VENARI MINERALS NL — Capital/Financing Update 2012

Feb 22, 2012

23 February 2012

Astro Resources to raise $3.1 Million to advance mineral sands exploration

• $500,000 Placement

• $2.6 Million via Fully Underwritten Rights Issue.

• Active exploration program scheduled to commence over the coming quarter

Astro Resources NL (“Astro”) (ASX:ARO) is pleased to advise that it is to raise $3.1million through two stages:

• A $500,0000 placement to 708 Professional Investors at 0.2cents per share with a 1 for 4 attaching option at an exercise price of 0.5cents, expiring 30 June 2014 (the “Placement”).

• A fully underwritten three (3) for five (5) non‐renounceable pro‐rata entitlement issue at $0.002 per share with a 1 for 4 attaching option at an exercise price of $0.005, expiring 30 June 2014 (the “Rights Issue”).

Pareto Capital Pty Ltd (“Pareto”) has been appointed as Lead Manager of the Placement and will act as underwriter and corporate advisor of the Rights Issue to provide an additional AUD$2.6mil of funding to ARO. A mandate has been agreed between the parties detailing the terms of the placement and underwriting and a timetable will be announced to shareholders detailing the important dates of the entitlement issue in due course.

Funds raised from the Placement and Rights issue are to be used to further develop the advanced Scott Coastal Plain mineral sands project in the Southern Western Australia and general working capital. ARO will commence an active exploration program scheduled for 2012 and the funding from these raisings will ensure that the Company is well funded through this exciting phase of drilling.

The Chairman of Astro, Mr. Peter Jermyn commented “Astro is will be well funded to undertake its planned exploration and work programs which will add significant value to its advanced Scott Coastal Mineral Sands Project”. Exploration initiatives over the next 6‐12 months will aim to strengthen the fundamentals of the project by providing greater understanding of the metallurgy and quality of the resource.

The Placement shares will be issued under the Company’s 15% placement capacity under ASX Listing Rule 7.1. The Placement options will be issued following shareholder approval at a general meeting of shareholders to be held as soon as practical.

The Rights issue will be made to all Astro shareholders with registered addresses in Australia and New Zealand on a record date to be announced in due course. Subject to ASX Listing Rules, Astro will be applying to list the options on the ASX.

ENDS

For enquiries, please contact:

Robert Hyndes

Robert Hyndes John Nayton Executive Director Media Contact P: +61 8 6389 5777 P: +61 4 2241 4983

Executive Director

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