ASX / MEDIA ANNOUNCEMENT 28th November 2011

Cradle Confirms Iron Mineralisation at Wyloo

Highlights

� Outcropping iron-enriched units identified

� 21 rock chips samples collected and submitted for XRF analysis

� Reconnaissance field mapping completed

� Historic Monster Lode gold workings identified for further investigation just 15km south of Northern Star’s Paulsens Gold Mine

Figure 1: Outcropping iron enriched conglomerate at the Wyloo tenement

Cradle Resources Limited (CXX) is pleased to announce the commencement of exploration at the Wyloo Iron and Gold Project. The first field trip was used to conduct rock chip sampling in addition to first pass field mapping of targeted primary and secondary based iron formation enrichment.

Iron Exploration

The initial exploration program identified three distinct types of outcropping iron mineralisation associated with the Marra Mamba Iron Formation, ranging from 0.5m to 5m in thickness. The strike extents are yet to be delineated in detail, however outcrops up to 50m in length were observed over the tenement. The mineralisation included bedded hematite, duricrust (canga style) supergene cap rocks and conglomerate containing hematite enriched clasts.

Twenty one selective rock chips samples were taken from within the tenement and have been submitted to a laboratory for XRF analysis, with the results to be released to the market when they become available. The sample results will be used in conjunction with the reconnaissance mapping to determine target areas for follow up exploration activities.

Gold Exploration

The historic Monster Lode prospect workings were also examined, with evidence of small adits targeting a multiple array of oxidised sulphide bearing quartz veins identified along the range. The mineralised quartz veins are hosted in the iron rich units of the Marra Mamba Iron Formation, with outcropping strike lengths over several hundred meters.

Drill pads with a number of historical RC drill holes have been completed at the Monster Lode prospect. Initial observations indicate that the historic drill holes may not have been optimally orientated for the purpose of assessing the full potential of the structurally controlled quartz vein system of the Monster Lode prospect.

The extent of gold exploration activity on the Wyloo tenement and general prospectivity of gold in the Wyloo Dome area has prompted Cradle to initiate a review of historic gold exploration activities to determine the potential for future discoveries.

The Monster Lode prospect is located approximately 15km south of Paulsens Gold Mine, which is operated by Northern Star Resources (ASX:NST) and has produced over 418,000 ounces since 2005 at an average cash cost of A$538/oz. The location of the Monster Lode prospect is shown in Figure 4 below.

Figure 2: Duricrust supergene caprock sampled within the Wyloo tenement

Figure 3: Hematite rich mineralisation sampled within the Wyloo tenement

Figure 4: Location of the Wyloo Iron and Gold Project

For further information please contact:

Patrick Walta, CEO

+61 (0)8 6143 1869

Competent Person’s Statement

The details contained in the document that pertains to exploration results, ore and mineralisation is based upon information compiled by Mr Brendan Cummins, a Non-Executive Director of Cradle. Mr Cummins is a Member of the Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Mr Cummins has consented in writing to the inclusion in the report of the matters based on the information in the form and context in which it appears.