CANNINDAH RESOURCES LIMITED — Capital/Financing Update 2011

Jul 17, 2011

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ASX Release

18 July 2011

DISPATCH OF HOLDING STATEMENTS FOLLOWING METALLICA RIGHTS ISSUE

Planet Metals Limited ( ASX: PMQ ) ( Planet ) is pleased to announce that a total of 23,414,130 attaching Planet Metals shares are being transferred today pursuant to the Metallica Minerals Limited (ASX-MLM) Renounceable Rights Issue ( Rights Issue ) announced on 10 June 2011. Holding statements for the Planet shares will be dispatched to eligible shareholders today.

Planet Metals welcomes the success of the recent Metallica rights issue and remains focused on delivering shareholder value to both its existing and new shareholders. The addition of approximately 700 new shareholders should create additional liquidity in Planet shares in the future, which will be beneficial to all holders. Planet's issued capital is not altered in any way as a result of the Metallica Minerals Rights Issue.

Planet's Chief Executive Officer, Mr Brett O'Donovan stated, "Planet has worked very closely with Metallica in regard to their recent rights issue and welcomes all new shareholders in the Company. Metallica has indicated that their rights issue transaction was designed to not only raise funds, but to ensure that their holding in Planet was at a reduced level, such that liquidity in Planet’s shares could be increased as Planet grew from its current strong position."

For further information, please contact:

Mr Brett O’Donovan Chief Executive Officer Planet Metals Limited Phone: +61 (7) 3249 3085

Mr John Haley

Company Secretary/CFO Planet Metals Limited Phone: +61 (7) 3249 3029

Email: admin@planetmetals.com.au