APOLLO MINERALS LIMITED — Capital/Financing Update 2012

May 28, 2012

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ASX and Media Release Port Pirie – A ollo A nn o unc e me n t p misr e s ent s curr e nt s ituation

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WP G Resour c es Ltd (ASX:WPG) affirmed t oday that it was fully commit t ed to its imp o rtant ass e ts at Port Pirie as a potential e xport facil i ty for iron ore and c o al.

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WP G noted t h e content of two a nnounce m ents to t he ASX b y Apollo Minerals Limi t ed (ASX: AON) (an initial ann o unceme n t and a correction) d ated 29 M ay 2012, bot h of which were cro s s-release d against WPG and Carpent a ria Exploration Ltd (AS X : CAP).

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Wit h regard t o the pen u ltimate p a ragraph o f the an n ounceme n ts by A O N, WPG reje c ts the sta t ements t h at WPG’s proposed iron ore e xport facil i ty at Port Pirie has bee n placed o n indefini t e hold a n d that de v elopment approval limits the handling cap a city to 3. 2 mtpa.

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WP G has two advanced stage bulk commo d ities projects in cen t ral South Australia at Giffen Well (iron ore) a nd Penrh y n (coal).

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As p reviously announced to the A SX, Giffe n Well re m ains on t a rget to d e lineate a res o urce targ e t for band e d iron fo r mation (B I F) mineralisation in t he range of 390 to 500 million to n nes at a grade of b e tween 33 % and 38 % Fe.

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At Penrhyn, W PG holds a 352 million tonne c oal resou r ce that h a s been subject of ma n y previou s announc e ments.

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WP G ’s Port Pirie bulk c o mmoditie s export fa c ility represents a pi v otal com p onent to the c ommerci a l develop m ent of bo t h of thes e assets. W PG’s co m mitment t o dev e lopment o f its prop o sed facilit y and to the townshi p of Port Pirie is rob u st. Dev e lopment o f the facil i ty is certa i nly not on indefinite hold and W PG now has a per m anent st a ff presenc e in Port P ire and a c tively mai n tains its a ssets ther e .

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29 May 2012

ASX Announcement – 29 May 2012

WPG has previously announced that, subject to its own (priority) use of its proposed bulk commodities export facility at Port Pirie which has development approval for the receival, storage and transfer of 3.5 million tonnes of iron ore per annum, it welcomes and will facilitate third party users to utilise excess capacity. To date no other mineral explorer in SA has approached WPG with a sufficiently advanced project to enable meaningful commercial discussions to take place.

Competent Person

The Giffen Well exploration target and Penrhyn coal resource contained in this report are based on information compiled by Mr Gary Jones, a Member of the Australasian Institute of Mining and Metallurgy. He is Technical Director of WPG Resources Limited and a full time employee of Geonz Associates Limited. He has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Gary Jones has consented in writing to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Further Information

For further information please contact WPG’s Chief Executive Officer, Martin Jacobsen on (02) 9247 3232.

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