ALTECH BATTERIES LTD — Capital/Financing Update 2010

Nov 17, 2010

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MEDIA/ASX RELEASE 17 November 2010

EXPLORATION UPDATE

KOOLYANOBBING PROJECT: TARGETING IRON ORE

• Exploration Licence E77/1770 granted by Department of Mines and Petroleum

• • Initial exploration to commence in December 2010

• Heritage Surveys to be undertaken to allow future drilling

Diversified exploration and development Company, Australia Minerals and Mining Group Limited ( ASX: AKA ) (“AMMG” or “the Company” ) is pleased to announce the recent grant of Exploration Licence E77/1770 at its 100% owned project at Koolyanobbing targeting iron ore. ("Koolyanobbing Project"). The Koolyanobbing Project is located 20km southeast of the Cliffs Koolyanobbing Iron Project and 450kms east of Perth in Western Australia. The exploration targets are magnetite, and potentially hematite/goethite contained within Archaean quartz /magnetite or Banded Iron Formation (BIF) units.

Exploration Licence E77/1770 is a 44 sub-block licence covering approximately 120 km[2] in area. The licence straddles the Southern Cross Koolyanobbing Road which provides easy road access and is located approximately 7 kilometres from the Trans- Australia standard gauge railway which also branches off the main line at Kalgoorlie and runs south to the Port of Esperance.

Background - Exploration and Production History in the area

Iron Ore is mined by the Cliffs/Koolyanobbing Iron venture 20km north of E77/1770 and the ore is railed to Esperance, 578km to the south. Salt is also mined on the eastern side of Lake Deborah by WA Salt. Geological surveys in 1952 showed considerable Iron Ore Deposits in the area. In 1960 BHP obtained a lease for the Koolyanobbing area and commenced mining operations in 1967 on Dowd Hill. This main deposit was reported to contain approximately 60 million tons of iron ore grading around 61% Fe. Treated ore was railed to Kwinana, some 430km to the west. A township was established at Koolyanobbing to cater for 400/500 people.

In 1983 BHP ceased mining and in 1993/94 mining was recommenced by Portman Mining Venture—Koolyanobbing Iron, and the ore is now railed to the Esperance Port 578km to the south. Cliffs recently announced plans for improvements to their infrastructure and plan to increase their iron ore production to around 11 million tons per annum .

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Exploration Program

With the grant of Exploration Licence 77/1770 the Company will commence exploration activity at the Koolyanobbing Project in December 2010. Initial work planned will include:

• Site reconnaissance of high priority targets identified by Earthscan;

• Rock chip and soil sampling;

• Geochemical analyses;

• Geological mapping, and

• Aeromagnetic survey interpretation

The interpretation of the aeromagnetic survey will aim to identify structurally controlled targets which may be masked by the extensive areas of alluvial/salt lake cover within the tenement area.

A heritage survey will need to be completed before any ground disturbing activities, such as drilling, can be undertaken. It is intended that the Company arrange for the survey to be completed in accordance with the heritage agreement so that drilling of priority exploration targets may commence as soon as practicable in 2011.

The application of modern exploration techniques and structural interpretation to the Koolyanobbing Project area is an exciting development for AMMG Limited.

ENDS

For further information please contact:

Luke Atkins Executive Chairman AMMG Limited T: +61 8 9389 5557 M: 0407936040 E: luke@ammg.com.au

Karen Oswald Professional Public Relations Pty Ltd Ph: +61 8 9388 0944 M: 0423 602 353 E: karen.oswald@ppr.com.au

Technical information in this report is based on information compiled by Mr. William Witham B.Sc. Geology (Hons), AMMG Group Geologist and a member of the Australian Institute of Geoscientists. Mr. Witham has sufficient exploration experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activity which 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 Resources and Ore Reserves’ (“JORC 2004”). Mr. Witham consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.