RIEDEL RESOURCES LIMITED — Capital/Financing Update 2012

Apr 23, 2012

==> picture [180 x 72] intentionally omitted <==

ASX ANNOUNCEMENT

24 April 2012

COMPANY DIRECTORS Mr Ian Tchacos Non-Executive Chairman

Share Placement

Mr Bruce Franzen Executive Director

Riedel Resources Limited ( “Riedel” or “the Company” , ASX: RIE) is pleased to announce that it has agreed to raise approximately $2.2 million before costs under a placement of up to 19,130,435 ordinary shares at $0.115 per share to sophisticated and professional investors (the “Placement”). Patersons Securities Limited is Lead Manager to the Placement.

Mr Jeffrey Moore Managing Director

Mr Andrew Childs Non-Executive Director

Mr Wolfgang Zimmer Non-Executive Director

HIGHLIGHTS

COMPANY SECRETARY

Mr Bruce Franzen

• Placement to raise approximately $2.2 million before costs, up to 19,130,435 ordinary shares at $0.115 per share

CONTACT DETAILS Principal & Registered Office Suite 1 45 Ord Street West Perth WA 6005 Australia

• ─ Tranche 1 Placement of up to 10,120,714 shares to raise approximately $1.16 million before costs

Postal Address PO Box 1559, West Perth WA 6872

• ─ Tranche 2 Placement up to 9,009,721 shares to raise approximately $1.04 million before costs

Website www.riedelresources.com.au

Email admin@riedelresources.com.au

Tranche 1 of the Placement, being up to 10,120,714 shares will be issued under Listing Rule 7.1, 15% capacity. It will subsequently be put to shareholders and ratified at a General Meeting to be held in late May 2012.

Phone +61 8 9226 0866

Facsimile +61 8 9486 7375 ABN:91 143 042 022 ASX CODE: RIE, RIEO

Tranche 2 of the Placement, being up to 9,009,721 shares to be issued following approval by shareholders at a General Meeting to be held in late May 2012.

Commenting on the Placement, Riedel’s Managing Director Jeff Moore said “Funds raised from the Placement will allow Riedel to greatly accelerate exploration in Western Australia and Burkina Faso. The primary application of funds will be to identify and drill high-order targets at Marymia in Western Australia and at the Tagou, Galgouli South and Gonsin Projects in Burkina Faso.

The Company has already commenced a 5,000 metre auger drilling programme at the Gonsin project in Burkina Faso.

==> picture [64 x 104] intentionally omitted <==

The next phase of exploration underway and planned by the Company for 2012 represents an significant opportunity to increase shareholder value upon exploration success”.

==> picture [65 x 66] intentionally omitted <==

==> picture [141 x 56] intentionally omitted <==

For further information please contact:

Bruce Franzen Executive Director Riedel Resources Limited Tel: +61 8 9226 0866 Email: bruce.franzen@riedelresources.com.au

Jeffrey Moore Managing Director Riedel Resources Limited Tel: +61 8 9226 0866 Email: j.moore@riedelresources.com.au

About Riedel Resources Limited

Riedel Resources Limited is an Australian-based exploration company established to explore for and develop mineral deposits. Since listing on ASX on 31 January 2011 the Company has successfully secured the services of a core team of experienced corporate and technical professionals, experienced in all facets of exploring and developing minerals deposits in Australia and overseas.

Further information can be found on Riedel Resources at the Company’s website www.riedelresources.com.au

Page 2