ALCHEMY RESOURCES LIMITED — Board/Management Information 2011

Feb 14, 2011

==> picture [307 x 78] intentionally omitted <==

----- Start of picture text ----- ABN 17 124 444 122----- End of picture text -----

ASX Announcement

15 February 2011

Board Changes

Alchemy Resources Limited (“Alchemy” or the “Company”) (ASX: ALY) advises that Michael Hannington has resigned as Managing Director of the Company.

The search to identify and secure a suitably experienced executive to replace Mr Hannington is underway and Alchemy expects to make an announcement on this appointment in the near future.

Mr Hannington will assist the Company in its transition to a new Managing Director and the board thanks him for his contribution to the development of the Company.

Alchemy’s Exploration Manager, Dr Kevin Cassidy, will act as Chief Executive Officer while the appointment of a new Managing Director is finalised. Alchemy welcomes the positive contribution Dr Cassidy will make during the transition following a highly successful twelve months leading Alchemy’s exploration in the Gascoyne and Murchison districts.

Alchemy also advises that Robert Downey has resigned as a Non-Executive Director of the Company, effective immediately.

– ENDS –

For further information, please contact: For media inquiries, please contact: John Arbuckle Paul Armstrong Director Read Corporate Ph: +61 8 9481 4400 Ph: +61 421 619 084

ABOUT ALCHEMY RESOURCES

Alchemy is actively exploring four key areas; the Magnus Copper-Gold Project, the Hermes and Wilgeena Gold Projects, and the Murchison Projects (comprising six separate areas in the Murchison District).

The Magnus Copper-Gold Project is part way through evaluation and drill testing of conductors identified by an airborne VTEM survey and gold-in-soil anomalies associated with prospective areas identified by geological field mapping. Initial reconnaissance RC drill programs commenced in April 2010, with follow up drill programs in August, and November–December 2010. Alchemy continues to devote significant expenditure to drill programs and will continue its evaluation of Magnus in 2011.

The Hermes Gold Project is the most advanced with a JORC code-compliant resource. The Hermes Gold Project was originally acquired from Troy Resources NL in June 2008. Alchemy was attracted to the project by the existing Indicated Resource of 1.7Mt @ 2.4g/t gold (equivalent to 131,000 ounces of gold) . Metallurgical testwork on diamond core from Hermes was completed in early January 2011. The results from this work are currently being interpreted by a consulting metallurgist to enable Alchemy to undertake an updated resource and optimisation study at Hermes.

18 Emerald Terrace West Perth WA 6005

GPO Box 2815 T: +61 8 9481 4400 E: admin@alchemyresources.com.au Perth WA 6001 F: +61 8 9481 4404 W: www.alchemyresources.com.au

The Wilgeena Gold Project, located 15 kilometres south of Hermes, was identified as a key exploration target in 2009. Alchemy commenced a RC and diamond drill program in March 2010 with the aim to confirm and extend existing zones of gold mineralisation, previously explored by Plutonic Operations Ltd in 1997. In July 2010, Alchemy estimated a maiden Indicated Resource of 659,480t @ 2.34g/t (equivalent to 49,536 ounces of gold) comprising three discrete mineralised zones. Similarly, metallurgical testwork on diamond core from Wilgeena was completed in early January 2011 and is being interpreted by a consulting metallurgist.

Since November 2007, Alchemy has grown to explore on four separate and highly prospective areas. Alchemy has received a number of offers to evaluate opportunities near these areas and as it builds its exploration presence will carefully consider the merits of expanding its exploration efforts outside its current tenement holding versus evaluation of its numerous exploration targets within its tenements. The acquisition of the Gidgee South Project in the Murchison District is an example Alchemy’s continuing review of acquisition opportunities in the Murchison and Gascoyne Districts.

Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled by Dr Kevin Cassidy, who is a Fellow of the Australian Institute of Geoscientists and is a full-time employee of Alchemy Resources Limited. Dr Cassidy has sufficient experience that is relevant to the style of mineralisation, type of deposit under consideration and to the activity that 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 Resource and Ore Reserves’. Dr Cassidy consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Mineral Resources at the Hermes Gold Project is based on information compiled by Mr Shaun Hackett, who is a Member of the Australasian Institute of Mining and Metallurgy and is a full-time employee of Snowden Mining Industry Consultants Pty Ltd. Mr Hackett has sufficient experience that is relevant to the style of mineralisation, type of deposit under consideration and to the activity that 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 Resource and Ore Reserves’. Mr Hackett consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Mineral Resources at the Wilgeena Gold Project is based on information compiled by Mr Simon Coxhell of Coxsrocks Pty Ltd, who is a Member of the Australian Institute of Geoscientists and a Member of the Australasian Institute of Mining and Metallurgy and is a consultant to Alchemy Resources Limited. Mr Coxhell has sufficient experience that is relevant to the style of mineralisation, type of deposit under consideration and to the activity that 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 Resource and Ore Reserves’. Mr Coxhell consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

2