COKAL LIMITED — Capital/Financing Update 2009

Aug 31, 2009

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A l t e r a Resources Ltd

ASX Announcement 1 September 2009

Altera signs JV on its Queensland Coal project with Dragon Energy Limited (DLE)

Altera Resources Ltd (“Altera”) is pleased to announce that it has reached an agreement to enter into a Joint Venture (“JV”) agreement with Dragon Energy Limited (Dragon) on its Queensland Coal Project Exploration Permits for Coal Applications (EPCAs) in the Surat/Clarence-Moreton and Bowen Basins covering an area of 5,626 km[2] .

The terms of the JV proposal involve an expenditure of at least $3.5 million over 3 years to earn an 85% interest. The first year’s commitment by Dragon will be $0.5 million in exploration expenditure plus rents and environmental bonds, with second and third year expenditure commitments of $1.5million each.

Once Dragon has earned an 85% interest, Altera has the option to sell the remaining 15% interest in the Project to Dragon for an amount as agreed between Dragon and Altera and failing an agreement an amount determined by an independent expert. Subject to the above option, Altera will retain a 15% free carried interest until decision to mine.

The commencement date of the JV will be the first date by which at least six of the EPCA’s have been granted including EPC 1664 near Toowoomba. The proposal is subject to formal documentation being signed within one month and the JV will be subject to at least six of the EPCAs being granted within 6 months of the date of the formal JV.

A detailed geological review and compilation completed during July 2009 by Moultrie Database and Modelling Pty. Ltd has highlighted that:

• Altera’s EPCAs cover a strategic area with potential for large tonnages of thermal coal.

• A large Inventory coal tonnage has been established, from which several Exploration Targets have been estimated, totalling some 405 to 540 Million tonnes.

• Whilst these Exploration Targets are conceptual in nature, there is potential for both open cut and underground mining in each area.

• Expected product coals range from domestic to export thermal and perhaps a semi-soft coking coal.

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ALTERA RESOURCES LIMITED Unit 6, 11 Colin Grove, West Perth WA 6005 T | (08) 94815866

A.B.N. 55 082 541 437

F | (08) 94815966

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A l t e r a Resources Ltd

The thirteen EPCAs comprise eight non-competing, two competing and three secondary applications. The Company advises that these applications are going through the grant process with the Queensland Department of Mines and Energy.

For further information please refer to our website www.alteraresources.com.au or contact:

Godfrey Rule Chairman Altera Resources Limited

Harjinder Kehal Executive Director Altera Resources Limited

Telephone: 08 9481 5866

ASX CODE: AEA

Competent Person Statement

The information in this report that relates to Coal Resources or Coal Reserves is based on information compiled by Mark Biggs who is a member of the AusIMM. Mark Biggs is a full-time employee of Moultrie Database and Modelling Pty. Ltd.

Mark Biggs is a consultant geologist with over 20 years of experience in exploring for and evaluating coal deposits. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting Mineral Resources and Ore Reserves"

Mark Biggs consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

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ALTERA RESOURCES LIMITED A.B.N. 55 082 541 437

Unit 6, 11 Colin Grove, West Perth WA 6005 T | (08) 94815866

F | (08) 94815966

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A l t e r a Resources Ltd

About Dragon Energy

Dragon Energy Limited (ASX: DLE) is an exploration and resources company. The listing of Dragon Energy on the Australian Securities Exchange (ASX) in February 2009 was facilitated by a cornerstone investor, the China-based Shandong Taishan Sunlight Group Company Limited (“Shandong Group”). Shandong Group controls 1.5 billion tonnes of coal and 100 million tonnes of iron ore resources in China as well as engaging in steel making and power generation. Shandong Group, essentially a private enterprise, will avail direct and indirect financial capacity and funding capability, wide industry connections, and mining know how, to underpin plans for Dragon Energy’s growth and pursuit of suitable mining projects world-wide.

Dragon Energy has a twofold strategy:

• To participate in exploration projects with a view to advancing the status of the projects through to development or alternatively to introduce appropriate and suitable overseas partners, particularly from China, who may take long term positions in those project development opportunities; and

• To secure a leading position in advanced minerals projects and to bring development to fruition at the earliest opportunity.

Dragon Energy’s listing assets are phosphate exploration projects located in the Mt Isa mining province in Queensland, Australia which are the subject of continuing exploration and evaluation effort. Since listing, Dragon Energy has already evaluated a number of bulk commodity projects in Australia and USA and some metalliferous projects in Australia with a view to participating in or securing development opportunities. Although preferred targets are in iron ore and coal, other commodities and minerals will be considered for review.

Dragon Energy’s project evaluation efforts are facilitated by a small, but highly experienced, team of professionals with, collectively, vast experience in mineral exploration, development, financing and operations in Australia and overseas, in particular in start up projects.

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ALTERA RESOURCES LIMITED Unit 6, 11 Colin Grove, West Perth WA 6005 T | (08) 94815866

A.B.N. 55 082 541 437

F | (08) 94815966

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A l t e r a Resources Ltd

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Figure 1: Altera’s Exploration Permit for Coal applications – Toowoomba area, Clarence Morton Basin, Queensland

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ALTERA RESOURCES LIMITED Unit 6, 11 Colin Grove, West Perth WA 6005 T | (08) 94815866

A.B.N. 55 082 541 437

F | (08) 94815966

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A l t e r a Resources Ltd

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Figure 2: Altera’s Exploration Permit for Coal applications – Moranbah area, North Bowen Basin, Queensland

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ALTERA RESOURCES LIMITED Unit 6, 11 Colin Grove, West Perth WA 6005 T | (08) 94815866

A.B.N. 55 082 541 437

F | (08) 94815966