FIRSTWAVE CLOUD TECHNOLOGY LIMITED — Capital/Financing Update 2011

Jul 28, 2011

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Tellus Resources Ltd
ABN: 35 144 733 595
Suite 301, Level 3
66 Hunter Street,
SYDNEY NSW 2001
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29 JULY 2011

ASX RELEASE

Tellus Resources Ltd is an Australian‐based mineral exploration company.

AT GLEN MORRISON PROJECT

Tellus has acquired a large tenement package in regional New South Wales prospective for Intrusive Related Gold Deposits (IRG).

A number of the tenements encompass historic goldfields, but have received relatively little in the way of modern exploration.

Projects:

Southern New England

• Glen Morrison Project (EL7699)

• Cobark Project (EL7698)

Southeast Lachlan

• Cobargo (EL7721)

• Brogo (EL7723)

• Yurammie (EL7722) • Yambulla (EL7720)

Directors/Officers:

Anthony Wehby David Ward Richard Willson Anne Adaley

Issued Shares and Options:

26,150,000 shares 6,000,000 unlisted options

Tellus Resources Ltd

ASX Code: TLU

HIGHLIGHTS

• 2,000 metre drilling program commenced at Glen Morrison Project in the Southern New England area of NSW

• Initial targets include the Golden Bar and Golden Star reefs

• First systematic use of modern exploration techniques on IRGS in area

Southern New England IRG Project, NSW

Glen Morrison (EL7699, TLU: 100%)

Tellus Resources Ltd (ASX: TLU) is pleased to announce the commencement of resource delineation drilling at its Glen Morrison Project within the Southern New England area in eastern New South Wales.

Tellus will conduct a comprehensive 2,000 metre Reverse Circulation (RC) drilling program to test the potential depth expressions of the Golden Star and Golden Bar Reefs and other targets identified within the 120km[2] project area. Further drilling is planned to follow up on the results of this initial program.

Recent rock chip sampling by Tellus of surface veins at Glen Morrison returned gold values of up to 9.56 g/t gold .

Technical Director David Ward said, “The first stage of our drilling program at Glen Morrison is the investigation of the resource potential of the area where there is a deep history of successful mining dating back to the early 1890’s.

“The Glen Morrison Project is within the scantly explored New England Orogen and Tellus is one of the first Australian resource companies to use modern exploration techniques to target Intrusive‐Related Gold Deposits (IRGS) and to comprehensively test the mineralised potential of the broader region beyond those early workings.

“This drilling program is expected to take approximately one month and we expect will greatly enhance our confidence in the geological model. We will update shareholders and the market with progress as results are received”, he added.

T: +61 2 9231 6231 F: +61 2 9231 6687 W: www.tellusresources.com.au

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Figure 1 – Glen Morrison Project showing recent rock‐chip sampling results.

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Glen Morrison
Project
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For further information on this announcement or Tellus Resources please contact:

David Ward Anne Adaley Technical Director Company Secretary & Chief Financial Officer T: 0419 979 786 T: 02 9231 6231 E: david.ward@tellusresources.com.au E: anne.adaley@tellusresources.com.au

or visit our website at www.tellusresources.com.au

For Investor and Media Enquiries: Ophir Partners ‐ Stuart Glazebrook 0402 216 835.

Competent Person’s Statement

The information in this report that relates to Exploration Results, Mineral Resources and/or Ore Reserves is based on information provided by Mr D Ward, Member of Australasian Institute of Mining and Metallurgy and a Technical Director of Tellus Resources Limited. Mr Ward has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Ward consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Disclaimer

This document has been prepared by Tellus Resources Limited (“Tellus”) and may contain some references to forecasts, estimates, assumptions and other forward looking statements. These forward‐looking statements reflect the current internal projections, expectations or beliefs of Tellus based on information currently available to Tellus. Although the company believes that its expectations, estimates and forecast outcomes are based on reasonable assumptions, it can give no assurance that they will be achieved. They may be affected by a variety of variables and changes in underlying assumptions that are subject to risk factors associated with the nature of the business, which could cause actual results to differ materially from those expressed herein. Statements concerning reserves and/or resources may also be deemed to be forward looking statements in that they involve elements based on specific assumptions.

Tellus Resources Limited has taken all reasonable care in producing the text and images contained in this report but do not warrant that the information contained herein is accurate or up to date. The information in this report is based on publicly available information, internal data and information from other sources. It is not intended to give investment or other advice to any party or individual(s) and the information is not a substitute for detailed investigation or analysis. Tellus Resources Limited will not be responsible for any loss or damage (direct or indirect, consequential or otherwise) resulting from the use of information provided in this report.

TELLUS RESOURCES | ASX RELEASE |29 JULY 2011

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