ECLIPSE METALS LIMITED. — Capital/Financing Update 2011

Nov 14, 2011

ASX ANNOUNCEMENT

Eclipse Uranium Signs Agreement for Large Tenement Package Acquisition

Key points:

• Eclipse Uranium has entered into a conditional agreement to acquire a company which holds a large tenement package of over 17,428km[2] in the Northern Territory.

• The tenement package comprises exploration licenses and exploration licence applications over four main project areas in the Pine Creek, West Arnhem, Arunta and Tanami regions which geographically compliment the company’s current tenement portfolio.

• An Independent Technical Valuation Report prepared by Boonjarding Resources Limited has valued the exploration licences at $2.8 million.

BOARD

Mark Fogarty Managing Director

Brett Smith Chairman

Paul Kelly Non-Executive Director

Emilio Pietro Del Fante Non-Executive Director

COMPANY SECRETARY

Pip Leverington

REGISTERED OFFICE AND PRINCIPLE PLACE OF BUSINESS

18 Oxford Close Leederville WA 6007

COMMUNICATION DETAILS

The Directors of Eclipse Uranium Ltd (ASX: EUL) ( Company or Eclipse Uranium ) are pleased to announce the execution of a conditional agreement to acquire Central Energy Pty Ltd ( Central Energy ) ( Acquisition ). Central Energy is the holder of 5 exploration licenses and 22 exploration applications ( Central Energy Tenements ) in the Northern Territory which comprise a total area of approximately 17,428 km[2] .

The Company commissioned Boonjarding Resources Ltd ( BRL ) to provide an Independent Technical Valuation Report on the mineral assets of Central Energy. BRL determined the value of the granted tenements to be $2.8 million.

Telephone: +61 8 6382 5577 Facsimile: +61 8 9380 9666

AUSTRALIAN BUSINESS NUMBER 85 142 366 541

SHARE REGISTRY

Security Transfer Registrars 770 Canning Highway Applecross WA 6153

ASX CODE EUL

Subject to shareholder approval, the Company has agreed to issue the shareholders of Central Energy 35,000,000 fully paid ordinary shares in Eclipse Uranium ( Consideration Shares ) in consideration for the Acquisition.

Completion of the Acquisition will take place as soon as practical following the receipt of shareholder approval.

Following completion of the Acquisition, the Company’s total tenement package would increase from to 8910 km[2] to over 26,300 km[2] comprised of the exploration licenses and exploration licence applications detailed in Figure 1.

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The Central Energy Tenements (detailed in Figure 1) are located in four project areas in the Pine Creek, West Arnhem, Tanami and Yuendumu regions in the Northern Territory. The location of these projects compliments the Company’s existing tenement holding which includes projects in the Pine Creek, West Arnhem, Ngalia, Canning Basin and Lake Mackay regions.

The Central Energy Tenements comprises 5 exploration licences and 22 exploration licence applications over 4 project areas summarised below.

Pine Creek Project

• 5 exploration licences covering over 1120 km[2] .

• 3 exploration licence applications covering 1826.6 km[2] .

• Location plan in Figure 2.

• Located within the Pine Creek Orogen Region which is highly prospective for unconformity related uranium mineralisation.

• The Rum Jungle area is prospective for polymetallic mineralisation including base and precious metals.

West Arnhem Project

• 5 exploration licence applications covering 3527.4 km[2] .

• Location plan in Figure 3.

• Located in the north-eastern end of the Pine Creek Geosyncline the area is prospective for unconformity style uranium mineralisation similar to Jabiluka.

Yuendumu Project

• 7 exploration licence applications covering 6059.5 km[2] .

• An under explored area of Australia which contains several uranium deposits including Bigrlyi (Energy Metals Limited, ASX:EME) with a resource of 22.7Mlb U3O8 at a 500ppm U3O8 cut-off grade..

Tanami Project

• 7 exploration licence applications covering 4894.0 km[2]

• Area is considered prospective for gold, base metal and uranium mineralisation.

The acquisition of Central Energy will add significantly to Eclipse Uranium’s tenement portfolio. While the Company’s main exploration focus will remain uranium, there is potential for other metals such as rare earths, precious and base metals within the Central Energy Tenements.

The Company is in the process of preparing a notice of meeting seeking approval for the issue of the Consideration Shares and this will be despatched to Eclipse Uranium shareholders shortly.

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www.eclipseuranium.com.au

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About Eclipse Uranium Limited

Eclipse Uranium Limited is an Australian company with a portfolio of quality uranium tenement assets and rare earths in the highly prospective provinces of the Northern Territory. The company holds almost 9,000 km[2] of selected tenure across six separate project areas situated around key locations in the Northern Territory.

For more information please visit the website at: www.eclipseuranium.com.au

Or

Mark Fogarty

Managing Director – Eclipse Uranium Limited 18 Oxford Close Leederville Western Australia 6007 Telephone: (08) 6382 5577 Facsimile: (08) 9380 9666

Competent Person’s statement:

Information relating to the Independent Technical Valuation of Central Energy’s Mineral Assets is based on information compiled by Mr. Gary Powell, who, is a professional geologist with more than 27 years experience in mineral exploration, development and mining, and evaluation of Mineral Assets within Australia, Central Asia and South East Asia. Mr Powell is a consultant for Boonjarding Resources Ltd which is an exploration, mining and resource consulting firm, and which has been providing services to the international mining and exploration industry since 1998. Mr. Powell is a Member of the AusIMM and the AIG, and has the appropriate relevant qualifications, experience, competence and independence to be considered an “Expert” under definitions provided in the Valmin Code and a “Competent Person” as defined in the JORC Code (2004). Mr Powell consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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www.eclipseuranium.com.au

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----- Start of picture text ----- Figure 1. Eclipse Uranium and Central Energy Tenements----- End of picture text -----

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www.eclipseuranium.com.au

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Figure 2. Pine Creek Project- Eclipse Uranium and Central Energy Tenements

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www.eclipseuranium.com.au

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Figure 3. West Arnhem Project- Eclipse Uranium and Central Energy Tenements

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www.eclipseuranium.com.au