Hunter Exploration NL Acquires Stake In E-Auction Australasia.

SYDNEY, Australia--(BUSINESS WIRE)--Dec. 8, 1999--

(OTC BB:EAUC)

The directors of Hunter Exploration NL ("Hunter") are pleased to announce that it has entered into an agreement to subscribe for a 31% interest in E-Auction Australasia Pty Ltd ("EAA") with a right to acquire an additional 4% and a right of first refusal over an additional 12.4%.

E-Auction ---------

EAA is the holder of an exclusive Licence to exploit the business strategies and technology of e-Auction Global Trading Inc ("e-Auction") in Australia and New Zealand. e-Auction is listed on the bulletin board of Nasdaq (NASDAQ BB symbol: EAUC; website www.eauctioninc.com) with current market capitalisation of approximately US$60m.

e-Auction is a provider of real time, electronic auction and financial services to auctioneers selling commodities.

EAA's licence to exploit e-Auction's significant innovations, services and clients will provide a foundation for significant growth in B2B commodity auction and foreign exchange markets:

1. EAA will exploit e-Auction's unique position in the electronic

cattle auction market in North America and utilise its

experience and expertise to build electronic cattle and sheep

auctions in Australia and New Zealand. Two of the largest

potential markets in the world.

2. EAA is targeting low risk and established high volume B2B

auction and commodity exchange markets. EAA has high value, high

margin, and transactional revenue model directed to sustainable

growth for the long term.

3. Along with EAA's licenced electronic cattle auction system,

additional growth will be generated through the expansion into

other mature, high volume commodities such as other livestock

(pigs, sheep, etc.), grains, fish, flowers, fruits and

vegetables.

EAA will seek to form joint ventures with local auction houses and/or other key players in target industries to enable the business to be built more quickly.

As some of the largest producers of perishable products in the world, the Australian and New Zealand markets present tremendous opportunity for EAA to exploit the licensed technology. This position is further enhanced by Australia and New Zealand's positions as major exporters of perishable commodities.

EAA's networks will be linked to existing networks operated by e-Auction in North America and Europe, providing access to very significant numbers of extra buyers for users of EAA's auctions systems in Australia. This will provide an alternative purchasing/selling channel to existing auction houses who come on board.

EAA will also seek to adopt e-Auction's model which integrates financial services (foreign exchange, electronic funds transfers, international cash management, credit facilities and hedging) with electronic auctions which is truly unique to the industry, enabling it to offer a full service electronic auction and realise multiple revenue streams.

With this unique model, EAA's goal is to provide a complete end-to-end auction solution.

Initial Public Offering -----------------------

It is proposed that the subscription funds will be used to establish the EAA business in Australia and New Zealand with a view to an initial public offering of EAA and a listing on the ASX during the course of the next 6 to 18 months.

It is anticipated that Hunter shareholders will have a priority entitlement to any shares offered by EAA during the listing process.

Management of EAA -----------------

As a condition precedent to the transaction, it is proposed that Mr Marc R. Dussault an executive of e-Auction will be appointed as CEO by EAA to establish and manage the business in Australia and New Zealand.

Mr. Dussault has a PhD in Business Administration, MBA and Bachelor of Engineering from Concordia University, Montreal, Canada and was previously a management consultant with ACI Consultants providing strategic and tactical marketing, sales and information technology services. He is a part time lecturer in technology management and management information systems at Concordia University and the author of 4 books and numerous trade magazine articles.

It is also proposed that another executive of e-Auction will be appointed by EAA to help in establishing the business.

The board of EAA will consist of representatives of EAGT and Hunter.

For more information on e-Auction please visit their web site at http://www.eauctioninc.com.

All trademarks, tradenames, registered trademarks, or registered tradenames are property of their respective holders.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward- looking statements involve risk and uncertainties which may cause the actual results or objectives to be materially different from those expressed or implied by such forward-looking statements. Such factors include, among other things, the Company's financial performance; changes in the competitive environment; adverse changes in the economy; ability to maintain long-term relationships with customers; and financing requirements.