AERIS RESOURCES LIMITED — Capital/Financing Update 2012

Apr 17, 2012

==> picture [68 x 68] intentionally omitted <==

Straits

18 APRIL 2012

ASX / MEDIA RELEASE

STRAITS RESOURCES LIMITED (ASX: SRQ)

EXTENSION OF EMU/ANCOA PRIORITY OFFER TO STRAITS’ SHAREHOLDERS

Please see attached announcement from Emu Nickel NL regarding an Extension of Emu/Ancoa priority offer to Straits’ Shareholders.

==> picture [117 x 68] intentionally omitted <==

Milan Jerkovic Chief Executive

For further information, please contact either:

• Mr Milan Jerkovic – Chief Executive Officer

• Mr Dave Greenwood – Corporate Affairs

• on +61 8 9480-0500, or visit our website at www.straits.com.au .

References in this report to “Straits Resources Limited”, “Straits” and “Company” include, where applicable, its subsidiaries.

About Straits Resources

Straits Resources Ltd (ASX Code: SRQ) is a mining and exploration company focused on copper and gold in Australia and Asia. Straits owns and operates the Tritton copper mine in NSW and the Mt Muro gold mine in Indonesia and has an exciting exploration portfolio focusing on projects in NSW and South Australia.

STRAITS RESOURCES LIMITED ABN 30 147 131 977 Level 1  35 Ventnor Avenue  West Perth WA 6005  Australia | PO Box 1641  West Perth WA 6872 T: +61 8 9480 0500  F: +61 8 9480 0520  E: info@straits.com.au  www.straits.com.au

==> picture [210 x 54] intentionally omitted <==

==> picture [210 x 55] intentionally omitted <==

==> picture [109 x 45] intentionally omitted <==

Release date: 17 April 2012

ASX Code: EMU

==> picture [134 x 132] intentionally omitted <==

----- Start of picture text -----

|||
|---|---|
|Issued Capital:|
|Ordinary Shares|59.8M|
|Options|12M|
|Major Shareholders:|
|George Sakalidis|7.5%|
|D Ribton|6.5%|
|JP Morgan|5.0%|
|Citicorp Nominees|3.5%|
|ABN Amro|3.5%|
|Wit Team Enterprises|3.3%|
|Image Resources|2.8%|

----- End of picture text -----

Offer closing date extended

The closing date for the offer made in the 23 March 2012 prospectus is extended to and including 30 April 2012 as is the Straits Shareholder Closing Date.

Following is now the proposed timetable:

==> picture [283 x 75] intentionally omitted <==

----- Start of picture text -----

|||
|---|---|
|Event|Business day|
|Public offer and Straits Shareholder|
|Monday 30 April 2012|
|Offer closed|
|Completion of acquisition of Hillgrove|
|Friday 4 May 2012|
|Mines Pty Ltd|
|Re-quotation of Emu securities on ASX|Monday 7 May 2012|

----- End of picture text -----

Directors:

Peter Thomas Non-Executive Chairman George Sakalidis Managing Director and CEO Greg Steemson Executive Director

For further information, please contact: George Sakalidis +89485 2410

Media Inquiries:

Kevin Skinner of Field PR: +61414 822 631 email: Kevin@fieldpr.com.au

==> picture [218 x 54] intentionally omitted <==

Emu Nickel NL ABN 50 127 291 927 Level 2, 16 Ord Street, West Perth Western Australia 6005 Phone: +61 8 485 2410 Email: info@emunickel.com.au Web: www.emunickel.com.au CIcc

==> picture [218 x 54] intentionally omitted <==

==> picture [533 x 24] intentionally omitted <==

==> picture [533 x 24] intentionally omitted <==

==> picture [87 x 36] intentionally omitted <==

The Hillgrove Gold/Antimony Project

The Hillgrove gold/antimony project is located approximately 25km east of Armidale, a major regional town in NSW. The main industries in the region are primary (cattle and sheep) production, mining, education and tourism.

==> picture [174 x 79] intentionally omitted <==

Mining started in the Hillgrove area in the 1870s and has continued with breaks due to war and fluctuations in metal prices to the present day. One of the largest producers was the Bakers Creek mine which produced 870,000t of Ore at a grade of 10g/t (280,000oz) Au.

The mineralisation at Hillgrove is located within narrow sub-vertical structures. The antimony mineralisation is present as stibnite and occurs in narrow veins within a broader zone mineralised with arsenopyrite and stibnite. The gold mineralisation occurs as free gold and as refractory gold with the stibnite and arsenopyrite.

Ore will be accessed by the existing decline from Bakers Creek Gorge and mined by underground methods. The broken ore will be hauled to the processing plant by truck where it will be crushed and ground from which two floatation concentrates – an antimony-gold concentrate and an arsenopyrite-gold concentrate - will be produced. These concentrates will be shipped to processors offshore for recovery of metal. Base case metrics assume an annual Ore production of 250,000t producing 4,500t Sb and 25,000oz Au in concentrate with average metal recoveries of 85% for Sb and 80% for Au.

Upon the completion of final engineering design, the processing plant at Hillgrove will be modified to produce the two concentrate streams. Commissioning is expected to be during Q2 2013.

The Hillgrove Project has the following resources and reserves

Resources: 6.3Mt grading 1.6% Sb and 4.3g/t Au (101,000t Sb and 870,000oz Au) – 8g/t Au equivalent Reserves: 2.2Mt grading 2.1% Sb and 3.8 g/t Au (46,000t Sb and 270,000oz Au) – 9g/t Au equivalent

Hillgrove Exploration

The tenement package covers 425km[2] and provides a sound basis for further exploration. Recent drilling at Bayley Park and Conningdale has located new areas of mineralisation.

Emu has allocated $4Mpa to undertake near mine and regional exploration which will ensure a continual stream of exploration results.

Recent exploration results Bayley Park

BPK003 from 39.5m to 41.4m – 1.9m grading 7.6% Sb, 1.5g/t Au - 19g/t Au equivalent

Recent exploration results Conningdale

CON001 from 35.8m to 72.8m – 37m grading 0.23g/t Au, 4.2g/t Ag

2

==> picture [87 x 36] intentionally omitted <==

		Hillgrove Mineral Resources
Category	Tonnes M	Antimony %	Sb t	Gold g/t	Au oz
Measured	1.02	1.9	19,400	5.1	167,000
Indicated	3.54	1.5	53,000	4.0	456,000
Inferred	1.79	1.6	28,600	4.3	247,000
Totals	6.349	1.6	101,000	4.3	870,000
		Hillgrove Mineral Reserves
Category	Tonnes M	Antimony %	Sb t	Gold g/t	Au oz
Proven	0.386	2.4	9,000	3.6	46,000
Probable	1.809	2.1	37,000	3.8	224,000
Totals	2.195	2.1	46,000	3.8	270,000

Exploration and Resource Targets

Any discussion in relation to the potential quantity and grade of Exploration Targets for the Hillgrove Project is only conceptual in nature. While Emu Nickel is confident that it will report additional JORC compliant resources for the Hillgrove Project, there has been insufficient exploration to define mineral resources in addition to the current JORC compliant resource inventory and it is uncertain if further exploration will result in the determination of additional JORC compliant Mineral Resources.

Competent Person Statement

The information that relates to Mineral Resources and Ore Reserves is based on information compiled by Mr Byron Dumpleton (as to resources) who is a Member of the Australian Institute of Geoscientists and Mr Peter Storey (as to reserves) who is a Member of The Australasian Institute of Mining and Metallurgy. Messrs Dumpleton and Storey are full-time employees of Straits Resources Limited and each consents to the inclusion of the matters based on information provided by them respectively in the form and context in which it appears.

Each has sufficient experience relevant to the style of mineralisation and to the type of deposit under consideration and to the activity undertaken by them respectively (to compile said Mineral Resources and Ore Reserves information) 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.

Cautionary Statement

Au equivalent calculations are based on an Sb price of $12,000/t and Au $1,550/oz.

3