IONIC RARE EARTHS LIMITED — Capital/Financing Update 2009

Nov 9, 2009

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ASX/MEDIA RELEASE

10 November 2009

ACTIVITY UPDATE

Ezenet Limited (ASX:“EZE”) (“Ezenet” or “the Company”) is pleased to advise on recent activities of the Company.

As stated in a number of recent announcements to the ASX, Ezenet has, for some time, been actively looking at and assessing a number of investment opportunities in the mineral resource industry. Recent advanced discussions in this area include:

• Negotiations with a spokesperson for the holders of a substantial interest in a public exploration company with iron ore tenements in South America for Ezenet to acquire that substantial interest by way of cash and Ezenet script;

• Discussions for the possible acquisition of a mineral tenement in South Africa with platinum potential; and

• Increasing its interest in tenements prospective for Uranium in Mauritania.

Negotiations for the abovementioned activities remain confidential however it should be noted that while discussions are at an advanced stage no agreement has been reached and no agreement may be concluded for all or any of the abovementioned activities. Should any agreement be reached the transaction would be subject to shareholder and regulatory approvals and may result in a change of activity for the Company.

Shareholders attention is also brought to the Company’s current non-renounceable offer of one(1) new share for every four(4) shares held at the record date (2 November 2009) at an application price of $0.025 per share which closes on 18 November 2009 .

ENDS

For enquiries please contact: Brett Dickson Joint Company Secretary (08) 9481 2555

Ezenet Limited ABN 84 083 646 477 Level 1, 30 Richardson Street, West Perth WA 6005 Telephone: +61 8 9481 2555 Facsimile: +61 9 485 1290