IONEER LTD — Capital/Financing Update 2011

Jan 19, 2011

Global

Geoscience

ASX RELEASE

ASXCode: GSC

20 January 2011

NO RAIN GOOD NEWS FOR GLOBAL’S SARA SARA DRILLING

Global Geoscience Ltd (“Global”) ( ASX: GSC ) today announced an extension of its current drilling activity at its 100%-owned Sara Sara porphyry copper-molybdenum project in southern Peru.

Drilling had been expected to cease early in January with the onset of the wet season, however, conditions have been drier than expected and that has allowed the current drilling program to continue.

The Company now expects to continue drilling well into February – weather permitting.

Since the last update provided on 23 December 2010, the Company has

• Completed hole KPD4 to a total depth of 495m (assays pending)

• Commenced drilling KPD5 - currently at a depth of 446m and continuing

• Is planning to drill hole KPD6 upon completion of KPD5

Global also announced that it has completed sequential copper analysis on the copper-bearing intersections in holes KP14, KP20 and KPD3. Thirty-one samples with total copper contents greater than 0.1% were reanalysed using a sequential leach method. The results show that 8199% (average 92%) of the copper in these samples is leachable (by acid and cyanide) and confirm that chalcocite is the dominant copper mineral present in these samples.

Samples were analysed by ALS Chemex in Peru using their sequential copper method (CuPKGPH06). This method involves selective leaching of the sample in three stages: acid soluble, cyanide soluble and residual copper.

All samples from KPD4 have been submitted to the laboratory and results are expected to be available by the end of January. A further 120 samples (nominally 3 metres each) from hole KPD5 have been received at the laboratory and are awaiting processing. Results will be released as they become available.

MEDIA CONTACT:

Bernard Rowe Managing Director Global Geoscience Ltd +61 (0) 4 1944 7280

John Field Field Public Relations (08) 8234 9555 (0418) 819 527

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 2

==> picture [468 x 364] intentionally omitted <==

Figure 1. Surface plan showing the location of drill holes at Sara Sara. Filled black circles represent holes from the current drill program. The target zone in red represents an area of interest defined by a combination of geophysical and geological data. The northern, western and southern limits of the target zone are not well defined.

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.

Page 2 of 2