CENTAURUS METALS LIMITED — Board/Management Information 2011

Jan 17, 2011

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AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

18 January 2011

CENTAURUS ANNOUNCES KEY PERSONNEL MOVEMENTS AHEAD OF MOVE INTO IRON ORE PRODUCTION

EXPERIENCED IRON ORE EXECUTIVE PETER FREUND RELOCATES TO BRAZIL AND EXPERIENCED MINING EXECUTIVES SECURED FOR OTHER SENIOR ROLES

International iron ore company Centaurus Metals Ltd (ASX Code: CTM) is pleased to announce a number of key changes to its senior management team structure to accelerate the development of its portfolio of Brazilian iron ore projects towards production.

The Company’s Operations Director, Mr Peter Freund, has relocated from Australia to the Centaurus office in Belo Horizonte in Brazil to head up the in-country team that will oversee the completion of Feasibility Studies across its project portfolio and transition the Company to an iron ore producer over the coming 18 month period. Mr Freund will remain a Director on the Company’s Board.

In addition, Mr Roger Fitzhardinge has been promoted to the position of General Manager – Exploration & Evaluation, Mr Bruno Scarpelli has joined the Company in the role of General Manager – Environment & OH&S, and Dr Klaus Peterson will take on the role of Chief Geologist – New Projects.

Mr Freund, who joined Centaurus in October 2009, has significant experience in progressing projects through to production. He was previously General Manager of the Karara Joint Venture between Gindalbie Metals and Ansteel, where he was responsible for managing the Bankable Feasibility Study and statutory approvals for the $2.0 billion Karara Iron Ore Project in Western Australia.

He also worked for BHP at the Whyalla steelworks and iron ore pellet plant in South Australia, BHP Minerals Division in Melbourne and the Groote Eylandt manganese mine in the Northern Territory. During his career he has also spent a number of years in South America, where he headed up the MIM team that constructed the world-scale Alumbrera copper mine.

Centaurus’ Managing Director, Mr Darren Gordon, said he was very pleased that Mr Freund had agreed to take on this critical in-country role and lead the Company’s development team in Brazil.

“Peter is an outstanding operator who has a proven track record of moving major projects from the exploration phase through to production, including extensive hands-on experience of project construction in South America. I am extremely pleased that he has agreed to take on this new role with Centaurus to manage the completion of key feasibility studies and project approvals across our Brazilian asset portfolio,” he said.

In his role as General Manager – Exploration & Evaluation, Mr Fitzhardinge will be responsible for managing an aggressive exploration campaign across both Centaurus’ domestic Brazilian iron ore projects and at its regional export assets.

Mr Fitzhardinge joined the Centaurus team following a five year stint with Mirabela Nickel Ltd working at the Santa Rita Nickel Mine in Brazil, where he held numerous positions including Manager of Technical Services, Senior Mine Geologist and Senior Exploration Geologist. Prior to joining Mirabela, Mr Fitzhardinge held roles at BHP Billiton’s Yarrie Iron Ore operations in Western Australia, Jacaranda Engineering in London and with Homestake Gold at the Lawlers Gold Mine in Western Australia.

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Mr Bruno Scarpelli has been appointed General Manager – Environment & OH&S, and brings a wealth of environmental approval experience in Brazil to Centaurus. He joins the Company from Vale where he was Environmental Coordinator of the S11D Iron Ore Project, part of the world class Carajas Iron Ore Operations in the State of Para, Brazil. In this role, he was responsible for securing all relevant project environmental approvals.

Mr Scarpelli has also previously held a number of roles in Minas Gerais, including with the leading environmental consulting group, Brandt Meio Ambiente, and the global mining consultancy, Golder Associates. Mr Scarpelli has extensive environmental experience from working with numerous mining projects located within Brazil’s Iron Quadrangle.

Dr Klaus Peterson has been appointed as Centaurus’ Chief Geologist – New Projects. In this role, he will oversee the review of new project opportunities to support both the Company’s domestic iron ore business and its planned export business. Centaurus is actively reviewing a number of new projects at any point in time, drawing upon its well established and significant knowledge of the Brazilian operating environment.

Mr Gordon said the new appointments marked a new phase in Centaurus’ development as the Company prepares to accelerate growth across its South American asset portfolio and make the critical transition from explorer to fully-fledged international iron ore producer.

“We are delighted to have secured such high calibre senior managers to lead the Company through this important chapter in our development,” he said.

-ENDS-

Released By: Nicholas Read Read Corporate Mb: (+61) 419 929 046 Tel: (+61-8) 9388 1474

On behalf of:

Mr Darren Gordon Managing Director Centaurus Metals Ltd Tel: (+61-8) 9420 4000