TASMAN RESOURCES LTD — Capital/Financing Update 2012

Apr 3, 2012

ACN 009 253 187

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AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

4 April 2012

CONDITIONAL FARM-IN/JV LETTER AGREEMENT WITH RIO TINTO EXPLORATION PTY LIMITED (RTX) EXTENDED TO 4 MAY 2012

The conditional Farm-in/JV Letter Agreement (Agreement) over Tasman’s wholly owned Exploration Licence EL4322 (“the Tenement”) that hosts the Vulcan IOCGU* prospect, immediately north of Olympic Dam in SA, executed with RTX on 7 October 2011 and which required certain conditions precedent (“the conditions”) to be satisfied by 6 April 2012, has been extended until 4 May 2012 (“the Extended Date”) to allow further time for the conditions to be satisfied .

* Iron oxide-copper-gold-uranium

The only remaining conditions which have not as yet been satisfied are:

• (a) Tasman satisfying RTX that RTX has the sole and exclusive right to explore, mine and develop the Tenement;

• (b) The Parties entering into an Exploration Services Agreement by which RTX will engage the services of Tasman on an exclusive basis to conduct the Initial Exploration Program;

• (c) The Parties entering into a Formal Agreement to fully record the terms and conditions of the Parties’ respective rights and obligations under the Agreement and the Joint Venture (if formed); and

• (d) Tasman securing reasonable access for the purposes of conducting the Initial Exploration Program over a specific area of the Tenement over which Tasman has previously not secured Aboriginal Heritage access.

The first three of these conditions are very close to finalisation, and Tasman and RTX are confident that these conditions will be satisfied by the Extended Date.

Additionally, progress is also being made in relation to the last condition, and Tasman and RTX remain optimistic that further progress will be made in the near future.

Accordingly, Tasman and RTX have agreed to extend the date for satisfaction of these conditions until 4 May 2012. The rest of the terms of the Agreement, as previously announced, remain unchanged.

Level 40, Exchange Plaza 2 The Esplanade, Perth, Western Australia 6000 Telephone: (08) 9282 5889 Facsimile: (08) 9282 5866 Email: mailroom@tasmanresources.com.au

These terms include the following key provisions:

• RTX to pay Tasman an initial A$10 million.

• Tasman to undertake an estimated A$5 million exploration program that includes at least 12,000 metres of drilling within the first 12 months of the Agreement.

• RTX can then elect to earn a 55% interest in the Agreement by:

• paying to Tasman a further A$7 million; and

• within 3 years of electing to farm-in, fund the delineation of a JORC compliant Inferred mineral resource and completing a concept study; or

• expending a further A$25 million on exploration costs,

whichever shall be the earlier.

• Tasman can then either retain a 45% interest and thereafter contribute or, if not, RTX may, at its election, increase its interest to 80% by either:

• completing a pre-feasibility study within a further 5 years; or

• expending a further A$50 million on exploration costs,

• whichever shall be the earlier.

• If RTX earns an 80% interest, Tasman then has the right to either:

• maintain a 20% interest, contributing to future funding; or

• offer to sell its 20% to RTX (which RTX must purchase) for an agreed value or at fair market value.

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Greg Solomon Executive Chairman

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