KING RIVER RESOURCES LIMITED — Regulatory Filings 2007

Sep 26, 2007

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New Platinum Reef confirmed in the Hart Dolerite on Speewah Project, northern Western Australia

ANNOUNCEMENT 26 September 2007

HIGHLIGHTS

• Initial assays received confirm the discovery of PGE+Au (Pt+Pd+Au) mineralisation in the Proterozoic-age Hart Dolerite intrusion in the Kimberley region of northern Western Australia.

• Two RC drill holes (SRC171 and SRC172) testing the vanadiferous titanomagnetite gabbro adjacent to the 2006 discovery holes identified a 5-7 m thick PGE+Au anomalous zone.

• The first assays reported a maximum 0.2 m interval of combined PGE+Au = 0.69 g/t in SRC171 and 0.71 g/t in SRC172.

PGE+Au Assays from Vanadiferous Titanomagnetite Target

In 2006, a reconnaissance RC drill programme on the Hart Dolerite in the Speewah Dome discovered an anomalous zone of PGE+Au in a unit of vanadiferous titanomagnetite-bearing gabbro that contained traces of chalcopyrite. The 2007 RC drill programme prioritised two vertical drill-holes (SRC171 and SRC172) adjacent to the 2006 discovery holes and sampled the PGE+Au anomalous zone at 0.2 m intervals. The locations of the drill holes are shown on Figure 1 and are provided in Table 2.

PGE+Au assays have been received for the sampled intervals in SRC171 and 172. The results show that both holes are anomalous in PGE+Au over a vertical down-hole interval of about 5-7 m which is interpreted as the true thickness of the interval. Over this interval, the combined PGE+Au values range from 21 to 706 ppb. The best results within each mineralised interval are summarised in Table 1.

Davis tube recovery work and assaying on 2006 RC drill-chip samples showed the PGE+Au mineralisation is hosted by a gabbroic unit containing 15-20% vanadiferous titanomagnetite averaging 2% V2O5. Further test work on the magnetite content using Davis tube work is planned.

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Figure 1. Geology of the Speewah Dome showing the locations of drill-holes used to examine the distribution and thickness of the gabbro unit in the Hart Dolerite which is prospective for vanadiferous titanomagnetite and PGE mineralisation (red), and either fluorite veins or iron-oxide associated alteration (blue). SRC171 and 172 are shown as black triangles.

Table 1. Assay results for selected sample intervals in SRC171 and SRC172.

Hole Number	Interval From(m)	Interval To(m)	Pt ppb	Pd ppb	Au ppb	Total PGE+Aug/t
SRC 171	46.2	46.4	136	181	377	0.694
SRC 171	46.4	46.6	127	169	23	0.319
SRC172	33.4	33.6	226	349	131	0.706

Analogies for the PGE Mineralisation in the Hart Dolerite

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Preliminary evidence suggests the style of mineralisation in the Hart Dolerite resembles the PGE mineralisation in some vanadiferous magnetite-rich gabbroic intrusives in other parts of the World. Documented occurrences include the following.

1. Stella layered intrusion in northern South Africa with a 100 m thick interval of PGE-enrichment with intervals reporting up to 1 m @ 10-15 g/t Pt+Pd.

2. Rincon del Tigre intrusive sill in eastern Bolivia with PGE+Au enrichment reported over an interval of 42 to 95 m with maximum reported Au to 0.35 g/t, Pt to 0.68 g/t and Pd to 1.8 g/t.

3. Rio Jacare intrusive in eastern Brazil which reports Pt+Pd to 1.88 g/t.

Significance of the PGE Mineralisation in the Hart Dolerite

The reported assays confirm the presence of a 5-7 m thick anomalous interval of PGE+Au mineralisation in a vanadiferous magnetite gabbro within the Hart Dolerite. This is confirmation of PGE+Au mineralisation at the discovery site that was reported in late 2006. It represents the first discovery of PGE+Au mineralisation in the Proterozoic-age Hart Dolerite which intrudes the Kimberley Block of north-western Australia. The 0.2 m interval sampling also demonstrates that the anomalous zone hosts a higher grade “reef” that reported combined PGE+Au about 0.7 g/t in the first assay batch.

Geological logging and magnetic susceptibility readings on the RC drill-chips in association with field mapping shows that the magnetite gabbro outcrops and subcrops over a minimum area of approximately 25 km long (N-S) and 3 km wide (E-W) on the eastern side of the Speewah Dome. The two drill-holes with assays reported are located towards the centre of the area selected for drilling (as shown on Figure 1) and are separated only by about 250 m. Further assay work is planned on the other 2007 drill-holes that targeted the vanadiferous titanomagnetite gabbro for PGE+Au mineralisation. Results will be reported as they become available.

Background

Niplats Australia Limited has a 100% interest in three granted Mining Leases (M80/267, M80/269 and M80/270) and two granted exploration licences (E80/2863 and E80/3657) covering 473 km[2] located about 100 km southwest of Kununurra (Figure 2). Geologically, the tenements cover the Speewah Dome where Proterozoic-age Hart Dolerite intrudes older sediments of the Speewah and Kimberley Groups (Figure 1). Structurally, the geology of the tenements is disrupted by fault and fault splays of the Greenvale Fault Zone which is a major crustal-scale feature that hosts both fluorite mineralisation and carbonatites in the Speewah area.

Recently the company completed a 10360 m drill programme in 79 holes investigating the following.

1. A zone of PGE+Au anomalism in a vanadiferous titanomagnetite-bearing gabbro unit of the Hart Dolerite. PGE+Au assay results (Table 1) and the locations (Table 2) for the first two drill-holes are described in this report.

2. Extensions to a series of high-grade, fluorite veins where previous drilling has outlined an Indicated

   • and Inferred Resource totalling 4.4Mt @ 23.6% CaF2 (at a 10% CaF2 cut-off grade).

3. Zones of iron oxide-alteration associated with copper-gold mineralisation along some major structures which host carbonatites, epithermal silica-K-feldspar veins and fluorite mineralisation.

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Figure 2. Location of Niplats Australia Limited project area in northern Western Australia.

- Table 2. Geographic location of the drill holes described in this report.

Hole Number	Easting Zone 52 GDA	Northing Zone 52 GDA
SRC 171	387830	8190786
SRC172	387572	8190784

Mr KA Rogers (MAIG), acting Chief Geologist for Niplats Australia Limited, compiled the technical aspects of this report. 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. Mr Rogers consents to the inclusion in the report of the matters in the form and context in which it appears.