REDIVIUM LIMITED — M&A Activity 2009

Mar 23, 2009

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FOX SECURES STRONG SUPPORT FOR HANNANS OFFER

Fox Resources Limited (ASX: FXR) announces it has secured strong support for its takeover offer for Hannans Reward Limited (ASX: HNR), having received pre-bid acceptance commitments from certain Hannans Reward shareholders with respect to 18.95% of Hannans Reward shares.

This gives Fox Resources a relevant interest in Hannans Reward shares of 18.95%.

Fox Resources announced last week its intention to make an off-market offer to acquire all of the shares in Hannans Reward (Offer), in a move that would bring together complementary nickel and iron ore assets.

The all scrip Offer is based on one Fox Resources share, for every two Hannans Reward shares on issue.

Fox Resources Chairman Terry Streeter said the strong show of support from certain Hannans Reward shareholders highlights there are recognisable benefits of combining the assets of the two organisations.

“We believe this represents a natural fit, at the right time, and the high level of pre-bid acceptance commitments highlights that shareholders see a compelling case,” Mr Streeter said.

“Through the proposal, Hannans Reward shareholders have the opportunity to retain exposure to the long term development of Hannans Reward's nickel and iron ore assets under Fox Resources, and benefit from our strong exploration focus and marketing links through marketing partner Jinchuan Group Limited - China's largest producer of nickel, and a major Fox Resources shareholder,” Mr Streeter said.

The pre-bid acceptance agreements, which cover 18.95% of Hannans Reward shares, are subject to certain conditions. Provided these conditions are met, the relevant Hannans Reward shareholders will accept Fox Resources' Offer for those shares.

In accordance with the Corporations Act, Fox Resources expects to dispatch its Bidder's Statement to all Hannans Reward shareholders containing detailed information relevant to the Offer as soon as practicable.

Fox Resources is being advised by Blake Dawson.

For further details please contact:

Bruno Seneque, Fox Resources Managing Director

Bruno Seneque, Fox Resources Managing Director +61 8 9318 5600 Warrick Hazeldine – Purple Communications +61 8 9485 1254

1 Tully Road, East Perth WA 6007 Tel: 61 8 9318 5600 Fax: 61 8 9318 5666 Web: www.foxresources.com.au Email: fxr@foxresources.com.au

About Fox Resources

Fox Resources is a nickel focused metals developer, with a substantial resource footprint in the world-renowned Pilbara region.

Fox’s Radio Hill project has been producing and shipping nickel and copper concentrate for more than four years. It was placed on care and maintenance during 2008 following adverse movements in nickel prices.

The project offers the advantages of established infrastructure, including a new 84 man village, a 425,000 tonne per annum nickel processing plant, a fully developed underground mine at Radio Hill and concentrate storage facilities at the Port of Dampier, 40km from the Radio Hill Mine. The concentrates produced at Radio Hill are also high value due to their low levels of magnesium oxide and arsenic.

Fox Resources has an off-take arrangement in place with marketing partner Jinchuan Group Limited - China's largest producer of nickel, and a major Fox Resources shareholder. The Company has also the benefit of a highly experienced Board and management team, with particular expertise in the development of major nickel projects.

The Company is also advancing its substantial Mount Oscar magnetite project in the Pilbara, where it has met its target of delivering an initial JORC resource estimate during the first half of 2009.

Fox Resources and Hannans Reward projects

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