FORTUNA METALS LTD — Capital/Financing Update 2009

Aug 23, 2009

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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

ABN 96 095 684 389 ASX : FNT

24[th] August 2009

ASX Limited Company Announcements Office Announcement

Exploration License in Papua New Guinea Sold for A$300,000

Frontier Resources Ltd is pleased to announce that all conditions, precedent and regulatory approvals have been met and Exploration License (EL) 1596 – Jimi, has been sold to Harmony Gold (PNG) Exploration Limited for A$300,000 (including GST).

Frontier retains 4 ELs covering 1,795 km² in PNG that are highly prospective for gold and coppergold-molybdenum. In addition, the Company has 2 Retention Licenses in Tasmania that host two modest gold +/- base metal deposits, one of which also has significant tungsten mineralisation proximal to it.

Funds from the sale will allow further feasibility studies, metallurgical testwork and evaluation to be undertaken on the Company’s Narrawa and Stormont gold and base metal resources. In addition, exploration will be undertaken at the high-grade gold Bulago EL in the Highlands of PNG.

For additional information relating to Frontier Resources and its projects please visit our website at www.frontierresources.com.au or feel free to contact me.

FRONTIER RESOURCES LTD

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