EASTERN RESOURCES LIMITED — Board/Management Information 2009

Dec 20, 2009

. . . ASX Announcement

21 December 2009

Company Announcements Office Australian Securities Exchange

Key terms of Employment Agreement – Mr Greg De Ross (CEO)

As announced on 15 December 2009, Eastern Iron has appointed Mr Greg De Ross to the position of CEO of the Company effective from mid-February 2010.

The key terms of Mr De Ross’s Employment Agreement are as follows:

Duration of Contract

Mr De Ross is employed under a continuing contract with no fixed term.

Fixed Remuneration

Mr De Ross’s fixed remuneration is $260,000 per annum inclusive of compulsory superannuation contributions. The fixed remuneration will be reviewed annually.

Options

Mr De Ross will be eligible to receive 1,200,000 Eastern Iron options (5 year) in two tranches, 600,000 on appointment as CEO and 600,000 vesting 12 months later at a strike price of 18 cents.

Mr De Ross will be eligible to participate in the Company’s Employee Option Scheme under which Eastern Iron will periodically grant options to its employees.

Termination of Employment

Mr De Ross’s employment may be terminated by either party by giving two month’s notice in writing. Upon being made redundant Mr De Ross will be entitled to a three month severance payment. After more than five years, the entitlement will be six months severance payment.

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Glenn E Goodacre

Chairman

Level 1, 80 Chandos Street St Leonards, NSW 2065 PO Box 956, Crows Nest, NSW 1585 Ph: 02 9906 7551 Fax: 02 9906 5233 www.easterniron.com.au

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