LIVIUM LTD — Capital/Financing Update 2011

Sep 13, 2011

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ASX ANNOUNCEMENT 14 September 2011

STRATEGIC EXPLORATION TENURE GRANTED IN SOUTH AFRICA

Highlights

• DMR grants Woolwich Prospecting Right

• Proof‐of‐concept drilling confirms BIF potential

• Next exploration target identified by magnetics

• Drilling to commence in October

Introduction

Midwinter Resources NL (“Midwinter” or “the Company”) (ASX Code: MWN) is pleased to announce that the South African Department of Mineral Resources (DMR) has granted a Prospecting Right for iron, titanium and vanadium over the Woolwich Magnetic Anomaly, which is located to the east of the Northern Lights Magnetite project area in the Limpopo Province of the Republic of South Africa, approximately 350 km north of Johannesburg.

The new Prospective Right covers the most prominent magnetic anomaly identified in high resolution magnetic surveys flown by MWN’s South African subsidiary, Capricorn Iron, in 2010, and is adjacent to areas successfully drilled in 2010.

Managing Director Adrian Griffin said the granting of the new Prospecting Rights offered an exciting opportunity to further enhance the prospectivity of the Limpopo Iron Province.

“Woolwich is the largest, but by no means the only, major magnetic anomaly in the area we’re keen to explore. The Limpopo Iron Province is by far the most exciting iron ore exploration region in southern Africa and we have a dominant ground position over it, with applications over more than 3,000km² of tenements in the region.”

Proof-of-concept drilling

In 2010, proof-of-concept drilling was undertaken by drilling magnetic anomaly targets on the Northern Lights tenement package. The drilling confirmed the anomalies as banded iron formations (BIF), which subsequent work identified as having the potential to produce high quality magnetite concentrates with the following characteristics:

• Iron recovery 85-90%

• Iron (Fe) 69.9%

• SiO2<2.5%, Al2O3<1.5%, P<0.01%

An example cross section of the 2010 drilling is shown in Figure 1.

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Figure 1 Cross section drilled through Klip One in 2010 (grid squares 50m). Details of intersections appear in previous ASX announcements.

In 2010 Midwinter commenced its drilling program on granted tenure in the western portion of the Northern Lights tenement package considered prospective for iron ore. At that time the larger and more continuous anomalies on Prospecting Right applications adjacent to, and to the east (as shown in Figure 2), had not been granted.

With the successful grant of the eastern tenure, Midwinter is now able to commence a drilling program in this area.

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Figure 2 Areas drilled in 2010 confirmed the presence of magnetite in banded iron formation. The largest of the anomalies, Woolwich, is shown on the highlighted area to the east. Grid squares are 5km. Blue outlines show newly grated tenure. Red outlines show prior granted tenure.

The Woolwich magnetic anomaly has a length of about 15km and width of up to 500m and drilling, subject to contractor availability, is due to commence in October 2011.

The initial program will provide a detailed control cross section across the central portion of the anomaly and if successful, will be followed up with step-out drilling designed to test continuity over the full strike length of the anomaly.

Regional Exploration

The newly granted Prospecting Right will not only provide access to the Woolwich anomaly, but also the very prominent Halla magnetic feature shown on the extreme right hand side of Figure 3.

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Figure 3 The Woolwich anomaly (central above) exhibits a high intensity magnetic core (red) with a length of about 3km and width of 500m within a broader 15km long magnetic structure. The Halla magnetic feature (extreme right hand side) is the highest order anomaly in the project area.

The results of the drilling program will provide strategic geological data that, together with remote sensing and further magnetic surveys, will be used to evaluate MWN’s exploration portfolio which dominates the Limpopo Iron Province with applications covering almost 3000km[2] over a strike length of 270km (Figure 4).

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Figure 4 MWN applications for prospecting right dominate the Limpopo Iron Province, covering about 3000km[2] over a strike length of 270km.

The area within the Limpopo Iron Province in which abundant BIF’s are present, is comparable in size to the Hamersley Basin (Figure 5). This area will be progressively explored as Prospecting Rights are granted by the DMR, over the existing applications and the Company will continue to review further opportunities in the area.

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Figure 5 Outline of areas subject of MWN Prospecting Right applications with major producing areas of the Hamersley Basin (insert) provided on the same scale as a comparison.

Investors wanting more information on Midwinter should contact:

Adrian Griffin Managing Director

David Tasker / Tony Dawe Professional Public Relations

T: +618 9322 6451 T +618 9388 0944

About Midwinter

Midwinter is focused on advancing the Northern Lights Iron Ore Project in the Republic of South Africa. With over 28km of broad magnetic signatures generated by detailed aerial magnetic survey. The largest continuous anomaly is approximately 15km in length and preparation is being made for an initial drilling program in October 2011.

Assays from drilling and surface iron samples range from 23% to 41% Fe. Mineralization is coarsegrained and amenable to low cost concentration processes. The mineralization exhibits very low impurity levels and is capable of producing very high quality concentrates.

Competent Persons Statement:

The information contained in the report that relates to Exploration Results of projects owned by Midwinter Resources NL and is based on information compiled or reviewed by Mr. Adrian Griffin, who is an employee of the Company and is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being undertaken to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Griffin has given consent to the inclusion in the report of the matters based on his information in the form and context in which it appears.

ENDS