GENESIS RESOURCES LIMITED — Capital/Financing Update 2010

Apr 14, 2010

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ASX/MEDIA Release

15 April 2010

MARKET UPDATE ON WORK PROGRAMMES OVER GENESIS RESOURCES PROJECTS

Manganese and Iron focused, Genesis Resources Limited (“Genesis” ASX: GES) is pleased to announce to the market an update on the review of all mineral work programs in the Northern Territory and Queensland.

Key points from the Summary include:

Total Drilling Program

• The scheduling of 11 RC Holes totalling 1,100m is planned over the Fenn Gap Project Iron Project once the Central Land Council completes the Land Clearance Authorisation. The clearance authorisation is to ensure that all work undertaken meets with Traditional Aboriginal Land Owners requirements and that no sacred sites are disturbed. The RC drill holes will target the gravity anomalies directly underlying the surface iron mineralisation.

• Between 10-20 RC Holes, totalling around 2,000m are scheduled over the Masterton No 2 manganese prospect within the McArthur River Project. The company will target the 1.32 km of outcropping high grade manganese mineralisation along strike and depth. Genesis is aiming to commence the drilling program around July 2010 once the airborne EM survey is completed.

• The Company has budgeted around 2,000 and 5,000 RAB drill metres over the Arltunga and Pioneer Gold Projects once the ground IP surveys have been completed and drill targets defined.

• Other drill programs during the course of the year will be undertaken once geophysical results have been interpreted and drill targets defined.

Airborne and Ground Geophysics

• Approximately 987 line kilometres of airborne Electro-magnetic and magnetic surveys are scheduled to commence at the end of April 2010 to target copper, manganese and iron mineralisation over the Alice Springs and McArthur River Projects.

• Approximately 201 line kilometres of airborne Electro-magnetic survey is scheduled to commence at the end of July 2010 to target manganese mineralisation over the Gladstone Project. The northern portion of the Exploration Mineral Permit will be targeted as this has yielded historically the most manganese production.

• Detail ground IP surveys will be undertaken over the Arltunga, Laura River and Pioneer gold Projects, targeting sulphides hosted gold mineralisation.

Reconnaissance and Surface Sampling

• Helicopter reconnaissance and rock chip sampling will target strong magnetic anomalies within the Alice Springs Project to delineate further outcropping magnetite bearing areas.

• More reconnaissance will be targeting the southern portion of the Fenn Gap Iron Project to determine if more outcropping iron mineralisation can be located.

Joint Venture over Macedonian Project

• Rio Tinto historical data has been received in digital format with all surface sampling, historical diamond drilling and geophysics.

• The finalisation of the signing from the Ministry of Economics over the seven concession renewal areas are scheduled to be completed by the end of April 2010 to early May 2010.

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• Once Concession has been formally granted, Genesis will undertake a JORC calculation over the Plavica Copper-Gold-Silver Project. The JORC resource at this stage is anticipated to be completed within 4 to 6 weeks

Table1: Schedule Exploration Activities for 2010

Project	State	Exploration Licence	Prospects	Target Commodity	Program Type	Aim	Date Scheduled
Alice Springs	NT	EL24817	CampHill Group	Copper	Airborne EM	Develop drill targets	Mid May 2010
Alice Springs	NT	EL24817	Corner Post Hill, Diana 7 & 8	Copper	Airborne EM	Develop drill targets	Mid May 2010
Alice Springs	NT	EL24817	Diamond T, Disha Brown,Pink Panther	Copper	Airborne EM	Develop drill targets	Mid May 2010
Alice Springs	NT	EL24817	Open Valley, Magnetite & Triple Iron Hill	Iron-Copper	Airborne Magnetics & EM	Develop drill targets	Mid May 2010
McArthur River	NT	EL24814	Masterton No.2	Manganese	Airborne EM	Develop drill targets	May-June 2010
Fenn Gap	NT	EL24839	Fenn Gap	Manganese	RC Drilling	Define Iron Resource	May-June 2010
Fenn Gap	NT	EL24839	Fenn GapSouth	Manganese	Helicopter Reconnaissance	Identification of new iron areas	Late April 2010
Arltunga	NT	EL25238	Wipe Out Group	Gold- Copper	Ground IP	Develop drill targets	May-June 2010
Arltunga	NT	EL25238	Wheal Mundi Group	Gold- Copper	Ground IP	Develop drill targets	May-June 2010
Arltunga	NT	EL25238	Wheal Fortune & Fat Dingo	Gold- Copper	Ground IP	Develop drill targets	May-June 2010
Plavica	FYROM		Plavica	Gold-Silver- Copper	JORC Calculation	Development of Initial Resource	May-June 2010
Gladstone	QLD	EPM15771	Mt Millar	Manganese	Airborne EM	Develop drill targets	June-July 2010
Pioneer	QLD	EPM15619	Pioneer, Lord Nelson, Evening Shade	Gold	Ground IP	Develop drill targets	June-July 2010
Laura River	QLD	EPM15424	Laura & Mosman River	Gold- Platinum- Palladium	Ground IP	Develop drill targets	June-July 2010

ALICE SPRINGS COPPER-IRON PROJECT (100% GES)

The project area is prospective for copper mineralisation as highlighted in recent Genesis rock chip sampling which returned very high grade copper to 40% within structurally controlled shear zones. Airborne electromagnetics has the ability to detect massive and semi-massive sulphide mineralisation and conductivity variations due to geology and structure. The primary targets are extensions to the known high grade copper

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mineralisation and possible new discoveries under cover or at depth. In addition, the airborne electromagnetic survey should define shear zones which are known to control and host mineralisation.

Rio Tinto has flown AEM surveys in the region for base metal exploration. Recent success using AEM is the Sandfire Degrussa Cu-Au discovery in Western Australia.

McARTHUR RIVER MANGANESE PROJECT (100% GES)

The MacArthur River project has known extensive high grade massive manganese mineralisation mapped at Masterton No2. Massive manganese can be detected by AEM as indicated at Woodie Woodie in Western Australia (Hashemi and Meyers, 2004) and Bootu Creek in the Northern Territory (OM Holdings Investor Presentation 2008). Historical AEM over the project was flown at a large lines spacing (500m) and at the wrong orientation (E-W) to detect the Masterton No2 massive manganese outcrop. However, AEM responses in the historical data do correlate to manganese rich material located close to Masterton No2. The proposed AEM survey has suitable line spacing and orientation to best detect the high grade manganese at Masterton No2, potential extensions to the mineralisation at depth and new discoveries.

GLADSTONE MANGANESE PROJECT (100% GES)

The Mt Miller project contains a historical mine that produced approximately 22,000 tonnes of high grade manganese. Petrophysical studies competed on ore samples from Mt Miller indicated that it could provide detectable electrical (IP) and Electromagnetic (EM) responses. Similar to the MacArthur Project in the NT, massive manganese can be detected by AEM as indicated at Woodie Woodie in Western Australia (Hashemi and Meyers, 2004) and Bootu Creek in the Northern Territory (OM Holdings Investor Presentation 2008). The proposed Aerial EM survey has suitable line spacing and orientation to detect potential extensions to the mineralisation at depth and new discoveries within the survey.

PLAVICA GOLD-SILVER-COPPER PROJECT (JV between GES & Sileks)

The Plavica gold-silver-copper project is an advanced exploration project with over 31,700 diamond metres drilled with the deepest hole reached below 965 vertical metres. Genesis is currently pending the last of Ministerial signatures over the granting of the 7 concession areas which has been granted to its JV partner Sileks in the Former Yugoslavia Republic of Macedonia. Rio Tinto diamond holes intersected the below mineralised lodes

PLV001 - 29m @ 0.41 g/t Au and 32m @ 137.4 g/t Ag PLV002 - 249.9m @ 0.52 g/t Au with 76m @ 1.152 g/t Au PLV003 - 25m @ 0.42 g/t Au PLV004 - 292m @ 0.43 g/t Au

Once the concessions have been officially granted by the Ministry of Economics, Genesis will undertake the first JORC calculation over the Project. Genesis is anticipating the official granting will be around the end of April to mid May 2010.

ARLTUNGA GOLD-COPPER PROJECT (100% GES)

The Project area includes a number of historical gold workings where the high grade gold mineralisation is associated with sulphides in quartz veins and shears. Only a small amount of shallow drilling has been completed over the project area testing potential depth extensions to historical workings. Induced Polarisation

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(IP) is best suited to detect disseminated to semi massive sulphides within resistive host rocks both near surface and at depth. The IP survey is expected to detect and delineate sulphides and shear zones within the project and provide a direct targeting tool for drilling.

PIONEER GOLD PROJECT (100% GES)

The Project consists of numerous historical small tonnage, high grade gold workings located discontinuously along well defined, structurally controlled quartz vein lodes.

The high grade gold mineralisation is commonly associated with disseminated sulphides (pyrite and pyrrhotite) with minor chalcopyrite and magnetite. Induced Polarisation (IP) is best suited to detect disseminated to semi massive sulphides within resistive host rocks both near surface and at depth. The IP survey is expected to detect and delineate sulphides and shear zones within the project and provide a direct targeting tool for drilling.

LAURA RIVER GOLD –PLATINUM-PALLADIUM PROJECT (100% GES)

The Project consists of numerous high grade Au-Pt-Pd occurrences located as paleoplacers and palaeochannels adjacent to modern river drainages. Historical exploration failed to locate a hardrock source though elevated levels of Au-Pd-Pt and base metals were detected from stream and rock chip sampling. Sampled gossans in the project have elevated base metals and are associated with magnetic anomalies. Ground magnetic surveys are recommended to better define the magnetic anomalies and to assist in determining the association to the gossans and possible base metal mineralisation at depth. Sulphides (Chalcopyrite and Pyrrhotite) have been recorded from petrophysical analysis of rock chip samples and in sufficient amounts that would provide a measurable IP response.

The IP survey could be expected to detect and delineate sulphides and shear zones within the project and provide a direct targeting tool for drilling.

For further information, please contact:

Pedro Kastellorizos Managing Director Genesis Resources Ltd Tel: + 8 8981 8106 info@genesisresourcesltd.com.au

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by John Davis who is a member of the Australasian Institute of Mining and Metallurgy. Mr Davis is a contractor of Genesis Resources Ltd and has sufficient experience relevant to the styles of mineralisation under consideration and to the subject matter of the report to qualify as a Competent Person as defined in the 2004 edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC code). Mr Russell consents to the inclusion in the report of the matters based on his information in the form and context in which they occur.

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About Genesis Resources Limited

Genesis Resources Limited is an Australian company with a portfolio of quality iron, manganese, gold, uranium and base metal (copper-zinc-silver) in the highly prospective Archaean and Proterozoic metallogenic provinces of Australia. Genesis has signed a Joint Venture over an advanced copper-gold (Plavica) project within the Former Yugoslav Republic of Macedonia. The Plavica Project lies within Carpathian Volcanic Arc, a major epithermal province running through Eastern Europe, which is highly prospective for gold, copper and silver mineralisation.

Genesis projects are close to established infrastructure including railways, shipping ports, highways, power stations and populated areas. The Company’s objective is to provide rapid capital growth through mineral discoveries and development of economic deposits in Australia and overseas.

For more information please visit the Company website at: www.genesisresourcesltd.com.au

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