CANNINDAH RESOURCES LIMITED — Capital/Financing Update 2011

Jan 20, 2011

ASX RELEASE 21 January 2011 ASX Code: PMQ

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EXTENSION OF OPTION AGREEMENT FOR SALE OF WOLFRAM CAMP PROJECT – NOW TO 10 FEB 2011

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• As per ASX release dated 20 December 2010, Planet Metals Ltd entered into an Option to Purchase Agreement (“Agreement”) with ASX-listed Hazelwood Resources Ltd (“Hazelwood”) to sell its 100% owned subsidiary, Wolfram Camp Mining Pty Ltd (“WCMPL”). WCMPL is the holding company which has an 85% stake in the Wolfram Camp tungsten-molybdenum project, located west of Cairns (Qld).

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• As a result of the disruptions caused by the recent Brisbane flood, both parties have agreed to extend the option agreement by one week to 10 February 2011.

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 mining development and exploration company, with a focus on copper, gold, tungsten and molybdenum. Key projects include the 100% owned Mount Cannindah copper-gold project (subject to a farm-in agreement with Drummond Gold) 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.

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