BLACK ROCK MINING LIMITED — Capital/Financing Update 2011

Dec 6, 2011

ASX Announcement

Company Announcements Office Australian Securities Exchange

By e-lodgement

7 December 2011

(ASX Code GRK)

Green Rock invited to submit funding application under Emerging Renewables Program

Further progress for Mid West Geothermal Power Project

Green Rock is pleased to announce that, following submission in September 2011 of an Expression of Interest for funding from the Commonwealth Government’s $126 million Emerging Renewables Program, it has been invited to submit a Project Funding Application for the Mid West Geothermal Power Project. While this must not be taken to imply that funding will be offered, Green Rock has for some time considered that the Project is a strong contender for Commonwealth and State funding support.

In his speech on 8[th] August 2011 launching the Emerging Renewables Program, Minister for Resources and Energy Martin Ferguson AM MP said that geothermal companies would likely benefit from the new program design with at least one-third of the total program funding expected to be available to support geothermal energy.

Green Rock’s Managing Director Richard Beresford said “The Mid West Geothermal Power Project is based on Green Rock’s seven Geothermal Exploration Permits in the Dongara area of the North Perth Basin. This area has been an active petroleum exploration and production province with 135 petroleum wells drilled within our Permit area. The extensive well and geological information provides a strong foundation for locating and designing geothermal wells, and drilling in the area is expected to be relatively straightforward. Electricity infrastructure is very close by and regional electricity demand is growing rapidly, particularly to supply the Mid West’s many magnetite iron ore projects. Green Rock’s directors take the view that the area is prospective for hundreds of Megawatts of geothermal power.”

• The Mid West Geothermal Power Project is covered by earlier announcements by Green Rock:  On 4[th] August 2011 Green Rock announced a binding agreement (subject to various conditions and approvals) with leading Australian renewable energy company Pacific

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Hydro to cooperate on the development of power projects based on geothermal exploration permits and licences held by the companies in the North Perth Basin (“NPB”) in the Mid West of WA and the Great Artesian Basin (“GAB”) in South Australia. Initial power projects of at least 25MW are contemplated in both the Mid West and the GAB leading to hundreds of MW from each Basin connected into WA’s South West Interconnected System and the National Electricity Market respectively.

• On 31[st] October 2011 Green Rock announced a binding agreement (subject to various conditions and approvals) with New World Energy with the intention of jointly developing Green Rock’s and New World Energy’s geothermal exploration permits (GEPs), giving the joint venture the dominant acreage position for geothermal power development in the Mid West.

A map of the Mid West Permit areas is attached.

Nigel Hodder Company Secretary

Investors and Media:

T: +61 (0) 9482 0482 E: info@greenrock.com.au

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ATTACHMENT: MID WEST PERMIT AREAS
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