EASTERN RESOURCES LIMITED — Capital/Financing Update 2014

Apr 14, 2014

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EASTERN IRON RAISES $100,000 THROUGH SHARE PLACEMENT

The Directors of Eastern Iron Limited (ASX:EFE) are pleased to announce that Eastern Iron has agreed to issue approximately 2.4 million new ordinary shares (“Shares”) at an issue price of $0.042 per Share to Harland Capital Fund LLC (“Harland”), a New York based investment fund, to raise approximately $100,000. This placement represents a second tranche of shares issued to Harland as part of an agreement to issue a total of 24 million shares to raise a total of approximately $1 million. The first tranche announced to the market on 6 March 2014 raised approximately $600,000. At that time Harland was also granted a call option for a period of 60 days to subscribe for additional Shares at the same issue price of $0.042 to raise a further approximately $400,000. By agreement between the parties this call option has now been extended to 30 June 2014 and Harland may subscribe in stages over that period as the Company progresses the Definitive Feasibility Study and permitting for its Nowa Nowa iron project.

The second tranche of the placement is expected to settle by 16 April 2014.

Once fully subscribed Harland will hold approximately 17% of the issued ordinary shares in Eastern Iron. Harland representative, Michael H. Giles, commented: “The management team have made significant progress towards further developing the Nowa Nowa iron project, and we look forward to continuing to support the Company as a Board member and major shareholder.”

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

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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