4DS MEMORY LIMITED — Interim / Quarterly Report 2011

Jan 29, 2012

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FITZROY RESOURCES LTD 30 January 2012 ABN 43 145 590 110 Fast Facts - January 2012 Quarterly Report for the period ending 31 December 2011 Share Code ASX: FRY Shares on Issue 41 Million Highlights

Fast Facts - January 2012 Share Code ASX: FRY Shares on Issue 41 Million Options 11 Million Highlights Market Cap $4.8M @ $0.12c Cash at Bank $ 2.4M  Work commences at the Glentanna Project Directors and Management Tom Henderson, Chairman  New prospect identified at Wilsons. Will Dix, Managing Director Ric Vittino, Director 

 Field work to re-commence at Rookwood during the next quarter Exploration

• Projects Rookwood:  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

Rookwood Project (100% FRY)

Final results have been received from the RC drilling that was carried out in the September drilling program with results as expected from the visual logging.

Glentanna:

• 140km SW of Brisbane

• Total area approx. 75km[2]  Greenfields Exploration  Drilling identified low level Cu/Zn mineralisation

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

Results from the 2 RC drillholes completed 200m south of the sulphide city resource are shown in Table 1 with the one of these (FRWC0007) intersecting a broad zone of disseminated to semi-massive sulphides which returned 2m @ 2.41% Zn, 0.23% Cu, 2.15 ppm Ag from 74m downhole.

This result, although not ore grade, demonstrates that the mineralised system remains open along strike to the south of the resource and reinforces that our systematic exploration strategy around the Develin Creek Resource area is successfully growing the mineralised footprint (Figure 1).

At Lygon the results were disappointing as no mineralisation was identified. A reassessment of the geophysical data around Lygon is underway to better understand the geometry and nature produced the conductors which were tested.

To the east of Develin Creek resource hole FRWD0006 was drilled into a geophysical target and intersected a broad hematite alteration zone but no mineralisation.

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

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Hole ID	Northing	Easting	Rl	From	Width	Cu	Zn	Ag	Au
FRWC0007	7450210	789087	120	74.0	76.0	0.23	2.41	2.2	NSI
FRWC0008	7450200	788923	115				NSI

Table 1 – Drilling details for recent holes completed at Sulphide City.

Hole ID	Prospect	Northing	Easting	Rl	Cu	Zn	Ag	Au
FRWD0006	Sulphide City East	7450318	789581	115	NSI
FRWC0009	Mexico	7449828	789264	125	Hole Failed
FRWC0010	Lygon	7444763	790781	115	NSI
FRWC0011	Lygon	7444705	790065	115	NSI
FRWC0012	Lygon	7445133	789966	115	NSI

Table 2 – Drilling details for regional holes completed.

During the last quarter regional exploration and target generation work also continued across the project with further work first pass work completed at Comanche (Figure 2) and the newly identified Wilsons prospect in the south of the Project area (Figure 3). It is expected that field work will re-commence on these prospects and regional work will continue late in the March quarter following the wet season.

Most of the historic IP and gravity data has now been reviewed and has continued to identify areas that require further work. Specifically these include Jabiru, Mexico and Glenroy. These areas will be the focus of the regional exploration push into 2012. The areas can be seen on Figure 3.

Glentanna Project (FRY 100%)

A Fixed Loop EM survey commenced subsequent to the end of the quarter over the Grieves Quarry area which is prospective for VHMS base metal mineralisation.

The mineralisation at Grieves is hosted by a sequence of coarse grained andesitic tuffs, interbedded with fine to medium grained limestone, occurring above a sequence of pillow-basalt. Mineralisation occurs as disseminated and massive sulphides.

Drilling during the late 1970’s by the Queensland Geological Survey intersected 27m @0.69% Cu, 5.46% Zn including 12.3m @1.2% Cu and 8.9% Zn. No drilling has been carried out on the prospect since. The section drilled is shown in Figure 4.

It is expected that the data collected from this survey will lead to the identification of targets for drilling down plunge from the quarry where the mineralisation is exposed.

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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.

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Figure 1 – Sulphide City Plan Projection showing the extending mineralisation to the south.

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Figure 2 – Comanche Prospect showing prospective zone to the north east.

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Figure 3 – Rookwood Project with prospect locations.

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Figure 4 – Grieves Quarry section drilled by QLD Geological Survey in 1978.