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ACROW LIMITED Capital/Financing Update 2010

Dec 13, 2010

64288_rns_2010-12-13_7e68cc04-34e7-4975-bf52-495a66d27c89.pdf

Capital/Financing Update

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December 14[th] , 2010

Bibiani drilling returns spectacular high-grade results of up to 84gpt

Intersections highlight huge potential to rapidly increase 2Moz inventory in lead-up to start of production next year

Noble Mineral Resources (ASX: NMG) is pleased to advise that the aggressive exploration strategy it has devised to substantially grow resources and reserves at its Bibiani Gold Project in Ghana has struck immediate and outstanding success, with the first round of drilling returning grades of up to 84.15gpt.

The drilling is part of a program which is focusing on near-mine targets at Bibiani, where resources stand at 1.98 million ounces, including 605,000oz in reserves (JORC code compliant; see Appendix 1: Ore Reserves, Appendix 2: Resource estimate).

Highlights from the first nine holes of the program include:

  • 1m @ 84.15g/t Au

  • 17m @ 17.42g/t Au – including 6m @ 45.46g/t Au

  • 33m @ 4.98g/t Au – including 7m @ 13.11g/t Au

  • 5m @ 6.24g/t Au

  • 7m @ 2.24g/t Au

  • 21m @ 1.26g/t – including 3m @ 2.75g/t Au

The first phase of the program, comprising 27 RC holes, is focused around the Walsh pit ( see Figure 1 ). Importantly, these initial results indicate that the Walsh mineralisation remains open in all directions.

Samples for the drilling completed were taken every one metre with four metre composite spear samples submitted for assay. All composites returning grades of greater than 0.2gt Au were then riffle split at one metre intervals and submitted for assay and these results are from individual metre sampling.

Results from a further nine holes at Walsh are pending, as are the results from an additional 26 holes completed at the nearby Aheman deposit at Bibiani.

Drilling at Walsh will re-commence upon completion of drilling at the shallower, more oxidised Ahemen target. Ahemen and Walsh are priority areas because Noble believes they can be brought into production rapidly and at low cost.

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To assist with this ambitious exploration program, a second rig owned by Noble has arrived on site ( see Figure 2 ) and will start drilling this week. It will focus on the western side of the main pit to establish additional resources and reserves within the shell of the planned pit cut-back with more than 28,000m planned for the first phase. The current pit optimisation is 775m wide and Noble is confident that, with further success in definition drilling, this known mineralisation can be brought within an expanded optimisation.

A contract rig is due to arrive on site later this month. This rig will focus on resource definition drilling between Walsh and Aheman. A further two, 100 per cent-owned multipurpose rigs are being sourced from the USA and will arrive in the first Quarter of next year.

Noble Managing Director Wayne Norris said the latest drilling results were outstanding and showed the upside which existed at Bibiani.

“We believe we have only scratched the surface surrounding the Bibiani area,” Mr Norris said. “The recent drilling highlights the immense potential this project offers.

“Noble stands to become a significant mining house in West Africa and a lot of this will stem from the fact that we are able to develop and grow our resource and reserve base.

“With two company-owned rigs already mobilised onsite, an additional contract rig due this month and two new multi-purpose rigs arriving in the first quarter of 2011, Noble has now taken control of its own destiny and will aggressively pursue opportunities in and around the existing operations.”

Authorised by:

Wayne Norris

Managing Director

Competent Person’s Statement

The information in this announcement that relates to Mineral Resource and Ore Reserve estimates is based on information compiled by Mr Phillip Schiemer (BSc (Hons), Geology and Geophysics), who is a Corporate Member of the Australasian Institute of Mining and Metallurgy and a member of the Australian Institute of Geoscientists. Mr Schiemer is employed by Noble Mineral Resources Ltd, and has sufficient experience which is relevant to the style of mineralisation being reported herein as Mineral Resources, Ore Reserves and Exploration Results to qualify as a Competent Person as defined in the 2004 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code). Mr Schiemer consents to the inclusion in this announcement of the matters based on his information in the form and content in which it appears.

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About Noble Mineral Resources Limited

Noble Mineral Resources Limited listed on the Australian Stock Exchange on 26[th] June 2008 with a focus on exploring for large-scale gold deposits in the world-class Ashanti Gold Belt in Ghana, West Africa.

In November 2009, the Company entered into an agreement for the acquisition of the Bibiani Gold Mine , a project located in the Sefwi-Bibiani Gold Belt in Ghana. On July 20[th] 2010 the final Share Transfer Form was executed to consummate the purchase.

Noble’s other primary gold concessions are Exploration Licences at Cape Three Points, Brotet and Tumentu, which cover some 141.3km² and all are located within the world –class Ashanti Gold Belt in south western Ghana. Ghana is the second largest gold producer in Africa and is the 10[th] largest gold producing nation in the world, with annual production of approximately 2.9 Million Ounces. Noble’s ongoing focus will be to expand the drilling program at Bibiani to target new shallow resources near the Bibiani Mine and adjacent tenements while still progressing the Cape Three Points, Brotet and

Tumentu Concessions within the Southern extension of the Ashanti Gold Belt. Initial exploration at Cape Three Points will be targeted towards the Satin Mine Project and the Morrison Project , both of which lie in an area of historic underground gold exploration. Noble believes that there is significant potential for the delineation of additional high-grade gold mineralisation relating to the down-plunge and strike extension to these zones. When added to the potential now available at Bibiani it will place Noble in a strong position to achieve its goal in building Australia’s next major gold mining house.

The Company recognises the Bibiani , Cape Three Points, Brotet and Tumentu Concessions are relatively under explored, highly prospective projects and aims to rapidly redefine JORC-compliant resources for development.

ASX Code: NMG

www.nobleminres.com.au

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Figure 1 – Area of Initial Drilling

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Figure 2 – Second Company owned multi-purpose drilling rig

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Appendix 1 – Proved and Probable Ore Reserves as at March 2010

Appendix 1 – Proved and Probable Ore Reserves as at March 2010 Appendix 1 – Proved and Probable Ore Reserves as at March 2010 Appendix 1 – Proved and Probable Ore Reserves as at March 2010 Appendix 1 – Proved and Probable Ore Reserves as at March 2010 Appendix 1 – Proved and Probable Ore Reserves as at March 2010 Appendix 1 – Proved and Probable Ore Reserves as at March 2010 Appendix 1 – Proved and Probable Ore Reserves as at March 2010 Appendix 1 – Proved and Probable Ore Reserves as at March 2010 Appendix 1 – Proved and Probable Ore Reserves as at March 2010 Appendix 1 – Proved and Probable Ore Reserves as at March 2010 Appendix 1 – Proved and Probable Ore Reserves as at March 2010 Appendix 1 – Proved and Probable Ore Reserves as at March 2010 Appendix 1 – Proved and Probable Ore Reserves as at March 2010
Bibiani Open Pit Detailed Design Cutback Proved and Probable Ore Reserves – March 2010
Oxide Fresh Fill Total
Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces
Mt G/t Mozs Mt G/t Mozs Mt G/t Mozs Mt G/t Mozs
Proved ‐ ‐ ‐ 3.45 2.29 0.254 ‐ ‐ ‐ 3.454 2.29 0.254
Probable 0.30 1.45 0.014 4.40 2.28 0.323 0.25 1.79 0.014 4.946 2.21 0.351
Total 0.30 1.45 0.014 7.85 2.28 0.577 0.25 1.79 0.014 8.400 2.24 0.605
Derivedfrom Measured and Indicated Mineral Resources using a cut‐off grade of 0.7g/t

Appendix 2 – March 2010 JORC Mineral Resource Estimate

TONNAGE GRADE METAL CONT'D GOLD
Tonnes (million) (Au g/t) (tonnes Au) Ounces
(million)
Measured 6.56 2.05 13.44 0.43
Indicated 13.37 1.77 23.66 0.76
Inferred 13.06 1.89 24.61 0.79
Total 32.98 1.87 61.70 1.98

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Appendix 3 – Re-splits above 0.2 g/t Au

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Assays are BLEG bottle rolls on 12 hour roll with accelerant. Intercepts have been calculated with a cut-off of 0.5g/t and an inclusion of at most one metre of internal waste material. All samples have been riffle split from recovered drill cuttings of approximately 25kg.

Hole_ID From To Aug/t Hole_ID From To Aug/t
WA10_001 88 89 0.51 WA10_004 48 49 0.13
WA10_001 89 90 0.6 WA10_004 49 50 0.52
WA10_001 90 91 0.62 WA10_004 50 51 0.48
WA10_001 91 92 0.06 WA10_004 51 52 0.03
WA10_001 92 93 0.61 WA10_004 72 73 0.24
WA10_001 93 94 0.88 WA10_004 73 74 0.21
WA10_001 94 95 1.155 WA10_004 74 75 0.21
WA10_001 95 96 0.23 WA10_004 75 76 0.43
WA10_001 96 97 0.4 WA10_004 76 77 0.51
WA10_001 97 98 0.18 WA10_004 77 78 0.27
WA10_001 98 99 0.07 WA10_004 78 79 0.16
WA10_001 99 100 0.12 WA10_004 79 80 0.17
WA10_002 72 73 -0.01 WA10_005 44 45 0.1
WA10_002 73 74 1.09 WA10_005 45 46 1.01
WA10_002 74 75 3.06 WA10_005 46 47 0.89
WA10_002 75 76 2.26 WA10_005 47 48 2.53
WA10_002 76 77 0.19 WA10_005 48 49 3.575
WA10_002 77 78 0.36 WA10_005 49 50 2.13
WA10_002 78 79 0.12 WA10_005 50 51 4.33
WA10_002 79 80 0.08 WA10_005 51 52 0.31
WA10_002 80 81 0.26 WA10_005 60 61 0.79
WA10_002 81 82 0.18 WA10_005 61 62 0.88
WA10_002 82 83 0.37 WA10_005 62 63 0.39
WA10_002 83 84 0.62 WA10_005 63 64 0.75
WA10_002 84 85 2.215 WA10_005 64 65 0.29
WA10_002 85 86 0.81 WA10_005 65 66 0.53
WA10_002 86 87 0.63 WA10_005 66 67 0.66
WA10_002 87 88 0.35 WA10_005 67 68 0.82
WA10_002 88 89 0.28 WA10_005 68 69 0.38
WA10_002 89 90 0.11 WA10_005 69 70 0.81
WA10_002 90 91 0.2 WA10_005 70 71 0.44
WA10_002 91 92 0.27 WA10_005 71 72 1.32
WA10_002 92 93 0.16 WA10_005 72 73 2.36

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WA10_002 93 94 0.34
WA10_002 94 95 0.03
WA10_002 95 96 0.05
WA10_002 96 97 0.01
WA10_002 97 98 0.2
WA10_002 98 99 0.06
WA10_002 99 100 0.05
WA10_002 100 101 0.06
WA10_002 101 102 0.24
WA10_002 102 103 0.15
WA10_002 103 104 0.15
WA10_002 104 105 0.12
WA10_002 105 106 0.17
WA10_002 106 107 0.46
WA10_002 107 108 0.36
WA10_002 108 109 0.45
WA10_016 67 68 0.92
WA10_016 68 69 34.825
WA10_016 69 70 33.09
WA10_016 70 71 41.28
WA10_016 71 72 57.24
WA10_016 72 73 21.6
WA10_016 73 74 84.15
WA10_016 74 75 9.515
WA10_016 75 76 4.09
WA10_016 76 77 2.13
WA10_016 77 78 0.94
WA10_016 78 79 1.14
WA10_016 79 80 1.03
WA10_016 80 81 2.11
WA10_016 81 82 0.26
WA10_016 82 83 0.7
WA10_016 83 84 1.09
WA10_016 84 85 0.13
WA10_016 85 86 0.49
WA10_016 86 87 0.1
WA10_016 87 88 0.06
WA10_005 73 74 1.31
WA10_005 74 75 0.36
WA10_005 75 76 0.34
WA10_005 76 77 0.31
WA10_005 77 78 0.28
WA10_016 52 53 -0.01
WA10_016 53 54 -0.01
WA10_016 54 55 0.19
WA10_016 55 56 3.175
WA10_016 60 61 0.56
WA10_016 61 62 0.11
WA10_016 62 63 0.17
WA10_016 63 64 0.3
WA10_016 64 65 0.08
WA10_016 65 66 0.16
WA10_016 66 67 0.43
WA10_017 75 76 1.26
WA10_017 76 77 4.22
WA10_017 77 78 3.55
WA10_017 78 79 0.78
WA10_017 79 80 4.79
WA10_017 80 81 3.86
WA10_017 81 82 1.05
WA10_017 82 83 0.66
WA10_017 83 84 4.19
WA10_017 84 85 2.09
WA10_017 85 86 6.88
WA10_017 86 87 1.79
WA10_017 87 88 4.37
WA10_017 88 89 4.45
WA10_017 89 90 3.15
WA10_017 90 91 3.31
WA10_017 91 92 3.41
WA10_017 92 93 3.42
WA10_017 93 94 0.62
WA10_017 94 95 4.26
WA10_017 95 96 2.42

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0.89
0.12
0.38
1.875
0.2
0.05
0.16
3.425
0.15
0.07
0.26
1.21
0.58
0.46
0.89
0.25
0.27
1.29
0.44
0.75
1.39
25.8
16.1
16.61
4.32
16.7
6.05
6.22
0.03
0.12
-0.01
-0.01
1.37
0.39
0.13
-0.01
0.17		 WA10_017
96
97
2.12
WA10_017
97
98
1.99
WA10_017
98
99
1.04
WA10_017
99
100
2.07
WA10_017
100
101
0.77
WA10_017
101
102
0.16
WA10_017
102
103
0.1
WA10_017
103
104
2.6
WA10_017
104
105
4.28
WA10_017
105
106
1.47
WA10_017
106
107
1.26
WA10_017
107
108
1.35
WA10_017
108
109
3.04
WA10_017
109
110
1.68
WA10_018
36
37
-0.01
WA10_018
37
38
2.78
WA10_018
38
39
0.15
WA10_018
39
40
0.48
WA10_018
40
41
24.4
WA10_018
41
42
3.39
WA10_018
42
43
0.51
WA10_018
43
44
-0.01
WA10_018
44
45
0.05
WA10_018
45
46
0.07
WA10_018
46
47
0.67
WA10_018
47
48
0.28
WA10_018
72
73
0.84
WA10_018
73
74
0.14
WA10_016 92 93 0.89
WA10_016 93 94 0.12
WA10_016 94 95 0.38
WA10_016 95 96 1.875
WA10_016 96 97 0.2
WA10_016 97 98 0.05
WA10_016 98 99 0.16
WA10_016 99 100 3.425
WA10_016 108 109 0.15
WA10_016 109 110 0.07
WA10_016 110 111 0.26
WA10_016 111 112 1.21
WA10_016 112 113 0.58
WA10_016 113 114 0.46
WA10_016 114 115 0.89
WA10_016 115 116 0.25
WA10_016 116 117 0.27
WA10_016 117 118 1.29
WA10_016 118 119 0.44
WA10_016 119 120 0.75
WA10_016 120 121 1.39
WA10_017 68 69 25.8
WA10_017 69 70 16.1
WA10_017 70 71 16.61
WA10_017 71 72 4.32
WA10_017 72 73 16.7
WA10_017 73 74 6.05
WA10_017 74 75 6.22
WA10_018 74 75 0.03
WA10_018 75 76 0.12
WA10_018 108 109 -0.01
WA10_018 109 110 -0.01
WA10_018 110 111 1.37
WA10_018 111 112 0.39
WA10_019 36 37 0.13
WA10_019 37 38 -0.01
WA10_019 38 39 0.17

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WA10_019 39 40 0.77
WA10_019 60 61 0.35
WA10_019 61 62 -0.01
WA10_019 62 63 0.03
WA10_019 63 64 -0.01
WA10_019 84 85 -0.01
WA10_019 85 86 0.01
WA10_019 86 87 0.16
WA10_019 87 88 0.63
WA10_019 88 89 2.375
WA10_019 89 90 1.53
WA10_019 90 91 -0.01
WA10_019 91 92 -0.01
WA10_019 92 93 0.01
WA10_019 93 94 -0.01
WA10_019 94 95 0.01
WA10_019 95 96 0.75
WA10_020 56 57 0.05
WA10_020 57 58 0.04
WA10_020 58 59 0.68
WA10_020 59 60 0.66
WA10_020 72 73 0.69
WA10_020 73 74 0.07
WA10_020 74 75 0.4
WA10_020 75 76 0.18
WA10_020 80 81 0.01
WA10_020 81 82 -0.01
WA10_020 82 83 0.01
WA10_020 83 84 2.1

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