GENESIS RESOURCES LIMITED — Capital/Financing Update 2010

Feb 1, 2010

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ASX/MEDIA Release

2[nd] February 2010

GENESIS RESOURCES’ ALICE SPRINGS PROJECT INDICATES SIGNIFICANT POTENTIAL TO HOST HIGH GRADE COPPER MINERALISATION

Following the recent listing on the Australian Securities Exchange, Genesis Resources Limited (“Genesis” or the “Company”, ASX: GES) is pleased to announce to the market the recent results from the Alice Springs Project assessment. Genesis commissioned Resources Potential Pty Ltd to perform a review of the available Government and open file geophysical and geological datasets over the Company’s Alice Springs Project, located in the Northern Territory. The aim of the review was to provide target areas and recommendations for future work programs.

The data review indicates significant potential for the area to host base metal mineralisation, and has proposed geophysical surveys to target undetected mineralisation around previously defined copper occurrences, within mineralised corridors and anomalous geochemistry.

Key Points from the Resource Potential Pty Ltd Assessment report includes:

• Review of open file data indicates numerous historical copper occurrences.

• Copper mineralisation appears to be structurally controlled and associated with magnetite enrichment.

• These characteristics can be directly targeted through high resolution electrical and magnetic geophysical surveys. No high resolution geophysical surveys have been previously completed.

• “Magnetite Hill” Prospect represents only 1 of 5 high priority stratigraphic magnetic anomalies within 4km radius.

• High resolution geophysical surveys recommended to define high grade copper and magnetite mineralisation over high priority areas.

• Area is also prospective for gold and uranium.

The area has undergone previous exploration for base metals, gold, uranium and rare earths. No high resolution geophysics has ever been undertaken over the project area and only very limited drilling has been completed over some copper occurrences.

The area has been covered by various phases of geochemical sampling including soils, rock chip and stream sediment, with the majority of this work attributed to G.K Bogie, Clarence River Finance Group, Pasminco and Oneva Exploration. Numerous mineral occurrences occur within the project area, with the majority being copper occurrences.

Four broad target areas approximately 4km square in size have been selected based on geochemical, geophysical and mineral occurrence locations. Within these areas ground targets associated with known copper occurrences have been selected for priority follow up ground mapping and geochemical sampling as listed in Table 1 and shown in Figure 2.

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An additional ten second priority targets which lie outside these areas, selected on their magnetic response and location along major structures are recommended for reconnaissance mapping and sampling after the high priority areas have been completed. These are listed in Table 2 and shown on Figure 2.

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Figure 1: Mapped Mineral Occurrences red circles and Oneva Exploration Prospects as Red squares (modified from NTGS Open File Report Number CR2002-0225). EL24817 is defined by the red boundary which holds the copper occurrences.

X_M53	Y_M53	Prospect	Priority
438398	7451722	CampHill	1
439819	7449946	CampHill South 1	1
440229	7449809	CampHill South 2	1

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X_M53	Y_M53	Prospect	Priority
440447	7448990	CampHill South 3	1
443130	7447083	Diana Block 8	1
441667	7445929	Diana Block 2	1
442054	7444714	Corner Post Hill	1
445735	7444642	Disha Brown	1
447895	7443320	Diamond T	1
467943	7433814	Open Valley	1
468319	7432950	Magnetite Hill	1

Table 1: High Priority Ground Targets.

X_M53	Y_M53	Priority
467220	7432560	2
464272	7432449	2
469045	7432869	2
468166	7434963	2
464752	7430932	2
467680	7431838	2
461154	7432363	2
471580	7427676	2
480640	7425155	2
442679	7432941	2
448282	7440411	2
445248	7444539	2
444953	7441698	2
455201	7437787	2
439114	7440981	2

Table 2: Second Order Ground Targets.

The Company is reviewing recommendations that a program of high resolution airborne and ground geophysical surveys be completed to delineate more conductive and magnetic zones associated with copper sulphides and associated magnetite. Helicopter electromagnetic surveys in conjunction with ground electromagnetic and magnetic surveys will rapidly delineate zones of higher conductivity that may represent more massive or larger accumulations of copper and magnetite mineralisation over large areas. In addition, the report has recommended that representative high grade rock samples be collected for conducting petrophysical testing. This will determine the likely geophysical response from the mineralisation for each technique, and based on these results the program can be modified as necessary.

It also recommended that all open file geochemistry be fully compiled and reconciled to highlight additional areas prospective for copper, gold and uranium mineralisation.

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In addition to the planned ground based geophysics, Genesis have commissioned geological mapping and geochemical sampling to cover the same high priority target areas as shown in Figure 2.

Figure 2: Target Areas (Blue Rectangles) with high priority ground targets representing copper occurrences (Yellow Squares). Second order targets (Red Squares) over TMI image and semi-transparent 1:250,000

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Geology.

In commenting on these strongly encouraging results, Pedro Kastellorizos, Managing Director, Genesis Resources said,

“ We are delighted to have received the Resource Potential Pty Ltd report highlighting promising and strong results for the Alice Springs Project. Our aim in commissioning the review was to identify target areas for future exploration programs and this was achieved in combination with some potentially exciting revelations about the significance and potential for the Alice Springs project.”

“We look forward to updating the market on further progress with the development at our Alice Springs project and the subsequent results of the follow up ground reconnaissance and geophysical surveys.”

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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 Richard Russell who is a member of the Australasian Institute of Mining and Metallurgy. Mr Russell 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.

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