KING RIVER RESOURCES LIMITED — Capital/Financing Update 2011

Jan 16, 2011

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Surface Copper assays 27.2% at new Speewah Gap location

ANNOUNCEMENT 17 January 2011

HIGHLIGHTS

• Surface sample at new site has returned highest grade copper value ever found at Speewah of 27.2% Cu with 7oz/t Ag;

• New site (Gap Prospect) at Speewah is 600 metres NW of Hayden which assayed 8.1% Copper, 24oz/t Silver and 5.0 g/t Gold.

SURFACE COPPER-GOLD SAMPLING 2010

Speewah Metals Limited (“Speewah” or “the Company”) (ASX: SPM) is pleased to report exceptional high grade copper and silver assays in a surface sample (Figure 1) from Speewah received since the completion of drilling in 2010 at Speewah. The results represent the best ever copper assay result ever found within the Speewah Dome including:

• 27.2% Cu, 222g/t Ag, at the Gap Prospect (RR-2010-78). Assay results from the Gap Prospect surface sample site are given in Table 1 and the location of the samples are shown on Figure 2.

Significantly, this sample is located on the east edge of a preserved block of sediments that forms the roof of the Speewah Dome along its central axis. The mineralisation at Gap, Hayden and Grays Vein are all associated with a flat lying brecciated quartz vein along the contact of altered sediment at the granophyre contact that forms the upper surface of the Hart Dolerite intrusion. The potential therefore exists for a more continuous zone of mineralisation at this sediment contact to the west between Gap and Eiffler (Figure 1), whereas to the east at Haydens and Grays Vein the mineralisation is only preserved in small remnants in down faulted blocks along the east flank of the Speewah Dome.

Assays results from the 2010 RC drilling programme are now being received and compiled after the Christmas break and will be reported late in January as previously reported.

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Figure 1: Malachite stained flat-lying quartz vein and sediment at Gap Prospect

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DIRECTOR’S COMMENTARY

The Board believes this exceptional surface sample copper assay supports the potential of the northern part of the tenement group to host a significant drill target for multi-commodities including copper, gold and silver. The Board notes that the Gap Prospect from which these surface samples were located was only identified upon completion of the 2010 Drilling Programme and as such this site has not yet been drill tested. The Gap Prospect was only identified after the end of the drilling programme. Drilling for copper, silver and gold in 2011 will now focus on this target, in addition to planned drilling for vanadium-titaniumiron within the magnetite gabbro unit and delineating other copper-silver-gold targets within the Speewah Dome.

R Wolanski DIRECTOR

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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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Table 1: Surface rock chip sample assays from Gap Prospect including copper, silver and gold

Hole_ID	Easting**MGA94_m **	Northing**MGA94_m **	Cu%	Ag**ppm **	Auppb	Pb**ppm **	As**ppm **	Lithology
								Brecciated vein quartz with malachite,
RR2010-78	389804	8207150	27.2	222	30	477	2070	chalcocite? and chalcopyrite in flat north
								dipping altered siltstone
								Brecciated vein quartz with malachite on
RR2010-79	389806	8207150	1.33	13	2	515	406	fractures, in siltstone outcrop within NS
								faults

Note: Sample locations by hand-held GPS, MGA94 Zone 52 Assays determined by Ultra Trace Laboratories in Perth Au by 40g Fire Assay and ICP MS at 1ppb detection Cu by ICP OES at 1ppm detection Pb and As by ICP MS at 1ppm detection Ag by ICP MS at 0.5ppm detection

Rock chip sample grades may not prove representative of deposits if and when they are delineated as mineral resource

FOR FURTHER INFORMATION, PLEASE CONTACT:

Speewah Metals Limited Level 22 Allendale Square 77 St Georges Terrace Perth WA 6000

Telephone: Fax:

+61 8 9221 8055 +61 8 9325 8088

Richard Wolanski – Executive Director Anthony Barton – Non Executive Chairman

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 exploration programme in 2010 in addition to completing pre-feasibility 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);

• 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 programme will include Reverse Circulation/Diamond Core drilling with total metres authorized up to 20,000 metres with the primary objective to maximize the number of targets tested during the current season.

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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Figure 2: Location of new copper rich samples reported, together with all surface rock chip copper anomalies >500ppm Cu within northern part of the Speewah Dome.

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