KORAB RESOURCES LIMITED — Capital/Financing Update 2011

Feb 13, 2011

www.korab.com.au

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KORAB RESOURCES LIMITED KORAB HOUSE

Monday, 14 February 2011

SHARE PURCHASE PLAN LIMIT RAISED TO 9 MLN SHARES

Korab Resources Ltd is pleases to advise the market that due to a very strong demand Directors have resolved to increase the aggregate limit for the Share Purchase Plan dated 24 January 2011 (the SPP) from 7 million new shares to 9 million new shares. The increased limit of new shares to be issued under the SPP represents approximately 11.4% of the currently issued shares.

As a consequence of this aggregate limit increase, the SPP offer will close when applications for 9 million new shares have been receive or on 18 February 2011. At the time of this announcement Korab has received applications for approximately 8.2 million new shares. It is therefore likely that the SPP offer will close early. Applications are being processed in the order in which they are received.

CONTACT

Andrej K. Karpinski - Executive Chairman, in Australia: (08) 9474 6166, International: +61 8 9474 6166

ABOUT KORAB RESOURCES LIMITED

Korab Resources Ltd is an Australian mining and exploration company based in Perth with operations in Australia and Europe. Korab’s quarrying and mining projects include rock phosphate and magnesium. The company also manages exploration projects in Western Australia and the Northern Territory. More information about Korab’s projects can be sourced from our website at www.korabresources.com.au Korab’s shares are listed on Australian Securities Exchange (ASX) and trade on Australian Securities Exchange (ASX) and on the Berlin Stock Exchange (Berliner Börse).

ASX KOR Last price AU¢ 41

BERLIN C6S.BE Last price € 0.30

Issued capital 79 million shares

Market capitalisation AU$ 32 million € 24 million

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LEVEL 1, SUITE 6, 100 MILL POINT ROAD, SOUTH PERTH, WA, 6151 AUSTRALIA PO BOX 195, SOUTH PERTH, WA, 6951 AUSTRALIA TEL (08) 9474 6166 FAX (08) 9474 6266 ACN 082 140 252

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