PAINCHEK LTD — Share Issue/Capital Change 2012

Apr 26, 2012

MERAH RESOURCES LTD ACN 146 035 127 T +61 892004436 Level 2 F +61 8 92004437 79 Hay Street E admin@merahresources.com.au SUBIACO, WESTERN AUSTRALIA, 6008 W merahresources.com.au

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19 April 2012

Fiona Murphy Australian Securities Exchange Limited Exchange Plaza 2 The Esplanade PERTH WA 6000

Dear Fiona,

MERAH RESOURCES LIMITED – SUMMARISED DETAILS OF RESTRICTED SECURITIES

Ordinary Fully Paid Shares
9,225,000	24 months from date of official quotation of the
	Company’s securities on ASX.
1,350,000	12 months from the date of issue of securities being
	4thMay 2011
500,000	12 months from the date of issue of securities being
	25thAugust 2011
150,000	12 months from the date of issue of securities being
	17thApril 2012

500,000150,000	4thMay 201112 months from the date of issue of securities being25thAugust 201112 months from the date of issue of securities being17thApril 2012
11,225,000
Options exercisable at $0.20 on or before 31 August 2015
7,000,000	24 months from date of official quotation of the
	Company’s securities on ASX.

**Performance **	Rights Aexpiring on 31 October 2013
1,000,000	24 months from date of official quotation of the
	Company’s securities on ASX.

**Performance **	Rights Bexpiring on 31 October 2015
1,000,000	24 months from date of official quotation of the
	Company’s securities on ASX.
**Performance **	Rights C expiring on 31 October 2016
1,000,000	24 months from date of official quotation of the
	Company’s securities on ASX.

Yours faithfully,

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David Deloub Managing Director