ACROW LIMITED — Capital/Financing Update 2011

Apr 10, 2011

April 11, 2011

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Market Update

Noble Mineral Resources (ASX: NMG) is pleased to provide the following market update regarding its Bibiani Gold Project in Ghana. Bibiani is on track to become a 150,000oz a year producer based on its existing resource inventory of 1.98 million ounces, including 605,000 ounces as reserves.

Appointment of Non-Executive Director

The technical strength of the Noble Board has been further enhanced with the appointment of Mr Duncan Coutts as a Non-Executive Director.

Mr Coutts is a qualified mining engineer with 20 years’ experience in the minerals industry, during which time he has held key positions at projects in Australia, PNG and New Zealand. He has worked for a wide range of leading companies including Newcrest Mining, Galaxy Resources, Harmony Gold and KCGM.

Noble is delighted to have secured Mr Coutts’ services and believes his vast skills and experience will prove invaluable to Noble as it brings Bibiani into production.

Fresh Drilling Results

Drilling at Bibiani is continuing to return excellent results, further highlighting the immense potential of the satellite deposits, which will supply the initial primary ore for the refurbished 2.7Mtpa mill.

Latest results from drilling at the Walsh deposit include 11m at 10.8g/t Au, 2m at 12.2g/t Au and 2m at 10.48g/t Au. At the Strauss deposit, intersections included 3m at 22.09g/t Au, 2m at 6.45g/t Au and 3m at 2.67g/t Au.

Drilling also produced more strong results at the Aheman deposit, including 2m at 2.85g/t Au, 1m at 4.16g/t Au and 5m at 1.26gt Au .

These results follow a host of outstanding intersections from previous drilling, including grades of up to 57g/t Au, at the Bibiani satellite deposits. These results will be used to calculate a maiden JORC resource estimate for these deposits. Drilling is continuing with a view to completing the resource estimate and establishing whether the satellite deposits may eventually form one large pit.

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Exploration Outlook

Noble currently has three rigs operating at Bibiani, with another two on their way to site. Noble has a policy of owning and operating most of its drilling fleet, reducing its reliance on local contractors.

As well as continuing drilling at the satellite deposits, drilling is underway at the Bibiani Main Pit. This is aimed at growing the resource to the western side of the pit and converting more of the 1.98M ounce resource to reserves.

In a bid to accelerate the process of growing the resource and converting resources to reserves, Noble has engaged South African consultants Performance Laboratories to establish an assay laboratory on site. This laboratory will ensure that Noble samples receive priority treatment, slashing the turnaround time from four weeks currently to no more than five days.

Mill Refurbishment

Strong progress has been made on the refurbishment of the 2.7Mtpa mill at Bibiani, with commissioning on track to be completed during the September Quarter in preparation for ramp-up to the full production rate of 150,000oz a year.

Authorised by:

Wayne Norris

Managing Director

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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.

About Noble Mineral Resources Limited

Noble Mineral Resources Limited is an ASX-listed company (ASX Code: NMG) that is exploring for and developing large-scale gold deposits in the world-class goldfields of Ghana, West Africa. Production is set to commence at the Company’s flagship Bibiani Gold Project during the second quarter of 2011, ramping up to a stable production rate of +150,000ozpa by 2012 and propelling Noble into the ranks of West Africa’s mid-tier gold producers.

The Bibiani Project is located in the Sefwi-Bibiani Gold Belt in Ghana, which boasts a total gold endowment of more than 30 million ounces and hosts the world-class Ahafo (16Moz) and Chirano (5Moz) gold mines. The Bibiani Project has a current JORC-compliant mineral inventory of 1.98 Moz of resources, including 605,000oz of reserves, and a 2.7Mtpa Carbon-in-Leach (CIL) Gold Processing Facility. The Project has a 10-year mine life based on current mining parameters.

An aggressive exploration program is also underway to add substantially to the existing resource base at Bibiani, with recent drilling returning spectacular high-grade results from near mine targets.

In addition to the Bibiani Project, Noble holds the Cape Three Points and Tumentu Gold Projects, both located within the southern extension of the Ashanti Gold Belt.

ASX Code: NMG

www.nobleminres.com.au

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Appendix 1 – Re-splitsof composites above 0.2 g/t Au

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.

Walsh

Interval	Grade Au g/t	Hole	From m
11.0m	10.82	WA10_025	88
2.0m	12.20	WA10_027	101
2.0m	10.48	WA10_009A	90
2.0m	7.85	WA10_026	91
3.0m	2.69	WA10_007	61
5.0m	1.32	WA10_006A	35
2.0m	2.92	WA10_025	104
3.0m	1.94	WA10_023	69
4.0m	1.43	WA10_022	63
2.0m	2.03	WA10_024	86
1.0m	3.72	WA10_007	5
1.0m	2.29	WA10_023	79
1.0m	1.79	WA10_008	70
1.0m	1.65	WA10_023	2
1.0m	1.55	WA10_024	5
1.0m	1.15	WA10_023	82
1.0m	1.02	WA10_024	81
Strauss
Interval m	Grade Au g/t	Hole	From m
3.0m	22.09	ST10_040	96
2.0m	6.45	ST10_028	131
3.0m	2.67	ST10_037	152
2.0m	1.82	ST10_021A	140
2.0m	1.78	ST10_019	134
2.0m	1.51	ST10_041	173
1.0m	1.95	ST10_021A	147
1.0m	1.81	ST10_021A	163
1.0m	1.52	ST10_021	21

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1.0m	1.42	ST10_021	9
1.0m	1.40	ST10_019	146
1.0m	1.23	ST10_021A	151
1.0m	1.23	ST10_028	138
1.0m	1.15	ST10_017	34
Strauss Sterilisation	holes on tails dam
2.0m	0.78	ST10_002	14
1.0m	1.47	ST10_003	18
Grasshopper
Interval	Grade	Hole	From
5.0m	1.26	GR11_024	97
2.0m	2.85	GR11_031	75
1.0m	4.16	GR11_022	101
1.0m	2.83	GR11_022	123
1.0m	1.02	GR11_024	120
NSI*		GR11_001
NSI		GR11_003
NSI		GR11_020
NSI		GR11_025
NSI		GR11_026
NSI		GR11_029
NSI		GR11_030
NSI		GR11_032
NSI		GR11_033
NSI		GR11_034
NSI		GR11_036

* No Significant Intercept

The remaining 21 holes at Grasshopper are awaiting results for split composites. Drilling at Strauss and Walsh is ongoing and all remaining and unlisted holes are awaiting split results.

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Appendix 2– Proved and Probable Ore Reserves as at March 2010

Appendix 2– Proved and Probable Ore Reserves as at March 2010	Appendix 2– Proved and Probable Ore Reserves as at March 2010	Appendix 2– Proved and Probable Ore Reserves as at March 2010	Appendix 2– Proved and Probable Ore Reserves as at March 2010	Appendix 2– Proved and Probable Ore Reserves as at March 2010	Appendix 2– Proved and Probable Ore Reserves as at March 2010	Appendix 2– Proved and Probable Ore Reserves as at March 2010	Appendix 2– Proved and Probable Ore Reserves as at March 2010	Appendix 2– Proved and Probable Ore Reserves as at March 2010	Appendix 2– Proved and Probable Ore Reserves as at March 2010	Appendix 2– Proved and Probable Ore Reserves as at March 2010	Appendix 2– Proved and Probable Ore Reserves as at March 2010	Appendix 2– 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 3 – March 2010 JORC Mineral Resource Estimate

	TONNAGE	GRADE	METAL	CONT'D GOLD
	Tonnes (M)	(Au g/t)	(tonnes Au)	Ounces (M)
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	61.7	1.98

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