$6 Million Placement to the Lippo Group Haranga Resources...

$6 Million Placement to the Lippo Group Haranga Resources Limited
has agreed to issue 15 million new shares to Golden Rain Holdings Limited, a wholly owned subsidiary of Lippo China Resources Limited, itself a member of the Lippo group of companies (the “Lippo Group”). The key terms of the Agreement are as follows:

• 15 million new shares will be placed to Golden Rain Holdings at $0.40 per share for a total consideration of $6 million.

• Placement is at a discount to the last closing price of $0.48 on 13 March 2012 but on par with the 30 day VWAP.

• On completion, the Lippo Group will increase its ownership of the Company’s issued share capital from 7.35% to 13.92% and will continue to be the Company’s largest shareholder.

• The Lippo Group have agreed to enter into a voluntary lock up period of 12 months for its entire 13.92% shareholding.

• The Lippo Group are a major Asian conglomerate with varied assets and investments that include mineral resources interests in Indonesia, Australia, China, Mongolia and the USA.