FORTUNA METALS LTD — Capital/Financing Update 2009

Sep 10, 2009

ADDRESS PHONE EMAIL PO Box 35 +61 (8) 9295 0388 info@frontierresources.com.au North Perth FAX WEBSITE WA 6906 Australia +61 (8) 9295 3480 www.frontierresources.com.au

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ABN 96 095 684 389 ASX : FNT

ASX Limited

Company Announcements Office

Announcement

11th September 2009

Exploration Program Initiated on 3 High Grade Gold Targets, Containing Peak Historic Rock Outcrop or Float Sample Gold Assays to 754 g/t Gold, 145g/t Gold and 197 g/t Gold, Respectively

Frontier Resources Ltd is pleased to announce that an exploration program has been initiated targeting the very high grade gold known at the Bulago exploration license in Papua New Guinea.

A highly experienced PNG National consultant geologist has evaluated the logistic and exploration requirements related to undertaking an extensive hand trenching program on the multiple very high-grade gold targets at Bulago, to locate and define the mineralised horizons and future drilling targets. A team has been engaged to undertake this work likely in early October, commencing following identification of and discussions with landowners.

The Bulago EL is located in PNG between the World Class OK-Tedi porphyry copper-gold and the Porgera epithermal/intrusive related gold Deposits. Targets are very high-grade epithermal and skarn gold, bulk mineable intrusive related gold deposits. The prospects are located within a large (to 4.5km x 6km), well-defined sub-circular, gold, zinc and copper drainage anomaly covering a recessive intrusive in a circular drainage basin, with anomalism continuing up to the peripheral limestones (demonstrating the skarn potential).

The Suguma Prospect is located to the north of a large (1km x 1km) copper and disjointed gold in soil anomaly; it has very high gold grades in structures to 7m wide in both the intrusives and the contact aureole sediments. Suguma outcrop channel samples of sulphidic breccia and intrusive (analysed by previous explorers) include 15m of 57.4 g/t gold, 6m of 72.2 g/t gold, 0.85m of 754 g/t gold, 2m of 188 g/t gold and 1.1m of 55 g/t gold (true widths are unknown).

Two km to the SE of Suguma, a historic sample of a boulder of skarn assayed 145 g/t gold + 11g/t silver + 0.78% copper + 8.6% zinc + 0.34% lead. The skarn potential of the Bulago region has never been evaluated and further investigation is strongly warranted.

Four km to the SE of Suguma is the Funutu Prospect, where very high grade precious and base metal intrusive / breccia rock samples were collected from outcrop by previous explorers, which have never been mapped, soil sampled, trenched or drilled. Results include to 197 g/t gold + 363 g/t silver + 0.55% copper + 5.72% zinc + 5.5% lead, 108 g/t gold + 200 g/t silver + 0.38% copper + 4.8% zinc + 2.63% lead and 43 g/t gold +120 g/t silver + 0.49% copper + 1.7 % zinc + 0.86% lead.

For additional information relating to the Frontier or the Bulago Project see the ASX release dated 2/9/2008, visit our website at www.frontierresources.com.au or feel free contact me.

FRONTIER RESOURCES LTD

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P.A.McNeil, M.Sc. MANAGING DIRECTOR

The information in this report that relates to Exploration Results is based on information compiled by, or compiled under the supervision of Peter A. McNeil - Member of the Aust. Inst. of Geoscientists. Peter McNeil is the Managing Director of Frontier Resources, who consults to the Company. Peter McNeil has sufficient experience which is relevant to the type of mineralisation and type of deposit under consideration to qualify as Competent Person as defined in the 2004 Edition of the Australasian Code of Reporting Exploration Results. Peter McNeil consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.