EASTERN RESOURCES LIMITED — Capital/Financing Update 2013

Oct 17, 2013

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VICTORIAN GOVERNMENT DEMONSTRATES SUPPORT FOR NOWA NOWA FEASIBILITY STUDY

• Victorian government to provide up to $300,000

• Funding for feasibility study areas relating directly to infrastructure requirements

 Feasibility study remains on track for completion in December quarter

Eastern Iron Limite d (“The Co m pany”) (AS X :EFE) today announced that the Vi c torian Gov e rnment, through Regional D evelopment Victoria, h a s agreed t o contribute up to $30 0 ,000 towards those areas o f the $2.6 M illion feasibility study t h at relate d i rectly to th e infrastruc t ure require m ents of the project.

Followi n g completi o n of a positive scopin g study at E astern Iron’s Nowa N o wa iron or e mining Project in late 201 2 , the comp a ny’s Board approved t h e commen c ement of a Definitive Feasibility Study o f the Project with activit y continuing .

Engenium is projec t managing t he delivery of the study, with spe c ialist servic e providers i ncluding Earth S y stems and A ECOM bein g contracted where app r opriate.

Initial t e chnical studies commenced early in 2013, inclu d ing:

• Resource d e finition dia m ond and R C drilling at F ive Mile an d Seven Mile deposits

• Metallurgic a l optimisati o n studies

• Mine desig n and planni n g studies

• Marketing s t udies

• Environmental baseline investigatio n s

Eastern Iron’s Man a ging Director, Greg D e Ross, com m ented: “ W e are plea s ed to anno u nce the contrib u tion of $30 0 ,000 from t he Victoria n Governme n t towards the infrastru c ture comp o nents of our Fea s ibility Stud y ”.

“The su p port from R egional De v elopment V ictoria is a t estament t o the signifi c ance of th e project, and we continue to work with l o cal and stat e level stak e holders to bring the No w a Nowa pr o ject into development.”

The Fea s ibility Stud y remains on track to be completed b y the end o f 2013.

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INVESTOR INFORMATION

Eastern Iron is investigating th e potential f or develop m ent of a high grade magnetite re s ource at Nowa N owa in Eas t ern Victori a as well as a magnetit e processin g operation based on m agnetite deposit s it holds un d er permit i n Central Qu e ensland.

Further information, previous E a stern Iron a nnouncem e nts and ex p loration up d ates are av a ilable at the Ne w s and Repo r ts tab on th e Company’ s website – w ww.easter n iron.com.a u

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Mr Greg De Ross Managing Director Mob: 0417 711 274

The infor m ation in thi s report that r elates to Exp l oration Result s , Mineral Re s ources and Or e Reserves is based on informati o n compiled by Greg De Ross, BSc, who is a F ellow of the A u stralasian Inst i tute of Mining and Metallurg y . Greg De Ross is M a naging Direct o r and a full‐ti m e employee o f Eastern Iron Limited and h a s sufficient ex p erience which is relevant to the sty l e of mineralis a tion and type of deposit und e r consideration and to the a c tivity which h e is undertakin g to qualify as a Co m petent Person as defined in the 2004 Edi t ion of the “A u stralasian Co d e for Reporti n g of Explorati o n Results, Mineral R esources and O re Reserves”. Mr De Ross c onsents to th e inclusion in t he report of t h e matters ba s ed on this informati o n in the form a nd context in w hich it appea r s.

ASX: EFE

For enquiries on your shareholding or change of address please contact: Boardr o om Limited GPO Box 39 9 3, Sydney N SW 2001 Phone: (02) 9290 9600

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ASX Announcement – 17 October 2013