EASTERN RESOURCES LIMITED — Capital/Financing Update 2014

Oct 8, 2014

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----- Start of picture text ----- ASX Announcement – 9 October 2014----- End of picture text -----

EASTERN IRON SECURES SIGNIFICANT NEW FUNDING

• Eastern Iron has received $1.015 million from the Australian Government R&D refund scheme.

• An additional $147,000 to be raised via a placement of 3,500,000 shares at $0.042 per share with existing shareholder Harland Capital Fund LLC.

Eastern Iron Limited (ASX: EFE) is pleased to announce that it has received $1.015 million from a refund of R&D expenditure from the Australian Government.

Eastern Iron has also agreed to place 3,500,000 shares with existing substantial shareholder, Harland Capital Fund LLC, to raise a further $147,000. This placement is subject to shareholder approval at the upcoming Annual General Meeting scheduled for 19 November 2014.

The funds will be used to support ongoing programs relating to copper-gold exploration at Nowa Nowa and developing transport solutions for the Nowa Nowa Iron Project in Eastern Victoria.

INVESTOR INFORMATION

Eastern Iron is progressing exploration for copper-gold volcanogenic massive sulphide deposits and investigating the potential for development of a high grade magnetite resource at Nowa Nowa in Eastern Victoria.

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 Chief Executive Officer 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 2012 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: 1300 737 760

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