CORE LITHIUM LTD — Capital/Financing Update 2012

Apr 26, 2012

ASX ANNOUNCEMENT

ASX : CXO

27 April 2012

Core accepts Government offer to grant new exploration licence 30km south of Olympic Dam

HIGHLIGHTS

• Core’s Roxby Downs Exploration Licence Application (ELA 09/227) has been offered for grant by the South Australian Government

• Grant will result in Core holding over 400km[2] of 100%-owned tenements south of BHP Billiton’s Olympic Dam Mine

• Core to assess options which may include introducing a senior partner to its Roxby South Project

The Directors of Core Exploration Ltd (ASX:CXO) are pleased to announce that the Company’s Roxby Downs exploration licence application (ELA) has been offered for grant by the South Australian Government.

The Roxby Downs and Sandy Point tenements comprise Core’s Roxby South project which covers over 400km[2] near BHP Billiton’s Olympic Dam mine in northern South Australia.

The SA Government’s offer to grant Core’s ELA coincides with an intense period of interest in exploration prospects in the Gawler Craton/Stuart Shelf regions, in particular those tenement areas close to the world class Olympic Dam operations.

Core’s Roxby South Project is located within the Olympic Dam Copper-Gold-Uranium Province of the Gawler Craton. The tenements are located approximately 40 kilometres south of the Olympic Dam Cu–Au-U mine and within kilometres of known IOCGU mineralisation at the Wirrda Well, Acropolis and Horse Well prospects (Figure 1).

The Roxby South Project covers a number of anomalies which the Company considers are yet to be adequately drill tested.

Historical exploration data has highlighted a 10km long gravity ridge (approx. 4mgal) within EL 4186. Two kilometres south of EL 4186, historic drilling by WMC at Horse Well Prospect

A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E info@coreexploration.com.au www.coreexploration.com.au

returned 16m @ 0.67% copper (HWD1 903-919m) in (Figure 1). Basement rocks intersected by HWD1 comprised volcanics and hematite breccias associated with the copper minerals chalcocite, bornite and chalcopyrite typical of IOCG-style mineralisation.

Core’s Roxby Downs ELA covers part of an east west trending gravity ridge that hosts BHPB’s Acropolis prospect. Detailed review of the geophysics by Core has highlighted an untested gravity target positioned on the Acropolis trend.

As a result of the expected grant of its tenements in the near future, Core is now assessing options which may include introducing a senior partner for its 100% owned Roxby South Project.

The new Exploration Licence is expected to be granted by the Minister once the government’s statutory 28-day advertising period has ended. ELA 09/227 is also located within Periodic Use Zone 1 of the Woomera Prohibited Area (WPA). Tenement holders within the WPA are required to enter into an access agreement with the Department of Defence prior to commencing exploration activities.

For further information please contact:

Stephen Biggins	John Field
Managing Director	Field Public Relations
Core Exploration Ltd
08 7324 2987	08 8234 9555
info@coreexploration.com.au	john@fieldpr.com.au

The information in this report has been compiled by Stephen Biggins (BSc(Hons)Geol, MBA) as Managing Director of Core Exploration Ltd and who is a member of the Australasian Institute of Mining and Metallurgy and is bound by and follows the Institute’s codes and recommended practices. As a Competent Person, he has a minimum of 5 years relevant experience in the style of mineralisation and types of activities being reported and has given written consent to the above report in the form and context in which it appears.

A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E info@coreexploration.com.au www.coreexploration.com.au

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Figure 1. Core Exploration’s Roxby South Project and surrounding tenements overlain on magnetic image.

A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E info@coreexploration.com.au www.coreexploration.com.au