CORE LITHIUM LTD — Capital/Financing Update 2012

Jan 12, 2012

ASX ANNOUNCEMENT

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13[th] January 2012

Additional mineralised shear zones identified with high uranium levels in rock chip sampling, Fitton Project, S.A.

HIGHLIGHTS

• Core Exploration Ltd (ASX:CXO) has identified additional uranium mineralisation on its 100% owned Fitton Project (EL 4569) located 25km north of the Beverley uranium mine.

• A new shear zone sampled 121ppm uranium at surface and substantially widens the potential zone of mineralisation and related shearing.

• The new samples, with high levels of uranium, are in addition to the previous high levels of copper and uranium found in surface rock chips collected as part of Core’s first exploration program at Fitton.

• Systematic infill rock chip and soil surveys are planned to commence in March ahead of drilling planned for the 2[nd] quarter of 2012.

Results

Recent rock chip sampling of a newly recognised sheared porphyritic granite returned 121 ppm uranium and 16 ppm copper. The sample occurs 200m north of the uranium-copper mineralised main shear zone previously identified by Core (Figures 1 and 3).

It is interpreted that a series of multi-directional zones of fracturing in the host granite have been intruded by a later porphyritic granite which have been the focus of shearing and uranium mineralisation. This zone of shearing has been mapped for over 2,000m at surface. Uranium and copper in soil data indicate that the zone of anomalism related to shearing and mineralisation may be up to 1000m wide (Figure 2).

High levels of uranium in the new and previous rock chip sampling correlate well with elevated uranium and copper in the soil surveys which extend over 1,500m long and 1,000m wide.

The width of the main shear envelope was previously mapped at approximately 100m wide, but the new shear zone identified 200m to the north substantially widens the zone of potential mineralisation and related shearing.

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

Numerous smaller shears occur within the mapped envelope of shearing and vary individually in width from a metre to over 25 metres. Scintillometer measurements along the 2km structure indicate that the entire length is anomalously radioactive. However, the levels of uranium and copper, based on sampling to date from these shears, vary substantially.

A sample of sheared granite from the previously identified main shear zone returned 157 ppm uranium and 200 ppm copper(Figure 4). This sample increases the extent of known uranium mineralisation in the main shear zone at surface by 150m in a westerly direction (Figures 1 and 2).

Further work

Uranium in soils indicate the potential for further mineralisation to the north east and south west of the previously defined mineralisation associated with the main shear zone.

Previous soil sampling was undertaken on a 150m x 100m grid. Infill soil sampling is planned over the main uranium and copper anomalies in March 2012.

The uranium rich shears zones in porphyritic granite, sampled in the last survey, have been mapped at a number of locations throughout the survey area. Systematic and detailed rock chip sampling of the entire length of the mineralised shear zone is also planned to commence in March.

Drilling of priority targets defined by these surveys is planned in the 2nd quarter of 2012.

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. New and previous rock chip sample locations and assays (Uranium and Copper), with main zone of shearing and new shear zone overlain on satellite imagery

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Figure 2. New and previous rock chip sample locations and assays (Uranium and Copper), with main zone of shearing and new shear zone overlain on uranium in soils 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

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Figure 3. Outcrop of sheared porphyritic granite with anomalous uranium, 121 ppm uranium

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Figure 4. Outcrop of shear zone containing anomalous uranium and copper, 157 ppm uranium, 200 ppm copper

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 5. Location of EL 4569 and uranium occurrences in the region, northern South Australia.

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