LIVIUM LTD — Interim / Quarterly Report 2011

Jan 30, 2011

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QUARTER ACTIVITIES REPORT

For the period ending December 2010

Midwinter Resources NL (ASX: MWN) is pleased to report the following achievements for the December 2010 quarter:

Highlights

• Successful maiden drill programme confirms potential for economic magnetite mineralisation with best intercepts

• 37m @ 36.60% Fe from 13m Cal One

• 13m @ 32.86% Fe from 16m Cal One

• 11m @ 29.82% Fe from 96m Cal One

• 20m @ 27.24% Fe from 41m Klip Two

• Mineralized drill intersections correlate with surface expression and magnetic anomalies

• Drill results confirm the validity of over 28km of magnetic targets generated by detailed aerial magnetic surveying.

• The largest continuous magnetic anomaly has 10km of strike

• Drill assays confirm very low impurity levels within the BIF mineralisation

• Mineralization is coarse‐grained and is expected to be amenable to low cost concentration processes

• Davis Tube Recovery test work commenced.

NORTHERN LIGHTS IRON ORE PROJECT – LIMPOPO PROVINCE RSA

Northern Lights (the Project) is a magnetite iron ore project in a known iron ore province of the Limpopo District in the Republic of South Africa. The Project area displays surface outcrop of magnetite and has had limited exploration carried out previously.

Drilling has confirmed the nature of the mineralization and the potential the Project has for hosting significant magnetite resources within the metamorphosed Banded Iron Formations (“BIFs”). The mineralization is similar in style to that defined by Ferrum Crescent Ltd at the Moonlight Project to the south (310Mt @ 29% Fe[#1] ) and Kumba’s Zandrivierspoort deposit to the east (520Mt @ 35% Fe[#2] ‐ The latter resource is not considered to be JORC compliant).

References : #1– source Ferrum Crescent ASX announcement 1 September 2010 #2 G. du Plessis, G.J. Jonck and R. Kruger, 1997; Potential low‐grade iron ore deposits in metamorphosed banded iron formations, Northern Province, South Africa. Mineralium Deposita 32: 362–370)

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Midwinter Resources NL – December 2010 Quarterly Activities Report

The course grain‐size, and similarity with deposits reported by du Plessis, Jonck and Kruger suggest there is a strong possibility that the BIFs at Northern Lights are capable of producing high quality Fe concentrates.

Location and Infrastructure

The distance by sealed road from Pretoria, South Africa, to the Northern Lights Project, is approximately 400km. The Project is within an area of current groundwater harvesting and is only 4km from the Limpopo River. The Project is surrounded by excellent infrastructure:

• National highways connecting Project area to Pretoria the national capital and Johannesburg the centre of South Africa’s gold mining industry

• 80km from a railway line which connects to the steel mills located around Pretoria. Annual installed steel production capacity in South Africa is approximately 8Mt/yr.

• High voltage powerlines transgress the Project area providing a connection to the nearby Matimba Power Station (4GW) which is adjacent to the 4.8GW Medupi Power Station (under construction).

DECEMBER QUARTER DRILLING

The successful maiden drilling programme comprised a total of 37 RC holes for 3,508m (average depth of 95m down hole). The aim of the programme was to determine the source of a number of significant magnetic anomalies within an area of ~80km[2] . The exploration program was successful in locating magnetite mineralization, confirming the nature of the source of the anomalies identified by a helicopter based magnetic survey completed in the September quarter. The magnetite is contained within recrystallised Banded Iron Formation (BIF) now known from drilling to be continuous to depths of between 50 and 100m with the mineralization remaining open down‐dip and along‐strike. The assay results confirm the magnetite rich BIF is very low in deleterious elements such as sulphur and phosphorous (Table 1). Further assays are anticipated early in the March quarter.

A strike of over 28km of magnetic targets remains to be tested. The largest continuous anomaly, yet to be drilled, is approximately 10km in length. Most of this anomaly is located on a prospecting right application which the company anticipates will be granted in the near future thus providing access for drilling. This anomaly is situated 4 km to the east of Klip Two where recent drilling confirmed high‐grade mineralization.

The drill sections completed over magnetic anomalies in the 2010 campaign s shown in Figure 1.

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Midwinter Resources NL – December 2010 Quarterly Activities Report

Table 1 Drill hole assays received during the December quarter

Hole Id	East (UTM)	North (UTM)	RL (m)	**Dip **	Azimth Magnetic	**EOH **	From (m)	To (m)	Interval (m)	Fe (%)	Al2O3 (%)	SiO2 (%)	S (%)	P (%)	LOI (%)	Prospect
10NLR001	607500	7454300	828	‐60	360	80	16	29	13	32.86	1.44	45.55	**0.009 **	**0.078 **	0.85	Cal One
10NLR002	607500	7454248.2	829	‐60	360	100	13	50	37	36.28	1.85	41.22	**0.006 **	**0.067 **	0.44	Cal One
10NLR003	607498	7454208.2	829	‐60	360	102	41	44	3	33.60	0.72	40.80	0.034	0.09	3.8	Cal One
10NLR004	607500	7454350	828	‐60	360	100	No significant result									Cal One
10NLR005	607500	7454150.7	829	‐60	360	120	70	71	1	22.95	3.08	57.00	0.479	0.03	1.3	Cal One
							74	77	3	32.10	3.69	45.20	0.068	0.03	0.5	Cal One
							90	92	2	27.44	4.57	48.10	0.061	0.05	0.2	Cal One
							96	107	11	29.82	3.67	48.05	0.070	0.05	0.2	Cal One
10NLR006	609651	7454136	833	‐60	360	102	No significant result									Cal Two
10NLR007	609646	7454084	833	‐60	360	102	48	50	2	33.65	1.68	44.60	0.059	0.07	0.9	Cal Two
10NLR008	609647	7454033	833	‐60	360	102	19	23	4	28.58	5.02	46.80	0.06	0.03	1.5	Cal Two
10NLR009	610290	7452414	844	‐60	360	102	80	83	3	38.76	0.70	39.80	0.009	0.04	1.1	Cal Three
10NLR010	610301	7452364	844	‐60	360	102	No significant result									Cal Three
10NLR011	610305	7452314	844	‐60	360	108	98	100	2	23.78	4.28	53.30	0.280	0.05	0.0	Cal Three
10NLR012	610297	7452514	844	‐60	360	34	No significant result									Cal Three
10NLR013	609396	7450901	838.5	‐60	360	96	No significant result									Cal Four
10NLR014	609400	7450847	838.5	‐60	360	102	No significant result									Cal Four
10NLR015	609401	7450574	840	‐60	360	102	No significant result									Cal Four
10NLR016	613819	7450552	864	‐60	020	72	No significant result									Klip Two
10NLR017	613802	7450502	864	‐60	020	106	No significant result									Klip Two
10NLR018	613786	7450456	864	‐60	020	102	41	61	20	27.24	4.92	47.22	0.08	0.06	0	Klip Two
10NLR019	613770	7450408	864	‐60	020	102	No significant result									Klip Two
10NLR020	613677	7452561	852	‐60	360	72	No significant result									KlipOne

Figure 1. Drill plan over total magnetic intensity image (datum WGS84, Zone 35S)

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Midwinter Resources NL – December 2010 Quarterly Activities Report

Drill intersections have been correlated with outcrop of BIF and BIF float. In many locations surface expression of the magnetic anomaly source is obscured by a veneer of wind‐blown sand which is generally less that 2m thick. Trenching has proved to be a successful tool to determine near‐surface thickness of the BIFs causing the magnetic anomalies and this trenching has aided the extrapolation of drill intersections to the surface in areas where outcrop has been obscured. Compilation of this data (outcrop, drilling and trenching) has led to the construction of geological cross sections through the areas drilled. An example section is shown below in Figure 2, where BIF mineralisation has been mapped over a 2 km strike distance.

Figure 2 Cross‐section 607 500mE looking west from Cal One Prospect.

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METALLURGICAL TESTING

Sample preparation for initial Davis Tube Recovery test work has commenced. The tests will continue into the March quarter in conjunction with further field examination of the deposits.

CORPORATE

Midwinter is well funded with cash of $3.1 million and cash backing of 10 cents per ordinary share at 31 December 2010. Midwinter’s market capitalisation is currently $5.7 million.

Investors wanting more information n Midwinter should contact:

Martin Pyle Bryan Dixon Chairman Non Executive Director T: +61 (0) 429 999 552 T: +618 9322 6451

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Midwinter Resources NL – December 2010 Quarterly Activities Report

Competent Persons Statement:

The information contained in the report that relates to Exploration Results of projects owned by Midwinter Resources NL is based on information compiled or reviewed by Mr. Brendan Cummins, who is an employee of the Company. Mr. Brendan Cummins is a Member of the Australasian Institute of Geoscientists 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. Brendan Cummins 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.

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