IONIC RARE EARTHS LIMITED — Capital/Financing Update 2012

Apr 17, 2012

18 April 2012

CAPITAL RAISING UPDATE

Oro Verde Limited (ASX:OVL) (“Oro Verde” or “the Company”) is pleased to advise shareholders that following the approval of resolutions at the general meeting of shareholders on 16 April 2012 ,the Company has issued a total of 9,222,294 shares at $0.20 to raise a total of $1,844,459.

Furthermore, the Company has received applications from sophisticated investors for a further 3,850,000 shares at $0.20 (raising an additional $770,000) which it expects to issue in the next few days.

The Company has extended the Closing Date of the Prospectus dated 14 March 2012 from 5pm on 17 April 2012 to 5 pm on 30 April 2012.

Upon completion of the capital raising Oro Verde will be well funded holding approximately $ 4.4 million in cash to enable it to pursue its exploration activities in Chile.

ENDS

For enquiries contact:

Brett Dickson or John Traicos Company Secretary General Manager 61 8 9481 2555 0417 885 279

Oro Verde Limited (ABN 84 083 646 477) Level 1, 30 Richardson Street, West Perth, WA 6005 PO Box 493, West Perth, WA 6872 Telephone: + 61 8 9481 2555

www.oroverde.com.au