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Forrestania Project Update

• Ten new electromagnetic anomalies identified at Forrestania.
• At the Stormbreaker Prospect four new priority EM anomalies have been identified from a review of historical ground EM surveys and two high priority targets from the final VTEM interpretation (six in total).     
• At both the Skeleton Rocks Prospect and the Lucy Rocks Prospect two new EM anomalies were identified from the final VTEM data interpretation (four in total).  
•  These ten "Phase Two" EM Targets will be refined with additional ground surveys as soon as possible.
• RC drill testing of the thirteen "Phase One" EM Targets is scheduled to commence in March 2010.

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Substantial Shareholder Notice

Craton Capital Precious Metals Fund has acquired a 7.8% interest in Hannans Reward.

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Patersons rates Hannans a Speculative Buy

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Forrestania Project Update

• Technical team responsible for designing and implementing Forrestania exploration strategy continues to be strengthened
• Next phase of reverse circulation (RC) drill testing of priority geological/geochemical/geophysical targets scheduled to commence in March, pending Government approvals  - approximately 20 holes for 5,000 metres

             Continued.....

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Lake Johnston Gold Project

• The Lake Johnston Project has the potential to host significant narrow, high grade gold mineralisation along a 25km corridor of prospective ground.
•  At the Ernest Prospect, recently returned assays from Hannans’ drilling included 2m @ 6.3g/t gold and 60.3g/t silver from within 8m @ 1.9g/t gold and 20.4g/t silver (LJRC021) and 4m @ 1.8g/t silver from 4m (LJRC020)
• Gold and silver mineralisation at Ernest remains open to the north.
• At the Mt Gordon Prospect, historical intercepts include 5m @ 7.1g/t gold from 24m and 2m @ 6.9g/t gold from 70m
• Hannans’ is planning additional gold exploration activities at both the Ernest and Mt Gordon Prospects.

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2nd Quarter Activities Report

Forrestania Project

• Helicopter geophysical (VTEM) survey at Stormbreaker
• Prospect successfully completed with anomalies generated
• Ground geophysical surveys commenced to follow up VTEM anomalies
• Settlement completed of additional ground at Stormbreaker Prospect
• Applications made for large landholding (called Skeleton Rocks) adjoining northern boundary of Stormbreaker
• Flora and fauna survey completed
• Next phase of RC drilling planned for current Quarter
• Subsequent to end of Quarter, experienced nickel consultant joins Forrestania Project exploration team

Lake Johnston Project

• High grade gold returned from 1 metre intervals confirms prospectivity for narrow high grade gold mineralisation

Queen Victoria Rocks Project

• Joint venture partner Vale completed six holes (mix of RC and diamond) testing nickel targets

Sunday Project

• Joint venture partner Triton Gold completed three diamond drill holes testing gold targets

Jigalong Projects

• Acquisition of aeromagnetic data to assist with gold and base metals exploration
• Manganese sale process deferred through to current Quarter (i.e. 3rd Quarter)

Corporate

• Warwick Resources Ltd shares converted into Atlas Iron Ltd shares following completion of Scheme of Arrangement
• Annual General Meeting completed and all resolutions passed
• Subsequent to end of Quarter, Mr Jonathan Murray appointed as non-executive director

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2nd Quarter Cash Flow Report

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Appointment of Jonathan Murray as Director

The Board is pleased to announce the appointment of Mr Jonathan Murray as a non-executive director. Jonathan is a Partner of Steinepreis Paganin, an independent corporate and commercial law firm based in Perth, Western Australia. He has significant experience in advising on initial public offers and secondary market capital raisings, all forms of commercial acquisitions and divestments and providing general corporate and strategic advice.

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Response to ASX Price Query

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Change of Directors Interest

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