ENTERPRISE METALS LIMITED — Capital/Financing Update 2012

Feb 15, 2012

ENTERPRISE METALS LIMITED

ASX ANNOUNCEMENT 16 February 2012

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NEW URANIUM TENEMENTS PEGGED AT YALGOO SOUTH

Enterprise Metals Limited (“Enterprise” or “the Company”, ASX: “ENT” ) wishes to announce that it’s 100% owned subsidiary Enterprise Uranium Pty Ltd has lodged eight new exploration licence applications over major drainage systems where uranium mineralisation is indicated from airborne surveys.

The tenement applications are located within the Archaean Yilgarn Craton, with seven applications immediately south and southeast of Enterprise’s Yalgoo uranium and precious metals project. The eighth application, “Thanda” is approximately 200km northeast of Geraldton. (Figure 1). The new tenements cover a total area of 1,500km[2] .

Airborne radiometric/magnetic and digital terrain data covering the Murgoo, Yalgoo and Perenjori mapsheets was released to the public by the WA Geological Survey in the second week of February 2012. Enterprise rapidly processed the data and identified a number of major drainage systems where uranium was indicated, and subsequently lodged tenement applications to cover those areas. Enterprise intends to actively explore the tenement areas when granted for calcrete hosted and sandstone hosted uranium deposits.

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Figure 1. Geology and Project Location Plan

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ENTERPRISE METALS LIMITED (ACN 123 567 073)

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ENTERPRISE METALS LIMITED

YALGOO SOUTH

Figures 2 and 3 show anomalous uranium highs (outlined in red and clipped from the airborne data) displayed over the coloured DTM (topography) images. The DTM image also clearly outlines the limbs of a major drainage system that has been incised into the weathered granitoid basement. Many of these uranium highs correspond to calcrete bodies (mapped by the WA Geological Survey) on the banks of the major drainage limbs.

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Figure 2. Digital Terrain Model (DTM) Image (Blue Low - White High) with Uranium Anomalies (in Red)

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ENTERPRISE METALS LIMITED

Figures 2a and 3a are “Red-Green-Blue” or “ RGB” radiometric images where Red = potassium, Green = thorium and Blue = uranium. The strongly blue areas indicate elevated uranium precipitation, which is often associated with calcrete deposition. Enterprise believes that the calcrete hosting this uranium is far more extensive than indicated by surface mapping, and likely forms sub-surface layers below the recent red soils and sands which have blanketed the valley floors.

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Figure 2a. RGB Radiometric Image (Red=potassium, Green=thorium, Blue =uranium)

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Figure 3. DTM and Uranium Targets in Channels

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Figure 3a. RGB Radiometric Image

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COMMENT

The pegging of the Yalgoo South Uranium tenements adds to Enterprise Uranium Pty Ltd’s already strong portfolio of high quality grass roots uranium projects, which includes: Byro, Yalgoo, Darlot, Ponton and Harris Lake.

The Company intends to undertake a series of aircore drilling programs in 2012, beginning with Yalgoo, which will test the uranium potential of these projects.

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Dermot Ryan Managing Director

Contact:

Telephone: 08 9436 9200 Facsimile: 08 9436 9299 Email: admin@enterprisemetals.com.au

The information in this announcement that relates to Exploration Results has been compiled by Mr Dermot Ryan, who is a Fellow of the Australian Institute of Geoscientists, and a full time employee of geological consultancy Xserv Pty Ltd. Mr Ryan has sufficient relevant experience in the techniques being reported and styles of mineralisation and types of deposit under consideration, and in the activity he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the “Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code), and consents to the inclusion of the information in the form and context in which it appears .

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