GRATIFII LIMITED — Capital/Financing Update 2012

Mar 12, 2012

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ASX ANNOUNCEMENT

13 March 2012

DSO Hematite Discovered at Youkou Iron Ore Project, Central Africa

• Two diamond drill rigs have completed seven holes delivering in excess of 300m drilling

Ordinary shares on issue Options @ ~22c

Market cap. @ 26c Cash (March 2012)

• Best hole has an average reading of 26 metres at 62% Fe from 2 metres (Using Hand Held XRF)

• Core will soon be sent for independent laboratory assays

• Drilling to continue along strike as only tested 500 metres of mapped 20 km of strike

BOARD & MANAGEMENT

• Capital raising to further advance exploration has been completed

African focused iron ore explorer Waratah Resources Limited (ASX: WGO) (“Waratah” or “the Company”) is pleased to announce an update on its drilling program and development progress at its 90% owned Youkou Iron Project (“Youkou”) in Central Africa.

Drilling

Terry Streeter

William Witham Managing Director

Two diamond drill rigs have been operating since the 29th January 2012, when equipment was slung in by helicopter.

To date, seven drill holes have been completed, with metres drilled totalling over 300m.

Peter Bennetto

All core samples have been subject to preliminary analysis on site using a handheld portable XRF NITON. Each metre of core is analysed in at least three localities within the sample, taking into account minor changes in lithology.

Robert Orr Company Secretary

The Average reading on drillhole YKD007, was logged at 26 metres at 62% using the hand-held XRF machine. This was the seventh hole drilled. The previous drill holes all intersected iron mineralisation of over 35% Fe with the exception of YKD002, but the Company will wait for the laboratory assays before confirming those results which will be reported as they become available.

Development

CONTACT INFORMATION

AUSTRALIA – Head Office

T: +61 8 6365 4532

Waratah has been working on site at the Youkou Project since September 2011.

An exploration camp is currently being constructed on site with personnel either accommodated in this camp or in the village of Olloba. An access road is also being constructed to allow easier vehicle access to the site, currently 23km from Olloba.

Extensive strike remains to be tested

Managing Director Mr. William Witham said “We are very pleased to confirm our exploration model with these preliminary results. We will continue to test the rocks further along strike to the north and south where the mineralisation has been mapped for at least 20km.”

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“Over the coming months, Waratah intends to confirm the presence of hematite-rich iron mineralization at the project with preliminary lab assay results expected to be released in the June 2012 quarter. Waratah is targeting the definition of an initial resource during 2012.”

Capital Raising

Waratah recently raised $3.5 million through the placement of up to approximately 14 million shares at an issue price of 25 cents per share from sophisticated investors through Macquarie Bank.

The funds raised pursuant to the placement will be used to further advance exploration at the Youkou, Mekambo Est and Okanabora projects

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Geologists Analysing Drill Core with Hand held XRF

ENDS

For further information please contact:

William Witham

Managing Director, Waratah Resources Ltd. T: +61 8 6365 4532

W: www.waratahresources.com.au

Warrick Hazeldine/Greg Galton Purple Communications T: +61 8 6314 6300 E: WHazeldine@purplecom.com.au E: GGalton@purplecom.com.au

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DRILL HOLE COLLAR INFORMATION

(Results from NITON XRF)

BHID	EAST	NORTH	ELEV	DIP	AZI	EOH	SURVEY	STATUS	COMMENTS
YKD001	440020	88647	668	-90	0	72.16	GPS	COMPLETE	Fe mineralisation 29 - 61m @ 30% Fe
YKD002	439965	88662	668	-90	0	45.7	GPS	COMPLETE	No Fe intersection
YKD003	440041	88727	671	-60	100	43.51	GPS	COMPLETE	Fe mineralisation 7 - 40 m @ 35% Fe
YKD004	440022	88644	669	-60	100	40.83	GPS	COMPLETE	Fe mineralisation 14 - 37m @ 36% Fe
YKD005	439914	88828	698	-90	0	34.52	GPS	COMPLETE	Fe mineralisation 0 - 27m @ 38% Fe
YKD006	440186	89268	671	-60	85	37.71	GPS	COMPLETE	Fe mineralisation 0 - 31 m@36% Fe
YKD007	439946	89002	677	-90	0	36.69	GPS	COMPLETE	Fe mineralisation 2 - 28 m @ 62% Fe
YKD008	440120	89172	695	-60	105	100	GPS	In Progress

Competent person’s statement: Technical information in this report is based on information compiled by Mr. William Witham B.Sc. Geology (Hons), Waratah Geologist and a member of the Australian Institute of Geoscientists. Mr. Witham has sufficient exploration experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (“JORC 2004”). Mr. Witham consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

XRF Anaylitical method - Mineralised drillcore is being analysed using the portable Niton XLT hand held XRF analyzer (Niton). This equipment is being used by Waratah drilling campaign. Waratah is confident to use Niton as an indicator only of iron mineralisation to report exploration results. Waratah’s Niton procedure is to orientate and geologically log drill core. Then a Waratah geologist uses the Niton to record spot readings taken over a 30 second period for iron every 6cm. Results are averaged for intervals of drill core and reported on minimum widths of 0.5m. A cross-check slice of NQ drillcore (47mm diameter), is cut and will be analysed as verification at the end of the season by commercial assay laboratories.

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ABOUT WARATAH RESOURCES LIMITED

Waratah Resources Limited (ASX: WGO) (“Waratah” or “the Company”) is an ASX listed iron ore company with a focus on its projects in the Republic of Congo (“ROC”) and Gabon (“Gabon”) and on the acquisition of other iron projects in the area.

The Company’s flagship Youkou Iron Project (“Youkou”) is located on the Ivindo Massif which is host to at least 4 billion tonnes of iron ore, including the world class Nabeba, Avima and Badondo projects.

Waratah is well positioned to take part in the development of this region into the world’s newest iron ore province, and has developed strong relationships with the ROC and Gabon governments. The Company is currently aiming to define a JORC-compliant resource with its company owned drilling rigs and equipment.

WARATAH RESOURCES LIMITED – PROJECT LOCATION MAP

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