CANNINDAH RESOURCES LIMITED — Capital/Financing Update 2011

May 10, 2011

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ASX RELEASE

11 MAY 2011

PLANET METALS LIMITED (ASX-PMQ)

COMPLETION OF SALE OF WOLFRAM CAMP PROJECT

Metallica Minerals Limited (ASX-MLM) is pleased to advise that its 76% owned subsidiary, Planet Metals Limited (ASX-PMQ), has announced that the sale of the Wolfram Camp Project has been completed.

The Planet Metals Limited ASX release is attached.

For further information:

Andrew Gillies

John Haley

Managing Director Director/CFO Metallica Minerals Limited Metallica Minerals Limited (07) 3249 3000 (07) 3249 3000

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ASX RELEASE 11 May 2011 ASX Code: PMQ

COMPLETION OF SALE OF WOLFRAM CAMP PROJECT

• Planet Metals Limited is pleased to announce that the sale of its 100% owned subsidiary, Wolfram Camp Mining Pty Ltd, has successfully been completed for a total sale price of $7 million, comprising $3.5 million cash and $3.5 million worth of Deutsche Rohstoff AG shares (listed on the Frankfurt Stock Exchange).

• Both Planet Metals (Vendor) and Deutsche Rohstoff AG (Purchaser) have met their obligations under the Share Sale Agreement (refer ASX release dated 6 April 2011). Deutsche Rohstoff has deposited the balance of the cash component, being $3.3 million into Planet’s bank account.

• The balance purchase consideration (being $3,500,000) will be issued to Planet Metals in 180,500 Deutsche Rohstoff AG shares on 1 September 2011. However the purchaser has an option to pay the balance purchase consideration in cash if it notifies Planet of this intention before 31 July 2011.

• Deutsche Rohstoff AG is a diversified German resources company with a focus on gold and hitech metals such as rare earths, tin and tungsten. Further details about Deutsche Rohstoff are outlined in Planet’s ASX release dated 6 April 2011 or, alternatively, can be obtained from their website at www.rohstoff.de/index-en.shtml.

• The CEO of Planet Metals, Mr Brett O’Donovan, stated, “The completion of the sale provides Planet Metals with the platform and funding to advance its current gold-copper projects and to also pursue additional opportunities in the sector, with a predominant gold-copper focus.”

• It is also worth noting that drilling has commenced at Planet Metals’ Mount Cannindah coppergold project, south of Gladstone (Qld). Drummond Gold is currently earning into the project and has recently commenced a 3,000m drill program to test extensions to existing copper-gold mineralisation.

For further information, please contact:

Brett O’Donovan Chief Executive Officer Ph: 61 7 3249 3080

About Planet Metals Limited

Planet Metals (ASX Code: PMQ) is a Brisbane-based ASX-listed resource and exploration company, with a focus on copper and gold. The Company’s key operations are the 100% owned Mount Cannindah copper-gold project (subject to a farm-in agreement with Drummond Gold) and the Mount Borium gold project (located between Kidston and Einasleigh, Qld - tenements presently under application). The Company’s major shareholder is Metallica Minerals (ASX Code: MLM) with a 76% shareholding. As at the date of this release, Planet Metals has 59.7 million shares on issue as well as 1.5 million unlisted options. The Company had approximately $708,000 cash on hand as at 31 March 2011, but this will increase markedly following completion of the Wolfram Camp sale.