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CANNINDAH RESOURCES LIMITED Capital/Financing Update 2012

Aug 13, 2012

64600_rns_2012-08-13_c593d201-2e06-44c7-bcf7-3bd7d3d3ca2c.pdf

Capital/Financing Update

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==> picture [588 x 54] intentionally omitted <==

ASX RELEASE

14 August 2012

Metallica further strengthens cash position with sale of Planet Metals stake

Metallica Minerals Limited (ASX-MLM) is pleased to announce that it has further added to its available cash reserves with the disposal of its entire 37% stake in Planet Metals Limited (ASX-PMQ) for net proceeds of approximately $437,000. A Notice of Ceasing to be a Substantial Shareholder lodged with Planet Metals Limited by Metallica is attached.

The disposal proceeds are in addition to the $1,400,000 approximately recently received from the return of capital by Planet Metals Limited.

Metallica is also expecting to soon receive funds of approximately $2,200,000 from its acceptance of the recently closed takeover offer for Orion Metals Limited (ASX-ORM).

Metallica will use the funds received to continue to progress its SCONI scandium-nickelcobalt project, and its Urquhart Point and Gippsland Mineral Sands Projects.

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