ALTAMIN LIMITED - Capital/Financing Update 2012

18 December 2012

ASX Announcement

Energia set for resource upgrade at Carley Bore uranium project as drilling delivers strong results

ASX Code EMX

ABN 63 078 510 988

PO Box 1785 West Perth WA 6872

High-grade XRF result of 4 metres grading 1,179ppm U3O8 returned from hole LYAC0419, within the Eastern Mineralised Zone.
In-fill drill hole LYAC0399, from within a low-grade area of the currently defined resource, returned a hand-held XRF result of 6 metres grading 449ppm U3O8.
88% average increase in contained U3O8 achieved in wet chemical assays over comparable intervals for hand-held XRF results in the first four mineralised holes of the November drilling program.
New resource to be calculated by Coffey Mining in January-February 2013, with results pointing to a significant increase to current JORC Mineral Resource.
140 hole drilling program successfully completed.

Energia Minerals Ltd (ASX: EMX) is pleased to announce that it is on track to deliver a significant upgrade to the JORC Mineral Resource for its flagship 100%-owned Nyang Uranium Project in Western Australia in early 2013 after receiving highly encouraging wet chemical assay results from the recently completed drilling program.

Final wet chemical assays have been received from the first four mineralised holes of the recently completed 140-hole (9,647m) aircore drilling program. Importantly, the results indicate an average 88 per cent increase in contained U3O8 over the comparable intervals for hand-held XRF assays (see Table 1 below):

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 Kim Robinson Managing Director Max Cozijn Non Executive Director Ian Walker Non-Executive Director Bryn Jones Non-Executive Director Company Secretary Jamie Armes CFO and Company Secretary

Table 1 – Significant Final Intercepts

Hole No	Easting MGA Z50	Northing MGA Z50	Top of Intercept (metres)	Thickness (metres)	XRF Grade (ppm U3O8)	Final Wet Chemical (ppm U3O8)
LYAC0313	296404	7398998	34 47	1 3	278 143	136 191
LYAC0315	269729	7398687	36 44	2 3	230 140	644 371
LYAC0317	296606	7398699	40	3	193	226
LYAC0318	296405	7398694	43	8	95	215

Note: All holes vertical aircore. All wet chemical results reported are from one metre sampling with length weight composites calculated on a nominal 100ppm U3O8 cut off. XRF widths have been modified from those previously reported to reflect final wet chemical assay intervals for comparative purposes and include additional dilution.

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These holes were drilled in the Eastern Mineralised Zone (EMZ) outside the current Inferred Mineral Resource of 13.8 million tonnes at 390ppm U3O8 for 12 million pounds of contained U3O8 (at a 200ppm U3O8 cut off) at Carley Bore.

These results have confirmed good continuity of mineralisation over wider intervals than previously encountered in this area and demonstrate that the mineralised sandstone remains open to the north and east (see figure 1).

Recent in-fill drilling of the EMZ has also returned the best intersection to date with a hand-held XRF result of 4 metres grading 1,179ppm U3O8 in hole LYAC0419.

The EMZ is one of three extensions to the Carley Bore mineralisation identified by the November 2012 drilling program. Drill holes from these three extensions (see attached plan and table below for significant results) will now be incorporated into a revised resource calculation for Carley Bore to be carried out by Coffey Mining during January-February 2013.

Table 2 – Significant Hand-held XRF Intercepts

Hole No	Easting MGA Z50	Northing MGA Z50	Top of Intercept (metres)	Thickness (metres)	XRF Grade (ppm U3O8)
LYAC0389	295310	7398002	110	8	171
LYAC0394	295008	7398713	59	3	135
LYAC0395	295102	7398701	80	1	259
LYAC0397	295311	7398694	72	3	119
LYAC0398	295406	7398705	73	7	145
LYAC0399	295486	7398699	57	2	133
			69	6	449
LYAC0400	295399	7398198	89	2	331
LYAC0401	295303	7398195	109	1	100
LYAC0403	295515	7397990	80	4	213
LYAC0404	295505	7397691	86	6	241
			94	1	105
LYAC0409	296709	7398217	42	1	141
LYAC0411	296603	7398200	51	1	100
LYAC0412	296425	7398195	49	1	287
			53	3	108
LYAC0413	296319	7398210	54	1	150
LYAC0414	296708	7397705	54	1	145
LYAC0416	295205	7398199	76	1	110
LYAC0419	296514	7397714	53	4	1179

Note: All holes vertical aircore. All results reported are from one metre sampling with length weighted composites calculated on a nominal 100ppm U3O8 cut off.

Cautionary Note : Hand-held portable field XRF results are generally a reliable estimate of U3O8 grade. However, they are no substitute for conventional analytical assays and all samples have been submitted for assay using wet chemical techniques. Wet chemical assays have now been received for 15 of the 140 holes drilled there is no guarantee that the positive reconciliation achieved to date will continue for remaining analytical results.

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The XRF analyses were carried out on composite un-sieved grab samples from one metre aircore drilling intervals. These samples were placed and compacted into a chip tray, allowed to dry and analysed for 30 seconds each, using a 10 second measurement for three analyte sweeps on each sample.

Previous experience by Energia during 2011 drilling programs has confirmed this technique produces results that compare favourably with final laboratory assays in the range 100-800ppm U3O8.

Energia’s Managing Director, Mr Kim Robinson, said the recently completed drilling program had been highly successful in defining additional uranium mineralisation at the Carley Bore deposit, which still remains open in several directions.

“This is a very positive outcome which indicates that the final grades from chemical assays will most likely exceed the results seen in hand-held XRF analysis,” Mr Robinson said. “This combined with the significant extensions to the known mineralisation encountered in the recent drilling bodes extremely well for the future of this project.

“With more assay results expected shortly, to be followed by an updated resource estimate, we are looking forward to a very active and successful year ahead for Energia,” he added.

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Kim Robinson For media enquiries contact: Managing Director Nicholas Read +61 8 9321 5000 Read Corporate [email protected] +61 8 9388 1474 [email protected]

Competent Person Statement:

Information in this release that relates to Exploration Results based on information prepared by Mr Kim Robinson who is a Member of the Australian Institute of Geoscientists and a full-time employee of Energia Minerals Limited. Mr Robinson 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”. Mr Robinson consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

The August 2011 update for the Inferred Mineral Resource at Carley Bore is based on information compiled by Mr Alex Aaltonen who was employed by Energia Minerals Limited and Mr Neil Inwood who was employed by Coffey Mining Limited at the time of the resource estimate and public release of results. Mr Inwood visited the site from 23-25 April 2010. Alex Aaltonen is the Competent Person responsible for the drilling assay database, QA/QC validation and density measurements. Neil Inwood is the Competent Person responsible for the resource estimation and classification. Mr Inwood is a Fellow of the AusIMM and Mr Aaltonen is a Member of AusIMM. Both Mr Aaltonen 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”. As Mr Inwood is now no longer employed by Coffey Mining, Coffey Mining has reviewed this information release and consent to the inclusion, form and context of the relevant information herein as derived from the original resource reports for which Mr Inwood’s consent had previously been given. As Mr Aaltonen is now no longer employed by Energia Minerals, Mr Robinson has reviewed this information release and consents to the inclusion, form and context of the relevant information herein as derived from the original internal reports for which Mr Aaltonen’s consent had previously been given.

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