CANNINDAH RESOURCES LIMITED — M&A Activity 2011

Feb 2, 2011

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3 February 2011

Withdrawal from Wolfram Camp Tungsten Project

• The Board of Directors of Hazelwood wish to advise that Hazelwood has elected not to proceed with the acquisition of the Wolfram Camp Tungsten Project from Planet Metals Ltd.

• Hazelwood would like to express its thanks to the Board of Planet and its

• staff for their assistance during the due diligence review of the Project.

• Hazelwood’s technical due diligence team conducted a significant level of

• inquiry to assess the Wolfram Camp Tungsten Project as a potential source of feedstock for its downstream processing facilities in Vietnam.

• The Project does not presently satisfy Hazelwood’s investment criteria.

“There is likely to be a role for Wolfram Camp in the global tungsten supply chain at some stage and we were impressed with the professionalism of the people at Planet Metals. We wish Planet every success with the project.” commented Hazelwood Managing Director Terry Butler-Blaxell.

On behalf of the Board of Hazelwood

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Terry Butler-Blaxell

Managing Director

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