ILUKA RESOURCES LIMITED — Capital/Financing Update 2010

Mar 16, 2010

Falcon Minerals Ltd

ACN 009 256 535

Company Announcement

Suite 19, 100 Hay Street, Subiaco WA 6008 PO Box 8319 Subiaco WA 6904

Telephone: +61 8 9382 1596 Facsimile: +61 8 9382 4637

Date:	$17th$ March 2010
To:	Companies Announcement Office, ASX
Electronic Lodgement:
Number of pages:

ECHO MINERALS SANDS PROJECT

The Directors of Falcon Minerals Limited are pleased to announce that the final payment amounting to \$408,400 has been received from Basin Minerals Holdings Pty Ltd, a fully owned subsidiary of Iluka Resources Ltd for the purchase of Falcons 10% equity in the Echo Minerals Sands Project situated in the Murray Basin in Victoria.

Proceeds from the sale will be utilised towards upcoming exploration activities at the Company's Nickel-Copper-PGE project at Collurabbie and its' Iron Oxide Copper Gold (IOCG) projects in the Gwaler Craton South Australia and the Cloncurry region in northern Queensland.

Yours faithfully

Richard Diermajer Director