EQ RESOURCES LIMITED — Capital/Financing Update 2012

Apr 30, 2012

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Gossan Hill Gold Limited Initial Public Offering (IPO)

The Board of Carbine Tungsten Limited wishes to remind shareholders that the Initial Public Offering of shares by Gossan Hill Gold Limited (Gossan Hill Gold), pursuant to its Prospectus dated 24 February 2012, is open until 7 May 2012. Gossan Hill Gold has assembled a strong group of projects, all of which target multi-million ounce gold deposits located in southern and north-eastern NSW. These projects include Mt Adrah, Bauloora, the Peel Fault and Weabonga.

• Mt Adrah: This project is an Intrusion Related Gold deposit, located between Gundagai and Tumut in southern NSW, exposed at the surface with a current JORC Resource of 239,000 oz of gold to a depth of 120 metres. However, the deposit is open in all directions at a depth of 350 metres and Gossan Hill Gold intends to drill a 1,200 metre vertical hole straight through the deposit, immediately following ASX listing, in order to quickly demonstrate the potential for a very large gold system. The target is similar in nature to the Donlin Creek deposit (Alaska, USA) owned by Novagold / Barrick Gold, which currently has reserves of 33 million oz of gold, with a current Net Present Value of US$4.6 billion (at a US$1,700 per oz gold price).

• Bauloora: This project has an untested, low sulphidation epithermal gold vein system (the Mee Mar vein), near Cootamundra, NSW, with an exposed width at the surface of up to 5 metres and a minimum strike length of over 2 kilometres. Gold in rock chips ranges up to 39 g/t from the veins, with mercury ranging up to 40ppm, indicating that the surface exposure is at a favourable level above the ‘boiling zone’ within and below, with the highest gold grades generally occuring in these systems. Colloform banding and epithermal textures are similar to those seen at Pajingo (North Queensland) and Cracow (Central Queensland).

• Peel Fault: The Peel Fault, in central-northern NSW, consists of a crustal-scale shear bounded greenstone belt, marked by substantial alteration of serpentinites to listwanite and orogenic lode gold veins on second order structures connected to and immediately to the east of the Peel Fault. The Listwanite rocks along the fault, the lode vein structures and the carbonaceous sediments (Carlin style gold) in between represent an orogenic gold province that has had little to no modern exploration work carried out since the 1980s. Numerous gold-bearing quartz veins are exposed at the surface, and the size and potential of the Peel Fault is considered by Gossan Hill Gold to represent a system potentially as large and endowed as the California Motherlode system in the USA.

• Weabonga: This project is analogous to the Wattle Gully deposit of central Victoria. Targets are small high-grade shoots capable of yielding half a million ounces of gold resources at greater than 1 oz per tonne. The Weabonga area is east of Tamworth, NSW.

Carbine Tungsten Limited ACN 115 009 106 Cairns Office: 50 Scott Street, Bungalow 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

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Low Sulphidation Epithermal Quartz Vein exhibiting colloform banding of quartz-adularia-hematite from the Mee Mar vein, Bauloora project. Such vein specimens have yielded in excess of an ounce per tonne of gold.

A copy of the Prospectus, including the Application Form for share purchases, may be downloaded at www.gossanhillgold.com.au/prospectus.

Carbine Tungsten shareholders have a priority right to apply for a minimum of 10,000 shares at the offer price of $0.20 each for a total subscription amount of $2,000. Details are set out in the Gossan Hill Gold Prospectus. Carbine Tungsten shareholders should carefully read the entire Prospectus and should consider obtaining independent professional advice before applying for shares. Carbine Tungsten shareholders are encouraged to lodge an application for Gossan Hill Gold shares as early as possible.

For further information or general enquiries contact:

Dr Andrew White Dr Kris Butera Executive Chairman General Manager – Geology 0411 110 513 0407 172 250

Information in this report that relates to exploration results is based on information compiled by Dr Kris Butera who is a Member of the Australian Institute of Geoscientists (MAIG). Kris is a fulltime employee of Carbine Tungsten or its subsidiary / affiliate companies, and has sufficient experience relevent to the styles of mineralisation and types of deposits under consideration, and to the activity he is undertaking to qualify as a Competent Person as defined by the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr Butera consents to the inclusion in this report of matters based on his information in the form and context in which it appears.

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