Sam’s Seafood Holdings Limited

ABN 45 098 448 269

311-313 Hay Street

SUBIACO WA 6008

9th November 2009 The Manager Company Announcements Office Australian Securities Exchange Exchange Plaza 2 The Esplanade PERTH WA 6000 Dear Shareholders DRILL CONTRACT SIGNED - DRILL RIG BEING MOBILISED TO RODA NIAGA COAL PROJECT, SOUTHERN KALIMANTAN, INDONESIA The directors of Sam’s Seafood Holdings Limited (ASX: SSS, the Company, proposed to be renamed as Pan Asia Corporation Limited) are pleased to announce the mobilisation of a diamond drilling rig to the Roda Niaga Coal Project located approximately 10km to the west of Batulicin, southern Kalimantan, Indonesia (Figure 1). A contract has been signed with PT Maxidrill Indonesia for the drilling of up to seven (7) diamond drill holes targeting high quality thermal coal deposits.

Highlights

Drilling rig mobilised to Roda Niaga with drilling expected to begin within the next few days

Up to seven (7) diamond drill holes to be completed, with the option to continue drilling based on the success of these initial holes

Drilling is targeting the down-dip position of thermal coal seams being mined in three nearby open pit mines

SRK Consulting engaged to act as technical consultants and Competent Persons for reporting of Exploration Results in accordance with the JORC Code

The Roda Niaga Coal Project covers 6,412Ha and is prospective for thermal coal deposits, given its close proximity to a number of existing open pit coal mines with exposed coal seams seen to dip shallowly (~100) into the Roda Niaga concession (Figure 2 & 3). These coal mines range from 500m to 1,500m from the north-western corner of the Roda Niaga concession boundary.

Up to seven (7) HQ-3 diamond drill holes will initially be completed, focusing on the north-western corner of the concession (Figure 4). This drilling program is designed to test the thickness, position and quality of these coal seams as they extend into Roda Niaga. Should this drilling return positive results, it is likely further drilling will be undertaken to delineate the size of the coal deposit contained within Roda Niaga to a JORC-standard.

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The Batulicin area has excellent coal infrastructure, with a coal haulage road currently running through the centre of the Roda Niaga concession. Coal handling, blending and barge loading facilities are all located nearby (Figure 4).

Batalucin

Roda Niaga

Coal Project

- Approx 250km

SSW of

Balikpapan

Balikpapan

250km

Figure 1 – Location of the Roda Niaga Coal Project within southern Kalimantan.

The Roda Niaga project is ~16.5 kilometres South East of the TCM coal project announced on October 26th.

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Figure 2 - Coal mining operations at PT BBS. This pit lies 500 metres to the west of Roda Niaga.

Figure 3 – Coal mining at the PT PBM operation to the northwest of Roda Niaga.

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Figure 4 – Roda Niaga, showing proposed drill hole locations within north-western corner (blue). Two coal handling and loading facilities are located nearby.

Figure 5 – Coal handling, blending and barge loading facilities located near Batulicin.

Existing open pit coal mines

Proposed drill holes

Roda Niaga concession boundary

BATULICIN

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Figure 6 – Additional coal handling, blending and trans-shipping infrastructure near Batalucin.

For further enquiries please contact Alan G. Hopkins on (08) 9381 5819. Yours sincerely LUKE MARTINO Company Secretary