November 19, 2008ASX ReleaseSHAREHOLDERS APPROVE $26M PLACEMENT...

November 19, 2008
ASX Release

SHAREHOLDERS APPROVE $26M PLACEMENT AND
STRATEGIC ALLIANCE WITH CLIFFS

KEY POINTS
• Placement of 68.3 million shares at 40 cents and 26.5 million options to be completed
within five business days.
• $26M cash injection positions AusQuest to accelerate exploration programs, and
pursue new acquisition and growth opportunities.
• Support and back-up from major mining house through Strategic Alliance.
AusQuest Limited (ASX: AQD) is pleased to advise that all six resolutions relating to the
Strategic Alliance with international mining company, Cliffs Natural Resources (formerly
Cleveland-Cliffs Inc.), were approved at the Company’s Annual General Meeting today.
This marks the final outstanding approval for the transaction, with Cliffs to proceed to
subscribe for 68,308,791 AusQuest shares at 40 cents each and an additional 26,470,857
options with an exercise price of 40 cents each. The share and option placement will be
completed within five business days of the AGM.
This will result in a cash injection of approximately A$26 million, net of costs, significantly
enhancing AusQuest’s cash position and enabling the Company to aggressively step up its
exploration efforts in 2009 as well as actively target new opportunities.
The Strategic Alliance encompasses the back-up and support of a major international mining
house, giving AusQuest a significant competitive advantage as a well-funded, technically
capable junior resource company. Cliffs will hold a fully diluted 30% interest in AusQuest
following completion of the placement.
Cliffs is the largest producer of iron ore pellets in North America and a major supplier of
metallurgical coal to the global steel-making industry. It operates six iron ore mines and three
coking coal mines in North America and is also moving towards 100% ownership of Portman
Limited, a large iron ore mining company in Australia serving Asian markets.
The Board of AusQuest looks forward to welcoming Cliffs as a significant shareholder in the
Company and to the opportunities this will provide in the future.
Graeme Drew
Managing Director