GENESIS RESOURCES LIMITED — Capital/Financing Update 2010

Jan 17, 2010

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ASX/MEDIA Release

18 January 2010

GENESIS RESOURCES’ COMPLETES A MINERAL LEASE APPLICATION FOR GLADSTONE MANGANESE PROJECT

Following the recent listing on the Australian Securities Exchange, Genesis Resources Limited (ASX: GES) is pleased to announce to the market that the Company has completed an application for a Mineral Lease within the Gladstone Manganese Project, located in Queensland.

Key Points from the Historical Assessment includes:

• Based on these result, Genesis has applied for a Mineral Lease Application (known as MLA 80166) from the Queensland Department Mines and Energy.

• Total Mineral Lease area is 32.24 Ha.

• Further geological mapping and Ground IP surveys will commence in the next upcoming months.

• More diamond drilling thereafter is expected to commence around August 2010 to test the previously defined outcropping manganese mineralisation along strike of Mt Millar and to the south west of other manganese bearing zones.

The Gladstone Manganese Project is located approximately 15 road kilometres west of Gladstone in Queensland. The project comprises one granted Exploration Licence (EPM15771), which covers a total area of 63.93 km[2] . The Project hosts a series of manganese prospects over a strike length of 21.5km close to a major port and includes the strategically located historic manganese mine at Mount Millar.

The largest mine on the tenements controlled by GES is the Mount Millar manganese mine. The mine opened in 1895 and operated intermittently until 1916 and then again from 1958-60. A total of 21,785t of ore was mined with a grade which ranged from 71-75% MnO2 or 44-48% Mn.

In August 2008, a brief rock chip sampling program was also conducted, concentrating around the Mt Millar Mine area. High grade manganese assay results were obtained and are presented in the Table 1.

Table 1: Reconnaissance Rock chip Sampling over Mt Millar - Assay Results

SITE		EAST	NORTH	Mn%	Fe%	Al%	K%	Si%	P%	Ca%	Mg%
Mt. Miller	1	314453	7357061	26.3	4.33	0.472	0.769	22.8	0.0449	0.082	<0.006
Mt. Miller	2	314453	7357061	58.7	0.926	1.01	2.14	0.978	0.0877	0.038	<0.006
Mt. Miller	4	314453	7357061	23.3	5.78	1.125	0.27	22.8	0.0658	<0.007	<0.006
Mt. Miller	5	314453	7357061	60.5	0.705	1.02	2.38	0.829	0.0826	0.024	<0.007
Mt. Miller	6	314453	7357061	61.1	0.197	0.799	1.815	0.125	0.1315	<0.008	<0.007

GENESIS RESOURES LIMITED

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Figure 1: Historical Shaft entrance at Mt Millar Mine Entrance,

In commenting on this significant milestone on the pathway to production, Pedro Kastellorizos, Managing Director, Genesis Resources said

“We are delighted to have completed our application for a Mineral Lease within our Gladstone Manganese Project, as this is another positive step for Genesis.”

“We are excited about the potential of this project and are eager to begin the necessary geophysical surveys and diamond to target undetected mineralisation, potentially leading to the hosting of a significant Manganese deposit.”

For further information, please contact:

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

GENESIS RESOURES LIMITED

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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