ALTAMIN LIMITED — Capital/Financing Update 2011

Jan 9, 2011

10 January 2011

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ASX Announcement

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More High-Grade Uranium Assays from Carley Bore

Mineralised system now exceeds 4.5km and remains open with no further drilling for 15km to the south

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

Key Points:

• Further strong uranium mineralisation returned from November 2010 drilling with best intercepts including:

• 6m @ 1,480ppm U3O8 from 54m (LYAC0161)

• 6m @ 818ppm U3O8 from 49m (LYAC0160)

• 3m @ 1,097ppm U3O8 from 51m (LYAC0171)

• Results occur within a 2.5km southern extension of the current Carley Bore Inferred Mineral Resource ( 12.2Mt at 280ppm U3O8 for 7.46Mlbs of U3O8 ) and within the previously-established Exploration Target[1] of 10-15Mlb at 200-500ppm U3O8 .

• All assays have now been received with the system remaining open, with results returned from the southernmost line being amongst the best yet encountered in the Carley Bore system, and with no previous drilling for 15km to the south of this.

T: 61 (0)8 9321 5000 F: 61 (0)8 9321 7177 E: info@energiaminerals.com W: www.energiaminerals.com

Board of Directors Keren Paterson Managing Director Tony Iannello Non Executive Chairman Max Cozijn Non Executive Director Ian Walker Non Executive Director Leigh Bettenay Alternate Director

Company Secretary Jamie Armes

• Work has commenced on an updated Exploration Target and potentially an increased JORC Mineral Resource for the Carley Bore deposit ahead of a Scoping Study.

Energia Minerals Limited (ASX: EMX ) is pleased to advise the receipt of further high-grade uranium assay results from recently completed drilling at its flagship Carley Bore uranium deposit , part of its 100%-owned Nyang Project in Western Australia’s Carnarvon Basin (see Figure 1) .

Energia has now received all of the final outstanding assay results from the November 2010 resource extension drilling campaign, which was mainly focused over a 2.5km strike extent immediately south of the Carley Bore Resource (Inferred Resource of 12.2Mt at 280ppm U3O8 for 7.46Mlbs of U3O8 ).Previous results for holes LYAC0120-LYAC0154 were the subject of an ASX Announcement of 21 December 2010.

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The new results, from the final 18 holes of the Carley Bore Southern Extension, come from within the previously-established Exploration Target[1] of 10-15Mlb at 200-500ppm U3O8 ( see Figures 2 and 3 ) and include ( see attached table for full list of results ):

• 6m @ 1,480ppm U3O8 from 54m (LYAC0161);

• 6m @ 818ppm U3O8 from 49m (LYAC0160);

• 3m @ 1,097ppm U3O8 from 51m (LYAC0171);

• 2m @ 243ppm U3O8 from 52m (LYAC0163); and

• 2m @ 237ppm U3O8 from 39m (LYAC0165).

Results were also received for the six holes drilled on the Bloodwood Bore line, some 18km south of the Carley Bore Resource. No significant results were returned from this line.

The excellent results from the November 2010 drilling program support the potential for a significant addition to the Company’s JORC Mineral Resource inventory at Carley Bore, together with an expanded Exploration Target.

Energia’s Carnarvon Basin Uranium Portfolio (see Figure 1 ) comprises the Nyang Project (including the Carley Bore deposit) and the Onslow Project, covering a total area of 1,800km[2] . These projects cover a significant proportion of an emerging uranium province that contains numerous exploration prospects and several potentially significant uranium deposits including Paladin’s 24Mlb Manyingee deposit, Energia’s 7.5Mlb Carley Bore deposit and Cauldron Energy’s 4.8Mlb Bennett Well deposit.

All of these deposits are palaeochannel-hosted, redox-controlled, “roll-front” uranium deposits which are potentially amenable to ISR (In Situ Recovery) mining.

Carley Bore Extension Drilling

A total of 53 aircore holes were completed in November 2010 on five lines, spaced 600 and 500m apart at nominal 100m hole spacing. However, 10 of these holes were abandoned short of their target depth after encountering resistant units within the overlying mudstone. These 10 holes should be regarded as ineffective tests and will be re-drilled during 2011 with a more powerful rig.

All new results are presented in Table 1 and significant intercepts are shown on Figure 3. Of particular significance is the >400m wide mineralised zone on the southern-most drill line, which includes high-grade intercepts of 6m @ 818ppm U3O8 from 49m in LYAC0160 and 6m @ 1,480ppm U3O8 from 54m in LYAC0161 .

The result for the latter hole is potentially even more significant given that the hole was terminated in strong mineralisation when the rig encountered a goethite-cemented hard layer that could not be penetrated.

As previously noted, there is no drilling (either current or historic) for 15km to the south of this drilling line along the geophysically-defined palaeochannel that hosts and controls the uranium mineralisation at Carley Bore. The mineralised system appears to be continuing and strengthening into this untested zone.

Energia also wishes to make a correction to previous results announced in its release of 21 December 2010:

• the intersection for hole LYAC0142 should have been quoted as 2m @ 993ppm U3O8 from 51m (not 5m@ 1,086ppm from 48m as previously reported). This arose from a database entry error for coding of a standard and a duplicate; and

• the intersection for hole LYAC0132 should have been quoted as 8m @ 552ppm U3O8 from 38m (not 7m@ 623ppm as previously reported) . This arose from an arithmetic error during calculation of the intercept.

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The corrected results are shown in Table 1 and on Figure 3. All other intercepts reported in this and the 21 December 2010 release have been checked and confirmed.

Commenting on the results, Energia’s Managing Director, Keren Paterson, said: “These excellent final results from our 2010 drilling campaign further reinforce the growing potential of Carley Bore as a substantial ISR uranium project in Western Australia, confirming the potential for significant additions to the resource.

“We are now looking forward to expanding both the Exploration Target and the current Mineral Resource over the coming months and commencing a Scoping Study on development options for this exciting emerging uranium project,” she added.

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Keren Paterson For media enquiries contact: Managing Director Nicholas Read +61 8 9321 5000 Read Corporate info@energiaminerals.com +61 8 9388 1474 info@readcorporate.com.au

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.

In the Carnarvon Basin Uranium Province of Western Australia the Company has an Inferred Mineral Resource of 7.5Mlb @ 280ppm U3O8 at Carley Bore located to the south of Paladin’s Manyingee (24Mlb) and Cauldron’s Bennett Well (4.8Mlb) deposits.

For further information please go to www.energiaminerals.com or email info@energiaminerals.com.

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. 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.

1 Exploration Target:

The Exploration Target is conceptual in nature and has yet to be fully drill tested. There has been insufficient exploration (ie. close-spaced drilling) to define a JORC compliant mineral resource and it is uncertain if future exploration will result in the determination of a further mineral resource within it.

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Table 1 - Drill hole collar table with new results, and correction of previous results, Nyang aircore November 2010 (Note: All holes are vertical aircore. All results reported are from 1m sampling with length-weighted composites calculated on a nominal 100ppm U3O8 cut-off and maximum 1m internal dilution. Analysis by Ultratrace Laborotories by ICP-MS after total sample pulverising and 4-Acid digestion. NSR= No significant assay results)

HOLE No	Easting MGA Z50	Northing MGA Z50	Total Depth	Top of Intercept	Thickness of Intercept	Average grade (ppm U3O8)
Carley Bore Southern Extension
LYAC0155	296405	7397021	61			NSR
LYAC0156	296203	7397013	49			NSR
LYAC0157	295800	7396500	64			NSR
LYAC0158	295992	7396490	44			NSR
LYAC0159	296199	7396494	56			NSR
LYAC0160	296400	7396498	65	49 63	6 1	818 138
LYAC0161	296593	7396505	60	54	6	1480
LYAC0162	296801	7396497	52			NSR
LYAC0163	297002	7396483	54	52	2	243
LYAC0164	297212	7396436	40			NSR
LYAC0165	296497	7396509	64	49	2	237
LYAC0166	296697	7396505	57			NSR
LYAC0167	296295	7396488	49	45	3	207
LYAC0168	296404	7398505	57	35 46 50	1 2 1	133 169 351
LYAC0169	295802	7398412	55			NSR
LYAC0170	295798	7398006	65			NSR
LYAC0171	295998	7397498	60	51	3	1097
LYAC0172	296395	7397510	62	55	1	126
Bloodwood Bore Line(southern Nyang Project)
LYAC0173	299190	7380798	75			NSR
LYAC0174	298385	7380779	53			NSR
LYAC0175	297585	7380770	55			NSR
LYAC0176	296823	7380737	63			NSR
LYAC0177	295998	7380996	64			NSR
LYAC0178	295201	7381410	70			NSR
Carley Bore Southern Extension- corrected results
LYAC0132	295900	7398005	63	38	8	552
LYAC0142	296098	7397496	55	51	2	993

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

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Figure 2 - Nyang Project, showing completed drilling in relation to outline of Inferred Resource estimate, conceptual Exploration Target and palaeochannels interpreted from ground gravity traverses.

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Figure 3 – Detail plan of completed drilling south of Carley Bore Inferred Resource, showing all drill holes and significant intercepts within southern extension area.

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