CASSIUS MINING LIMITED — Capital/Financing Update 2011

Apr 14, 2011

15 April 2011

==> picture [165 x 86] intentionally omitted <==

ASX ANNOUNCEMENT

Increase in Namekara Mining Lease Planned Exploration & Drilling Programme

Gulf Industrials (‘Gulf’ or ‘the Company’) is pleased to announce that it has successfully increased the current mining lease held on the Namekara Vermiculite Mine (‘Namekara) in Uganda, East Africa and have added additional exploration licences. The Company plans to commence an exploration programme covering its existing and new Ugandan exploration tenements in the current quarter.

Expanded Mining Lease

The expanded mining lease includes an old phosphate mine and extended vermiculite and phosphate showings as identified during Gulf’s on‐going exploration activities. The expanded mining lease now covers an area of 19.5 km².

Gulf CEO Vic Fitzmaurice said, “with the 55Mt JORC Inferred Resource, Namekara is one of the world’s largest vermiculite resources. Production from the mine is of a coarser grade of mineral, which attracts a higher price. The expansion of the mining lease ensures that Gulf is strategically placed to become a leading vermiculite producer during the current market supply deficit.”

Gulf’s Exploration Program

Gulf’s planned exploration program in Uganda which is scheduled to commence during this quarter includes a first phase diamond drilling program of 8,000 metres in 2011 with an additional 14,000 metres in 2012.

The exploration programme planned on the Namekara mining lease will underpin the Company’s objective to increase output to 130 000 tons per annum over the next few years.

Also the planned exploration program will cover work on the Carbonatite complex and surrounding leases.

Vic Fitzmaurice continued, “The Company considers the area highly prospective for vermiculite, phosphate and other associated minerals in the Carbonatite complex.”

With production expected to increase to 30,000 tpa during 2011, as well as the planned exploration program, we move one step closer to realising the full potential of Namekara.

Chairman, Sir Sam Jonah added that in addition to the vermiculite mine expansion, he is excited about the potential for vermiculite, copper, phosphate and other related minerals.

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.gulfindustrials.com.au

• 2 -

‐ Figure 1: Namekara Mine Uganda

==> picture [456 x 404] intentionally omitted <==

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.gulfindustrials.com.au

• 3 -

Figure 2: Gulf’s Mining and Exploration Leases

==> picture [29 x 298] intentionally omitted <==

==> picture [55 x 298] intentionally omitted <==

==> picture [55 x 298] intentionally omitted <==

==> picture [55 x 298] intentionally omitted <==

==> picture [54 x 298] intentionally omitted <==

==> picture [55 x 298] intentionally omitted <==

==> picture [55 x 298] intentionally omitted <==

==> picture [55 x 298] intentionally omitted <==

==> picture [55 x 298] intentionally omitted <==

==> picture [51 x 298] intentionally omitted <==

FURTHER INFORMATION Vic Fitzmauri c e, CEO t | +27 72 7 8 8 8 89 Wayne Kerna g han, Finance Director and C ompany Secr e tary t | 02 8247 5333 Victoria Tho m as, Six Degre e s Investor Co m munication t |03 9674 0347

COMPETENT PERSONS STATEMENT

The informat i on in this rep o rt that relate s to Mineral R esources is b a sed on infor m ation compiled by Hennie T heart, BSc (Hons), M Sc, PhD, Pr. S ci. Nat (SAC N ASP 400069 /8 8), FSEG, FG S SA, FAAG; S h aun Crisp, BS c (Hons), Pr.S c i.Nat. (SACNASP 40 0 076/09); and Brent Barber, BSc (Hons), M P hil, AusIMM ( 222559), AAP G (59319‐8).

Hennie Thea r t and Shaun Crisp are re g istered with the South Af r ican Council f or Natural S c ientific Professions (SACNASP), a JORC Recog n ised Oversea s Professional Organisation "ROPO" and B rent Barber i s a member o f the Australasian I nstitute of M i ning and Met a llurgy (AusI M M). They are f ull‐time emp l oyees of SRK C onsulting an d have experience w h ich is releva n t to the style of mineralisa t ion, type of d eposits unde r consideratio n and to the activity which they h ave underta k en, to qualif y them as a Competent P e rsons, as de f ined in the 2 004 Edition o f the 'Australasian Code for Reporting of Explo r ation Results, Minerals Resources and Ore Reserves'.

Hennie Thea r t, Shaun Cris p and Brent B a rber consent to the inclusion in the rep o rt of the ma t ters based o n their information i n the form an d context in which it appears.

The informa t ion in this release that re l ates to the E xploration Process is base d on informa t ion compiled by A Johnstone w h o is a membe r of the Austr a lian Institute o f Geoscientis t s (AIG). Andr e w Johnstone p rovides exploration management consulting s e rvices to Gu l f Industrials Ltd and has sufficient ex p erience relev a nt to the st y le of mineralisatio n and type of d eposit under c onsideration a nd to the act i vity which An d rew Johnstone has underta k en to qualify as a C ompetent Pe r son as define d in the 2004 E dition of the 'Australasian Code for Rep o rting of Exploration Results, Mine r al Resources a nd Ore Reser v es'. Andrew John s tone consent s to the inclu s ion in the re p ort of the matters based o n his informat i on in the for m and context in wh i ch it appears.

Level 1 0 Gold Fields H o use 1 Alfred St r eet Sydney NS W 2000 ● PO Box R745 Royal Exchange NSW 1225 Australia t +61 2 8247 53 3 3 ● f +61 2 92 4 7 7722