ORE RESOURCES LIMITED — Capital/Financing Update 2011

Aug 29, 2011

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ASX Code: TNV

23 August 2011

To: Company Announcements Office

Australia Securities Exchange Level 4 Exchange Centre 20 Bridge Street Sydney NSW 2000

UPDATED STATEMENT OF COMMITMENTS

Terranova Minerals NL (the “Company”) provides the following table that sets out the intended application of funds raised under the Prospectus on the basis of the Company having raised $4,500,000 under the Offer over a two year period.

	Funds Raised$4,500,000
Item
YEAR 1
Exploration and evaluation ofBeete Gold Project
	$210,000
Exploration and evaluation ofPeninsula Gold Project
	$360,000
Exploration and evaluation ofCrawford Project
	$120,000
Costs of Offer	$553,075
WorkingCapital	$603,463
Administration Costs	$400,000
TOTAL YEAR 1	$2,246,538
YEAR 2
Exploration and evaluation ofBeete Gold Project
	$450,000

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Exploration and evaluation ofPeninsula Gold Project
	$720,000
Exploration and evaluation ofCrawford Project
	$80,000
WorkingCapital	$603,462
Administration Costs	$400,000
TOTAL YEAR 2	$2,253,462
TOTAL YEARS 1 & 2	$4,500,000

Yours faithfully

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Matthew Foy Director