).           
                                                                              
    Conversion Shares                                                         
                                                                              
    The Goldsat Conversion Shares will be issued free from any                
    encumbrances or third party rights of any kind and will rank              
    pari passu, in all respects with the existing issued Goldsat              
    Shares together with all rights to dividends and other                    
    distributions declared, made or paid on or after the date of              
    the exercise of the conversion rights.                                    
                                                                              
    Please also refer to the table under the section headed                   
    "Information and shareholding structure of Goldsat" below for             
    the dilution effect of the allotment and issue of the Goldsat             
    Conversion Shares.                                                        
                                                                              
    Conversion Request                                                        
                                                                              
    If at any time during the Conversion Period, the daily closing            
    price per consolidated Goldsat Share on the TSX Venture Exchange          
    for a consecutive period of 10 trading days exceeds CAD0.50 or            
    the issue price of placing of a minimum of 5,000,000 consolidated         
    Goldsat Shares is not less than CAD0.50 per Goldsat Share,                
    Goldsat may, within a period of 10 calendar days, request, in             
    writing, the Noteholder to exercise the conversion rights                 
    attaching to the whole outstanding Goldsat Convertible Note into          
    Goldsat Conversion Shares and the Noteholder shall within 5               
    business days after receipt of such written request exercise              
    its conversion rights accordingly.                                        
                                                                              
    Final redemption and repayment                                            
                                                                              
    Unless the conversion rights attaching to the Goldsat                     
    Convertible Note have been exercised during the Conversion                
    Period in accordance with its terms, Goldsat shall be obliged             
    to make any redemption, in cash, of the outstanding principal             
    amount of the Goldsat Convertible Note and the accrued and unpaid         
    interest on the Maturity Date.                                            
                                                                              
    Voting                                                                    
                                                                              
    The Noteholder shall not be entitled to attend or vote at any             
    meeting of Goldsat by reason only of it being the Noteholder.             
                                                                              
    Transferability                                                           
                                                                              
    The Goldsat Convertible Note may not be assigned or transferred           
    in whole or in part to any third party.                                   
                                                                              
    INFORMATION AND SHAREHOLDING STRUCTURE OF GOLDSAT                         
                                                                              
    Goldsat Mining Inc. is a mineral exploration and development              
    company incorporated under the laws of Canada on 15 March 1996,           
    the shares of which are listed on the TSX Venture Exchange.