MURRAY COD AUSTRALIA LIMITED — Capital/Financing Update 2012

Mar 22, 2012

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23 March 2 012 ASX Announcement

ASX Code:TPR

EXPLORATION AND STRATEGIC UPDATE

• 625m of Diamond drilling completed. Economic mineralisation of Friesian Anticline tested

• 1,680m of IP Geophysics completed, identifying new potential targets

• Timpetra undertaking strategic review of the Lockington Project - Company to incur only maintenance costs

 Targeted acquisition strategy

Results from Third Phase Drilling

Timpetra R esources L imited (“Timpetra”) a n nounces t h at the thir d phase dri l ling at Loc k ington ha s been co m pleted. D uring Jan u ary 2012 , diamond drill hole LODT006 reached a depth o f 650 metre s with the t win aims o f testing t h e hanging wall mineralisation, and targete d economi c widths an d gold grades within the Friesi a n Anticline. This mineralisatio n was beli e ved to b e associate d with a ma j or structur a l break of t he Lockin g ton Fault across the F riesian Anticline. Thi s hole was a lso seen a s an opportunity to co n firm the m o delled geology.

It was anti c ipated tha t similar gr a des would be observ e d as those in LODT0 0 4-W1 (4m @ 2.48g/t) . However, a repetitio n of mineralisation wa s not obse r ved as LODT006 pa s sed 18m s outh of th e LODT004-W1 interc e pt. An int e rcept of 1 m @ 0.85g/t (from 57 0 m) was t h e most no t able of th e gold assa y s returned through th e Friesian A nticline zo n e.

This hole h as shown that mineralisation in the Friesi a n Anticline is localise d to discre t e zones o f quartz fille d fracturing adjacent t o the anticlinal axis. ( F igure 1)

Some sig n ificant gol d values as s ociated wi t h shallow n orth-west dipping vei n s and faults higher i n the hangi n g wall wer e returned, with a ma x imum val u e of 3.59 g /t gold fro m 156.4 metres dow n hole from a 0.4 metre thick quartz vein.

Hole	From (m)	To (m)	Thickn (m ess )	A (g/ u t)
LODT006	109 .1	111. 4	2.3	1.6 2
LODT006	117 .2	117. 7	0.5	2.6 5
LODT006	155 .5	157. 3	1.8	2.5 8

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Figure 1 Cross Section 5980940N with recent diamond drill hole LODT006

Geophysics: IP Survey

Timpetra c ompleted a n IP (Induced Polari s ation) trial geophysic s survey a c ross the s o uthern en d of the Loc k ington Ea s t Prospect. At least f o ur anomali e s can be s een in the IP Charge a bility imag e (Figure 2). Of these a nomalies, t he followi n g two are i d entified as potential s u lphide drill targets:

Anomaly 1: C entred on 2 78370E, - 7 5 m (AHD). This an o maly is on the projected Friesia n A nticline, and

Anomaly 2 : C entred on 278770E, -225 m ( A HD). Thi s anomaly correspon d s with th e southerly pr o jection of t he Jersey S yncline.

In 2005, G old Fields drilled 05LODH003 t o test the gold occurr e nce in air c ore hole 0 4 LOKC068 , which inte r sected hig h arsenic a n d gold val u es (1.82 g / t Au, and 4 730 ppm A s). The IP Anomaly 2 in Figure 2 shows th a t the prob a ble sourc e for this aircore hit is deeper th a n that tested by Gol d Fields. It i s possible t herefore, t h at gold mi n eralisation could occ u r at depth.

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Figure 2 Modelled IP Chargeability section 5979300N

AirCore h o le 04LOK C 074 drilled just east o f the Friesi a n Anticlin e was also a nomalous in gold an d arsenic (0 . 11 and 21 3 ppm res p ectively). As gold is known to m igrate in t h e weathe r ed zone o f basement rocks, th e presence of gold m ineralisati o n in this AirCore h o le is an indicator o f mineralisa t ion at gre a ter depths, possibly r e lated to Anomaly 1.

These ge o physics a n omalies provide rea d y-to-drill o pportunitie s , and align well wit h structure s observed t o the nort h . Minerali s ation is known to coi n cide with a nticlines a n d synclin e s, and thu s provide at t ractive foll o w up drill t a rgets.

Exploration Overview

In less th a n 12 months of drilling over thr e e phases, Timpetra h as comple t ed diamo n d drilling o f over 3.9 k m in 6 holes from surf a ce plus 2 wedge hol e s on the Lockington S outh Pros p ect. Whil e these pro g rams hav e not resulted in the discovery of an ore body as y e t, a large amount o f encouragi n g geologi c al data ha s been coll e cted allowing for a m u ch more c o mplete un d erstandin g of this “bli n d” gold occurrence. T impetra b e lieves tha t the work that has be e n done d e monstrate s that signifi c ant gold m ineralisati o n is prese n t, and that geophysic s is applic a ble in sele c ting furthe r drill target s . Accordi n gly, the Company vie w s the Loc k ington Project, as hav i ng consid e rable merit, warranting further drilling.

Timpetra h as only te s ted the 3. 5 km long L ockington S outh Prospect. The more than 10 km lon g Lockingto n East Prospect has h a d little atte n tion, and r emains es s entially un t ested.

Strategic update

The Boar d of Direct o rs is unde r taking a s t rategic review on its Lockington Project b a sed on th e assay and IP survey r esults ach i eved to da t e, in line w ith the allocation of e x isting and future cas h resources.

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Timpetra is actively assessing a number of acquisition opportunities with the aim of finalising an acquisition in the current financial year.

Timpetra Chief Executive Officer, Dion Cohen said:

“Although the drilling has not yet resulted in the discovery of an ore body, we have collected a large amount of useful geological data. The IP survey has provided worthwhile drill targets for follow up drilling. The Company does not plan to spend more money on the Lockington Project except for maintenance costs.

The Company has a large cash balance and is well positioned to capitalise on acquisitions that are currently being evaluated. In the last 12 months, we have reviewed over 50 Projects and conducted negotiations on several. At present, we are considering four projects, all of which have considerable merit.”

Statement as to Competency

The Exploration Results in this report have been compiled by Mr Geoff Turner, who is a Member of the Australian Institute of Geoscientists. Mr Turner has more than ten years’ experience in the estimation, assessment, and evaluation of mineral resources and ore reserves, and has more than 20 years’ experience in exploration for the relevant style of mineralisation that is being reported. As such, Geoff Turner qualifies as a Competent Person as defined in the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”.

Geoff Turner is contracted to Timpetra Resources Ltd through his company Exploration Management Services Pty Ltd, and consents to the inclusion in this report of these matters based on the information in the form and context in which it appears.

Forward Looking Statements

This announcement contains certain forward looking statements which, by nature, contain risk and uncertainty because they relate to future events and depend on circumstances that are due to occur in the future.

There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward looking statements.

-- Ends —

For more information:

Timpetra Resources Limited

Dion Cohen (Chief Executive Officer)

+61 2 8298-2008

www.timpetra.com

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