UNION STAR METALS LTD — Capital/Financing Update 2011

Jan 19, 2011

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ASX ANNOUNCEMENT

20 January 2011

ASX Ltd Companies Announcement Office 4th Floor, 20 Bridge Street SYDNEY NSW 2000

NOTICE UNDER SECTION 708A(5)(e) OF THE CORPORATIONS ACT

Promesa Limited (Company) lodged an Appendix 3B with the Australian Securities Exchange on 20 January 2010 with respect to the issue of 4,200,000 fully paid ordinary shares in the capital of the Company, together with 14,100,000 options, pursuant to a placement made to sophisticated and professional investor clients of RM Corporate Finance Pty Ltd and Ochre management Pty Ltd (as described in Section 708 of the Corporations Act 2001 (Corporations Act)).

The Company gives this notice pursuant to Section 708A(5)(e) of the Corporations Act.

The shares and options were issued without disclosure to investors under Part 6D.2 of the Corporations Act.

The Company, as at the date of this notice, has complied with:

a)the provisions of Chapter 2M of the Corporations Act; and

b )Section 674 of the Corporations Act.

As at the date of this notice, there is no excluded information for the purposes of Sections 708A(7) and (8) of the Corporations Act.

Yours faithfully

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Philip Re Company Secretary

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Promesa Limited ABN 36 124 541 466 www.promesa.com.au address: Level1 , 322 Hay Street , Subiaco WA 6008 / PO Box 944, Subiaco WA 6904 Phone: 9278 2766 fax: 9278 2525