Future Metals NL — Capital/Financing Update 2011

Aug 11, 2011

12 August 2011

The Manager Company Announcements Australian Securities Exchange Limited Level 6, 20 Bridge Street Sydney NSW 2000

ABN 88 002 522 009 www.rangeresources.com.au

By e-lodgement

Georgia Drilling Update

International oil and gas exploration, development and production company, Range Resources Limited (" Range " or " the Company ") along with its joint venture partners Strait Oil and Gas UK Ltd (“Strait”) and Red Emperor Resources (“Red Emperor”) is pleased to announce that drilling of an initial 8 ½” pilot hole has reached its planned depth of 700m and has been successfully logged with the results confirming the anticipated lithology. The pilot hole is currently being opened up to 17 ½” after which the 13 3/8” casing will be run and cemented and drilling will then resume with a target total depth of approximately 3,500m expected to be reached in mid-September.

The Mukhiani Well is targeting the Vani 3 prospect which has the following estimated undiscovered stock tank oil-in-place (“STOIIP”):

Vani 3 Prospect - STOIIP (MMbbls)

	P90	P50	P10 Mean
Gross (100%)	41.7	92.7	178.2 115.2
Net Attributable to Range (40%)	16.7	37.1	71.3 46.1

The recently completed geochemical helium survey undertaken by Range confirmed the suitability of the first drill location with oil exploration and development prospectivity complementing the earlier seismic work completed on the target.

Vani 3 Target Block VIa

==> picture [356 x 235] intentionally omitted <==

Australia

London

5[th] Floor, 23 King Street, St. James’s House, London SW1 6QY t: +44 207 389 0588, f: +44 207 930 2501

Ground Floor, 1 Havelock Street, West Perth WA 6005, Australia t: +61 8 9488 5220, f: +61 8 9324 2400 e: admin@rangeresources.com.au

==> picture [181 x 106] intentionally omitted <==

==> picture [257 x 193] intentionally omitted <==

Figure 1 – Drilling operations at Mukhiani Well 1

For and on behalf of the Board

Regards

==> picture [168 x 66] intentionally omitted <==

Peter Landau Executive Director

Contacts

Range Resources Limited Peter Landau Tel : +61 (8) 8 9488 5220 Em: plandau@rangeresources.com.au

Australia

PPR

David Tasker Tel: +61 (8) 9388 0944 Em: david.tasker@ppr.com.au

London

Tavistock Communications

Ed Portman/Paul Youens Tel: + 44 (0) 20 7920 3150 Em: eportman@tavistock.co.uk

RFC Corporate Finance (Nominated Advisor)

Stuart Laing Tel: +61 (8) 9480 2500

Old Park Lane Capital (Joint Broker) Michael Parnes

Tel: +44 (0) 207 493 8188

Panmure Gordon (Joint Broker) Katherine Roe / Brett Jacobs Tel: +44 (0) 207 459 3600

Range Background

Range Resources Limited is a dual listed (ASX: RRS; AIM: RRL) oil & gas exploration company with oil & gas interests in the frontier state of Puntland, Somalia, the Republic of Georgia, Texas, USA and Trinidad.

• In Trinidad Range recently completed the acquisition of a 100% interest in holding companies with three onshore production licenses and fully operational drilling subsidiary. Independently assessed gross recoverable 3P reserves in place of 6.9 MMbls (on a mean 100% basis) with an additional 20 MMbls of prospective resources.

• In the Republic of Georgia, Range holds a 40% farm-in interest in onshore blocks VIa and VIb, covering approx. 7,000sq.km. Currently, Range has recently completed a 410km 2D seismic program with independent consultants RPS Energy identifying 68 potential structures containing and estimated 2 billion barrels of oil-in-place (on a mean 100% basis) with the first of two exploration wells having spudded in July in 2011.

• In Puntland, Range holds a 20% working interest in two licences encompassing the highly prospective Dharoor and Nugaal valleys with the operator and 45% interest holder, Africa Oil Corp (TSXV: AOI) planning to drill two wells in 2011.

• Range holds a 25% interest in the initial Smith #1 well and 20% interest in further wells on the North Chapman Ranch project, Texas. The project area encompasses approximately 1,680 acres in one of the most prolific oil and gas producing trends in the State of Texas. Drilling of the first well has resulted in a commercial discovery with independently assessed gross recoverable reserves in place (on a mean 100% basis) of 240 Bcf of natural gas, 18 mmbbls of oil and 17 mmbbls of natural gas liquids.

• Range holds a 21.75% interest in the East Texas Cotton Valley Prospect in Red River County, Texas, USA, with the prospect’s project area encompasses approximately 1,570 acres encompassing a recent oil discovery. Independently assessed gross recoverable reserves in place (on a mean 100% basis) of 5.4 mmbbls of oil.

==> picture [160 x 88] intentionally omitted <==

The reserves estimate for the North Chapman Ranch Project and East Texas Cotton Valley has been formulated by Lonquist & Co LLC who are Petroleum Consultants based in the United States with offices in Houston and Austin. Lonquist provides specific engineering services to the oil and gas exploration and production industry, and consults on all aspects of petroleum geology and engineering for both domestic and international projects and companies. Lonquist & Co LLC have consented in writing to the reference to them in this announcement and to the estimates of oil, natural gas and natural gas liquids provided. These estimates were formulated in accordance with the guidelines of the Society of Petroleum Engineers (“SPE”). The SPE Reserve definitions can be found on the SPE website at spe.org.

The reserves estimates for the 3 Trinidad blocks referred above have been formulated by Forrest A. Garb & Associates, Inc. (FGA). FGA is an international petroleum engineering and geologic consulting firm staffed by experienced engineers and geologists. Collectively FGA staff has more than a century of world‐wide experience. FGA have consented in writing to the reference to them in this announcement and to the estimates of oil and natural gas liquids provided. The definitions for oil and gas reserves are in accordance with SEC Regulation S‐X.

RPS Group is an International Petroleum Consulting Firm with offices worldwide, who specialise in the evaluation of resources, and have consented to the information with regards to the Company’s Georgian interests in the form and context that they appear. These estimates were formulated in accordance with the guidelines of the Society of Petroleum Engineers (“SPE”).

The prospective resource estimates for the two Dharoor Valley prospects are internal estimates reported by Africa Oil Corp, the operator of the joint venture, which are based on volumetric and related assessments by Gaffney, Cline & Associates.