ACROW LIMITED — Capital/Financing Update 2011

May 11, 2011

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May 12[th] , 2011

Dear Option holder,

EXPIRY OF OPTIONS (ASX: NMGO)

I am writing to you as a courtesy to remind you that your July 2011 options (ASX: NMGO) will expire at 5:00pm (WST) on July 21, 2011.

The options can be converted to ordinary Noble shares for 30 cents each, which is well below the current share price (closing price of 65c on May 10, 2011). Any options which are not exercised before the expiry date will lapse.

As at May 10, just over 3 million 30 cent options had already been exercised out of the total of 74.4 million originally issued.

The funds received through the exercise of these options will be used to help bring Noble’s world-class Bibiani Gold Project in Ghana into production. Commissioning of the refurbished Bibiani processing plant is due to be completed in the September quarter, paving the way for Noble to ramp up to a production rate of 150,000 ounces a year.

Some of the proceeds will also be used to fund an aggressive drilling program at Bibiani, which is aimed at growing the current 1.98 million-ounce resource base and converting more of it to reserve status. Noble has an extensive and highly prospective landholding at Bibiani and is confident that its exploration program will generate significant wealth for shareholders. Option holders can call Noble Mineral Resources on +61 8 9474 6771 for further information on exercising these options.

ASX quotation of the options will cease at the close of trading on 14 July, 2011. Noble will send a formal notice to option holders in June advising of the pending expiry.

“Noble is entering a period of substantial growth, with production ramping up, cashflow set to surge and exploration results flooding in,” Managing Director Wayne Norris said.

“With this excellent outlook in mind, I encourage you to exercise your options and be part of the next chapter in this growth story.”

Yours sincerely,

Wayne Norris Managing Director

DISCLAIMER

This letter is not intended to cover all relevant information about an investment in Noble. Accordingly optionholders are advised to seek appropriate independent advice, if necessary, to determine the suitability of exercising their options. The content of this letter should not be taken as constituting the giving of investment advice to any person, and does not contain legal, tax, accounting, investment or financial product advice and should not be used as the basis for making investment or other financial decisions in relation to Noble securities.

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15 B owm an S tr eet , S out h P er t h, W es t er n A us tr ali a, 6151 PO B ox 1021, S out h P ert h, W es t er n A us tr ali a, 6951 T: ( 61- 8) 9474 6771 F: ( 61-8) 9474 6772 W : www. nobl emi nres .c om . au