EASTERN RESOURCES LIMITED — Capital/Financing Update 2013

Nov 13, 2013

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RECEIPT OF RESEARCH AND DEVELOPMENT PROCEEDS

As foreshadowed in the quarterly Activities Report that was released on 30 October, 2013 Eastern Iron Limited (ASX:EFE) has now received $690,574 from the partial refund of eligible expenditure from the Australian Government R&D Tax Incentive Program.

During November the Company also received $150,000 from the proceeds of the sale of its entire interest in exploration licences in central western NSW which Eastern Iron had previously explored for iron pisolite. The sale of the interest to its former joint venture partner, 3E Steel Pty Ltd means that Eastern Iron no longer retains any interest in NSW iron pisolite exploration. The transfer of the tenements has also released $130,000 from security deposits to Eastern Iron.

The Company also anticipates receiving a further $300,000 from the Victorian Government as a grant towards completion of studies relating to the provision of infrastructure for the Nowa Nowa project. These funds are payable on completion of the feasibility study and the Company expects that these will be paid in the March quarter 2014.

These funds will be utilised towards the program of work at Nowa Nowa including the feasibility study as scheduled for completion by the end of this year.

INVESTOR INFORMATION

Eastern Iron is investigating the potential for development of a high grade magnetite resource at Nowa Nowa in Eastern Victoria as well as a magnetite processing operation based on magnetite deposits it holds under permit in Central Queensland.

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

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Mr Greg De Ross Managing Director Mob: 0417 711 274

The information in this report that relates to Exploration Results, Mineral Resources and Ore Reserves is based on information compiled by Greg De Ross, BSc, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Greg De Ross is Managing Director and a full-time employee of Eastern Iron Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr De Ross consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

ASX: EFE

For enquiries on your shareholding or change of address please contact: Boardroom Limited GPO Box 3993, Sydney NSW 2001 Phone: (02) 9290 9600

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