CANNINDAH RESOURCES LIMITED — Capital/Financing Update 2011

Feb 2, 2011

ASX RELEASE 3 February 2011

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ASX Code: PMQ

WOLFRAM CAMP TUNGSTEN PROJECT – PURCHASE BY HAZELWOOD NOT PROCEEDING

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• Planet Metals Limited has been advised by Hazelwood Resources Ltd (Hazelwood) that it is not proceeding with the purchase of the Wolfram Camp tungsten-molybdenum project as per the Option Agreement outlined in Planet Metals’ ASX release dated 20 December 2010. As a consequence, Planet retains the initial $100,000 deposit.

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• As a result of the sale not proceeding, Planet Metals maintains its 100% ownership of Wolfram Camp Mining Pty Ltd, which owns 85% of the Wolfram Camp tungsten-molybdenum project and other assets.

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• The Board and Management of Planet Metals will immediately undertake investigations to advance the project in terms of operational and funding capabilities. Negotiations with external parties will re-commence very shortly. The strength of the tungsten price in recent months bodes well for future interest in the project.

For further information, please contact:

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

71 Lytton Road (Cnr Stafford St), East Brisbane Qld 4169 GPO Box 122, Brisbane Qld 4001 T 61 7 3249 3080 F 61 7 3249 3081 ABN 35 108 146 694

About Planet Metals Limited

Planet Metals (ASX Code: PMQ) is a Brisbane-based ASX-listed mining development and exploration company, with a focus on copper, gold, tungsten and molybdenum. Key operations include the Mount Cannindah copper-gold project (100% owned) and the Wolfram Camp tungsten-molybdenum project (85% owned) – both located in Queensland. 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 $907,000 cash on hand as at 31 December 2010.

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Wolfram Camp’s existing 150,000tpa processing plant