CLARA RESOURCES AUSTRALIA LTD — Capital/Financing Update 2011

Nov 20, 2011

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ASX Announcement

AusNiCo Limited (ANW:ASX)

21 November 2011

Drill Testing Commenced at Black Snake Plateau Region

The Directors of AusNiCo (‘AusNiCo’ or the ‘Company’) are pleased to advise that a 1,200m Reverse Circulation “RC” Drilling Program has commenced and will test a number of highly prospective prospects at the Black Snake Plateau Region. Assay results from this program will be reported in December 2012.

This RC program has been planned to test :‐

• The presence of Nickel sulphide mineralisation underlying the large nickel oxide discovery at Mt Cobalt Prospect;

• The Induced Polarization “IP” anomaly along the geological contact at Mt Coora Prospect (Figure 1);

• The prominent IP anomaly at Mt Clara North Prospect; and

• The coincident IP and geochemical anomalies at the Peak and Orion’s Belt Prospects.

Recent Geophysical surveys have delineated IP anomalies at Mt Clara, Mt Coora and the Peak. Significantly, these anomalies are coincident with the geological contact between the Mount Mia Serpentinite and the Mount Clara Metasediments and proximal to the large Station Creek Quartz Monzonite intrusive which is similar to the regional setting at the Pembroke discovery.

The high silver values from previously reported historic rock chips (+700g/t Ag) observed at the Peak and Orion’s Belt Prospects occurring along the same geological contact provide strong encouragement that Silver Valley mineralisation could extend over the 5km of strike (from Ridley’s in the south to the Peak in the north) as previously reported (see Figure 2).

The recent geochemical sampling combined with geophysical techniques and drill testing applied at the Silver Valley Prospect identified a potentially large copper‐silver mineralised system. Assay results from drill holes SVGD1 & 2 support semi‐massive silver/copper mineralisation, and confirm the exploration model at Silver Valley.

As previously reported, significant tonnage is targeted with mapped surface gossan outcrop over a length of 500 metres and near surface drill intersections reporting 21.0m @ 1.0% Cu, 99 g/t Ag; including 1.5m @ 6.2% Cu and 582 g/t Ag.

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On behalf of the Board KM Schlobohm Company Secretary

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About AusNiCo

Since making its debut on the ASX in October 2010, AusNiCo has identified disseminated nickel sulphides, and copper, silver and gold potential in its South East Queensland tenement package. AusNiCo has also added to its tenement position in Queensland, and in the Koonenberry region of NSW with EPM’s prospective for nickel sulphides.

AusNiCo offers:

• multiple commodities, including nickel, gold, silver, copper, cobalt and platinum group metals;

• an extensive package of tenements with encouraging mineralisation in an area of continuing industrial rowth and established infrastructure;

• advanced targets with the prospect of rapid drilling results;

• accomplished Board and Management with substantial experience; and

• discovery of significant disseminated nickel sulphide mineralised zones in greenstone belts, initially in south east Queensland.

Email: info@ausnico.com.au

Electronic copies and more information are available on the Company website: www.ausnico.com.au

For further information contact:

Mr John Downie CEO, AusNiCo Limited Ph: 07 3303 0611

Karl Schlobohm

Company Secretary, AusNiCo Limited Ph: 07 3303 0680

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Figure 1 ‐ Location of drill targets

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Figure 2 ‐ AusNiCo rock chip samples at Peak and Orion’s Belt

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