4DS MEMORY LIMITED — Interim / Quarterly Report 2011

Apr 28, 2011

www.fitzroyresources.com.au

FITZROY RESOURCES LTD

ABN 43 145 590 110

Fast Facts - April 2011 Share Code ASX: FRY Shares on Issue 41 Million Options 11 Million Market Cap $10.2M @ $0.25c Cash at Bank $ 4.26M Directors and Management Tom Henderson, Chairman Will Dix, Managing Director Ric Vittino, Director

Projects Rookwood:

29 April 2011 Quarterly Report for the period ending 31 March 2011

HIGHLIGHTS

• 3 phase exploration program underway at the Rookwood Project

• Initial drill holes intersect massive sulphide outside the current known resource

• HELITEM survey provides immediate targets for detailed geophysics and drilling

• 70km NW of Rockhampton

• 20km S of Marlborough

• • Total area approx. 390km[2]

• 1.75Mt @ 1.7% Cu, 2.1% Zn, 8.5 g/t Ag Inferred JORC Resource

Glentanna:

• 140km SW of Brisbane

• • Total area approx. 75km[2]

• Follow up work already commenced on highest priority targets

• High powered ground EM and down hole TEM planned for June quarter

CORPORATE

• Greenfields Exploration

• Drilling identified low level Cu/Zn mineralisation

• Previous drilling intersected 12.3m @ 1.2% Cu and 8.9% Zn

There has been no significant change to the company’s share register during the quarter and no additional capital has been raised.

Fitzroy has on issue a total of 41,000,005 Shares and 11,000,000 unlisted 30 cent options of which 27,125,005 Shares are currently listed on ASX for trading.

The Company continues to review additional projects both in Australia and off-shore for value-accreting opportunities.

Cash at the end of the quarter totalled $4.26 million

EXPLORATION

ROOKWOOD PROJECT (100% FRY)

Following delays due to a very heavy wet season, field work commenced in early March with a 3 phase exploration program.

Drilling

Two drill holes (table 1) have been completed on the edge of the Develin Creek copper zinc deposit to provide a platform for downhole EM surveying.

Contact Details

Perth Office Lvl 2, 35 Havelock Street West Perth WA 6005 Postal Address PO BOX 839 West Perth WA 6872 T +61 8 9481 7111 F +61 8 9320 7501 E admin@fitzroyresources.com.au

Media Enquiries Ian Howarth 0407 822 319 ian@collinsstreetmedia.com.au

Both holes intersected mineralisation outside the boundaries of the current resource (figure 1).

Hole FRWD0002 collared near the southern edge of the resource intersected 13.5m of massive sulphide from 182.0m in a position that extends the known limits of the inferred Develin Creek resource. There are indications of copper and zinc mineralisation in the drillcore but at this stage it is premature to comment on the sulphide tenor prior to receiving analytical results. These are expected in early May. Figure 2 shows the entire mineralised intersection.

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Figure 1 – Drillhole location plan showing the Develin Creek inferred resource projection and the location of the new holes drilled by Fitzroy.

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Figure 2 – Mineralised interval from hole FRWD0002 (182.0 – 195.5m)

Hole FRWD0001 drilled 40m north of the resource lens intersected 0.7m of massive sulphide from 308.1m in a position down dip from previous mineralised intersections in DDH044 (11.3m @ 2.1% Cu and 5.9% Zn from 260m) and DDH047 (4m @ 3.0% Cu and 13.5% Zn from 248m ). This mineralised zone is open down dip.

At the time of release the analytical results from this drilling were still pending but expected in early May at which point they will be made available to the public.

The downhole EM survey which is planned for the June quarter has the potential to identify additional mineralised positions at depth and away from previous drilling. Should additional targets be identified these will become an immediate focus for drilling.

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Northing	Easting	Drillhole	Azim	Declin	From	To	Width (m)
7450450	789060	FRWD0001	180	-88	307.4	308.1	0.7
7450250	788950	FRWD0002	120	-65	182.00	195.5	13.5

Geophysics

Fugro Airborne Surveys recently completed a wide ranging HELITEM survey at the Rookwood Project. The survey covered 2,800 line kilometres and was designed to locate conductors associated with volcanogenic hosted massive sulphide mineralisation (VHMS) similar in nature to the resource at Develin Creek.

HELITEM is the only commercially available system that is able to collect X, Y and Z receiver coil measurements which leads to better definition of conductors and the high quality B-field data de-emphasises the noise effects from conductive overburden.

Initial data interpretation has recognised numerous bedrock conductors throughout the Rookwood volcanics which require follow up field work. Figure 3 shows the locations of these priority conductors.

The first pass ranking of the conductors has been based on a combination of conductor strength, geological context and location relative to any available regional geochemical assay information. As an example Figure 4 shows the recently named Lygon area which contains several HELITEM conductors along with a gravity anomaly and a large area of anomalous multi-element geochemistry.

Work has already commenced on these high priority targets with geological prospecting and detailed hand held XRF soil sampling designed to further refine the target inventory. This will be completed prior to detailed ground EM surveys. The aim of the follow up ground surveys is to better define the position, depth and orientation of conductive plates that may relate to subsurface massive sulphide mineralisation. Identification of conductive plates will be followed up directly with RC or diamond drilling.

Geochemistry

Hand held XRF sampling is underway both regionally and on specific selected areas to follow up priority HELITEM conductors. The information collected will be used to compile a regional geochemical database which will be used in conjunction with the geology and the HELITEM data to prioritise further areas for follow-up work.

Sample spacing varies on a case by case basis depending on whether the sampling is part of the regional broad spaced program or a survey designed to follow up existing geochemical or geophysical anomalism.

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Figure 3 – Location of the Priority 1 HELITEM conductors over geology at the Rookwood Project. See Figure 4 for inset details

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Figure 4 – The newly identified Lygon Prospect showing the location of Priority 1 HELITEM anomalies with historic drainage geochemistry and gravity anomalies. The overlapping gravity, geochemistry and EM anomalism ranks Lygon at the top of the priority list and follow up work has already commenced.

GLENTANNA PROJECT (FRY 100%)

Initial reconnaissance work has commenced at Glentanna with field traverses across Grieves Quarry and the Silverwood Copper prospect. TEM surveys for Glentanna are planned and are scheduled for the June quarter providing access to the project is possible at this time.

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ABOUT FITZROY :

Fitzroy Resources Ltd is an Australian based mineral exploration company, with two significantly underexplored Queensland base metals projects.

Fitzroy’s main focus is to rapidly evaluate the Rookwood project, containing the promising Develin Creek Resource (estimated 1.75Mt @1.7% Cu, 2.1% Zn, 8.5ppm Ag and 0.24ppm Au). Typical VHMS prospects such as Rookwood, often contain multiple ore systems, with Develin Creek the first system discovered to date in this terrain. Rookwood contains significant potential for the discovery of substantial copper/gold deposits beyond the existing resource.

The smaller Glentanna project, to the south, remains in the early exploration stages, with previous drilling suggesting strong potential. Focus on this project will include further first pass geophysics and drilling.

COMPETENT PERSONS STATEMENT :

The information in this document that relates to Mineral Resources has been compiled by Ms Fleur Muller. Ms Muller, who is a Member of the Australasian Institute of Mining and Metallurgy, is a full time employee of Geostat Services Pty Ltd and produced the Mineral Resource Estimate based on data and geological information supplied by Icon. Ms Muller has sufficient relevant experience to the style of mineralisation and type of deposit under consideration and to the activity that she is undertaking to qualify as a Competent Person as defined in the 2004 edition of the Australasian Code. Ms Muller consents to the inclusion in this document of the matters based on her information in the form and context in which it appears.

The information in this document that relates to Exploration Results has been compiled by Mr William Dix. Mr Dix, who is a Member of the Australasian Institute of Mining and Metallurgy is a full time employee of the Company. Mr Dix has sufficient relevant experience to the style of mineralisation and type of deposit under consideration and to the activity that she is undertaking to qualify as a Competent Person as defined in the 2004 edition of the Australasian Code. Mr Dix consents to the inclusion in this document of the matters based on his information in the form and context in which it appears.