EQ RESOURCES LIMITED — Capital/Financing Update 2012

Dec 12, 2012

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Carbine Tungsten Limited “Hard Rock” project second cornerstone, off-take and funding Letter of Interest

The Board of Directors of Carbine Tungsten Limited (ASX Code: CNQ) is pleased to announce that it has received a Letter of Interest from a major Western tungsten producer, indicating a keen interest in securing between 50% and 100% of the planned production output from CNQ’s Hard Rock open pit project.

The potential future off-taker is a producer of tungsten powders and products for a wide range of markets, including hard metals, energy, automotive, defence, aerospace and electronics. The senior management of both the potential off-taker and CNQ have recently held discussions leading to the receipt of this Letter of Interest, and both companies are involved in on-going detailed discussions to agree the terms of the off-take and Hard Rock project funding package.

The Board of CNQ considers that this high level of end-user interest in the Mt Carbine Hard Rock project by a major international tungsten manufacturer and tungsten concentrate consumer reflects the quality and potential of the Mt Carbine tungsten project to make a major contribution to the supply of tungsten concentrates to the global tungsten trade in the near future.

Carbine Tungsten Limited

A James Morgan

Managing Director

General Enquiries

Contact Jim Morgan on 0487 144 834

13 December 2012

Carbine Tungsten Limited ACN 115 009 106

Cairns Office: 50 Scott Street, Bungalow, Cairns QLD 4870, Tel: +61 7 4052 2400, Fax: +61 7 4052 2444 Registered Office: Suite 505, Level 5, 35 Lime Street, Sydney NSW 2000, Tel: +61 2 9279 1252, Fax: +61 2 9279 2727