PLATINA RESOURCES LIMITED — Capital/Financing Update 2012

May 29, 2012

30[th] May, 2012

SCOPING STUDY TENDER AWARDED FOR OWENDALE PLATINUM & SCANDIUM PROJECT

ASX Release: PGM

The Company is pleased to confirm that the Scoping Study on the Owendale Platinum & Scandium Project in central New South Wales is set to commence on the 4[th] of June. The scope of work has been awarded to Battery Limits Pty Ltd, a metallurgical consulting group based in Perth, Western Australia. The Study is anticipated to be completed in the third quarter of 2012.

The Scoping Study will focus dominantly on the metallurgical extraction and recovery of platinum using gravity methods. Recommendations for the recovery of scandium are also anticipated, and the Company will pursue any suggestions that have merit. .

Included within the Scoping Study will also be a pit optimisation study as well as a basic Financial Model to assist the Company in planning its further exploration and development activities.

Concurrent with the Scoping Study, the Company will conduct a limited reverse circulation drilling programme to evaluate additional prospects within the Owendale Project licence area where additional platinum and scandium mineralisation is anticipated.

Further details on the Owendale Platinum & Scandium Project can be found on the Company’s website www.platinaresources.com.au/projects/owendale

Yours faithfully,

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Robert W. Mosig

Managing Director

For further information, please contact: Office: +61-7 5580 9094 Email: admin@platinaresources.com.au Website: www.platinaresources.com.au