EASTERN RESOURCES LIMITED — Capital/Financing Update 2010

Mar 22, 2010

. . . ASX Announcement

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Tuesday 23 March 2010
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Company Announcements Office Australian Securities Exchange

HAWKWOOD IRON – VANADIUM PROJECT, COMMENCMENT OF AIRBORNE MAGNETIC SURVEY

Eastern Iron Limited (ASX Code: EFE) recently announced that it had completed a joint venture farmin agreement on the Hawkwood magnetite iron - vanadium project in Central Queensland. Under the terms of the agreement Eastern can earn up to an 80% interest in the project.

As part of its accelerated assessment program at Hawkwood, Eastern Iron is pleased to announce that it has undertaken a low level, high resolution airborne magnetic survey over the project area. It is intended that this survey will provide detailed information about the size and distribution of magnetite rich layers within the poorly exposed host Delubra layered igneous intrusive complex which are mostly obscured at surface by younger cover. Follow up drilling, to be carried out in the July – September 2010 quarter, will target the magnetite rich layers and provide information about the potential size of the resource and the quality of the magnetite as potentially an export iron/vanadium product.

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 www.easterniron.com.au

…iron’s new horizon

Eastern Iron Limited

Investor Information

The Hawkwood Project is located 160km from the coast and 250km by rail from the coal export port of Gladstone, an area of Central Queensland well serviced with existing infrastructure (Figure 1).

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Figure 1. Location of Eastern Iron’s Hawkwood Joint Venture Project

Hawkwood is a joint venture between Eastern Iron, Rugby Mining Pty Ltd (Rugby) and Rugby Mining Limited (TSX Code: RUG). Eastern Iron can earn a 50% interest in the exploration area by spending $700,000 within three years and can earn up to an 80% interest by spending in staged increments to a Bankable Feasibility Study.

Further information, previous Eastern Iron announcements and exploration updates are available at the information tab on the Company’s website - www.easterniron.com.au

Mr Greg De Ross, Chief Executive Officer, 0417 711 274 Mr Glenn Goodacre, Chairman, 0419 877 734 Website: www.easterniron.com.au