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AUSQUEST LIMITED Board/Management Information 2011

Feb 7, 2011

64406_rns_2011-02-07_01a7e106-7065-4643-bf95-cb7fb937cee2.pdf

Board/Management Information

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8[th] February 2011

ABN 35 091 542 451

The Manager Company Announcements Office Australian Securities Exchange

8 Kearns Crescent, Ardross WA 6153 Telephone: 08 9364 3866 Facsimile: 08 9364 4892 Email: [email protected] Web: www.ausquest.com.au

By Electronic Lodgment

APPOINTMENT AND RESIGNATION OF NON-EXECUTIVE DIRECTOR

The Company would like to advise that Peter Ravenscroft has been appointed as a non-executive director of AusQuest with immediate effect. Peter has served as an alternate director on the AusQuest Board since December 2008.

Peter’s appointment follows the departure of Richard Mehan from Cliffs Natural Resources and his consequential resignation from the AusQuest Board which takes effect from today.

As per the terms of the Strategic Alliance Agreement signed between AusQuest and Cliffs in September 2008, Cliffs are also entitled to appoint an alternate director and as such, the Board is pleased to welcome Craig Moulton as an alternate for Peter Ravenscroft.

Craig holds a Bachelor of Science (Geology) with Honours from the University of Western Australia and has over 18 years experience in the mining industry in Australia and overseas. He is currently General Manager Exploration Asia Pacific for Cliffs Natural Resources. Prior to Cliffs, Craig held senior mining, development and exploration roles in Rio Tinto Iron Ore, Fujitsu Australia and Rio Tinto Copper Projects.

The Board would like to thank Richard for his contribution to the AusQuest Board and to wish him well in his future endeavours.

Yours sincerely

AUSQUEST LIMITED

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Darren Crawte Company Secretary