RIEDEL RESOURCES LIMITED — Interim / Quarterly Report 2011

Jan 29, 2012

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ASX ANNOUNCEMENT

30 January 2011

COMPANY DIRECTORS Mr Ian Tchacos Non-Executive Chairman

Quarterly Activities Report for the Period Ended 31 December 2011

Mr Bruce Franzen Executive Director

Mr Jeffrey Moore Managing Director

Riedel Resources Limited (“Riedel” or “the Company” , ASX: RIE) is pleased to present its December Quarter 2011 Activities Report:

Mr Andrew Childs Non-Executive Director

HIGHLIGHTS

Exploration

 Marymia

Field exploration programmes well advanced with detailed geological mapping, geochemical soil sampling and rock chip sampling over previously unexplored areas

Mr Wolfgang Zimmer Non-Executive Director

COMPANY SECRETARY Mr Bruce Franzen

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

Postal Address PO Box 1559, West Perth WA 6872

 Burkina Faso

Agreement reached to acquire five highly prospective gold permits from Golden Rim Resources Ltd

The permits cover 1,076 km[2] and exhibit:

• ─ major regional structures;

• ─ favourable Birimian Greenstone Belt host rocks;

• ─ areas of artisanal mining;

• ─ high prospectivity for the discovery of significant gold deposits with numerous ‘gold-in-soil’ anomalies and rock chip samples up to 65g/t gold

Website www.riedelresources.com.au

Email admin@riedelresources.com.au

Phone +61 8 9226 0866

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

Multiple drilling targets identified within each permit

Several permits lie along strike from major gold deposits (Konkera 3.1M oz Au) and operating gold mines (Youga 1.1M oz Au and Kalsaka 0.6M oz Au)

Corporate

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•  Total consideration to Golden Rim of US$900,000 cash and 12,500,000 shares of Riedel subject to the completion of due diligence and shareholder and regulatory approvals, if required

• Annual General Meeting of Shareholders was held on November 30, 2011

• Cash at 31 December 2011 – $3.1M

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Riedel’s assets include a portfolio of gold, copper and nickel projects and significant land holdings in prospective areas in Archaean- and Proterozoic-age terranes of Western Australia and the Company is in the process of acquiring Permits with high prospectivity for Proterozoic-age gold mineralisation in Burkina Faso (see Figure 1) . The Company has a mixture of early stage and advanced prospects, with an initial focus on the following four core Projects:

• Marymia (copper, gold, silver, nickel and iron-ore) ;

• Burkina Faso (gold) ;

• Millrose (gold - Inferred Resources of 4.0Mt @ 2.4g/t Au for 309,000 oz) ;

• 1 2

• Cheritons Find (gold - Inferred Resources of 1.4Mt @ 2.4g/t Au for 108,000 oz)

Furthermore, the Western Australian Projects are augmented with a number of additional prospects, including existing joint ventures, royalty agreements and free carried interests.

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Figure 1: Western Australia and Burkina Faso (West Africa) Project Locations

1 Under application

2 Sons of Gwalia – 29 November 2000

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Marymia Project

Exploration Activities

Field exploration programmes commenced in November 2011 at the Company’s Marymia Project in the Doolgunna-Thaduna region of Western Australia’s Mid-West region ( see Figure 2 for project location).

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Figure 2: Marymia Project - Location Map

Exploration commenced with detailed geological mapping, geochemical soil sampling and rock chip sampling. The mapping and soil sampling focused on previously unexplored areas that are prospective for base metals and gold mineralisation and rock chip sampling work focused on another previously unexplored area which is prospective for iron-ore and base metals mineralisation.

In the south-western part of the project area approximately 45 square kilometres was mapped at 1:10,000 scale and 626 soil samples were collected on 400 metre by 100 metre centres and submitted for multi-element assay. Results are pending. The mapping and sampling programmes are designed to test for the presence of geochemical anomalies and for extensions to the copper geochemical anomalies previously identified by Sipa Resources Limited (Sipa) and Lodestar Minerals Limited (Lodestar) adjacent to the south-western portion of the tenement (see Figure 3) .

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Figure 3: Marymia Project – Geological Map highlighting geochemical anomalies

In the northern half of the project area a further 977 soil samples were collected on 400 metre by 100 metre centres within the area considered most prospective and submitted for multielement assay. Results are pending.

Two hundred and sixty eight (268) soil samples and 18 rock chip samples were collected from the eastern part of the project area, a region which shows good prospectivity for base metals and iron-ore, assay results are pending.

The rock chip samples were collected to evaluate outcropping ironstone mineralisation from an area interpreted as belonging to the Frere Formation. This formation has been shown to host significant iron-ore mineralisation in other locations to the south and east of the tenement. Exploration programmes are planned to continue throughout each of these areas with field crews remobilising to site in January 2012.

Project Background

Riedel holds two exploration licences (E52/2394 and E52/2395) covering an area of more than 425km[2] in the highly prospective Doolgunna-Thaduna region of the Proterozoic volcanosedimentary Bryah and Yerrida Basins and Archaean Baumgarten greenstone belt in the Marymia Inlier.

The Marymia exploration licences are located approximately 55 kilometres north-east of Sandfire Resources NL’s DeGrussa copper-gold mine, 12 kilometres east of Sipa’s Thaduna copper prospect and 12 kilometres east-north-east of Ventnor’s Green Dragon and Thaduna copper deposits.

* FIGURES 3-4 SOURCE DATA: Sipa Resources Limited – ASX Release 19 August 2011 Lodestar Minerals Limited – ASX Release 13 September 2011

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Geological Setting

Recent exploration results reported by Sipa and Ventnor highlighted the discovery of significant sedimentary-hosted (the Enigma Prospect) and structurally-controlled copper mineralisation (Thaduna and Green Dragon deposits) in Yerrida Group sedimentary rocks.

The Yerrida Basin is interpreted to be in faulted contact with the sedimentary and volcanic rock package belonging to the Bryah Basin, host to the rich DeGrussa copper-gold deposits, further illustrating the strongly mineralised nature of the entire stratigraphic sequence in the relatively under-explored Yerrida and Bryah Basins.

In addition to the prospective geology hosting the known DeGrussa and Enigma copper mineralisation, the deposits are also characterised by proximity to the regionally significant Jenkin Fault. This combination of favourable geology and structure may represent a highlyprospective exploration target area within a north-east trending, mineralised tectonostratigraphic corridor which trends into the south-western portions of Riedel’s Marymia tenements ( see Figure 4 for regional geological map) .

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Figure 4: Marymia Project - Regional Geological Map

Exploration Targets

Riedel’s Marymia exploration licences hold potential for the discovery of mineral deposits including:

• Sedimentary-hosted copper deposits in Proterozoic Yerrida Basin stratigraphy which onlaps the Marymia Dome, and;

• Structurally controlled gold, copper and nickel deposits in the Baumgarten Greenstone Belt of the Archaean Marymia Inlier.

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With drilling programs either underway or planned by Sipa and Lodestar, together with Ventnor Resources Limited Thaduna Project, there are now four companies (including Riedel) who are actively exploring in close proximity to Riedel’s Marymia Project.

Burkina Faso Projects

On 15 November 2011, the Company announced that is has reached agreement with Golden Rim Resources Limited ( “Golden Rim” , ASX: GMR) for the right to acquire 100% interests in five highly prospective exploration permits in Burkina Faso.

Key characteristics and transaction highlights on this compelling exploration opportunity include:

• Total acquisition consideration to Golden Rim of:

• ─ cash payment of US$900,000, and;

• ─ scrip payment of 12,500,000 fully paid ordinary shares of Riedel (may be subject to shareholder and regulatory approval), all scrip consideration to be escrowed voluntarily for 12 months from issue.

• The permits (Galgouli South, Gonsin, Keri, Moaga and Tagou – see Figure 5) encompass a total area of 1,076 square kilometres, and exhibit:

• ─ major regional structures;

• ─ favourable Birimian Greenstone Belt host rocks;

• ─ areas of artisanal mining, and;

• ─ high prospectivity for the discovery of significant gold deposits with numerous ‘goldin-soil’ anomalies and rock chip samples up to 65g/t gold.

• Multiple drill targets have been identified within each permit and several permits lie along strike from major gold deposits (Konkera 3.1M oz Au) and operating gold mines (Youga 1.1M oz Au and Kalsaka 0.6M oz Au).

• Riedel has already concluded site visits and due diligence was completed during December 2011.

• Burkina Faso contains 22% of West Africa’s Birimian Greenstone Belts compared to Ghana’s 19% and Mali’s 10% but lags these countries in gold production due to lack of exploration investment to date.

• Burkina Faso appointments of:

• ─ in-country Representative, Mohammed Munkailah;

• ─ exploration management team, and;

• ─ preferred contractors to support the planned activities for the current field season.

• Early commencement of field programmes directed by Exploration Manager Ed Turner in Burkina Faso in 2012.

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Figure 5: Burkina Faso Permit locations

On 15 December 2011, the Company announced it has satisfactorily completed its legal and technical due diligence review for the right to acquire 100% interests in these five exploration permits located in Burkina Faso from Golden Rim. Site visits were already undertaken by Company personnel in late September 2011. In January 2012 the Company prepared and lodged a Notice of General Meeting to seek shareholder approval for the issue of consideration shares to Golden Rim which is necessary to complete the transaction.

In anticipation of a favourable outcome to its due diligence studies, the Company has acted to identify and secure the services of all key technical personnel necessary to immediately implement exploration projects in Burkina Faso.

Project Summaries

Galgouli South Permit

Galgouli South is located in southern Burkina Faso and covers an area of 250 square kilometres. The Permit lies approximately 330 kilometres to the south-west of the capital city, Ouagadougou and approximately 40 kilometres north-west of Ampella Mining Ltd’s 3.1M oz Au Konkera deposit.

Galgouli South lies at the southern end of, and along the eastern margin, of the north-south trending Houndé greenstone belt. The Houndé greenstone belt hosts several major gold deposits.

A structural interpretation using regional airborne magnetic survey data highlighted a wide north-east trending structural corridor, which intersects WNW–ESE structures related to a splay fault system running eastward into Ampella’s Konkera deposit area (see Figure 6) .

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Figure 6: Geology and Aeromagnetic Image - Galgouli South Project

This WNW–ESE trending fault system (Konkera Shear Zone) is interpreted to be a splay off the shear zone that hosts the Konkera deposit ([3] Indicated and Inferred Mineral Resources of 61.8Mt @ 1.6 g/t gold for 3.1M oz of gold, at a cut-off grade of 0.5 g/t Au) .

A series of active and abandoned artisanal diggings have been observed throughout the Permit area along several north-south trending corridors. Artisanal miners are exploiting gold from quartz veins up to 4 metres wide.

Work to date has included geological mapping, rock and soil sampling and orientation auger drilling.

Soil sampling has covered several areas characterised by artisanal diggings or airborne magnetic anomalies. Results from the Wewekera Prospect soil sampling programme identified an anomalous 2.5km x 0.5km area (see Figure 7) which returned assay values up to 1.13g/t Au and rock chip sample results up to 2.39g/t Au . The highest rock chip sample results are coincident with the gold-in-soil anomaly and this key area of gold anomalism lies within the Konkera Shear Zone.

3 Ampella Mining Ltd AGM Presentation 10 November 2011

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Figure 7: Location of gold-in-soil anomalies and rock chip gold results - Wewekera prospect

Gonsin Permit

Gonsin is located in the central northern part of Burkina Faso, approximately 110 kilometres north-west of Ouagadougou. The Permit has an area of 239.5 square kilometres and is located along strike from the 0.6M oz Kalsaka gold mine, operated by Cluff Gold plc.

Gonsin lies on a north-east trending belt of Birimian volcano-sedimentary rocks. On the surrounding properties held by Cluff, the operating Kalsaka gold mine is hosted by ENEstriking shear zones which can be traced through the Gonsin Permit before they converge with the Sabce Fault Zone. The Sabce Fault Zone is a major gold mineralised, regional fault or structural zone which hosts High River Gold’s 1.7M oz Au Bissa Hill Deposit, located 50 kilometres to the east of Kalsaka (see Figure 8) .

To date, the only area explored by Golden Rim is an area of four square kilometres immediately surrounding artisanal gold mining workings at the Kougtanga prospect. Initial exploration activities included soil sampling, rock chip sampling, basic geological mapping and reverse circulation drilling which returned narrow gold intercepts up to 2.23g/t Au. The highest soil sample result was 7.04g/t Au and soil sampling defined a number of

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discontinuous anomalies trending northeast-southwest for up to 2.3 kilometres. Rock chip samples were collected primarily from around the artisanal workings and returned values of up to 6.07g/t Au .

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Figure 8: Geology and Permit map - Gonsin Project

Gold mineralisation observed at Kougtanga consists of multiple auriferous quartz/pyrite veins and artisanal mining is developed on two parallel quartz vein systems up to 2 metres wide and associated vein stockworks to depths of approximately 30 metres.

The remainder of the Permit area is yet to be visited.

Tagou Permit

Tagou covers an area of 205.5 square kilometres and is located in south-east Burkina Faso, approximately 250 kilometres south-east of Ouagadougou. The Tagou Permit lies along the north-east trending Fada greenstone belt in a similar geological setting as that hosting the Mt Isa Metals Limited high-grade Nabanga gold discovery, located 30km to the south.

Artisanal diggings have been observed throughout the Permit area in diverse geological settings. Gold mineralisation exists in quartz-sulphide veins, siliceous pegmatites and sulphide-magnetite-bearing conglomerates. Veins up to 20 metres in width are present, generally oriented parallel to the trend of the major regional north-east trending shear zone that traverses the Permit.

At Tagou, geological mapping has been completed in conjunction with reconnaissance rock chip sampling, returning excellent assay results up to 65.5g/t Au, 28.0g/t Au and 14.3g/t Au (see Figure 9) . The 65.5g/t Au rock chip sample is from a quartz vein up to five metres in

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width which can be traced over a strike length of at least 350 metres. Subsequent, selective soil sampling completed over five prospective targets areas outlined significant gold-in-soil anomalism with values up to 300ppb Au.

An interpretation of regional airborne magnetic data suggests a north-east trending structural corridor characterised by multiple parallel faults that bisects the Permit area over a strike distance of approximately 10 kilometres and over 10 kilometres in width.

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Figure 9: Geology and Permit map – Tagou and Moaga Projects

Moaga Permit

Moaga covers an area of 242 square kilometres and is located in south-east Burkina Faso, 220 kilometres from Ouagadougou on the north-east trending Tenkodogo greenstone belt. A major regional structure, the Youga Shear, passes through the Permit area and this structure hosts the Endeavour Mining Corporation 1.1M oz Youga gold deposits, 60 kilometres along strike to the south-west. The Youga Shear is a splay structure related to the Markoye Fault, a structure which is interpreted to control a number of multi-million ounce gold deposits in Burkina Faso.

The geology at Moaga is dominated by mafic to intermediate volcanics and sediments which have been interrupted by a series of gabbro, diorite, granodiorite and granite intrusives.

During 2011, field activities at Moaga included geological mapping and cursory reconnaissance rock chip sampling, however, as yet no systematic geochemical sampling has been conducted.

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Keri Permit

Keri covers an area of 139 square kilometres and is situated in north-east Burkina Faso along the border with Niger, approximately 365 kilometres to the north-east of Ouagadougou. Keri covers part of the north-east trending Sebba greenstone belt and a major shear splay related to the regional Markoye Fault system.

In the western portion of the Keri Permit the geology is dominated by a north-east trending belt of volcano-sedimentary rocks and in the east by a sequence of granitoids. The volcanosedimentary sequence is intruded by a number of mafic and felsic units which are generally orientated northeast-southwest and the structural architecture of the Permit is dominated by major northeast-southwest trending faults that appear to define the boundaries of the volcano-sedimentary package. Significant north-west trending cross structures can be identified in the regional magnetic data, transecting the granitic sequence in the east.

Mineralisation identified to date at Keri is related to gold-bearing quartz veins. A number of major artisanal mining sites have been located within the Permit area where sulphidic and manganiferous quartz veins are being exploited. The most extensive artisanal workings observed are developed on a sheeted quartz vein system which is exposed over a strike length of 400 metres.

In April 2011 a detailed airborne magnetic/radiometric survey was flown over Keri with subsequent interpretation identifying several major zones of faulting, offering prospective target areas for exploration. Notwithstanding, only limited field work has been carried out at Keri, focussed on geological mapping and rock chip sampling. No systematic geochemical sampling has yet been conducted.

Key Terms of Acquisition

Under the binding agreement the material terms are:

1. Riedel to pay non-refundable option fee of US$5,000 per tenement, totalling US$25,000 upon execution of Letter Agreement (completed) ;

2. Due diligence period of 30 days to commence from execution of Letter Agreement (completed) ;

3. Cash consideration of US$875,000 payable upon completion following execution of the Formal Agreement;

4. Scrip consideration payable upon completion following execution of the Formal Agreement (may be subject to shareholder and regulatory approval) equivalent to 12,500,000 fully paid ordinary shares in Riedel (all scrip consideration to be escrowed voluntarily for 12 months from issue) ;

5. Riedel to assume all obligations under existing Letter Agreements, including future option payments, commissions, and royalties. The options and commissions are staged payments, payable over a further two (2) year period to the original Permit vendors and facilitators totalling US$621,000. The royalty payments are a 1% net smelter return royalty payable to the vendor on each of the Permits. Each royalty can be purchased at anytime for US$1 million per permit.

6. Transaction may be subject to shareholder and/or regulatory approval.

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Charteris Creek Project

Exploration Licence 45/2763 was granted during November 2011. The tenement is located approximately 45 kilometres north of Nullagine and 50 kilometres south-east of Marble Bar in the Pilbara Region of Western Australia and covers an area of 131 square kilometres.

Although there has only been limited exploration previously carried out in this tenement, there are numerous proximal gold, base metal and iron-ore deposits within prospective rock formations that extend into the Charteris Creek exploration licence (see Figure 10 for geological setting and metal occurrences and deposits).

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Figure 10: Charteris Creek Project – Geological map highlighting known mineral occurrences and deposits

Geological Setting

The exploration licence is located within a complex group of Paleo-Archaean to NeoArchaean rock formations from the Warrawoona Group, Kelly Group, Soanesville Group, Gorge Creek Group, Fortescue Group and granitoids.

Mineral deposit and mineralisation types that the Company will target in forthcoming exploration programmes include:

• ─ Copper-lead-zinc and copper-molybdenum occurrences associated with a granodiorite intrusion have been identified in the south-east part of the tenement. These form part of a large cluster of base metal and specialty-metal occurrences related to stockwork mineralisation in the Gobbos Granodiorite.

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• ─ Laconia Resources’ Lennons Find deposit ([4] Inferred Mineral Resource of 853,000 tonnes @ 7.7% Zn, 1.8% Pb, 0.7% Cu and 115g/t Ag) is located approximately one kilometre along strike to the north of E45/2763. Initial reconnaissance work by Riedel confirms that the prospective Warrawoona Group host rocks extend into the tenement.

• ─ Numerous small but very high grade gold deposits are located adjacent to the tenement in Warrawoona Group rocks and several structures that control, or are associated with these gold deposits, extend into E45/2763.

• ─ The McPhee Creek Iron Ore deposit ([5] Indicated and Inferred Mineral Resource of 270 million tonnes @ 56% Fe) is located approximately 8 kilometres along strike to the south of the tenement in rocks belonging to the Gorge Creek Group. Regional mapping indicates that the prospective Gorge Creek Group extends further north into E45/2763.

Corporate

The Company held Cash Reserves at 31 December 2011 of $3.1M .

Planned Activities For Next Quarter

• Marymia:

• ─ complete detailed geological mapping over key areas and soil sampling programmes totalling approximately 2,000 samples, and;

• ─ complete heritage clearances for 4,000 metres of aircore drilling.

Burkina Faso:

• ─ acquire 11,000 line kilometres of detailed aeromagnetic survey data over Galgouli South, Gonsin, Moaga and Tagou;

• ─ carry out 5,000 metres of auger drilling at Gonsin, 500 metres of trenching at Galgouli Sth and 500 metres of trenching at Tagou;

• ─ detailed geological mapping at Galgouli South and Tagou, and;

• ─ collect approximately 5,000 soil samples at Galgouli South and Tagou.

Charteris Creek:

• ─ carry out geochemical soil sampling and detailed geological mapping over key prospective areas.



Corporate:

• ─ convene General Meeting of Shareholders to seek approval to issue 12,500,000 shares in Riedel as part consideration to the transaction to acquire Burkina Faso gold permits from Golden Rim Resources Limited. A Notice of Meeting setting out details of the meeting and resolutions to be considered will be despatched to shareholders.

5 Atlas Iron Ltd AGM Presentation 8 November 2011

4 Laconia Resources Ltd AGM Presentation 7 November 2011

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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

Competent Person’s Statement

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Ed Turner, who is a Member of The Australian Institute of Geoscientists. Mr Turner has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activities undertaken to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves’. Mr Turner consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to the Millrose Project Mineral Resources is based on information compiled by Mr Allen Maynard, who is a Member of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists, with 30 years’ experience in mineral exploration and evaluation and more than 25 years’ experience in mineral asset valuation. Mr Maynard accepts responsibility for the accuracy of the Mineral Resources information contained within this report. Mr Maynard has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves’. Mr Maynard consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

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 .