BLACK ROCK MINING LIMITED — Capital/Financing Update 2011

May 10, 2011

ASX Announcement

Company Announcements Office Australian Securities Exchange

By e-lodgement

11 May 2011

(ASX Code GRK)

Green Rock and Pacific Hydro to cooperate in the development of conventional geothermal resources for power projects

Highlights

• Cooperation based on Green Rock’s North Perth Basin permits in the energyhungry Mid West region of Western Australia and Pacific Hydro’s and Green Rock’s licences in the Great Artesian Basin in South Australia

• Pacific Hydro is a leading Australian renewable energy company owned by investment management specialist IFM which manages over $29bn of superannuation funds

• Initial power projects of at least 25MW are contemplated in both the North Perth Basin and the Great Artesian Basin, leading to hundreds of MW of generation from each Basin over the coming decade.

Green Rock is pleased to announce the agreement of a Letter of Intent with leading Australian renewable energy company Pacific 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”) and the Great Artesian Basin (“GAB”). Maps of these areas are attached.

Pacific Hydro’s assets in Australia have a capital value of is in excess of $1bn. The company has interests in large scale solar PV, geothermal, hydro and wind energy. Operating projects in Western Australia include the 30MW Ord hydro scheme which provides clean energy to the East Kimberly and local diamond mine, and in Victoria and South Australia wind farms with a combined generating capacity of 260MW. More information on Pacific Hydro is attached.

Pacific Hydro and Green Rock Energy are in discussions to explore the potential to bring together the strategic interests of the two companies. The discussions are centred on integrating the Australian conventional geothermal interests of the two companies into a single portfolio, with Green Rock providing exploration and production (E&P) expertise and leading the marketing of the GAB and NPB projects on an equal footing to potential upstream drilling investors. Initial power

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projects of at least 25MW are contemplated in both the NPB and the GAB leading to hundreds of MW from each Basin connected into WA’s South West Interconnected System and the National Electricity Market (NEM) respectively.

The Letter of Intent outlines the key terms to be included in a binding Memorandum of Understanding being negotiated between the parties.

Green Rock’s Managing Director Richard Beresford said “We are very excited at being able to attract a power partner of the calibre of Pacific Hydro who shares our belief in the potential of the geothermal resource in Green Rock’s North Perth Basin permits and both companies’ Great Artesian Basin licences to deliver substantial amounts of renewable baseload power. Pacific Hydro has an excellent understanding of what it takes to get power projects into the market given its track record as a leading Australian renewable energy company”.

Pacific Hydro’s General Manager for Australia Lane Crockett said “The Great Artesian Basin hosts a nationally significant conventional geothermal resource which we believe is destined to play a key role in transforming Australia’s energy mix through the provision of renewable dispatchable power into the NEM. Likewise, the North Perth Basin has terrific potential to provide a similar transformation to the West Australian electricity market. We see the partnership with Green Rock as a fantastic way to leverage portfolio value by combining our respective exploration permits, and to harness the clearly complementary capabilities of the two companies. We look forward to working with Green Rock to generate substantial value for both companies from this venture.”

Nigel Hodder Company Secretary

Investors and Media: Green Rock

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

Media: Pacific Hydro

T: Emily Wood (Communications Manager) 03 8621 6440 / 0421 042 121

ABOUT PACIFIC HYDRO

Pacific Hydro is a leading renewable energy company, currently producing clean power from wind and water.

For nearly 20 years, Pacific Hydro has lived its vision – powering a cleaner world – by identifying, delivering and operating clean energy projects and providing premium carbon abatement products and services to its customers across the globe.

With hydro power and wind farm projects at varying stages of development, construction and operation in Australia, Brazil and Chile, it continues to provide strong returns for the environment, local communities and investors.

Pacific Hydro is also active in the booming carbon market, with proven success in the production and trading of carbon credits from its run-of-river hydro projects registered under the Clean Development Mechanism of the Kyoto Protocol.

In Australia, the capital value of Pacific Hydro’s assets is in excess of $1bn. The company has interests in large scale solar PV, geothermal, hydro and wind energy. Operating projects in Western Australia include the 30MW Ord hydro scheme which provides clean energy to the East Kimberly and local diamond mine, and in Victoria and South Australia wind farms with a combined generating capacity of 260MW.

Pacific Hydro is a wholly owned subsidiary of the Industry Funds Management (IFM) Australian Infrastructure Fund. IFM is an investment management company specialising in the management of investment products across private equity, infrastructure, debt and listed equities portfolios, and is wholly owned, through Industry Super Holdings Pty Ltd, by a large number of Australian superannuation funds.

Through its ownership structure, Pacific Hydro provides sustainable infrastructure investment opportunities for around 5 million Australian members of Industry Superannuation Funds.

For more information visit www.pacifichydro.com.au

ATTACHMENTS

• 1 – Pacific Hydro’s and Green Rock’s Geothermal Energy Licences in the Great Artesian Basin, SA

• 2 – Green Rock’s Geothermal Energy Permits in the Dongara area of the North Perth Basin, WA

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