CASSIUS MINING LIMITED — Capital/Financing Update 2009

Apr 22, 2009

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ASX ANNOUNCEMENT

23 April 2009

SHAREHOLDER SHARE PURCHASE PLAN

The Directors of Gulf Resources Limited ( ASX: GLF ) (“Company”) are pleased to announce a Shareholder Share Purchase Plan (“SSPP”) and corresponding offer to shareholders. The SSPP is designed to provide all shareholders, registered as holders of fully paid ordinary shares in the Company on the Record Date detailed below (and who have registered addresses in Australia and New Zealand) with the opportunity to purchase up to $5,000 worth of shares in the Company on attractive terms.

TERMS OF THE SSPP AND KEY DATES

The purchase price of the new shares to be offered under the SSPP will be set at a 20% discount to the volume weighted average market price (VWAP) of the Company’s ordinary shares sold during the course of trading on the Australian Securities Exchange for the five trading days immediately preceding the closing date of the SSPP on which sales in Shares were recorded, being 5.00pm AEST on 29 May 2009.

The proposed timetable for the offer of shares under the SSPP is as follows:

Announcement of SSPP	23 April 2009
Record date to determine entitlements (5.00pm AEST)	14 May 2009
SSPP opens	15 May 2009
Closing date for application for shares (5.00pm AEST)	29 May 2009
Date of allotment and despatch of uncertified statements to shareholders	Within 10 business days of the closing of the SPP*

FUNDS TO BE RAISED FROM SSPP

A maximum of 10 million shares are being offered under the SSPP. Priority will be given to those shareholders whose application forms and payments are received first by the Company. Under the SSPP, the Board also has discretion to accept applications in excess of 10 million shares depending on market conditions and the level of investor interest.

Funds raised from the SSPP will be used to progress the drilling and further exploration at the Company’s exploration properties and for working capital.

Commenting on the introduction of the Company’s SSPP and the introductory offer to shareholders, Chairman Mr Scott Reid said, “We have made rapid progress on our advancing our projects with joint venture partners and by taking up the SSPP shareholders will be able to further participate in the exciting developments planned for the Company’s projects”.

OFFER DOCUMENT

The SSPP Offer Document and Application Form will be forwarded to shareholders immediately following the record date specified above.

FURTHER INFORMATION

Please contact Scott Reid, Chairman on 02 8247 5333.

Level 10 Gold Fields House 1 Alfred Street Sydney NSW 2000 ● PO Box R745 Royal Exchange NSW 1225 Australia t +61 2 8247 5333 ● f +61 2 9247 7722 ACN 115 027 033

www.gulfresources.com.au