HAWSONS IRON LTD — Capital/Financing Update 2009

Dec 1, 2009

==> picture [97 x 70] intentionally omitted <==

ASX ANNOUNCEMENT

2 December 2009 ASX Limited 20 Bridge Street Sydney NSW 2000 Dear Sir/Madam

Purchase of Euriowie Tenement

Carpentaria Exploration Ltd (ASX: CAP) is pleased to announce that it has entered into an agreement to purchase the Euriowie Tenement in NSW from its co-joint venturer, Sunrise Minerals Pty Ltd. Carpentaria will now own the rights to all minerals and the tenement will no longer carry any vendor royalties.

In consideration for a cash payment of $50,000 and 500,000 fully paid ordinary shares in Carpentaria, Sunrise has agreed to transfer all its rights to the tenement, EL6936, to Carpentaria, subject to approval by the New South Wales Department of Primary Industries, Minerals and Petroleum, and also to relinquish any existing royalties.

Carpentaria previously announced to the ASX on 26 November 2009 that a significant surface tin discovery in pegmatites had been made at Euriowie. Further, the Euriowie tenement had not been subject to modern exploration techniques and, importantly, had not previously been drill tested. As reported, 50 rock chip surface samples taken over a strike length of 1.4 km of the Mt Euriowie pegmatite averaged 0.25% tin (Sn) including high grade tin samples that returned the following:

8m @ 0.44% Sn (including 1m @ 1.21% Sn)

6m @ 0.36% Sn (including 1m @ 1.60% Sn)

In addition, three 30 kilogram bulk samples were taken which averaged respectively 0.36% Sn, 0.23% Sn and 0.47% Sn, giving further confidence regarding the average tin grades over the strike length of the outcropping zone. Elsewhere in the tenement four other such tin bearing pegmatites have been located further enhancing the tin prospectivity of the tenement for open cut mining.

This agreement allows Carpentaria to continue to explore the tenement in its own right with no residual royalties and 100% ownership of all minerals. Planned exploration for Euriowie involves drilling the mapped tin bearing Mt Euriowie pegmatite to establish down dip continuity, geological mapping and sampling of the other pegmatites and further mapping in the tenement.

For further information please contact:

==> picture [108 x 47] intentionally omitted <==

Nick Sheard - Executive Chairman

Ground Level, Boundary Court, 55 Little Edward Street, Springhill Queensland 4000 PO Box 1019 Spring Hill QLD 4004 Phone: + 61 7 3161 3801 Fax: + 61 7 3161 3786 e-mail: info@capex.net.au

==> picture [97 x 70] intentionally omitted <==

The information in this presentation that relates to Exploration Results is based on information compiled by S.N.Sheard, who is a Fellow of the Australian Institute of Geoscientists and has had sufficient experience which is relevant to the style of mineralization and type 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'. S.N.Sheard is an employee of Carpentaria and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Ground Level, Boundary Court, 55 Little Edward Street, Springhill Queensland 4000 PO Box 1019 Spring Hill QLD 4004 Phone: + 61 7 3161 3801 Fax: + 61 7 3161 3786 e-mail: info@capex.net.au