ASX Announcement 14 January 2010

Not for release or distribution in the United States Cape Lambert is an Australian domiciled, mineral investment company. Its current investment portfolio is geographically diverse and consists of mineral assets and EXPLORATION DRILLING TO COMMENCE AT interests in mining and exploration companies. LADY ANNIE PROJECT The Company continues to focus on investment in early stage resource projects and companies, primarily in iron ore, copper and gold. Its “hands Key Points: on” approach is geared to add value and position assets for development Exploration drilling to commence at the Lady Annie Project in and/or sale.

late February 2010, with the first reverse circulation drill rig The Board and management exhibit scheduled to arrive onsite on or about 24 February 2010, a strong track record of delivering shareholder value. Initial focus is on upgrading and adding to the defined resources at the Mt Kelly Mining Area and Anthill-Python Australian Securities Exchange prospects, Code: CFE

Swick Mining Services Limited (ASX: SWK) awarded a two Ordinary shares 565,166,467 year contract for surface exploration drilling services, and Unlisted options (30 June 2010) Program comprises approximately 70,000 metres of reverse 8,350,000 circulation drilling and 10,000 metres of diamond drilling. Unlisted options (31 Oct 2010) 28,000,000

Australian resources and investment company, Cape Lambert Resources Limited (ASX: CFE) (“Cape Lambert” or the “Company”) is pleased to advise Board of Directors that exploration drilling is due to commence at the Lady Annie Project in late Tony Sage Executive Chairman February 2010, with the first reverse circulation (“RC”) drill rig scheduled to Tim Turner Non-executive Director Brian Maher Non-executive Director arrive at the project on or about 24 February 2010. Eloise von Puttkammer Company Secretary Swick Mining Services Ltd has been contracted to undertake exploration drilling services over a two year period at the Lady Annie Project, which is Key Projects and Interests located 120km north of Mt Isa, Queensland (refer Figure 1). Lady Annie Copper Project Marampa Iron Ore Project Sappes Gold Project The two year exploration drilling program comprises approximately 70,000 DMC Mining Limited metres of RC drilling and 10,000 metres of diamond drilling (“DD”). The first Corvette Resources Limited of 3 drill rigs, comprising two RC and one DD rig, will arrive at Lady Annie on Cape Lambert Contact or about 24 February 2010 and will commence drilling shortly thereafter. The Tony Sage second RC rig is scheduled to arrive in the second quarter 2010, and a Executive Chairman diamond rig in May 2010. Phone: +61 8 9380 9555

Australian Enquiries RC drilling will initially focus on upgrading and adding to the currently defined Professional Public Relations resources at the Mt Kelly Mining Area, and upgrading and extending the David Tasker defined resource at the Anthill – Python prospects, located to the south of the Phone: +61 8 9388 0944 Mobile: +61 433 112 936 Mt Kelly Process Plant (refer Figure 2). The scope of RC drilling will expand Email: [email protected] significantly with the arrival of the second RC rig, which will focus on testing For personal use only use personal For highly prospective exploration targets on granted mining leases and UK Enquiries exploration permits within the project area. Conduit Public Relations Jos Simson Phone: +44 (0)20 7429 6603 Mobile: +44 (0)7899 870 450 Email: [email protected]

Cape Lambert Resources Limited ABN 71 095 047 920 PO Box 144, West Western 6872 [email protected] Phone: +61 8 9380 9555 Facsimile: +61 8 9380 9666 www.capelam.com.au

ASX Announcement / 14 January 2010

The Company is currently divesting its interest in the Lady Annie Project by way of an Initial Public Offering (“IPO”) of Q Copper Australia Limited. Patersons Securities Limited is the Lead Manager to the IPO. The indicative closing date of the IPO is 3 February 2010.

Should you wish to participate in the IPO you can do so by completing the application form in the Supplementary Prospectus dated 14 December 2009, which should be read together with the Prospectus dated 16 November 2009. A copy of the Prospectus and the Supplementary Prospectus can be downloaded from the Q Copper website: www.qcopper.com.au. Alternatively, you can call Mr Philippe Francois on (08) 9211 0600 to request a copy of the Prospectus and Supplementary Prospectus are mailed to you.

“The award of the drilling contract prior to the listing of Q Copper is in line with the Company’s strategy of ensuring exploration commences at Lady Annie as early as possible to enable additional mine life to be crystallised,” said Cape Lambert Executive Chairman, Mr Tony Sage.

Yours faithfully Cape Lambert Resources Limited

Tony Sage Executive Chairman

About Swick Mining:

Swick Mining Services (ASX: SWK) is one of Australia’s largest mineral drilling contractors, providing high quality, high value underground and surface drilling services to a diverse group of mining houses in gold, iron ore, nickel, copper, lead, zinc and manganese. The Company has a strong reputation for innovation in rig design and drilling practices that delivers improvements in productivity, safety, versatility and value. Swick recently committed to expanding its operations outside of Australia and building a global brand through an expansion into targeted international markets, with an initial focus on North America.

This announcement has been prepared for publication in Australia and may not be released in the United States or elsewhere outside Australia. This announcement does not constitute an offer of securities for sale in the United States or any other jurisdiction. Any securities described in this announcement may not be offered or sold in the United States absent registration under the US Securities Act of 1933 or an exemption from registration.

For personal use only use personal For

Cape Lambert Resources Limited ASX Announcement Page 2 of 2 280 000 mE 340 000 mE

7 84 0 000 mN

Lawn Hill Power and Younger rock sequence Water Corridor Century Distal 4 12Mt Zn Eastern Succession 133Moz Ag Western Succession Mt Gordon (Cu) Kalkadoon Leichhardt Belt Lake LADY ANNIE Waggaboonya Q Copper Tenements Granted tenement Application Distal1 Redie Ck Operating mine Investigator Mt Gordon Former mine 0.7Mt Cu Mineral deposit 7 800 000 mN Wild Gecko MOUNT KELLY Lady Loretta Copper/Gold 2.3Mt Zn Gold Dividend PLANT Lady Annie Project Copper Swagman >0.35Mt Cu SITE Base metals To McLeod Hill Darwin Mt Kelly Dugald River Lady Maggie Process Plant 5.8Mt Zn, & Extension 68Moz Ag

Roseby Water Pipeline 0.9Mt Cu 0.3Moz Au Ernest Henry Rocklands 1.4Mt Cu, Hilton >0.5Mt Cu 2.2Moz Au 319Moz Ag, Python 7.4Mt Zn 7 760 000 mN MOUNT ISA CLONCURRY Mount Isa Johnson Creek 8.4mt Cu, Borefield 10.2Mt Zn, Johnson Ck 714Moz Ag Anthill

50km

Duchess Mt Elliott / Starra 3.1Mt Cu, 5.1Moz Au Darwin Tick Hill 0.6Mt @ 25g/tAu Hilton (Zn Pb) Dajarra 7 720 000 mN MT ISA Cannington 1.9Mt Zn, To Townsville For personal use only use personal For 750Moz Ag Brisbane Mt Isa (Cu Zn Pb) 22°00’ Perth Osborne 0.4Mt Cu, 1000km Figure 1 1.2Moz Au LOCATION OF LADY ANNIE PROJECT 280 000 mE 340 000 mE

Distal 5 7 84 0 000 mN

Power and Water Corridor Distal 4

Right side Mt Gordon (Cu) Lake LADY ANNIE Waggaboonya

Middle Distal 1 Redie Ck Investigator

7 800 000 mN Wild Gecko MOUNT KELLY

Left side PROCESS PLANT Dividend SITE Swagman

To McLeod Hill Darwin Lady Maggie & Extension

Water Pipeline

7 760 000 mN Python

Johnson Creek Borefield Johnson Ck

Anthill

Granted Tenement Tenement Applications Hilton (Zn Pb) 7 720 000 mN Exploration Prospects For personal use only use personal For 0 20km Mining Areas To Townsville Mt Isa (Cu Zn Pb) Figure 2 MINING AREAS, PROCESS PLANT AND EXPLORATION PROSPECTS