Resignation of Managing Director

Mr Matthew Shackleton has advised that he will be stepping down from his role as Managing Director of  Mount Magnet South NL (MMS) with immediate effect

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Mr Shackleton joined the Company in 2006 in preparation for its listing on ASX, and has been Managing  Director since April 2008. During his term as Managing Director MMS completed the acquisition of the  Kirkalocka Gold Project (KGP) in 2008, the acquisition of the Kirkalocka processing plant in 2009 and significantly  grew the KGP resource base. Mr Shackleton leaves MMS in a robust position with the completion  of the feasibility study expected in March 2012 and a strong management team in place.

On behalf of the Company and shareholders, Chairman Reg Gillard said "We would like to take this opportunity  to wish Matt well in his future endeavours and thank him for his contribution to MMS over the past 5  years."

Executive management responsibilities at MMS will be assumed by Mr Mark Pitt and Mr Patrick Flint, both  of whom are existing directors. Mr Pitt is a mining engineer with extensive experience in mine management,  mine planning and permitting, mine financing and feasibility studies. Mr Pitt will oversee MMS' technical  activities, with a focus on completion of the KGP feasibility study. Mr Flint is a Chartered Accountant and  has significant experience in corporate management and financing. Mr Flint will manage MMS' corporate  activities. Mr Graham Howard, General Manager Projects, will continue with direct responsibility for completing  the KGP feasibility study and designing and implementing the exploration programme at the KGP.  Mr Howard will also assist with additional management responsibilities and investor relations.

For further information contact:

Reg Gillard

Chairman

P: 08 9240 2836

M: 0458 855 240

E:[e-mail]

Mark Pitt

Director

P: 08 9213 8900

M: 0409 112 769

E:[e-mail]

Patrick Flint

Director

P: 08 9213 8900

M: 0413 702 632

E:[e-mail]