EASTERN RESOURCES LIMITED — Capital/Financing Update 2012

May 20, 2012

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MARKET RELEASE

21 May 2012

EASTERN IRON LIMITED

TRADING HALT

The securities of Eastern Iron Limited (the “Company”) will be placed in Trading Halt Session State at the request of the Company, pending the release of an announcement by the Company. Unless ASX decides otherwise, the securities will remain in Trading Halt Session State until the earlier of the commencement of normal trading on Wednesday, 23 May 2012 or when the announcement is released to the market.

Security Code: EFE

Simon Daniels Adviser, Listings (Sydney)

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21 May 2012

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Stephanie Yong ASX Compliance Pty Ltd 20 Bridge St SYDNEY NSW 2000

Dear Stephanie

REQUEST FOR TRADING HALT

Eastern Iron Limited (Eastern Iron) ( ASX: EFE ) requests a trading halt on Eastern Irons fully paid ordinary shares, for 2 days or until Eastern Iron requests the trading halt to be lifted.

Eastern Iron does not have any information to disclose at this time.

Information provided in relation to listing rule 17.1

Eastern Iron provides the following information in relation to listing rule 17.1:

• Eastern Iron makes the request pending the announcement concerning a capital raising.

• The event that is expected to lift the trading halt is the release by Eastern Iron of an announcement concerning a capital raising.

• Eastern Iron is not aware of any reason why the trading halt should not be granted.

Please contact me if you have any queries regarding this request.

Yours sincerely

Michelle Lilley

Company Secretary

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