ECLIPSE METALS LIMITED. — Capital/Financing Update 2011

Feb 20, 2011

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21 February 2011

ASX/MEDIA RELEASE

NEWLY LISTED ECLIPSE URANIUM TO UNDERTAKE DRILLING AT NORTHERN TERRITORY ASSETS

Newly listed uranium company Eclipse Uranium Limited (ASX: EUL) (“Eclipse” or “the Company”) is pleased to announce an initial scout drilling program at its Eclipse Uranium Project (“Eclipse Project”) in the Northern Territory, Australia.

The initial program will consist of approximately 24 holes, for approximately 2000 metres, on Exploration lease 24625, within the Eclipse Project. The program will be targeting radiometric anomalies on the southern margin of the Ngalia Basin. The drilling is approximately eight (8) kilometres south west of Energy Metals Limited (EME) Cappers deposit (inferred resource of 3.2t U3O8 at 145ppm). The program will commence in late February as part of an aggressive exploration strategy.

In addition a drill program has been planned for EL24808 which is 16 kilometres south east of Bigrlyi and approximately 13 kilometres west of Camel Flat (EME), which has produced resent results of 27m at 2,708ppm, 4m at 2,091ppm and 2m at 1232ppm U3O8. The tenement is in a structurally complex area of the Ngalia basin with approvals expected to be completed by late March.

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Figure 1 February drilling target.

Level 2, Spectrum, 100 Railway Road Subiaco wa 6008 post: po 8281, Subiaco wa 6008 tel: 9367 8133 fax: 9367 8812

ECLIPSE URANIUM LTD

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ECLI0C0R\ASX023

The Ngalia Basin hosts the Bigrlyi Deposit (EME) and is host to numerous uranium occurrences. Eclipse Uranium currently controls nearly 5,500 square kilometres of exploration leases in the region. The company is also part of the Joint Systems Uranium Project in the Ngalia Basin, in conjunction with CSIRO, Energy Metals Ltd (EME) and Thunderlarra Exploration Ltd (THX). The project also has the support and backing of the NTGS and Primary Industries and Resources SA (PIRSA). The research project aims to identify the geological, structural, mineralogical, alteration and fluid flow characteristics of uranium mineralisation within the Ngalia basin.

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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

Competent Persons statement:

The information in this report to which this statement is attached that relates to Eclipse Uranium Limited’s Exploration targets is based on information compiled by Mr Mark Fogarty who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Fogarty is a fulltime employee of Eclipse Uranium Limited. Mr Fogarty has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration. Mr Fogarty is undertaking to qualify as Competent Persons as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Fogarty consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.