Metals X Limited — Capital/Financing Update 2011

Apr 12, 2011

ACN 110 150 055

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Metals X Acquires 17.11% Interest in Alamar Resources Limited

13 April 2011 (Perth, WA)

Metals X Limited is please to advise that it has increased its holding in Alamar Resources Limited (“Alamar”) (ASX: ALG) to 17.11% from 3.48% following its participation in Alamar’s recent capital raising and acquisition of exciting gold assets in Mongolia.

Alamar has acquired all the issued capital and assets of MRCMGL LLC (“MRC”) to make it a wholly owned subsidiary.

Alamar has advised its initial focus is to upgrade and increase production from its gold assets located within the North Khentei gold belt of Mongolia. This gold belt includes several historical mines and deposits including the Boroo and Gatsuurt gold mines, Bumbat, Erren, Khargant and Sujigtei gold deposits.

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Alamar’s two key projects are:

1. Kargana (Blue Eyes) Gold Project (85%)

The Blue Eyes Gold Project contains an existing mining operation that has mined for over 80 years by artisanal miners. MRC has commenced mining with development advancing on three levels at 60m, 120m and 150m vertical depth.

The existing plant at Blue Eyes consists of a Jaw Crusher, Hammer Mill, two Ball Mills, four shaking tables, and a tailings dam. Current capacity of the plant is 50tpd (tonnes per day). Work has commenced on an upgrade to increase capacity to 200tpd and addition of a CIP circuit.

Metals X Limited Level 3, 123 Adelaide Tce, East Perth WA 6004 T +61 8 9220 5700 F +61 8 9220 5757 info@metalsx.com.au http://metalsx.com.au/

2. Sujigtei Gold Project (90%)

The Sujigtei Project is located approximately 7km North East of the Blue Eyes Project on the same mineralised trend.

Sujigtei was actively explored and developed in the late 1960’s by the East German Geological Department, with exploration adits driven along the main vein on 5 levels and over a vertical extent of 150m.

In recent years the Sujigtei project has been worked by various artisanal mining groups, with exceptionally high grade vein material processed at the Bornuur community milling facility.

In addition to the gold prospects, MRC holds exploration permits covering the Barglit Iron Ore Prospect and the Doshin Thermal Coal Prospect.

No JORC compliant resources currently exist at either of the projects. A detailed drilling and sampling program is planned to begin in the near future to define JORC compliant resource estimates.

Metals X Managing Director said:

“Following a recent visit to the projects in Mongolia, Metals X considers the projects to have outstanding potential for significant gold discoveries and low cost production. We are pleased to join with the majority Mongolian ownership in Alamar as a platform to build a specialist Mongolianfocused gold company”.

Enquiries

Warren Hallam Managing Director

Scott Huffadine Executive Director

End

Metals X Limited Level 3, 123 Adelaide Tce, East Perth WA 6004 T +61 8 9220 5700 F +61 8 9220 5757 info@metalsx.com.au http://metalsx.com.au/