KING RIVER RESOURCES LIMITED — Capital/Financing Update 2011

Jun 27, 2011

ASX ANNOUCEMENT 28 June 2011

ASX Code: SPM

Capital Structure:

Shares on Issue: 130.7m Options on issue: 9.75m Exercise Price : 20c – 80c Market Cap: $32.7m (24c)

Financial Position:

Cash on Hand: circa $8.0m (at previous 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

EXPLORATION UPDATE & FEEDBACK FROM BEIJING MINES AND MONEY

EXPLORATION UPDATE

Speewah Metals Limited (“Speewah” or “the Company”) (ASX: SPM) is pleased to advised that the 2011 Exploration Programme is on schedule with significant progress in soil sampling. mapping and commencement of the heliborne VTEM survey.

Soil sampling and mapping programmes to assist with target identification are progressing in line with arrival of drill rigs in early July 2011. The Drilling programme includes Reverse Circulation and Diamond Core drilling of up to 20,000 metres to be completed by end of calendar year.

A close spaced airborne V-TEM survey has commenced in the past few days with an estimated 2,200 line kilometres to be flown covering the Speewah Dome. The data collected will be submitted for interpretation with results expected in July 2011.

BEIJING MINES & MONEY

Speewah continued to profile the Speewah project in China to identify strategic investment for definitive feasibility studies and development. The project is marketed as a multi – commodity (magnetite, vanadium, titanium and fluorite) development opportunity with copper/gold/silver/lead and platinum exploration potential.

Speewah participated as an exhibitor and speaker at Beijing Mines & Money and the China International Mining Group conferences held between 13 to 16 June. Follow up meetings were also arranged with a number of parties Speewah has been in dialogue with since the marketing programme was commenced at the China Mining conference held in November 2010. Follow up discussions will occur in the coming months through site visits to the Speewah Dome and following completion of key phases of the 2011 strategic objectives.

Progress was made with existing parties and a number of new parties were introduced to the project. Site visits included a magnetite mining and processing operation, steel mill and a vanadium redox battery research/ commercialization facility. Information and ore samples will be provided to these parties over the coming weeks.

There are strong indications of future demand for the commodities in the existing JORC resources located at the Speewah Dome and great interest in the progress of the 2011 Exploration Programme.

The Board is committed to completion of the following three value-add strategies during 2011:

1. Significant expansion of the existing titano-vanadiferous magnetite resource . Speewah estimates that an additional vanadiferous magnetite Exploration Target[*] of 2 to 5 Billion tonnes at 0.30-0.32% V2O5 exists in the Speewah Dome.

2. Exploration based on promising results of Copper/Gold/Silver and Lead mineralisation .

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.

DIRECTOR’S COMMENTARY

The Board is enthusiastic about the level of interest shown in the Speewah project. Existing mines have operated for a number of years in the two main magnetite mining areas of China (Chengde and Panzihuoa). These mines typically mine ore with lower Fe grades and significantly less V grades from deposits significantly smaller the Speewah deposit. The Speewah deposit provides the opportunity for long term, low risk and diversified supply.

The Speewah project also provides the infrastructure sharing opportunity that the fluorite deposit brings and exploration upside of the Copper/Gold/Silver/Lead and Platinum. Successful completion of the three value add strategies in 2011 is likely to add significant project value to 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.

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 1.8-2.0% 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.

Competent Persons Statement

Mr Ken Rogers, Member of the Australian Institute of Geoscientists, 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.

• 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.