KING RIVER RESOURCES LIMITED — Capital/Financing Update 2008

Oct 13, 2008

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NiPlats Australia Limited

Fluorspar Resource Upgrade

ANNOUNCEMENT 14 October 2008

HIGHLIGHTS

• Significant 25% increase in Fluorite Resource tonnage.

• � Indicated and Inferred Resources totalling 5.5 Mt at 24.5% (at 10% CaF2 cut-off grade), comprising:

  • Indicated Resource of 4.4 Mt at 24.9% CaF2;

  • Inferred Resource of 1.1 Mt at 23.0% CaF2.

• Further resource report expected once 2008 drilling programme assays are received.

Fluorite Project

NiPlats Australia Limited (ASX: NIP) is pleased to announce an updated Mineral Resource estimate for the Speewah Dome Fluorite Project based on the exploration programme completed in 2007.

The resource upgrade comprises the following total fluorite resource:

• Indicated and Inferred Resources totalling 5.5 Mt at 24.5% (at 10% CaF2 cut-off grade), comprising:

  • Indicated Resource of 4.4 Mt at 24.9% CaF2;

  • Inferred Resource of 1.1 Mt at 23.0% CaF2.

This represents an increase of 25% as well as an improvement in grade over the resource calculated on the listing of the Company on ASX in September 2007, which was:

• Indicated and Inferred Resources totalling 4.4 Mt at 23.6% (at 10% CaF2 cut-off grade), comprising: o Indicated Resource of 3.8 Mt at 23.5% CaF2;

  • Inferred Resource of 0.5 Mt at 24.2% CaF2.

It is important to note that the resource upgrade has been completed from the drilling results obtained through the 2007 exploration programme and does not incorporate the drilling results from the 2008 exploration programme which have yet to be assayed. A further resource upgrade will be completed upon receipt and analysis of results from the 2008 exploration programme.

Mineral Resource

Table 1: NiPlats September 2008 Mineral Resource Estimate (at 10% CaF2 cut-off grade):

	Speewah Dome Deposit September 2008 Resource Estimate
	Indicated	Inferred	**Total **
Type
	TonnesUncutTCaF2%	TonnesUncutTCaF2%	TonnesUncutCaF2 TTCaF2%Uncut
HighGrade	4,375,70324.85	1,117,56023.04	5,493,26324.481,344,926

The results from the 2007 RC and diamond drilling programmes have been modelled by Runge Limited, an experienced geological consultancy group, and the mineral resource information included in this

announcement has been approved by Runge Limited for release.

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The following information has been taken from the Runge Limited resource estimate:

Detailed resource modelling comprised of:

• Inverse Distance to Power 2 (ID2) grade interpolation, constrained by resource outlines based on mineralisation envelopes prepared using a nominal 2% CaF2 cut-off grade (only high grade, defined as being 10% CaF2 cut-off grade has been detailed in this announcement) and a minimum downhole length of 2m.

• A Surpac block model was used for the estimate with a block size of 20m NS by 4m EW by 20m vertical with subcells of 5m by 1 m by 5m.

• No high grade cuts were used in the resource based on a review of the deposit statistics.

• Drill holes used in the resource estimate included 31 percussion holes, 107 RC holes and 32 diamond/RC holes for a total of 5,377m within the resource wireframes.

• Holes in the Speewah area were drilled at section spacings of approximately 40m.

• Core was generally NQ size. The core was sampled at varying intervals based on logged geological contacts, although the sampling method is unknown.

• RC holes were sampled at 1 metre intervals. The sampling method involved riffle splitting each 1 metre sample to collect approximate 2kg samples in calico bags, with the remaining sample retained on site in plastic bags.

• The assay method used X-Ray Fluorescence Spectrometry (XRF) to determine Ba, Ca and F percentages which were then used to determine the CaF2 percentage.

• ID2 grade interpolation used an oriented “ellipsoid” search with a first pass radius of 60m and a second pass of 100m. A third pass search radius of 200m was used to fill the model. Greater than 98% of the blocks were filled in the first two passes.

• A bulk density value of 2.63t/m[3] was assigned to the waste rocks and low grade mineralisation (<10% CaF2 ) and a value of 2.68t/m[3] was assigned to the high grade, fluorite rich material (>10% CaF2 ). Values were based on results of recent test work carried out on drill core.

• The resource has been classified as Indicated and Inferred on the basis of continuity of structure, drill spacing and surface mapping.

• Preliminary economic analysis has been carried out in 2004. This study suggested that the project has good prospects for eventual economic extraction.

Future Developments for the Fluorite Project

Significant increases in the price of fluorite in recent years has improved the potential for future development of the fluorite project.

NiPlats will use the resource upgrade to raise market awareness of the potential for a fluorite project through participation in Fluorspar 08, the major annual fluorite industry conference in Montreal. NiPlats’ objectives, through participation at the conference are:

• Raise end user market awareness of NiPlat’s fluorite deposit as a potential supplier of acid grade fluorspar;

• Provide the market with an update of the current resource and deposit potential;

• Develop relationships to further the opportunity for the future development of the fluorite project.

NiPlats will follow this up with a further resource upgrade based on the drilling results from the 2008 exploration drilling programme.

NiPlats’ primary exploration objective at this time is to focus on the further exploration for PGE+Au and the further evaluation of the vanadium exploration targets. NiPlats’ short term objective is to report a large vanadium resource prior to commencement of the 2009 exploration programme.

Opportunities to develop the fluorite project, which could share infrastructure with any future vanadium project, are being investigated.

Background

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NiPlats Australia Limited has a 100% interest in three granted Mining Leases (M80/267, M80/269 and M80/270) and two granted exploration licences (E80/2863 and E80/3657) covering 473 km[2] located about 100 km southwest of Kununurra. The tenements cover the Speewah Dome where Proterozoic-age Hart Dolerite intrudes older sediments of the Speewah and Kimberley Groups, which has been disrupted by fault and fault splays of the Greenvale Fault Zone that hosts both fluorite mineralisation and carbonatites in the Speewah area.

Mr KA Rogers (Member of the Australian Institute of Geoscientists), acting Chief Geologist for NiPlats Australia Limited, compiled the technical aspects of this report relating to the Speewah Fluorite Project and content of this release. Mr Rogers has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that is being reported on to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Mineral Resources and Ore Reserves (the JORC Code). Mr Rogers consents to the inclusion in the report of the matters in the form and context in which it appears.

The information in this report that relates to the Mineral Resource estimates is based on information compiled by Mr A Green, of Runge Limited. Mr Green is a Member of The Australian Institute of Geoscientists 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 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (the JORC Code). Mr Green consents to the inclusion in the report of the matters based on his information in the form and context in which they appear.

FOR FURTHER INFORMATION, PLEASE CONTACT:

NiPlats Australia Limited Level 22 Allendale Square 77 St Georges Terrace Perth WA 6000

Telephone: +61 8 9221 8055 Fax: +61 8 9221 7866

Anthony Barton – Non Executive Chairman Richard Wolanski – Executive Director