IONEER LTD — Capital/Financing Update 2011

Apr 26, 2011

Global

Geoscience

ASX RELEASE

ASXCode: GSC

Wednesday, 27 April 2011

GLOBAL COMPLETES SARA SARA PROJECT DRILL PROGRAM IN PERU

Global Geoscience Ltd (“Global”) ( ASX: GSC ) today announced it had completed the current phase of its drilling program at its 100%-owned Sara Sara porphyry copper-molybdenum-silver project in southern Peru. In the last phase of drilling seven diamond drill holes (KPD-03 to KPD09) were completed for a total of 3600m.

Assay results have been received for all seven holes. Hole KPD-03 intersected 36m at 0.27% copper from 180m depth, while the remaining six holes intersected sporadic low-grade copper and molybdenum mineralisation.

The Company said the drilling results at Sara Sara - located 500km southeast of Lima and 100km from the coast in the Department of Arequipa, in southern Peru -indicate the potential for both relatively shallow silver-rich mineralisation and deeper porphyry copper-molybdenum-gold mineralisation. It plans to test both these targets with future drilling programs.

Global Managing Director, Mr Bernard Rowe, said high grade silver mineralisation intersected last year in hole KP-14 (16.35m @ 410g/t Ag, 0.14% Cu, 111ppm Mo and 0.18% W from 238.7m) has not been effectively tested in the latest drilling program.

This intersection, which lies about 200m below surface, is believed to occur within a fault structure.Although the orientation of the fault is unknown, the mineralisation may be located very close to surface.

The silver mineralisation is open in all directions with only one other hole within 200m along strike.

To the north, the nearest holes are more than 400m away. Due to the highly broken and fractured ground, the silver mineralisation is best tested with RC percussion drilling (rather than diamond drilling which requires water circulation).

The Company is currently attempting to contract a suitable drill rig for this purpose.

Porphyry copper-molybdenum-gold deposits are generally overlain by lithocaps of advanced argillic alteration. These lithocaps typically contain various styles of gold-silver-base metal mineralisation which are markedly different from the underlying copper-molybdenum-gold mineralisation.

Drilling at Sara Sara indicates that the lithocap is at least 800m in thickness. Comparison with other Andean porphyry copper occurrences suggests that the top of porphyry copper mineralisation may be from several metres to several hundred metres beneath this depth.

With a suitable drill rig, the deepest hole at Sara Sara can be extended to 1500m to test for underlying porphyry copper mineralisation.

Global Geoscience Ltd Tel: +61 (2) 9922-5800 ABN 76 098 564 606 Fax: +61 (2) 9922-4004 Suite 203, 161 Walker Street e-mail: explore@globalgeo.com.au NORTH SYDNEY NSW 2060 Web: www.globalgeo.com.au AUSTRALIA

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About the Sara Sara project. The Sara Sara project is located 500km southeast of Lima and 100km from the coast in the Department of Arequipa, in southern Peru. The Project lies at the northern end of the Andean porphyry copper belt which produces a large proportion of the world’s copper and molybdenum.

The Company controls 70 sq km of granted tenements at Sara Sara. This comprises 65 sq km of 100% owned tenure and a further 5 sq km where the Company holds an option to purchase 100% from the holder.

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Figure 1. Sara Sara drill plan showing holes from the current program in red.

The information in this report that relates to Exploration Results is based on information compiled by Peter Nicholson BSc(Hons) FAusIMM CP(geo). Mr Nicholson is a full time employee of Nicholson Geologist Pty Ltd and Technical Director of Global Geoscience Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (The JORC Code). Mr Nicholson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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