MINERAL RESOURCES LIMITED — Capital/Financing Update 2012

Apr 9, 2012

10 April 2012

Final $21M payment successfully completes the Mineral Resources Limited transaction

Highlights

• Final payment of $21 million received from Mineral Resources Limited for the Lamb Creek and Yandicoogina Creek satellite tenements.

• This payment represents the final step of the transaction announced in October 2011.

• It is the third transaction successfully initiated, executed and completed by the IOH team in the past seven months.

• IOH now has a cash position of more than $120 million.

Iron Ore Holdings Limited ( IOH ) is pleased to announce that it has received $21 million in cleared funds for the sale of the Lamb Creek and Yandicoogina Creek satellite tenements to Mineral Resources Limited (ASX: MIN ).

The sale of these tenements together with the Phil’s Creek tenement, in the Central Pilbara region of Western Australia, formed the transaction with Process Minerals International (PMI), a wholly owned subsidiary of Mineral Resources Limited.

When the transaction was originally announced on 13 October 2011, PMI paid a $5 million deposit with the remaining $37 million to be paid in two stages when the Phil’s Creek Mining Proposal was approved by the Department of Mines and Petroleum. Following that approval, IOH received a $16 million payment from PMI for the transfer of the Phil’s Creek tenement on 6 March 2012.

The remaining payment of $21 million for the Lamb Creek and Yandicoogina Creek tenements was then required within 30 days.

Managing Director, Alwyn Vorster, indicated that this is the third transaction that has been successfully initiated, executed and completed by the IOH team in the past seven months, the others being the divestment of Koodaideri South tenement to Rio Tinto and the acquisition of the Mardie coastal tenement in the West Pilbara.

“The completion of this transaction reinforces IOH’s transactional abilities and takes the IOH cash balance above the $120 million mark, which is more than 40 per cent of our current market capitalisation.

“IOH will now focus its development activities on the Western Pilbara, with a pre-feasibility study of the Bungaroo South project and the ongoing exploration programs at Maitland River, Western Satellite deposits and Mt Dempster which will deliver resource announcements during CY2012.

“In addition to this technical program, IOH is also continuing to actively consider other resource investment opportunities in Australia and offshore,” Mr Vorster said.

ENDS

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Corporate Profile (as at 30 March 2012)

Iron Ore Holdings Ltd (ASX: IOH) owns and manages a portfolio of hematite and magnetite iron ore tenements and projects within its Central, Western and Coastal hubs in the Pilbara region of Western Australia. The Company’s projects are all strategically located within close proximity to existing and planned infrastructure. IOH has a stable share register as well as an experienced Board and senior management team.

Ordinary Shares on Issue : 163,072,808

Board of Directors:

Hon Richard Court AC Alwyn Vorster Mal Randall Brian O’Donnell Ryan Stokes

Non-Executive Chairman Managing Director Non-Executive Director Non-Executive Director Non-Executive Director

Company Secretary:

Simon Robertson

Executive Team:

Alwyn Vorster Managing Director Christian Johnstone Chief Financial Officer Brett Hazelden GM Project Development Zen Davison GM Business Development Manohar Ghorpade Chief Geologist

Registered Office:

Level 1 1 Altona Street West Perth, WA, 6005

T: (08) 9483 2000 F: (08) 9321 0322 E: info@ironoreholdings.com W: www.ironoreholdings.com

Share Registry:

Security Transfer Registrars Pty Limited. 770 Canning Highway Applecross, WA, 6153 www.securitytransfer.com.au

Major Shareholders:

Wroxby Pty Ltd 52.1 per cent Sumisho Iron 4.3 per cent

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