CASSIUS MINING LIMITED — Capital/Financing Update 2009

Mar 23, 2009

24 March 2009

ASX ANNOUNCEMENT

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To Acquire Production Asset in East Africa

The Directors of Gulf Resources Ltd (Gulf) are pleased to announce that following the acceptance of a letter of proposal from Rio Tinto Exploration Pty Ltd (Rio Tinto), the company has entered into formal Sale and Purchase agreement negotiations to purchase the Namekara Mining Operation in Eastern Uganda.

Rio Tinto currently owns and operates the vermiculite project which is located near the towns of Mbale and Tororo, approximately 190 kms east of the Ugandan capital, Kampala.

• Namekara resource is considered one of the largest high grade vermiculite mineral deposits in the world and is capable of supporting a low cost, long life operation

• Excellent local infrastructure and within 10 kms of main international railway line

• Assistance from Rio Tinto during handover and initial months of operation

• Assistance from Rio Tinto with marketing and securing offtake agreements

FURTHER DETAILS AND BACKGROUND INFORMATION

Currently the company is completing its due diligence program with our engineering staff and country manager on site.

Further details and background information will be released in due course.

FURTHER INFORMATION

Scott Reid, Chairman t | 02 8247 5333 Andrew Johnstone, COO t | 02 8247 5333

ATTRIBUTION

The information in this report that relates to Exploration Results is based on information compiled by Andrew Johnstone who is a Fellow of the Financial Services Institute of Australasia, members of both the Australian and American Societies of Exploration Geophysicists, and member of the Australasian Institute of Geoscientists (AIG). Mr Johnstone provides exploration management services to Gulf Resources Ltd. Mr Johnstone has extensive qualifications and experience in the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Johnstone consents to the inclusion in the report of the matters based on information provided by him and in the form and context in which it appears.

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

SYDNEY ● LONDON ● VIETNAM

ABOUT GULF

Gulf Resources is a resource development company that creates value for shareholders through the identification, acquisition and valorisation of resource focused projects, with a particular emphasis on regions where Gulf maintains relationships that provide a strategic advantage.

With a team of experienced engineering, project management, legal, financial and resource specialists, Gulf fosters and seeks to develop projects of major significance to both the company and the countries in which Gulf operates.

Gulf currently operates in Eastern Africa, Vietnam, and Northern and Eastern Australia.

LOCATION MAP

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Location of Namekara mining operation
in Eastern Uganda, on Kenyan border
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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

SYDNEY ● LONDON ● VIETNAM