ALCIDION GROUP LIMITED — Capital/Financing Update 2011

Jun 23, 2011

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ASX Release 24 June 2011

NARACOOTA RESOURCES LISTS ON ASX AFTER $5M IPO

Highlights:

• Naracoota admitted to ASX under ticker code NRR;

• Official quotation of shares to commence today, 11am (WST);

• IPO closed early and oversubscribed raising $5 million;

• Strong support from institutional and retail investors;

• Highly experienced management team in place;

• Two key exploration projects located in the richly mineralised Doolgunna / Peak Hill region near Meekatharra in Western Australia; and

• Geophysics to commence on key projects immediately.

Gold and copper exploration company Naracoota Resources (ASX: NRR) (“Naracoota” or “the Company”) is pleased to announce admission to the official list on the ASX on 22 June 2011 with its shares scheduled for quotation today at 11 am (WST) under ticker code NRR.

The Company’s Initial Public Offering ( “IPO” ) closed early and oversubscribed with strong support from institutional and retail investors. The IPO consisted of 25,000,000 shares offered at an issue price of $0.20 each for a total of $5 million and was managed by Patersons Securities Limited. Naracoota will emerge with a market capitalisation of $9.5 million at the IPO price and retain circa $4.5 million in cash reserves.

Naracoota’s Managing Director, Steve Crabbe said: -

“We are delighted with the response to this offer, especially in light of recent volatility in global equity markets. We believe that this outcome is a reflection on the quality of Naracoota’s projects and the highly experienced management team.”

“Our Horseshoe Range and Frasers Projects are located in the richly mineralised Doolgunna / Peak Hill Region of Western Australia (see below) where there have been substantial copper gold discoveries in recent years.”

“We are guided and highly encouraged by historical works on parts of our tenement package and plan to apply modern exploration techniques to further enhance our understanding of the area.”

“The Company will commence a geophysical program to further develop its existing walk up drill targets, as well as identify new shallow and deep copper and gold targets that are familiar to the Doolgunna / Peak Hill Region.”

“We would like to thank our new shareholders and lead manager, Patersons, for ensuring this successful IPO and look forward to commencing an active exploration program.”

Naracoota Resources District Map

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Use of Proceeds

Capital raised through the IPO will be used to:

• fund the completion of tenement acquisitions within the Horseshoe and Fraser Project areas;

• undertake exploration activities on these two projects;

• add value to existing projects by identifying new acquisition opportunities and/or discovering new exploration projects;

• provide new working capital for the Company.

Board Experience

The Board has extensive experience in the acquisition, exploration and development of mineral assets and has assembled an advanced portfolio of gold exploration projects.

The Company’s Managing Director, Mr Steve Crabbe, co-founded Naracoota Resources and has more than 34 years of experience in the mining industry. He has a successful mining services business and is an Executive Director of Lithex Resources Ltd, an ASX listed exploration company with Lithium/Tin/Tantalum projects. Mr Crabbe was the co-founder and Managing Director of manganese producer Auvex Resources Ltd, and prior to that held senior operational positions at Mineral Resources, Mt Magnet Gold and Western Mining.

The other co-founder, Executive Director, Mr Stephen Woods worked with Mr Crabbe at Auvex Resources Ltd in an operational role and has conducted field programs for several ASX listed companies. Mr Woods worked for the Geological Survey of WA and has prospected in the Horseshoe region for many years.

Other Board members include Wayne Fernie, Finance Director, and John Stockley, NonExecutive Director, who each bring additional experience in finance and geology ensuring that there is a team in place at the Executive level to deliver the skills and business acumen required to develop the potential of the Company’s mineral projects.

Ends

For further information, please contact:

CONTACT: Steve Crabbe Managing Director Naracoota Resources Tel: +61 8 9200 5858

MEDIA CONTACT:

James Harris Professional Public Relations T: +61 8 9388 0944 E: james.harris@ppr.com.au

About Naracoota Resources

Naracoota Resources Limited is an Australian mineral exploration company established to increase shareholder value by identifying, acquiring and developing mineral projects that possess the potential for cash flow and growth. The Company’s portfolio includes two quality gold projects at Horseshoe Range and Mt Fraser in Western Australia.

Naracoota will focus initially on developing these two projects based on high grade historical production, sampling results and significant exploration potential as well as robust geological concepts.

Horseshoe Project

The Horseshoe Project has been worked on since 1897 and consistently produced good exploration results. Exploration to date has indicated that gold mineralisation in the Peak Hill district is widespread and the potential for further discoveries is high. The Company has the rights to 12 granted Tenements while the gold production history of the Horseshoe Range Project is 3,944 oz from 734 tonnes.

Fraser Project

The Fraser Project consists of 3 granted Tenements which are located within 25 kilometres of the gold mining centres of Peak Hill, Harmony, Horseshoe, Labouchere and Fortnum as well as being close to the Harrod’s resource (Meteoric Resources Limited).

Location

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