KING RIVER RESOURCES LIMITED — Capital/Financing Update 2011

Jul 11, 2011

ASX ANNOUCEMENT

12 July 2011

ASX Code: SPM

Capital Structure:

Shares on Issue: 130.7m Options on issue: 9.75m Exercise Price: 20c – 80c Market Cap: $41.8m (32c)

Financial Position:

Cash on Hand: circa $8.0m (March 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

PROGRAMME PROGRESS

Speewah Metals Limited (“Speewah”) (ASX: SPM) is pleased to advise the 2011 Exploration Programme is proceeding on schedule. The 2011 exploration programme includes:

• A close spaced airborne V-TEM survey to be conducted with up to 2,200 line kilometres flown covering most of the Speewah Dome;

• Soil sampling program in areas prospective for copper/gold mineralisation. Programme will include up to 4,000 samples collected;

• Further geological mapping and gossan sampling;

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

The goals of the 2011 Exploration programme are to:

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

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

V-TEM SURVEY

The heli-borne data survey has been completed this week. Interpretation being carried out over the coming weeks, will be combined with historic soil sampling data and previous drill hole geo-chemistry to develop additional priority drill targets. This interpretation work is expected to be completed in August.

SOIL SAMPLING & MAPPING

The soil sampling and mapping programme is ahead of schedule with over 50% of the 4,000 sample collection programme completed. Assay data will be used to further define drill targets.

DRILL PADS & ACCESS TRACKS

89 approved drill pads have been completed that include the drill out of the vanadium/titanium resource and existing copper/gold drill targets. Further priority copper/gold/silver focused drill pads will be completed, once the V-TEM survey interpretation has been completed and approval for works is granted.

DRILL RIG ARRIVAL

The Diamond-core drill rig will arrive on site this week with drilling expected to commence by the end of the week. The Reverse Circulation rig is expected to arrive and commence drilling next week.

DIRECTOR’S COMMENTARY

The Board would like to thank the geological team for the excellent progress of the largest annual exploration programme in the history of the Company.

Richard Wolanski

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-in-magnetite deposit with combined Measured, Indicated and Inferred Resources totaling 3,566 Mt at 0.30% V2O5 (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 56% Fe, 2.48% V2O5 and 14.8% TiO2.

Various studies are currently being completed on the vanadium deposits, including a focus on metallurgical testwork, tenure, access and environmental issues. The purpose of these studies is to attract capital to fund bankable feasibility studies, development or sale of the vanadium project.

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. Significantly increase to what is Australia’s and one of the world's largest vanadium/titanium in magnetite resource, through drilling an exploration target 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 will include a maiden airborne EM survey conducted on the tenements that will target potentially highly conductive Cu/Au mineralisation against non-conductive background rock. This is expected to target copper/gold mineralisation identified 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.

• 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 or 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.