ALTAMIN LIMITED - Capital/Financing Update 2011

5 May 2011

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ASX Announcement

Energia commences drilling campaign for 2011 to grow resources at Nyang uranium project

The Company’s biggest program yet ~8,000m air core drilling program to increase JORC resources

Key Points:

Air core drilling underway at Carley Bore, the flagship deposit within the Nyang uranium project in WA’s Gascoyne region
Program aimed at increasing the current Carley Bore resource of 9.2Mlb of U3O8 towards its exploration target of 15-25Mlb of U3O8
Drilling will extend over a 1.7km strike length immediately south of the existing Carley Bore Resource
Targeted resource upgrade drilling will follow later in May to upgrade part of the Inferred Mineral Resources to Indicated status and better define the resource geology.
Additional heritage surveys underway to enable drilling program to be extended

ASX Code EMX

ABN 63 078 510 988

PO Box 1785 West Perth WA 6872

Level 2, 20 Kings Park Road West Perth WA 6005

T: + 61 8 9321 5000 F: + 61 8 9321 7177 E: [email protected] W: www.energiaminerals.com

Board of Directors Tony Iannello Non Executive Chairman Keren Paterson Managing Director Leigh Bettenay Executive Director - Exploration and Development Max Cozijn Non Executive Director Ian Walker Non Executive Director

Company Secretary Jamie Armes CFO and Company Secretary

Energia Minerals Limited (ASX: EMX) is pleased to advise that it has embarked on the biggest drilling program yet at its Nyang Uranium Project in WA’s Gascoyne region as part of a plan to more than double existing resources.

The program is also designed to upgrade part of the current Inferred resource to Indicated status.

The Carley Bore deposit ( see Figure 1 ) has an Inferred JORC-compliant Mineral Resource of 13Mt @ 320ppm U3O8 for 9.2Mlb of U3O8 (at 100ppm U3O8 cut-off) over a strike length of 3.25km ( see Figure 2 ). It is located within an extensive 60km long palaeochannel which has been identified by gravity surveys ( see Figure 3 ).

Carley Bore has an Exploration Target[1] of 15-25Mlb at 300-500ppm U3O8.

Carley Bore is geologically similar to other deposits in the Carnarvon Basin, including Paladin Energy’s 24Mlb Manyingee Deposit and Cauldron Energy’s 4.8Mlb Bennett Well Deposit. All are palaeochannel-hosted, redox-controlled, “roll-front” uranium deposits which are potentially amenable to ISR (In Situ Recovery) mining.

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The Drilling Program

The Carley Bore drilling program will comprise at least 8000m of air core drilling with the following key objectives:

extend the known resource along a 1.7km strike extent to the south within the previously established Exploration Target[1] , where previous intercepts included 6m at 1,480ppm U3O8 from 54m (LYAC0161) and 6m at 818ppm U3O8 from 49m (LYAC0160), both located 1km south of the current Inferred Resource ( Figure 2 );
upgrade one of the high-grade areas within the Inferred Resource, which has a strike length of 500m, to Indicated category ( see Figure 2 ); and
conduct reconnaissance drilling around 7km south of Carley Bore to test the strike extension and provide data to support an updated Exploration Target within the 60km-long palaeochannel which hosts the mineralisation.
depending on drilling results and the successful completion of the current heritage survey, further widespaced drilling may be undertaken at the end of the planned program between the reconnaissance line and the resource extension area.

Energia Managing Director Keren Paterson said the latest drilling program had potential to significantly increase resources at Carley Bore.

ENDS

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Keren Paterson For media enquiries contact: Managing Director Paul Armstrong [email protected] Read Corporate +61 8 9321 5000 +61 8 9388 1474 [email protected]

About Energia Minerals

Energia Minerals Limited is positioned to capitalise on the growing demand for nuclear energy as a key component of the alternative energy mix. Energia Minerals is a highly focused uranium exploration and development company with an exciting portfolio of projects in Australia and Italy covering over 5,500km[2] in 21 granted tenements and 9 under application. All projects are 100% owned with no third party royalties

In the Carnarvon Basin Uranium Province of Western Australia the Company has an Inferred Mineral Resource of 13Mt @ 320ppm U3O8 for 9.2Mlb of U3O8 (at 100ppm U3O8 cut-off) located to the south of Paladin’s Manyingee (24Mlb) and Cauldron’s Bennett Well (4.8Mlb) deposits.

For further information on the company please go to www.energiaminerals.com or email [email protected].

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Competent Person Statement:

Information in this release that relates to Exploration Results and the Exploration Target are based on information prepared by Dr Leigh Bettenay who is a Fellow of the Australian Institute of Geoscientists and a full-time employee of Energia Minerals Limited. Dr Bettenay has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activities being undertaken 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”. Dr Bettenay consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

The Mineral Resource at Carley Bore is based on information compiled by Dr Leigh Bettenay who is employed by Energia Minerals Limited and Mr Neil Inwood who is employed by Coffey Mining Limited. Mr Inwood visited the site from 23-25 April 2010 and Dr Bettenay last visited the site at this time also.

Dr Bettenay is the Competent Person responsible for the drilling assay database, QA/QC validation and density measurements. Mr Inwood is the Competent Person responsible for the resource estimation and classification. Both Dr Bettenay and Mr Inwood have sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activities being undertaken to qualify as Competent Persons as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”.

Both Dr Bettenay and Mr Inwood have consented to the inclusion in this release of the matters based on his information in the form and context in which it appears.

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Figure 1 - Location of the Nyang and Onslow Projects in Carnarvon Basin, Western Australia.

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