KING RIVER RESOURCES LIMITED — Capital/Financing Update 2011

Sep 13, 2011

ASX ANNOUCEMENT

13 September 2011

ASX Code: SPM

Capital Structure:

Shares on Issue: 130.7m Options on issue: 9.75m Exercise Price: 20c – 80c Market Cap: $32.7m (25c)

Financial Position:

Cash on Hand: circa $7.4m (June Quarter end)

Board of Directors:

Non Executive Chairman: Anthony Barton

Non Executive Director: Derek Carew-Hopkins

Executive Director: Richard Wolanski

Projects: Speewah Dome, 575 km[2]

Location: Kimberley, WA

Resources:

Vanadium/Titanium:

3.6 Billion tonnes @ 0.30% V2O5 and 2% Ti (at 0.23% V2O5 cut-off grade)

Fluorite:

6.7 Million tonnes @ 24.6% CaF2 (at 10% CaF2 cut-off grade)

Other prospects:

Copper/Gold/Silver & Lead Platinum

2011 EXPLORATION PROGRAMME

Speewah Metals Limited 2011 Exploration programme goals are:

1. Significant increase in the Vanadium/Titanium in magnetite resource;

1. Copper/Gold/Silver exploration based on extensive drill programme.

The Company is pleased to advise the 2011 Exploration Programme is proceeding on schedule with a majority of the drilling to achieve the first objective to be completed in the next 2 weeks.

Drill rigs will then focus on the second objective of drilling priority Copper/Gold/Silver targets.

PROGRAMME

The 2011 exploration programme includes:

• A close spaced airborne V-TEM survey completed covering 2,200 line kilometres covering most of the Speewah Dome;

• A 4,000 sample Soil program in areas prospective for copper/gold;

• Further geological mapping and gossan sampling;

• Reverse Circulation & Diamond Core drilling up to 20,000 metres.

V-TEM SURVEY

Interpretation of the heli-borne data survey should be completed in the coming weeks. The survey data is being combined with historic soil sampling data and previous drill hole geochemistry to develop priority Copper/Gold/Silver targets.

DRILL PROGRAMME

The 20,000m RC and Diamond drilling programme has been designed in 2 key phases. The 1st phase, which is nearly complete, is to complete the drilling required for the increase in Vanadium/Titanium in magnetite resource. The 2nd phase, which is about to begin, focuses on the Copper/Gold/Silver targets that are identified through interpretation work on the V-TEM survey. This plan is running to schedule.

OTHER WORKS

The soil sampling and mapping programme is ahead of schedule with 3,093 of the 4,000 planned sample programme completed. Assay data will be used to further define drill targets. Survey work on drill holes has also commenced. Ground water and surface water surveys have been completed and a soil survey is planned in October. These works are required for environmental approval and feasibility studies.

DIRECTOR’S COMMENTARY

The Board is very confident that drilling will deliver a material i ncrease in the Vanadium/Titanium in magnetite resource in 1[st] quarter 2012. Completion of V-TEM survey interpretation will allow the next phase of drilling to focus on Copper/ Gold/ Silver targets with assays delivered towards the end of 2011.

The Board advises that metallurgical work to recover titanium, vanadium and hematite end products is continuing and will be the subject of separate announcements over the coming quarter.

Richard Wolanski

Executive Director

SPEEWAH BACKGROUND

Speewah Metals Limited (ASX: SPM) is a mining and exploration company whose prime focus is the definition and development of its vanadium / titanium and copper/gold/silver discoveries in the East Kimberly region of Western Australia .

The tenements contain Australia’s largest vanadium / titanium in magnetite deposit with combined Measured, Indicated and Inferred Resources totaling 3,566 Mt at 0.30% V2O5 and 2.0% Ti (at 0.23% V2O5 cut-off grade) in three deposits, comprising a Measured Resource of 201 Mt at 0.33% V2O5, Indicated Resource of 826 Mt at 0.30% V2O5 and an Inferred Resource of 2,539 Mt at 0.3% V2O5.

Once a magnetite concentrate is created the upgraded concentrate assays at 54% Fe, 2.48% V2O5 and 14.8% TiO2.

The 2011 strategy has three value-add components. Two of these are related to the 2011 Exploration programme and will be the largest exploration programme in the history of the company. These value-add components include:

1. Significant increase to what is Australia’s and one of the world's largest vanadium / titanium in magnetite resource, through drilling an exploration target[1] of an additional 2-5 Billion tonnes @ 0.3-0.32% V205 and 1.82.0% Ti ;

2. Continue exploration based on promising results of Copper / Gold / Silver and Lead mineralisation . This has included a maiden airborne EM survey conducted on the tenements to target potentially highly conductive Cu / Au mineralisation against non-conductive background rock. Evaluation of this data is expected to target copper / gold mineralisation in both the vertical and horizontal dimensions.

3. Metallurgical work on the vanadium / titanium resource and investigate the potential to recover titanium and iron in addition to vanadium which may have the potential to multiply project values.

The tenements also contain a high-grade, high-quality fluorite deposit with Indicated and Inferred Resources totaling 6.7 Mt at 24.6% (at 10% CaF2 cut-off grade), comprising an Indicated Resource of 4.1 Mt at 25.3% CaF2 and an Inferred Resource of 2.6 Mt at 23.6% CaF2.

Speewah Metals Limited has a 100% interest in three granted Mining Leases (M80/267, M80/268 and M80/269) and three granted exploration licenses (E80/2863, E80/3657 and E80/4468), covering 575 km[2] located about 110 km southwest of Kununurra.

1. Exploration Target is not a mineral resource and further drilling is required which may not define these tonnes & grade. The potential quantity and grade is conceptual in nature and there has been insufficient exploration to define a mineral resource and it is uncertain if future exploration will result in the determination of a mineral resource.

Competent Persons Statement

The information in this report that relates to Exploration Results, Minerals Resources and Ore Resources is based on information compiled by Ken Rogers who is a Member of the Australian Institute of Geoscientists. Mr Rogers, Chief Geologist of Speewah Metals Limited, compiled the technical aspects of this report relating to the Speewah 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.