LITHIUM UNIVERSE LIMITED - Capital/Financing Update 2012

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29 November 2012, PERTH

Mbombo Iron Ore Project exploration update

Emerging West Africa focussed resources company Volta Mining Limited (“Volta Mining”) (ASX: VTM) is pleased to provide the first exploration update for its Mbombo Iron Ore Project (the “Project”) in Gabon.

Key Points

» Aeromagnetic data reprocessed resulting in:
- The identification of six (6) high priority targets totalling approximately 20km of anomalous strike length
- Seven (7) new significant target areas identified totalling 40km+, with some magnetic anomalies approximately 10km in strike length
» Surface rock chip results of predominantly weathered BIF/itabirite of 30% - 47% total Fe
» Volta Mining’s exploration team is currently mapping high priority targets
» Due to the encouraging number of new anomalies identified, an exploration target tonnage potential is anticipated in early 2013 upon completion of surface mapping of all priority targets

Exploration Update Summary

Geophysical survey data was acquired by Volta Mining and reprocessed by Core Geophysics, Perth, for the entire Mbombo Iron Ore Project, an area covering 3,922km[2] – Appendix A.

Originally acquired by the Gabon Government in 2006/2007 as part of the EDF funded SYSMIN programme, the airborne survey was flown by Sander Geophysics of Canada on 250m and 500m lines orientated north – south, with a nominal ground clearance of 120m. A total of 28,000 line kilometres was acquired including magnetic, radiometric and elevation data.

As a result of reprocessing the data:

» Six (6) high priority targets were identified or confirmed (labelled zones A-E on Figure 1 ) totalling approximately 20km of anomalous strike length, and
» Seven (7) new significant targets were identified (not labelled on Figure 1 ) totalling 40km+ with some magnetic anomalies approximately 10km in strike length.

The high priority targets were classified as such based on the reprocessed aeromagnetic data and/or historical mapping and historical iron outcrops.

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Figure 1: Volta Mining’s Mbombo Iron Ore Project, Gabon – TMI imagery of priority target areas

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Field Reconnaissance and Surface Samples

Since acquiring the Mbombo Iron Ore Project in August, the Volta Mining geological field team has conducted a site visit to undertake initial mapping and surface rock chip sampling at known historical outcrop locations or areas of iron hosting geology. A total of 21 surface samples were taken from target areas A, C and E. The samples were analysed by Genalysis, South Africa. Selected elements are as follows:

Target	Sample No.	Outcrop locations	Outcrop locations	Fe %	Al2O3 %	MnO %	P %	S %	SiO2 %
		EastNorth
A	SFE07	229301	104029	30.0	0.05	0.03	0.026	X	56.4
A	SFE08	229496	104101	37.3	0.27	0.08	0.044	0.002	45.2
A	SFE09	229510	104179	39.5	0.4	0.09	0.045	0.002	42.2
C	SFE01	238724	61329	37.7	0.03	0.02	0.026	0.016	42.1
C	SFE02	238724	61329	41.9	0.42	0.03	0.054	0.007	36.8
C	SFE03	238712	61297	36.7	0.11	0.02	0.012	0.036	44.3
C	SFE04	238712	61297	38.3	0.17	0.02	0.01	0.047	42.8
C	SFE05	238680	61325	39.6	0.24	0.02	0.04	0.006	38.9
C	SFE06	238680	61325	39.4	0.27	0.02	0.04	0.007	38.9
C	SFE10	243876	59199	37.3	0.08	0.02	0.019	0.005	41.9
C	SFE11	243886	59221	36.9	0.15	X	0.082	0.028	42.5
C	SFE12	243868	59237	43.8	0.48	0.03	0.045	0.016	34.5
C	SFE13	243855	59244	43.9	0.38	0.03	0.12	0.012	32.6
C	SFE14	243869	59256	37.5	0.13	0.02	0.024	0.008	43.8
C	SFE15	243882	59294	39.2	0.17	0.02	0.019	0.006	41.0
C	SFE16	243833	59343	41.9	0.57	0.04	0.046	0.014	37.4
C	SFE17	243908	59166	46.5	0.59	0.04	0.117	0.042	27.7
E	OFE04	200929	34127	42.6	0.39	0.12	0.059	0.011	38.1
E	OFE05	200982	34126	42.5	1.12	0.09	0.019	0.011	36.5
E	OFE06	196861	38664	40.1	1.05	0.08	0.055	0.01	40.0
E	OFE07	196846	38672	40.9	1.08	0.08	0.007	0.016	39.0

Table 1: Volta Mining’s Mbombo Iron Ore Project, Gabon – surface sample analysis results

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Exploration Strategy

Volta Mining’s exploration strategy going forward is to:

» Systematically conduct field reconnaissance to include mapping, trenching and surface sampling on the high priority target areas, in particular target areas B, D and F;
» Complete initial field reconnaissance on the additional seven (7) significant anomalies;
» Re-prioritise the target areas as necessary; and
» Use the field reconnaissance information in conjunction with the reprocessed aeromagnetic data to complete an exploration target tonnage potential for the Mbombo Iron Ore Project.

Field reconnaissance and mapping on priority anomalies has commenced.

Exploration Target Potential

On 20 August 2012, Volta Mining announced the acquisition of the Mbombo Iron Ore Project and at that time indicated that an exploration target potential would be one of the first priorities for the exploration team.

This remains a priority for Volta Mining and the reprocessing of aeromagnetic data assists that outcome.

Due to the very encouraging number of anomalies and a number of new anomalies identified which were previously unknown, this is now expected to be released early 2013.

-ENDS-

For further information please contact:

Company Contact:

Media Contact:

David Sumich Sarah Starick Managing Director Marketing Manager T +61 8 96212 3700 T +61 8 6212 3703 E [email protected] E [email protected]

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About Volta Mining Limited

Volta Mining Limited (ASX: VTM) is an emerging West Africa focussed resources company based in Perth, Australia with current interests in the acquisition, exploration and development of iron ore and gold assets. Its vision is to become a leading mid-cap resources company with advanced, sustainable projects in West Africa.

With a current landholding totalling 5,740km[2 (1)] , Volta Mining is one of the largest holders of prospective iron ore licences in West Africa; positioning it as a significant iron ore participant in the region.

The Mbombo Iron Ore Project in Gabon, Volta Mining’s primary focus, covers an area of 3,922km[2] and lies adjacent to the world class Belinga iron ore deposit. It is synergistic in terms of operations, exploration and future infrastructure with Volta Mining’s to-be-acquired Kango Iron Ore Project[(1)] covering a total area of 1,818km[2] in Gabon.

For more information please visit: www.voltamining.com.au

(1)The Kango Iron Ore Project in Gabon is to be acquired as per binding Heads of Agreement executed on 20 November 2012 and covers a licence area of 1,818km[2] . See ASX Announcement: “Volta Mining to acquire Kango Iron Ore Project in Gabon”, dated 22 November 2012.

Competent person’s statement

The information in this Announcement that relates to Exploration Results is based on information compiled by Mr Liviu Tusa, an employee of Volta Mining Limited and a Member of the Australian Institute of Geoscientists. Mr Liviu Tusa has sufficient experience which is relevant to the style of mineralisation and types of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves.” Mr Liviu Tusa consents to the inclusion in the Announcement of the matters based on his information in the form and context in which it appears.

Disclaimer

The potential quality and grade of an exploration target tonnage potential is conceptual in nature and there has been insufficient exploration completed to date to estimate a Mineral Resource compliant with the JORC Code (2004) guidelines. Furthermore, it is uncertain if further exploration will result in the determination of a Mineral Resource.

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