KING RIVER RESOURCES LIMITED — Capital/Financing Update 2011

Feb 21, 2011

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Issue and Allotment of Placement Shares

ANNOUNCEMENT

22 February 2011

Speewah Metals Limited (“Speewah” or “the Company”) (ASX: SPM) is pleased to announce the finalisation of the Placement of $6.3 million capital raising which was announced previously on 11 February 2011.

Receipt of all funds associated with the Placement have been completed and the Company has issued and allotted the shares in respect the Placement totalling 17,008,773 ordinary shares issued at 37 cents.

The Company will apply the funds in support of the 2011 Exploration programme on the Copper/Gold identified along the major fault zones and expansion of the Measured, Indicated and Inferred Resources of 3.159 billion tonnes at 0.30% V2O5 and 2.0% Ti (at 0.23% V2O5 cut-off grade).

Speewah estimates an additional Exploration Target* exists on the Dome of 2 to 5 billion tonnes at 0.30-0.32 V2O5 and 1.8-2% Ti.

STRONG CASH POSITION

The Placement funds provide additional financial security to the Company and supports the exploration programme.

The current cash at bank/term deposit/debtors balance exceeds $9 million.

Should you have any queries regarding the strategy or exploration programme please feel free to contact the Company’s office on +61 8 9221 8055.

R Wolanski DIRECTOR

(*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.)

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SPEEWAH BACKGROUND

Speewah Metals Limited (“Speewah”) is a mining and exploration company whose prime focus is the definition and development of its copper/gold/silver and vanadium discoveries in the East Kimberly region of Western Australia. Newly discovered copper/gold/silver prospectivity is a major focus of the recent exploration programme in 2010 in addition to completing scoping studies on the vanadium project.

Recent copper/gold/silver exploration success includes the following assays from surface rick chip samples:

• Multi-element sample assays of:

• 8.26% Cu, 4.28 g/t Au & 26 oz/t Ag (Gray’s Vein Prospect);

• 8.14% Cu, 4.97 g/t Au & 24 oz/t Ag (Hayden Prospect);

• Copper sample assay at 16.5% Cu (Eiffler Prospect);

• Copper sample assay at 27% Cu (Gap Prospect);

• Gold sample assay at 4.9 g/t Au (Todhunter Prospect);

• Lead sample assay of 11.1% Pb (Blue Vein Prospect);

• Identification of multiple drill targets for 2010 drilling campaign.

Focus on Copper/Gold/Silver exploration along 80km of fault zones and splays commenced in May 2010. The 2010 programme included Reverse Circulation/Diamond Core drilling with total of 15,000 metres drilled with assays pending.

The tenements contain Australia’s largest vanadium in magnetite deposit with combined Measured, Indicated and Inferred Resources totalling 3,159 Mt at 0.30% (at 0.23% V2O5 cut-off grade) in three deposits, comprising a Measured Resource of 201 Mt at 0.33% V2O5, Indicated Resource of 175 Mt at 0.32% V2O5 and an Inferred Resource of 2,783 Mt at 0.3% V2O5.

This includes a high grade zone of 434 Mt at 0.37% (at 0.23% V2O5 cut-off grade) at the Central Deposit, comprising a Measured Resource of 115 Mt at 0.37% V2O5, Indicated Resource of 85 Mt at 0.38% V2O5 and an Inferred Resource of 234 Mt at 0.37% V2O5.

Pre-feasibility studies are currently being completed on the vanadium deposits including a focus on 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 tenements also contain a high-grade, high-quality fluorite deposit with Indicated and Inferred Resources totalling 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 two granted exploration licences (E80/2863 and E80/3657) and one exploration licence application (ELA80/4468) covering 575 km[2] located about 110 km southwest of Kununurra.

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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.

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