Brisbane, July 3, 2008 (ABN Newswire) - Kangaroo Metals Limited (ASX: KML), a diversified exploration and mining company with projects in North Queensland and Tasmania, has finalized the Agreement to Purchase the Riverside Alluvial Tin Mine and South Mount Cameron Prospects.

Under the terms of the Agreement, Kangaroo Metals Limited will pay an initial payment of $600,000, with the residual $1.6 million, with interest linked to bank variable rates, paid in installments from production over 32 months. Consideration paid for the assets consist of $400,000 for the Exploration Licenses, $600,000 for the Mining Licenses and $1.2 million for the Processing Mill and Plant.

"KML is pleased to finalize this agreement, and look forward to the next stage of growth for these sites and the company."