EASTERN RESOURCES LIMITED — Capital/Financing Update 2014

Mar 5, 2014

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EASTERN IRON ANNOUNCES SHARE PLACEMENT TO RAISE UP TO $1 MILLION

The Dir e ctors of Eastern Iron ( A SX:EFE) ar e pleased t o announce that Easter n Iron has agreed to issue 1 4 .3 million new ordinar y shares (“S h ares”) at a n issue price of $0.042 p er Share t o Harland Capital F und LLC (H a rland) a N e w York bas e d investment fund. Th e first tranc h e of the Sh a re issue will rais e approxim a tely $600,0 0 0. Harland w ill also be granted a c a ll option fo r a period o f 60 days to subs c ribe for ad d itional Shares at the sa m e issue pr i ce of $0.42 to raise a f u rther appr o ximately $400,0 0 0.

The firs t tranche of t he placement is expect e d to settle b y 10 March 2014.

Once fully subscrib e d Harland w ill hold ap p roximately 1 7% of the issued ordin a ry shares i n Eastern Iron an d after settl e ment of the first tran c he of the placement H a rland will n ominate Michael H. Giles to join the board of Easter n Iron.

Procee d s from the placement w ill be used to progres s work on t h e Nowa Nowa project i ncluding comple t ing a program of drilli n g required to upgrad e the additi o nal areas o f the reso u rce to a reserve status. The d rilling program, flagge d in the 24 J a nuary 2014 announce m ent on the r esults of the feasibility study , has been d e layed as a r esult of the high bushfir e risk in Eas t ern Victoria.

Eastern Iron Chair m an, Steve Gemell, sa i d: “The B o ard welco m es Harlan d Capital F u nd as a significant sharehol d er in Easte r n Iron and l ooks forwa r d to working together w ith Michae l to build recogni t ion of the u n derlying value in the C o mpany.”

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

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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