AERIS RESOURCES LIMITED — Capital/Financing Update 2012

Mar 19, 2012

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20 March 2012

The Manager Company Announcements Office Australian Securities Exchange 20 Bridge Street SYDNEY NSW 2000

ASX ANNOUNCEMENT

EXPLORATION UPDATE

• Drilling commenced on 2[nd] Stuart Shelf JV Cu-Au target • Dome 5 Pb Zn Ag final drill results of phase 2 program

UXA Resources Limited (ASX: UXA) is pleased to provide an update on its various exploration activities in New South Wales and South Australia.

Stuart Shelf JV Drilling for Cu-Au

Operator and joint venture partner Straits Resources (ASX: SRL, “Straits” earning 70% interest) has commenced drilling the second of three holes in a planned 3600 metre program targeting Iron Oxide Copper Gold deposits. The second target is a combined gravity and magnetic feature on UXA’s Glenside tenement (Figure 1). Previous drilling by WMC (1978) in drill hole DRD1, located 10km to the north of Straits’ drill hole, intersected anomalous Cu mineralisation (6.0m @ 0.37% Cu from 1140m depth) in the same geophysical feature. Straits’ drill target lies 50km south east of the Olympic Dam mine and 40km north west of the Carrapateena Cu-Au deposit.

Straits’ first diamond drill hole UWJD001, drilled vertical on a new geophysical target at Winjabbie, intersected basement lithologies, including Gawler Range Volcanics, above the end of hole at 1,284m depth. Geochemical assays are awaited. Previous drilling by UXA at the Winjabbie prospect had intersected 42 metres @ 0.34% Cu (including 9m @ 0.8% Cu) from 824m depth in hole 07WJ01, lying 4km east of Straits’ hole.

The joint venture comprises 9 tenements spanning some 3,300km[2] in the highly prospective Olympic Dam-Prominent Hill area.

UXA Resources Managing Director Dr Russell Penney commented, “Stuart Shelf is located in one of the most highly prospective regions for world class copper gold deposits in the world today, and so we are excited to see drilling continuing on the project.”

43a Fullarton Road Kent Town SA 5067 Australia T: +61 8 8363 7970 F: +61 8 8363 7963 E: info@uxa.com.au W: www.uxa.com.au

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Figure 1. Drill targets Stuart Shelf Cu-Au JV Project South Australia

Dome 5 Pb-Zn-Ag drilling program, Mundi Plains-Junction Dam Option Agreement.

In December 2011 UXA commenced a second stage drilling program at Dome 5 to explore the extent of the mineralising system and further define the higher grade zone previously identified.

Analytical results have now been received for all five diamond drill holes completed at Dome 5. Three holes were drilled on 250m centres to the west of the known area of mineralisation, one to the east and one infill hole (Figure 2). All five holes have intersected mineralisation at the expected position in the limestone horizon at 315 – 350m depth. The mineralisation consists of

disseminated and veinlet style sphalerite and galena with accompanying pyrite and fluorite in a siliceous matrix. The results suggest (Table 1) that the mineralisation system, though extensive, is weakening to the west, but remains open to the south east. The possibility of a higher grade zone within the area of known mineralisation cannot be ruled out based on the current widely spaced drilling.

Drill hole ID	Depth From (m)	Depth To (m)	Interval (m)	Pb+ Zn %	Pb %	Zn %	Ag (ppm)
11DF16	324.47	324.97	0.50	0.57	0.555	0.015	5
11DF16	324.97	325.66	0.59	0.14	0.070	0.070	<2
11DF17	316.45	316.78	0.34	1.19	0.075	1.115	3
11DF18	323.45	324.08	0.63	2.25	0.005	2.240	6
11DF18	324.08	324.75	0.67	0.26	0.070	0.190	<2
11DF18	328.00	329.00	1.00	0.34	0.045	0.295	3
11DF18	330.00	331.00	1.00	0.16	0.015	0.145	3
12DF19	342.27	342.77	0.50	0.21	0.005	0.205	<2
12DF19	349.17	349.67	0.50	0.71	0.030	0.675	<2
12DF20	330.34	330.81	0.47	0.20	0.140	0.055	<2

Table 1. Analytical results from recent drilling at Dome 5 (holes located on Figure 1)

All holes were drilled vertically. Sampling and Assay method: sawn NQ half drill core samples were crushed and milled to 85% passing 75um in accordance with AMDEL’s PREP2,3 sample preparation procedure, prior to assay using metallurgical grade digest with ICPAES finish in accordance with AMDEL’s MET1E process.

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Figure 2. Recent drilling at Dome 5 (12DF16 – 12DF20

UXA has an option agreement to earn up to 100% of Teck Australia Pty Ltd’s (“Teck”) joint venture interest in a group of seven granted exploration licences at Mundi Plains and Junction Dam in New South Wales and South Australia subject to certain earn-back rights retained by Teck (see 14/9/10 ASX release for terms of the agreement). The agreement includes the Dome 5 zinc discovery at Mundi Plains which was made by Teck, in joint venture with PlatSearch NL in 2007. UXA has agreed to an initial A$1.2M spend on exploration, targeting MVT style zinc-lead-silver mineralisation and IOCG-style copper gold mineralisation. This minimum expenditure commitment was reached at the end of the Quarter.

For further information, contact.

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Russell Penney Managing Director .

Tel: +61 8 8363 7970 Email: info@uxa.com.au Website: www.uxa.com.au

Technical Information in this report is based on information compiled by Dr Russell Penney who is employed by UXA Resources Limited and who is a Fellow of The Australasian Institute of Mining and Metallurgy. Dr Penney has sufficient exploration experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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 2004”). Dr Penney consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

ABOUT UXA RESOURCES

UXA Resources Limited (ASX:UXA) is a diversified explorer that has assembled a pipeline of highly prospective tenements throughout Australia, all located within world class mining provinces and near existing infrastructure. UXA also owns GAA Wireline an independently managed borehole wireline logging company operating in Australia and the United States of America.

The company has a three-pronged strategy to deliver growth and increase shareholder value, via:

1. Development of its flagship assets, Mundi Plains zinc-lead-silver project in NSW and SA and the Nabarlek uranium project in NT;

2. Retained exposure to advanced exploration projects via strategic joint ventures; and

3. Expanding markets for its 100%-owned GAA Wireline borehole logging business, which has exclusive global rights to the increasingly utilised PFN technology

As a testament to the quality of UXA’s exploration portfolio, the company has attracted several highly regarded strategic partners from among the world’s most renowned and prominent resources companies, including Reliance Industries of India, and Teck Resources of Canada, as well as ASXlisted Straits Resources. These partners provide additional capital, scope and expertise to accelerate UXA’s major exploration programs.

More information on UXA can be found on our website at www.uxa.com.au