South Pacific Minerals Corp: Prospectus Issue for C$2.9 Million Receipted.

VANCOUVER, British Columbia -- South Pacific Minerals Corp. (TSX VENTURE:SPZ.H) (renamed from Fraserfund Financial Corp.) ("the Company") has received a final receipt from the regulators in British Columbia, Alberta and Ontario for the Company's Prospectus dated April 28, 2005. An over-subscribed capital raising (with Canaccord Capital as Agent) consisting of $0.40 Units (1 share + 1 share purchase warrant), has opened for approximately 2 weeks to raise C$2.9 million (including greenshoe).

The Prospectus qualifies for distribution in British Columbia, Alberta and Ontario 6,000,000 Units of its capital at a price of $0.40 per Unit, with each Unit consisting of one common share and one non-transferable share purchase warrant entitling the holder to acquire one additional common share for a period of 18 months (at a price of $0.50 in the first year and thereafter at a price of $0.75 for the remaining six months, with a 'trigger' to exercise the warrants 30 days after notification to warrant holders if the closing price of SPZ's shares on the Exchange exceeds $1.00/share for 10 consecutive trading days). South Pacific has granted Canaccord Capital (the Agent) a 15% Over-Allotment Option (greenshoe) exercisable on or before the Closing of the Offering at $0.40 per Unit.

The company's focus is primarily on the Mt Bini property where SPZ.H will hold an effective 85% interest upon finalization of this Issue. The Mt Bini property has an Inferred Resource of 85 Mt 0.6g/t Au +0.4% Cu equating to 1.6 million ounces of gold and 750 million pounds of copper in a partly drilled porphyry copper/gold/molybdenum deposit, that is located only approximately 50km NE of the capital of Port Moresby. Resource expansion and infill evaluation drilling is scheduled to commence in late-May 2005, with exploration and track cutting to the site presently being undertaken by TasGold on behalf of the Company.

Mr. Peter McNeil, M.Sc. is CEO/President/Director of South Pacific Minerals. Peter graduated B.Sc. (1982) and M.Sc. (Geochemistry-1985) from the University of Houston and is a member of the Australian Institute of Geoscientists, the Society of Economic Geologists, the Society for Geology Applied to Mineral Deposits, the Society of Resource Geology and the Australian Institute of Company Directors. Mr. McNeil has 22 years professional corporate, managerial and exploration industry experience in Papua New Guinea, Australia, U.S.A. and Canada.

South Pacific Minerals Corp.

P.A.McNeil, President / CEO M.Sc.

South Pacific Minerals Corp. (TSX VENTURE:SPZ.H)