DREADNOUGHT RESOURCES LTD — Board/Management Information 2011

Jan 23, 2011

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M I N I N G
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The Manager

Companies Announcements Office Australian Securities Exchange 20 Bridge Street SYDNEY NSW 2000

ERO Mining Limited ACN 119 031 864

62 Beulah Road Norwood South Australia 5067 PO Box 3126 Norwood South Australia 5067

Phone 61 8 8132 7970 Fax 61 8 8132 7999 Email info@eromining.com web www.eromining.com

ASX Announcement

24 JANUARY 2011

ERO TO COMMENCE MAJOR 2011 DRILLING PROGRAM

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Lake Frome

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BOARD AND MANAGEMENT CHANGES

Immediate Lake Frome lithium search

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L A K E
F R O M E
R E G I O N A L
EL4602
R E S E R V E EL4601
- 31°
0 10 km
Exploration licence Proposed drillhole
Pastoral lease Comalco historic drillholes
ERO 100%-owned proposed drilling program location and
access, and location of Comalco drillholes on the project area.
CF 9
CF 8
CF 7
CF 2 CF 3 CF 4 CF 5 CF 6
CF 1
139°30' 140°
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As a result of shareholders’ overwhelming approval of the acquisition of unlisted South Australian based lithium and uranium mineral explorer South East Energy Limited, ERO can now embark on a comprehensive exploration program across the Company’s wholly owned Lake Frome lithium project in South Australia. This program will assess for lithium contained in sandstone hosted brines and sediments, and establish flow volumes. Drilling is expected to commence in the second quarter 2011.

Onshore drilling of two fully cored holes to the base of the Eyre Formation will be conducted as closely as possible to the previous Comalco drilling (drillholes CF1 and CF2) where concentrated lithium levels were intersected (Table 1).

Table 1 Lithium concentrations (ppm) for 10 m composite bulk samples (Comalco, c1970).

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Depth CF1 CF2 CF3 CF4 CF5 CF6 CF7 CF8 CF9
(metres)
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Depth (metres)	CF1	CF2	CF3	CF4 CF5 CF6 CF
0-10	100	250	50	70 70 15 50
10-20	100	30	30	70 20 70 50
20-30	150	100	30	20 15 30 70
30-40	150	200	50	30 30 30 50
40-50	150	100	70	40 20 50 50
50-60	100	250	50	30 20
60-70		250		30
70-80		200		30

ERO Mining Limited 1

Board and management changes

ERO Chairman, Mr Bob Kennedy, announced today that Mr Shane Gale, recently Acting Chief Executive Officer (CEO) for ERO, has been appointed as CEO and as a Director of the Company. Mr Gale is responsible for leading the Company’s transition to a mainstream Australian-based lithium, uranium and gold explorer and producer. Mr Kennedy and Mr Gale will be joined by Technical Director, Dr Neville Alley and non-Executive Director, Mr Hector Gordon, to comprise the new ERO Board.

At today’s general meeting, Mr Kennedy publicly thanked outgoing ERO Directors, Mr Kevin Lines and Mr Ewan Vickery, for their past contributions to the Company and helping drive its transition to a new lithium play.

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Shane Gale

Chief Executive Officer 24 January 2011

FOR FuRThER inFORMaTiOn

Please contact ERO Mining Limited on 08 8132 7970, or

Investor Relations: Mr Duncan Gordon, Executive Director, Adelaide Equity Partners on 08 8232 8800 or 0404 006 444

Further information relating to ERO Mining Limited and its various exploration projects can be found on its website:

www.eromining.com

2 ERO Mining Limited