EASTERN RESOURCES LIMITED — Capital/Financing Update 2008

May 14, 2008

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15 May 2008

ABN 70 126 678 037 Suite 3, Level 1, 80 Chandos Street St Leonards, NSW 2065 PO Box 956, Crows Nest, NSW 1585 Ph: 02 9906 7551 Fax: 02 9906 5233

Company Announcements Office Australian Securities Exchange

Completion of Agreement with PlatSearch NL

Eastern Iron Limited (the Company) is pleased to announce the completion of the Sale and Joint Venture Agreement dated 30 January 2008 between the Company and PlatSearch NL.

Yours sincerely

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Glenn Goodacre Chairman