SUREFIRE RESOURCES NL — Capital/Financing Update 2012

Mar 1, 2012

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For Immediate Release

2 March 2012

Black Ridge Signs Rare Earths Heads of Agreement

Black Ridge Mining NL (ASX:BRD) (Black Ridge or the Company) is pleased to announce it has signed a Heads of Agreement to develop a licenced Rare Earths project located in the Tuv Province, 80 kms east of Ulaanbaatar, the capital and largest city in Mongolia. The Heads of Agreement allows for a 120 day due diligence period, during which time the Company will seek to finalise a definitive agreement to jointly develop the project. Key terms of this agreement would be:

• The Company has the right to earn up to 80% in the project

• Projected expenditure of up to $5.5m over the next 3 years

• Final payment to vendors of $750,000

An introductory fee of 10,000,000 fully paid ordinary shares in the Company will be issued to an unrelated party.

Samples assayed in mid-2011 confirmed encouraging concentrations of lanthanum, scandium, yttrium, cerium and other elements.

Rare earths are vital to worldwide manufacturing of many modern technological products from consumer electronics such as smartphones, batteries, catalytic converters, solar panels, superconductors and wind turbine generators. Manufacturing demand for rare earths and critical materials has risen sharply in the last 20 years, and diminishing export quotas from China, the world’s largest rare earth producer and supplier of more than 95% of the world’s rare earth supplies, have led to rising prices and supply concerns. By developing new rare earth production in Mongolia, China’s northern neighbour, the proposed venture plans to help secure essential rare earth supplies for manufacturers in the US, Japan, South Korea, India and elsewhere.

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This is a significant investment opportunity and previous samples indicated not only rare earth elements but, potentially, vanadium, tungsten, chrome and scandium, complementing the Company’s Unaly Hill vanadium project in Western Australia. This agreement has the potential to add a new tenement to the Company's portfolio and underpins its core strategy to identify and develop significant opportunities, close to existing infrastructure, that will meet current and future resource demands.

The Company will be commencing due diligence as soon as is practicable and, as part of this exercise, has engaged a qualified geologist to visit Mongolia to conduct technical due diligence encompassing confirmation of all reported exploration workings (pits, trenches and DD collars sites). Rock-chip samples will be collected at all relevant sites to confirm historically reported grades of rare earth minerals in addition to vanadium, tungsten, chrome, scandium, among others.

Location

The project licence area is approximately 7,750 hectares and is 80 km east of Ulaanbaatar.

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Ulaanbaatar is Mongolia's road and rail transportation hub. Mongolian rail is connected to the Trans-Siberian Railway in neighbouring Russia and the Chinese railway system. Shipments by rail through Russia to the international port of Vladivostock would enable Rare Earth Ore (REO) to be exported to numerous international markets.

About Mongolia

Mongolia is the sixth largest country in Asia with an area exceeding 1,564,000km2. It is one of the largest land locked countries in the world and is bordered by Russia to the north and the People's Republic of China to the south, east and west.

The population is around 2.9 million of which about 38% live in Ulaanbaatar, the capital and largest city. Approximately 30% of the population are nomadic or semi-nomadic.

The country’s terrain comprises vast semi-desert and open grasslands (steppes), with mountains to the north and west and the Gobi Desert to the south. With an average altitude of 1,580m above sea level, it is one of the highest countries in the world. It has an extreme continental climate with long, cold winters and short summers, during which most of its annual precipitation falls. Ulaanbaatar has the lowest average temperature of any national capital in the world.

Mongolia has undergone a recent period of increased mining and infrastructure investment and strong economic growth. Since the discovery of significant coal, copper, uranium and other mineral deposits, the country has become a new frontier. Mongolia has a favourable approach when it comes to dealing with mining companies and foreign investment.

About Black Ridge Mining NL

Black Ridge Mining NL (ASX : BRD) (Black Ridge or the Company) is a mineral exploration company seeking value adding mineral opportunities in Australia and overseas creating wealth for its shareholders.

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The Company’s flagship project, Unaly Hill, located in Western Australia’s Mid-West region, recently announced a significant vanadium Inferred Resource (ASX Market Announcement 21 November 2011).

The Company has an experienced board and management team and has the ability to maximize the potential of the company’s world class projects.

David Semmens

Company Secretary

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