CATALINA RESOURCES LTD — Interim / Quarterly Report 2016

Apr 21, 2016

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SHREE MINERALS LIMITED

Quarterly Report

PERIOD ENDING 31 March 2016 ASX Code: SHH

This report covers Shree Minerals’ (Shree or the Company) activities for the quarter ended 31[st] March 2016.

Nelson Bay River Iron Project (NBR)

•  Care & maintenance activities continue

•  Iron Ore price appear to be bottoming out, though remains volatile.

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Corporate

•  Efforts to conserve cash continue

•  Business Development opportunities being pursued.

SHREE MINERALS LTD, ACN 130618683

Unit 2, The Pines Business Centre, 88 Forrest Street, Cottesloe, WA6011 Phone: + 61 (08) 92861509, FAX: +61 (08) 93855194 www.shreeminerals.com

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SHREE MINERALS LIMITED

Tenements

• The mining tenements held at the end of quarter and their location.

	Mine Lease/ Exploration License	Mine Lease/ Exploration License		Locality		Remarks
		3M/2011		Nelson Bay River		100% Shree Minerals Ltd
		EL41/2004		Nelson BayRiver		100% ShreeMineralsLtd
		EL42/2008		Mt.Sorell		100% ShreeMineralsLtd

• The mining tenements acquired and disposed of during the quarter and their location.

NIL

• The beneficial percentage interests held in farm-in or farm-out agreements at the end of the quarter.

NIL

• The beneficial percentage interests in farm-in or farm-out agreements acquired or disposed of during the quarter.

NIL

Exploration

Approvals for field work applied for during the quarter.

About Shree Minerals

Shree Minerals Limited is engaged in mining and production of iron ore & dense media magnetite at its core project; the Nelson Bay River Iron Project in the North West Tasmania and engaged in exploration of its other tenements in Tasmania.

ABOUT THE NBR PROJECT

The NBR Project area is located about 6 km North East of the town of Temma and about 70 km South West of Smithton, in North West Tasmania.

The tenements contain a series of NW striking, strong amplitude magnetic anomalies. The iron mineralisation at NBR is hosted by a 10 to 28 meter wide mafic dyke, which crosses cuts the country rocks and increases in width with depth. Within this dyke is a magnetite-rich section and oxidation of the magnetite has generated goethite-hematite mineralisation to varying depths.

SHREE MINERALS LTD, ACN 130618683 Unit 2, The Pines Business Centre, 88 Forrest Street, Cottesloe, WA6011 Phone: + 61 (08) 92861509, FAX: +61 (08) 93855194 www.shreeminerals.com

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SHREE MINERALS LIMITED

The NBR project is being developed in a phased philosophy with the initial plan to mine the goethitic-hematite resource to export iron ore over the first couple of years at low capital expenditure to be followed by the magnetite resource to produce dense media magnetite (DMM) used for the coal washery industry.

Studies to-date have reflected a stable market and pricing for DMM as an industrial mineral in Eastern Seaboard of Australia with domestic production not being adequate to meet demand resulting in imports, thereby confirming the long-term value potential of the NBR project.

Yours faithfully

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Sanjay Loyalka

Executive Chairman

SHREE MINERALS LTD, ACN 130618683 Unit 2, The Pines Business Centre, 88 Forrest Street, Cottesloe, WA6011 Phone: + 61 (08) 92861509, FAX: +61 (08) 93855194 www.shreeminerals.com