CONICO LTD — Regulatory Filings 2011

Apr 4, 2011

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Nickel Sulphide Follow up Drilling Commenced at Mt Thirsty

Barra Resources Limited is pleased to announce the resumption of follow-up diamond drilling at the Mt Thirsty Nickel Sulphide Prospect. The Mt Thirsty Project, a 50:50 joint venture with Fission Energy Limited (ASX: FIS), is located 20 kilometres north-northwest of Norseman in the southern goldfields of Western Australia.

Previous RC drilling returned nickel sulphide intersections including 6m at 3.4% Ni, 2m at 5.9% Ni, 2m at 3.5% Ni and 1m at 4.0% Ni (refer Figure 1 and ASX Announcement 18[th] Nov. 2010).

The program will initially consist of 2 diamond core tails totalling approx. 400m extending previous RC holes MTRC 010 and 032 (Figure 1). This diamond coring is aimed at testing the down plunge extension of the nickel sulphide mineralisation discovered in 2010 as well as a deeper footwall position. Geological interpretation indicates that the mineralisation discovered to date most likely occupies a “hanging wall” position and potential still exists at depth for stronger nickel sulphide mineralisation at the footwall contact.

The exploration strategy is based on a geological model similar to basal lava channel embaymenttype structures observed at Kambalda. Basal lava channel embayments located on ultramaficbasalt contacts are a preferred location for nickel sulphide accumulations in the Kambalda region.

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Gary Berrell Executive Chairman Barra Resources Limited

The interpretations and conclusions reached in this report are based on current geological theory and the best evidence available to the authors at the time of writing. It is the nature of all scientific conclusions that they are founded on an assessment of probabilities and, however high these probabilities might be, they make no claim for complete certainty. Any economic decisions that might be taken on the basis of interpretations or conclusions contained in this report will therefore carry an element of risk.

The information in this announcement, insofar as it relates to Mineral Exploration activities, is based on information compiled Michael J. Glasson and Robert N Smith, who are members of the Australian Institute of Geoscientists, both of whom have more than five years experience in the field of activity being reported on. Mr Glasson and Mr Smith are consultants. Mr Glasson and Mr Smith have 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 Competent Persons as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Glasson and Mr Smith consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

It should not be assumed that the reported Exploration Results will result, with further exploration, in the definition of a Mineral Resource.

Barra Resources Limited (ABN 86 093 396 859)

Ground Floor, 30 Richardson Street, West Perth, Western Australia 6005 Telephone: (08) 9481 3911 Facsimile: (08) 9481 3955