Excellent Fluorite Results from 2007 Drilling at Speewah

ANNOUNCEMENT 23 January 2008 Significant fluorite intersections have been identified at B Vein South and E Vein North within the Speewah Dome. These results will be used to update the existing fluorite resource (Table 1).

Table 1: Fluorite Resource on ABC Veins within Main Zone at Speewah

Indicated Inferred Total

Mt %CaF2 Mt %CaF2 Mt %CaF2

3.8 23.5 0.5 24.2 4.4 23.6 All fluorite assays (as CaF2) have now been received from the Reverse Circulation (“RC”) drill programme completed in 2007. A total of 48 drill holes were assayed for CaF2, including the Main Zone (39 holes) which hosts the ABC fluorite resource, West Zone (8 holes) and Central Zone (1 hole). The locations of the drill holes are shown on Figure 1 and CaF2% intersections greater than 1m wide (at 5% and 10% cut-offs) are provided in Table 2. Discussion of Results RC drilling in 2007 has shown that fluorite mineralisation extends to the south for 250 metres beyond the southern limit of the existing B Vein resource, and the northern end of the E Vein structure has a mineralized zone 250 metres long (Figure 2). Sufficient drilling has now been completed to facilitate interpretation of the vein structures. This interpretation will be used to update the resource model and to assist in future drill targeting. A 3D model of the B Vein South drill holes with reference to the existing resource is illustrated in Figure 3, and a cross section of the B Vein South target is given in Figure 4. The most significant results are drill holes SRC124 and 125. These holes are located immediately south of the existing B Vein resource and show the outcropping fluorite veins extend to the south of the resource

HIGHLIGHTS

� Significant fluorite (CaF2) intersections at B Vein South and E Vein North at Speewah.

� 43 metres at 22.29% CaF2, including 25 metres at 32.07% CaF2

� 37 metres at 22.80% CaF2, including 24 metres at 30.0% CaF2

� 25 metres at 34.86% CaF2

� Resource update to be completed before commencement of 2008 field

programme.

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(Figure 3) and thicken forming two well defined higher grade veins (Figure 4). The best intersections in the B Vein South structure (at 5% and 10% CaF2 cut-offs) are listed below:

• SRC117 - 10 metres at 21.85% CaF2 from 42 metres, including 3 metres at 59.72% CaF2 • SRC118 - 22 metres at 20.02% CaF2 from 39 metres, including 10 metres at 38.81% CaF2 • SRC120 - 15 metres at 22.58% CaF2 from 92 metres, including 12 metres at 26.74% CaF2 • SRC124 - 43 metres at 22.29% CaF2 from 1 metre, including 25 metres at 32.07% CaF2 • SRC125 - 43 metres at 17.47% CaF2 from 4 metres, including 15 metres at 35.02% CaF2 • SRC125 - 37 metres at 22.81% CaF2 from 51 metres, including 24 metres at 30.00% CaF2

In 2006, one RC drillhole (SRC102) was completed in the B Vein South area, and returned similar thicknesses and grades.

• SRC102 - 25 metres at 18.67% CaF2 from 64 metres, including 19 metres at 22.52% CaF2 The northern end of the E Vein structure (Figure 2) has an outcropping fluorite vein and stockwork zone with minor veins in the hanging wall. No resource estimate has been completed on this vein system, but previous drilling and the results from the 2007 programme support a vein and stockwork zone 5-15 metres wide. The best intersections from the 2007 programme are listed below:

• SRC132 - 23 metres at 13.67% CaF2 from surface, including 11 metres at 21.15% CaF2 • SRC138 - 25 metres at 34.86% CaF2 from 78 metres, including 24 metres at 36.03% CaF2

Four RC holes (SRC146-149) tested the western faulted contact of the E Vein structure. Only narrow lower grade mineralization was intersected. Drilling along West Vein in the central part of the Speewah Dome (Figure 1) has delineated narrow high grade intersections (Table 2, SRC180-186). The best intersection was 3 metres at 40.13% CaF2 in SRC 182. An RC hole drilled in 2006 (SRC107) intersected 10 metres at 39.38% CaF2. A single drill hole (SRC165, Table 2) tested the Central Zone (Figure 1) and intersected a broad zone of low grade fluorite mineralization associated with sandy carbonatite breccia. Several holes (SRC190, 192-195, Table 2) were drilled in the northern part of the Main Zone (Figure 1) to test for fluorite mineralization along the northern extension of the ABC fracture system. No significant mineralization was located, but further mapping and drilling is warranted as the fault structures in this area are represented by a composite fracture system and fluorite veining has been mapped in this area of limited outcrop. Resource Update These results will be included in a resource update which is expected to be complete before commencement of the 2008 field season. Fluorite Market Update Speewah fluorite is suitable for the high value acid-grade fluorspar (“acidspar”) product which is sold as a concentrate containing greater than 97% CaF2. Acidspar sale prices have increased steadily in the last 5 years with increasing global demand and export restrictions from China. Recent acidspar prices have been quoted at US$175-250 per tonne FOB. Programme for 2008 In 2008, field activities will continue to drill for PGE+Au, vanadium, copper and fluorite. Drilling for fluorite will focus on delineating sufficient resources to access the viability of an acidspar operation exporting out of Wyndham.

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Assay Results Pending from 2007 Programme In addition to the favourable fluorite assays reported above, the assay results pending from the 2007 drilling programme include PGE+Au from the vanadium zones and copper plus gold assays from both the RC holes reported today and from historical drill holes into the fluorite resource.

Figure 1. Geology of the Speewah Dome showing the locations of drill-holes completed in 2007. The RC drill-holes

reported in this announcement are shown as blue circles.

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Figure 2. Drill collar plan of RC drill holes drilled into the B Vein South and E Vein North targets in the Main Zone.

Figure 3: 3D view of B Vein South and E Vein North targets looking to the north east with the ABC resource block model

extending for 2km to the north east. Drill holes traces with red coloured fluorite grades >5% CaF2.

B Vein South E Vein North

Existing ABC Resource

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Figure 4: Cross section (9945mN local grid) looking to the north east across B Vein South target, showing two sub-

vertical high grade zones. Bar graph on drill traces show CaF2 assays - red >10 to maximum 86.3%, green 5-10%, light blue 2-5% CaF2. Drill collars SRC124 and 125 are 23m apart.

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Background Niplats Australia Limited has a 100% interest in three granted Mining Leases (M80/267, M80/269 and M80/270) and two granted exploration licences (E80/2863 and E80/3657) covering 473 km

2 located about

100 km southwest of Kununurra (Figure 5). Geologically, the tenements cover the Speewah Dome where Proterozoic-age Hart Dolerite intrudes older sediments of the Speewah and Kimberley Groups (Figure 1). Structurally, the geology of the tenements is disrupted by fault and fault splays of the Greenvale Fault Zone which is a major crustal-scale feature that hosts both fluorite mineralisation and carbonatites in the Speewah area. Recently the company completed a 10,360 m drill programme in 79 holes investigating the following.

1. A zone of PGE+Au anomalism in a vanadiferous titanomagnetite-bearing gabbro unit of the Hart Dolerite.

2. Extensions to a series of high-grade fluorite veins, where previous drilling has outlined an Indicated Resource of 3.8Mt at 23.5% CaF2 and an Inferred Resource of 0.5Mt at 23.6% CaF2 (both at a 10% CaF2 cut-off grade), as quoted in the Company’s Prospectus.

3. Zones of iron oxide-alteration associated with copper-gold mineralisation along some major structures which host carbonatites, epithermal silica-K-feldspar veins and fluorite mineralisation.

Figure 5. Location of Niplats Australia Limited project area in northern Western Australia.

Mr KA Rogers (MAIG), acting Chief Geologist for Niplats Australia Limited, compiled the technical aspects of this report. Mr Rogers has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that is being reported on to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Mineral Resources and Ore Reserves. Mr Rogers consents to the inclusion in the report of the matters in the form and context in which it appears.

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Table 2: Reverse Circulation Drill Hole Fluorite Intersections above 5% and 10% CaF2

UTM_E UTM_N Azimuth Dip Total Depth

From To Interval Grade Hole

(m) (m) (º) (º) (m) (m) (m) (m) (% CaF2)

Vein

SRC117 390640 8184998 286 -55 66 11 15 4 7.63

incl 13 14 1 15.30

29 32 3 17.49

incl 29 30 1 33.69

incl 31 32 1 13.45

42 52 10 21.85

incl 48 51 3 59.72

B Sth

SRC118 390671 8184987 286 -55 120 39 61 22 20.02

incl 51 61 10 38.81

68 108 40 8.31

incl 82 86 4 13.53

incl 91 93 2 17.87

incl 99 100 1 10.99

incl 102 107 5 13.95

112 114 2 10.22

incl 113 114 1 13.45

B Sth

SRC119 390671 8184925 287 -55 144 33 38 5 10.68

incl 33 34 1 19.31

incl 36 38 2 13.71

62 65 3 14.45

incl 62 64 2 19.11

70 81 11 6.38

incl 72 73 1 14.28

110 121 11 12.53

incl 110 116 6 14.84

incl 118 119 1 14.89

B Sth

SRC120 390649 8184872 288 -55 114 24 26 2 11.45

92 107 15 22.58

incl 92 104 12 26.74

B Sth

SRC121 390594 8184823 286 -55 72 NSM B Sth

SRC122 390608 8184820 285 -55 108 NSM B Sth

SRC123 390576 8184781 282 -55 60 9 13 4 5.70

incl 9 10 1 12.22

18 23 5 8.75

incl 18 19 1 12.02

incl 22 23 1 11.71

33 37 4 5.54

B Sth

SRC124 390639 8185056 286 -55 54 1 44 43 22.29

incl 3 6 3 17.67

incl 9 10 1 15.10

incl 12 14 2 14.12

incl 16 41 25 32.07

B Sth

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SRC125 390658 8185045 286 -60 102 4 47 43 17.47

incl 4 16 12 17.76

incl 18 33 15 35.02

incl 43 47 4 16.33

51 88 37 22.81

incl 51 52 1 10.89

incl 58 61 3 18.59

incl 63 87 24 30.00

B Sth

SRC126 390687 8185069 285 -55 9 ND B Sth

SRC127 390756 8185138 285 -55 198 90 92 2 30.36 B Sth

SRC128 390772 8185192 285 -55 108 88 99 11 6.57

incl 93 94 1 24.24

incl 98 99 1 10.17

B Sth

SRC129 390876 8185052 282 -55 48 NSM E Nth

SRC130 390899 8185044 282 -55 66 1 4 3 7.91

incl 3 4 1 14.17

9 19 10 7.27

incl 14 18 4 11.79

E Nth

SRC131 390906 8185120 285 -55 60 7 14 7 11.32

incl 8 11 3 17.73

19 31 12 8.41

incl 19 23 4 14.15

E Nth

SRC132 390923 8185146 282 -55 54 0 23 23 13.67

incl 0 11 11 21.15

incl 14 16 2 13.66

28 32 4 5.31

E Nth

SRC133 390943 8185179 287 -55 55 3 15 12 6.46

incl 7 8 1 14.38

incl 12 14 2 11.76

E Nth

SRC134 390985 8185205 286 -55 66 3 5 2 14.90

9 12 3 7.53

incl 9 10 1 13.25

E Nth

SRC135 390867 8184998 280 -55 48 8 10 2 19.26

16 21 5 10.48

incl 18 21 3 13.25

26 30 4 10.60

incl 27 28 1 14.79

E Nth

SRC136 390840 8184959 280 -55 48 NSM E Nth

SRC137 390835 8184922 288 -55 54 29 32 3 5.34 E Nth

SRC138 390940 8185002 282 -55 114 78 103 25 34.86

-55 incl 78 102 24 36.03 E N

th

SRC139 390919 8184958 288 -55 102 59 63 4 7.11

incl 60 61 1 10.27 E N

th

SRC140 390889 8184911 285 -55 132 NSM E Nth

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SRC141 390842 8184825 290 -55 180 63 68 5 12.78

incl 63 66 3 18.42

115 121 6 9.41

incl 115 116 1 17.36

incl 117 118 1 12.53

incl 120 121 1 17.67

134 136 2 14.64

incl 135 136 1 21.16

148 152 4 5.39

incl 151 152 1 10.47

E Nth

SRC142 390835 8184756 289 -50 156 NSM E Nth

SRC143 390842 8184694 286 -50 150 NSM E Nth

SRC144 390908 8184569 280 -50 120 NSM E Nth

SRC145 390832 8184391 292 -50 220 NSM E Nth

SRC146 390633 8184805 114 -50 220 82 84 2 10.22

incl 82 83 1 13.86

98 101 3 14.14

incl 99 101 2 16.23

E

SRC147 390485 8183830 290 -50 100 33 39 6 15.43

incl 33 36 3 24.48 E

SRC148 390575 8183904 292 -50 120 NSM E

SRC149 390454 8183787 288 -50 100 NSM E

SRC150 390619 8183534 285 -50 100 NSM D

SRC165 386883 8195818 060 -60 150 18 20 2 22.86

27 39 12 4.82

incl 27 28 1 10.06

43 56 13 5.08

incl 54 55 1 10.06

Central

SRC179 386811 8181271 270 -55 100 NSM West Sth

SRC180 386862 8183471 272 -55 60 30 37 7 11.22

incl 30 33 3 21.71 West

SRC181 386873 8183561 270 -55 55 27 30 3 18.62 West

SRC182 386880 8183595 270 -55 60 24 27 3 40.13 West

SRC183 386894 8183635 270 -55 60 39 41 2 11.91

incl 40 41 1 15.71

45 49 4 25.83

incl 46 48 2 44.38

West

SRC184 386890 8183514 270 -55 120 72 75 3 26.60

incl 73 75 2 37.29 West

SRC185 386864 8183432 270 -55 72 46 49 3 29.17 West

SRC186 386860 8183399 270 -55 72 NSM West For

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SRC188 390867 8184991 105 -55 60 2 15 13 8.70

incl 2 3 1 13.76

incl 5 7 2 10.68

23 28 5 13.84

38 49 11 12.86

incl 38 39 1 12.02

incl 40 41 1 10.47

incl 43 49 6 16.38

E Nth

SRC189 391061 8185503 0 -90 193 NSM Main Nth

SRC190 391805 8186835 270 -50 120 NSM Cross

SRC192 392121 8188436 310 -55 60 NSM Main Nth

SRC193 392158 8188534 290 -55 60 NSM Main Nth

SRC194 391640 8187703 285 -55 80 28 30 2 5.13 Main Nth

SRC195 391747 8187691 285 -55 90 88 90 2 5.70 Main Nth

Note: 1. F assays by XRF and converted to CaF2 by multiplying by 2.0547 2. 1m sample interval downhole 3. 5% intercepts include a maximum of 3m dilution 1m and > 5% CaF2 reported 5. Collar coordinates by hand-held GPS, GDA94, Zone 52 6. NSM = No Significant Mineralisation; ND = Not Drilled

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