RENEGADE EXPLORATION LIMITED — Capital/Financing Update 2012

Jan 2, 2012

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ASX Release

3 January 2012

OVERLAND RESOURCES LIMITED

Suite 9, 5 Centro Avenue, Subiaco, WA 6008 Australia

Tel: +61 8 9226 5566 Fax: +61 8 9226 2027

Contact: Hugh Bresser Managing Director

E-mail: info@overlandresources.com

EXTENSION TO DUE DILIGENCE PERIOD FOR THE ANYOX COPPER PROJECT

• Exclusive option and due diligence period for the acquisition of 100% of the Anyox Copper Project has been extended until 18 March 2012, to provide the Company sufficient time to review all pertinent Project information.

• The Company has applied for an exploration permit in anticipation of the execution of the definitive agreement so that it will be able to commence a drilling program at the Project shortly thereafter.

Overland Resources Limited (ASX:OVR, “Company”) advises that, to allow it sufficient time to satisfactorily complete due diligence on the acquisition of 100% of the Anyox Copper Project in northern British Columbia, Canada (Figure 1), the vendors of the Project have agreed to extend the Company’s exclusive option and due diligence period until 18 March 2012. This extension has been granted at nil cost to the Company.

The Project area incorporates 72 Crown Granted Claims that cover in excess of 2,500 hectares, centred on the historical high-grade Hidden Creek Copper Mine. Between 1914 and 1935 21.8 million tonnes of ore were extracted from the Hidden Creek Mine at an average grade of 1.57% Cu, 0.17g/t Au and 9.5 g/t Ag.

In anticipation of the successful completion of due diligence and the execution of the definitive agreement the Company recently applied to Energy and Mines of British Columbia for an exploration permit. This will enable the Company to commence field operations and a drilling program shortly after the definitive agreement is executed.

Website: www.overlandresources.com

Directors / Officers:

Michael Haynes Hugh Bresser Anthony Polglase Gibson Pierce Sias Els Nicholas Day

Hugh A Bresser

Managing Director

Issued Capital:

194.1 million shares 15.8 million unlisted options

ASX Symbol : OVR

OVERLAND RESOURCES LIMITED

EXTENSION TO THE DUE DILIGENCE PERIOD FOR THE ANYOX COPPER PROJECT

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OVERLAND RESOURCES LIMITED

EXTENSION TO THE DUE DILIGENCE PERIOD FOR THE ANYOX COPPER PROJECT