ECLIPSE METALS LIMITED. — Capital/Financing Update 2011

Nov 29, 2011

ASX ANNOUNCEMENT

BOARD

ACQUISITION OF KLONDYKE GOLD LTD SHARES

Mark Fogarty Managing Director

The directors of Eclipse Uranium Ltd (“Eclipse” or “the Company”) are pleased to announce the Company’s recent acquisition of 5,000,000 Klondyke Gold Ltd shares. The Klondyke shares were purchased for $500,000 and the Company anticipates they will be subject to a 2 year restriction period from the date of listing of Klondyke on the ASX.

Graeme Allan Chairman

Emilio Pietro Del Fante Non-Executive Director

COMPANY SECRETARY

Robert Marusco

Klondyke Gold Ltd (“Klondyke”) is a public company with an exciting portfolio of mining and prospecting tenements covering 36 km[2] situated around the town of Cue in the goldfields region of WA. The board of Klondyke believes that its tenure is highly prospective for gold mineralization. It is currently seeking admission to the Official List of the ASX by way of an IPO where it proposes to raise up to $7,000,000 by the issue of up to 35,000,000 shares.

The board believes that its investment in Klondyke has good potential for profitable return in the medium term and that Klondyke’s projects have unrealized value in its under explored tenements. The acquisition of this stake in a gold prospective exploration company represents a diversification of the Company’s asset base, which is considered prudent with current gold prices at historically high levels, compared with the weakness of the uranium price since the Company listed earlier this year.

REGISTERED OFFICE AND

PRINCIPAL PLACE OF BUSINESS

309 Pier Street Perth WA 6000

COMMUNICATION DETAILS

Telephone: +61 8 9200 4963 Facsimile: +61 8 9200 4964

AUSTRALIAN BUSINESS NUMBER

85 142 366 541

SHARE REGISTRY

Security Transfer Registrars 770 Canning Highway Applecross WA 6153

ASX CODE EUL

Klondyke’s assets include four separate exploration projects and on listing it will also acquire battery sands located on the tenements that can be easily treated.

Klondyke also has an option to acquire a gold processing plant located on one of the exploration projects, which will afford it a shortened lead time if it progresses to gold production.

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110379 (43236)

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Location of Klondyke Gold Ltd’s Gold Projects

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www.eclipseuranium.com.au

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Yours faithfully

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Mark Fogarty Managing Director

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www.eclipseuranium.com.au