IONEER LTD — Capital/Financing Update 2011

Mar 27, 2011

Global Geoscience

ASX RELEASE

ASXCode: GSC

Monday, 28 March 2011

GLOBAL ADDS NEW GOLD PROJECT TO EXPANDING NEVADA PORTFOLIO

Global Geoscience Ltd (“Global”) ( ASX: GSC ) today announced that it has signed an agreement with Canadian company, Nubian Resources Ltd (“Nubian”) (NBR:TSX.V), for Sydney-based Global to earn a 70% interest in the Excelsior Springs gold project located in Nevada, USA.

The Excelsior Springs project comprises granted mining claims covering an area of 3.5 square kilometres and includes the historic Buster mine which has past production of about 15,000 tonnes at 37 grams per tonne to a maximum depth of 70 metres.

Excelsior Springs is located in the Walker-Lane tectonic zone of southern Nevada, which hosts a number of large gold mines. Total gold production from the zone exceeds 20 million ounces with notable deposits including Goldfield (5Moz), Bullfrog (2Moz), Tonopah (2Moz), Mineral Ridge (1.5Moz) and Comstock (8Moz Au, 200Moz Ag).

The Excelsior Springs property covers a 3km long, 300m wide zone of gold mineralisation hosted by altered limestone and calcareous sediments. Systematic exploration over the property has been restricted to 236 surface rock chip samples, most of which were collected after completion of the most recent drilling. The rock chip results define four separate areas of mineralisation with values between one g/t gold and 20g/t gold. Only one of these four areas, the Buster mine, has been drilled.

At the Buster mine RC percussion drilling has been undertaken over a strike length of 300m and depths up to 120m. Most of the holes that targeted the main mineralised zone intersected gold mineralisation.

Some of the more significant drill intersections at the Buster mine include:

• EX-2: 33m at 2.9g/t Au from 70m including 18m at 4.7g/t Au from 70m

• EX-13: 15m at 2.4g/t Au from 0m

• EX-18: 6m at 5.6g/t Au from 43m

• EX-30: 47m at 1.5g/t Au from 71m including 7.6m at 3.9g/t Au from 71m

Other holes drilled through the main mineralised zone returned similar widths of mineralisation but of lower grade:

• EX-14: 44m at 0.4g/t Au from 3m

• EX-15: 70m at 0.7g/t Au from 0m.

Global Geoscience Ltd ABN 76 098 564 606 Suite 203, 161 Walker Street NORTH SYDNEY NSW 2060 AUSTRALIA

Tel: +61 (2) 9922-5800 Fax: +61 (2) 9922-4004 e-mail: explore@globalgeo.com.au Web: www.globalgeo.com.au

Page 1of 4

Drill hole samples were only ever analysed for gold although surface and underground rock chip samples indicate the presence of silver (up to 64g/t) and copper (up to 0.34%) mineralisation.

Global has been able to locate excess sample material from the last eight drill holes (EX-25 to EX-35) and this material is available for further analysis. The Company has obtained copies of original laboratory certificates for all holes drilled on the property in the last 10 years and has verified these results against the certificates. All drill samples were analysed by fire assay techniques by two commercial laboratories that continue to service the mining industry.

Global plans to complete systematic soil and rock chip sampling, detailed geological mapping and an IP geophysical survey in preparation for a drilling program. This work is expected to be completed by mid-year.

Terms

Global may earn a 70% interest in the project by spending $3 million on exploration over four years and paying Nubian Resources Ltd $100,000 cash. Global must spend a minimum of $150,000 by 31 December 2011. If Global then elects to continue, it must spend an additional $350,000 by 31 July 2012, $500,000 by 31 December 2013 and $2 million by Dec 31 2014 to earn a 70% interest in the property. Nubian received $50,000 upon execution of the formal agreement and will receive a further $50,000 once Global has spent a total of $1 million.

About Nevada

Global Geoscience has been exploring in Nevada since 2003 and considers it to be one of the best places in the world to explore for gold. Global identified all of it projects in Nevada, including Excelsior Springs, using its in-house regional targeting methods (Targeting IP).

Nevada was recently ranked as the top mining jurisdiction in the world, according to a survey of mining companies conducted by the Fraser Institute, an independent research organization. The ranking is based on a composite index measuring mineral potential, government and environmental regulations, infrastructure, political stability and availability of labour.

The State of Nevada is a prolific gold producer in its own right and has been ranked in the top 10 gold producing states/countries in the world for many years. Gold production in 2009 was over 5 million ounces and total current resources are estimated at approximately 70 million ounces. Nevada continues to hold excellent potential for new discoveries as evidence by a number of recent significant finds including Long Canyon (2.2Moz), Spring Gully (1.8Moz), Northumberland (3Moz) and Sandman (0.3Moz). Global now holds four gold and gold-copper projects in Nevada: Excelsior Springs, Bartlett Peak, Dun Glen and Tokop.

About Global Geoscience

Global Geoscience explores for gold, copper and molybdenum on its 100% owned projects in Peru, Arizona and Nevada. The Company recently completed a $4 million capital raising with the majority of the funds to be used for drilling at the Sara Sara porphyry copper project in Peru and the advancement of gold and copper prospects in Peru and the USA. Drilling is currently in progress at Sara Sara.

MEDIA CONTACT:

Bernard Rowe John Field Managing Director Field Public Relations Global Geoscience Ltd (08) 8234 9555 +61 (0) 4 1944 7280 (0418) 819 527

Page 2 of 4

==> picture [407 x 412] intentionally omitted <==

Figure 1. Location of Global’s Nevada projects.

==> picture [441 x 175] intentionally omitted <==

Figure 2. The 3km long by 300m wide mineralised trend at Excelsior Springs showing four discrete clusters of rock chip samples with grades above 1g/t gold. Only the Buster mine area has been tested by drilling.

Page 3 of 4

The information in this report that relates to Exploration Results is based on information compiled by Bernard Rowe BAppSc(Hons) MAIG. Mr Rowe is a full time employee of Lydail Pty Ltd and Managing 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 Rowe consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Page 4 of 4