KING RIVER RESOURCES LIMITED — Capital/Financing Update 2012

Oct 29, 2012

ASX ANNOUCEMENT 30 October 2012

HIGHLIGHTS

• Speewah Metals has taken a renewed focus on its Copper / Gold potential based on a new Copper / Gold exploration model which has emerged from 2010 / 2011 exploration results and the findings of an independent exploration review of the entire project (completed during the quarter).

• The model has identified targets that have never been tested for Copper / Gold mineralisation.

• Speewah Metals has pegged new ground and developed exploration programs to explore these new targets.

COPPER / GOLD

In 2010 / 2011 geologists undertook a soil and rock chip sampling program over some unexplored portions in the North Eastern sections of the Speewah Dome.

Numerous high grade Copper, Gold and Silver assays were evidenced in surface rock samples, with the best results previously reported being 27.25% Copper, 16.5% Copper, 12.1% Copper, 8.26% Copper, 8.14% Copper, 25 ounces per tonne Silver, and 4.97 grams per tonne Gold.

These rocks were drilled and shown to have been enriched at the surface by weathering processes.

In April 2012, the Board of Speewah commissioned an independent geological consultant to review all previous exploration data with a particular focus on these previously identified high grade Copper, Gold and Silver samples.

Results of this review were received during the September 2012 quarter, together with a new 3D geological model of the Dome.

The most important insight from this review was identifying that the most likely control for the high grade Copper / Gold mineralisation around the Grey’s, Hayden and Eiffler locations was a felsic granophyre rock unit, with the possible association of a shale unit, that has been mostly eroded away over central portions of the Dome.

These 2 lithological layers dip gently away from the center of the dome and are still present immediately above buried disseminated magnetite gabbro horizons that largely skirt the Dome (see Figure 1).

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Figure 1: 3D image of the Speewah Project showing interpreted position of the disseminated magnetite gabbro unit.

A new Copper / Gold exploration strategy has now been prioritized, designed and budgeted to target unexplored fault locations, where this felsic granophyre unit is likely to be present, and potentially close to surface (see Figure 2).

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Figure 2: 3D image of the Speewah Project showing exploration target positions where favorable rock units are interpreted to intersect major fault structures close to surface.

The Exploration Review concluded that significant potential existed for fault hosted hydrothermal Copper / Gold as well as Iron Oxide Copper / Gold mineralisation.

Speewah’s Copper / Gold exploration plans, subject to adequate funding, will be to follow up the recommendations contained within the review, including;

• Reprocessing of the 2011 V-Tem survey (underway) for accurate location of target structures,

• Further interpretation of the 2011 Gravity and Magnetics surveys for depths to possible IOCG targets,

• Pegging of new ground,

• Collecting 2,500 soil and rock samples over 10 new locations (see Figure 3) over previously untested targeted structures,

• Follow up RAB drilling on the highest order targets generated from those surveys.

There have been no other exploration activities during the September quarter.

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Figure 3: Preliminary soil program design over untested structures, coloured by target area.

TENEMENTS

Speewah currently controls 575 square kilometres of mineral leases covering a unique geological feature, the Speewah Dome, in the Eastern Kimberley of Western Australia. The Company has recently decided to increase the exploration footprint around the Speewah Dome with 2 new applications lodged for 95 blocks (313 square kilometres).

These applications were recommended in the review process and the company will now need to review and rationalise some of the older tenements.

TITANIUM / VANADIUM PROJECT

Due to limited funding and the unfavourable outlook for financing, the Directors made the decision during the quarter to suspend additional work on Speewah’s Ti / V acid leach pilot studies and pre-feasibility. The next phase of pilot work is capital intensive and potential funding of these studies would be highly dilutive to existing shareholders in the current market conditions.

A leading investment bank was mandated to initiate discussions with an extensive list of international industry groups to investigate the potential of joint venture and / or any other transactions related to that Ti / V project. The results of this process are expected to be received during the December quarter.

The Board believes that greater shareholder value can be created by refocusing on the Speewah Dome’s Copper / Gold potential.

Resources at Speewah (JORC Code) comprise the following.

• Titanium / Vanadium: 4.7 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)

Details are contained in the attached Appendix A.

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.

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Appendix A

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