ACROW LIMITED — Capital/Financing Update 2010

Aug 16, 2010

ASX / MEDIA RELEASE

17 AUGUST 2010

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Bibiani Project Update

• Noble is welcomed into the Bibiani Ahwianso district by the Traditional Leaders after taking formal possession of the Bibiani Gold Project

• Refurbishment of the gold process plant has commenced;

• Initial results received for underground drilling into the base of the planned open cut accessed from underground;

• Surface exploration commences with access tracks; drill pad preparation started;

• Planning commenced for the sterilisation drilling of areas to be affected by the proposed open pit cutback;

• Recently appointed Group Geologist in process of conducting a full geological review.

Emerging West African gold producer Noble Mineral Resources Limited (ASX: NMG) is delighted to report that it has been given a warm traditional Ghanaian welcome by the Omanhene (the Supreme Traditional Ruler) of the Bibiani Ahwianso district following the completion of the transfer of ownership of the Bibiani mine.

At the ceremony, the new name of the mine operating company, Noble Gold Bibiani Limited, was announced to an overwhelming reception.

The day was conducted along traditional lines, with the Omanahene in state with his subchiefs present, together with the Queen mother to welcome the Noble team.

It began with the pouring of Libation and followed a very warm welcoming address by the Omanhene at his Palace in Ahwianso.

The Omanhene informed the Noble delegation that he had every expectation that they would succeed with the mine and he pledged his full support to the team to achieve this outcome.

Later in the day, the Noble delegation called on the District Chief Executive (DCE) of Bibiani Ahwianso to formally announce the transfer of ownership to the Government representative for the District. The DCE confirmed the support of the Bibiani community and also pledged his total commitment to the success of this project.

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Refurbishment of the process plant at Bibiani commenced immediately after the transfer of ownership was completed. With the support of Mineral Processors (WA) Pty Ltd, a detailed refurbishment plan has been implemented. Long lead-time equipment required has been selected and is now being sourced and orders placed to ensure the upgrade will be scheduled for completion within the planned 44 week period as previously announced.

A project team environment has been created on site with five separate teams established. The processing area is now under Project Team Management with the team enhanced with highly experienced people in all key disciplines for the refurbishment program, which is currently on time and on budget.

In mid June, the Company retained Phillip Schiemer as Group Geologist to manage all Company geological operations and provide in-house geological expertise rather than, as previously, relying totally on external consultants. Mr Schiemer has spent the past several weeks in Ghana conducting a strategic review of all the Company properties, putting in place a programme to expand the reserves and resources at the Bibiani site. He is also progressing exploration at the very prospective Cape Three Points, Brotet and Tumentu projects.

Underground drilling

Since the involvement of Noble in the operations at Bibiani in December 2009, several underground diamond drill holes have been drilled from the decline access workings beneath the Bibiani Main Pit to access resources which are part of the planned open cut. Machinery used was air driven single barrel type and hole depths are limited. Assays were not submitted for sampling until the time of Noble’s formal takeover of control of the site on the 27[th] of July 2010. Results from the first 13 of 32 holes have now been received.

Highlight intersections are summarised in Table 1 below;

Table 1: Drill intercept highlights from 9 Level underground drilling.

Hole_ID	Depth from	Depth to	Length	grade(g/t Au)	(includes) 4m @ 5.32 g/t (includes) 5m @ 5.88 g/t
9LUDP08	63m	69m	6m	3.94
9LUDP11	90m	93m	3m	6.66
9LUHQ01	17m	41m	25m	2.84
9LUHQ01	21m	25m
9LUHQ03	31m	45m	14m	4.88
9LUHQ03	39m	45m
9LUDP10	78	79	1m	1.55
9LUDP09	42	43	1m	0.53

Note: 9 Level workings are 280m below surface. All assays are bottle roll cyanide leach on a 1kg charge and do not include any fire assays of non-soluble residue.

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These holes are from the 9 Level development 280m below the surface, chasing the West Lode that has not been drilled from surface and was discovered by cutting a development cuddy into the west wall of the decline in the early days of the previous ownership. The holes add 40m to the length of defined mineralisation to the lode on the 9 level and infill areas not drilled from the 8 level above.

The area defined in this drilling currently lies underneath and to the side of the currently defined optimised open pit, to the west of where the pit reaches the 9 Level workings by some 125m. Noble is confident that with further definition along strike to the north in the undrilled area, this mineralisation can be brought into the pit optimisation. Important to note is the fact that no drilling has been done in the material vertically above this lode system in the pit optimisation, and this area is a priority for Noble.

The remaining holes were drilled from the 4 level and the 7 and 8 levels, with the 4 level holes being drilled at the southern end of the workings into ground between known lodes, and the 7 and 8 level holes received to date being the first of several speculative holes drilled into previously unexplored areas.

Table 2: Intercepts from remaining drill holes.

Hole_ID	Depth from	Depth to	Length	grade(g/t)	(EOH) (EOH)
8LUDN07	15	16	1m	1.03
7LUDT02	20	21	1m	0.1
4LUDA06	65	66	1m	1.02
4LUDA09	61	62	1m	0.13
4LUUA04	59	60	1m	0.23
4LUDA03	75	77	2m	1.03
4LUHB04	26	27	1m	0.82

4 Level is at 150m below surface. 7 level is at 220m below surface and 8 level is at 250m below surface. All assays are bottle roll cyanide leach on a 1kg charge and do not include any fire assays of non-soluble residue.

Geological Review

In mid-June, the Company retained Phillip Schiemer as Group Geologist to manage all Company geological operations and provide in-house geological expertise rather than, as previously, relying on external consultants. Mr Schiemer has spent the past several weeks in Ghana conducting a strategic review of all the Company properties, putting in place a programme to expand the reserves and resources at the Bibiani site progressing the exploration at the very prospective Cape Three Points, Brotet and Tumentu projects.

The Company has purchased two of its own modern new, Multipurpose RC and Diamond drilling rigs from Maxidrill of Montreal Canada, to carry out the exploration and development programmes. These have the capacity to drill several hundred metres per shift RC and are able to reach depths of 400m using RC and in excess of 1500m while set up for NQ diamond core. Each will be track mounted for useability and ease of access on the Ghana terrain. Also purchased is the transport Truck and trailer for all equipment cartage on site and between projects.

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Taking delivery of the New MAXCAT-24 Multipurpose Drilling RIG currently in transit to Bibiani Mine Site from MAXIDRILL Warehouse in Montreal Canada

Bibiani

The Bibiani properties consist of one Mining Lease of 48 km[2] and two Prospecting Licences of 30 km[2] and 19km[2] . There are numerous prospects within the concessions, which have had very limited exploration to date due to the focus by previous operators solely on production at the known historical site. The Company intends to focus in the near term on expanding the resource base, increasing reserves by intensive drilling of the known prospects and conducting modern systematic exploration on the highly prospective structural targets located on the properties.

Within the limits of the Bibiani ML there are several project areas that warrant significant effort. Their location on the current mining lease means these require far less permitting to expand to production which has been the focus of attention by the Company to date.

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Bibiani Concessions showing prospects and soil anomalism over aeromagnetics.

Main Pit West Wall

The west wall between the current historical Main Pit at Bibiani, which produced 1.4moz, and the planned cut back for the optimised pit shell to access the known open cut reserve of 600,000ozs, has not been drilled and sampled. This is a priority drilling area for Noble, especially as the waste dump area behind the west wall was in place over a soil anomaly that was never sterilised. The wall consists of outcropping porphyry and phyllitic schists with quartz stringers with an intense foliation as evidenced by the fact that the wall failed near the end of the open pit mining, forcing the operators to leave significant quantities of un-mined ore on the pit floor.

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The waste dump to the west of the pit has not been sterilised and was constructed over the top of an area that displayed high values in soil sampling. The dump has not been constructed to significant height and the rigs being purchased have the capacity to penetrate it through to the underlying sequences.

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Sheared porphyry on the west wall of the Bibiani pit looking north.

Walsh-Strauss

Immediately to the north-east of the old Main Pit is the Walsh – Strauss system which is 1.2km long, with drilling to date being for the most part less than on average 50 metres. There is a complex “gap” area between the two small pits at Walsh and Strauss where the system undergoes a strike change. The exploration on the mineralisation in this area to date has been erratic and difficult to interpret, but significant mineralisation is present in trenches at the surface which warrants further investigation. Drilling of the Strauss pit was incomplete due to the proximity of the Bibiani Treatment Plant ROM pad near its southeast edge. The drilling of the Walsh pit was not completed because it is adjacent to the Mine office and service yard. Drilling at both these locations are planned here as a top priority.

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Strauss Pit looking NE. Note old workings heading NW in the shearing at the base of the wall beneath vegetation.

Ahemen-Grasshopper

There are small open pit operations that have taken place at Ahemen, on a quartz filled, steeply dipping graphitic shear system very similar to the ore type at the main Bibiani pit. Only limited shallow drilling has been completed in the area and a series of small high grade pods were extracted from outcrop on high ground. An adit at the foot of the hill on which the Ahemen pit has been dug has been driven along a mineralised shear and contains at one end a quartz reef with channel sample grades over several metres that are in excess of 5 g/t Au. A plunge to the shoots of higher grades is apparent at both Ahemen and Grasshopper to the north, and no drilling has been undertaken between the two prospects. As the area is along strike from the Walsh - Strauss system, Noble has also placed a high priority on the exploration at this location.

Elizabeth

Elizabeth is a soil anomaly on high ground that outcrops along strike from, and on the same aeromagnetic anomaly as, the porphyry that is a major factor in mineralisation in the Main Pit. This has never been drilled and since it is only 400m from the Main Pit is a priority target for Noble.

Little Mug

Little Mug is a double soil anomaly 2km along strike from the Main Pit, with two separate lines of anomalism in the geochemistry parallel to each other that are reflected in the aeromagnetics. As for Elizabeth, there has never been drilling in Little mug, in spite of it’s being on ground with strong relief as was the case for the Main Pit before open pit mining was introduced. The anomalies are 140m and 170m long at over 100ppb Au, and are up to 700m long at over 50ppb, all in thick soil cover over weathered phyllite. This area is another priority for Noble due to very close proximity to the Milling facility.

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Ahemen pit looking north. Note shearing and quartz veining as at the Bibiani pit.

Asempaneye

Asempaneye is another dual strike soil anomaly area, in the south of the concession and along strike from both the Bibiani pit workings and prospects being worked by Redback Mining (Chirano) to the south. There has been a very limited amount of very shallow drilling in the prospect that has borne results worth further investigation, and the area is a priority for Noble.

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Porphyry in shearing on the south wall of Russell pit. Note anastomosation within the essentially vertical phyllites/schists.

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Russell Pit

Russell pit is a small excavation of strongly mineralised porphyry to the south of the Bibiani pit along strike on the Bibiani shear, with the same geophysical anomalism as found in the Main Pit area. There is also a second soil anomaly at Russell to the west, away from the main shear orientation, that sits to the west of all the drilling in the area and has not been tested.

This project lies close to infrastructure and will be more difficult than others to progress. But it is a highly prospective area and is a mid-ranked priority for the Company.

All the above prospects are within the Bibiani Mine lease and require far less permitting to become operational should the mineralisation prove economic.

Pamunu North and Pamunu South

The Pamunu prospects are large areas of soil anomalism located on the Bibiani North concession immediately north of the ML boundary, on high ground bisected by the Pamunu River crossing east-west through the concession. Pamunu South is 1.4km long at over 100ppb Au and has two parallel anomalies, and Pamunu North is over 500m long to the west of the strike of the two anomalies at Pamunu South. There has been limited very shallow drilling in each of them with mixed results, and this will be examined and pursued further.

Bibiani North

The Bibiani North prospect is of lower priority than others on the concessions due to an artisanal miner’s licence over the historic Bibiani North shaft workings. But the licence takes up only a small amount of the area and the prospect will be examined for potential on a larger scale, lower grade scenario than has been applied by historic workers.

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Cape Three Points/Brotet

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Cape Three Points Northern Concessions and Brotet Concession over high resolution aeromagnetics.

Aeromagnetics flown by helicopter on a 75m flight line spacing was conducted at the Cape Three Points and the adjoining Brotet leases (collectively the “CTP” project), and the review of the data suggests that this has not been exploited as fully as possible. The gold mineralisation at CTP is known to be hosted in a magnetite alteration, and the Company is putting together a programme of profile modelling of the magnetics over several of the prospects within the concession boundaries, to give a three dimensional outline in space of the magnetic anomalism. The result will be a three dimensional target for the definition of further drilling.

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This work is being carried out by Southern Geoscience Consultants in Perth, the original processors of the aeromagnetic data.

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Cape Three Points southern Concessions and prospect locations.

Tumentu

Tumentu is an 8 km[2] concession in the Ashanti gold belt not far north of the CTP project. The area is mountainous and access is difficult, so work on the site is seasonal and must be carried out in the dry season, which will begin in late September. Work on Tumentu will be assessed in the September quarter and planned for late in the year.

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Authorised by:

Wayne Norris Managing Director

Competent Person’s Statement

The information in this announcement relates to Mineral Resource and Ore Reserve estimates based on information compiled by Mr Phillip Schiemer (BSc (Hons), (Geology and Geophysics)), who is a Corporate Member of both the Australasian Institute of Mining and Metallurgy and 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.

About Noble Mineral Resources Limited

Noble Mineral Resources Limited listed on the Australian Securities 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, host to over 30 Million Ounces of gold. On 20[th] July 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 2.4 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. In this regard Noble has allocated $9M of the recent capital raising to achieve this goal over the 2010/11 years.

ASX Code: NMG

www.nobleminres.com.au

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