SPITFIRE RESOURCES MEDIA RELEASE

ACQUISTION OF LARGE ZAMBIAN LIMESTONE PROJECT

�                          Spitfire Resources Limited has entered into a Binding Heads of Agreement to acquire 100% of the White Lion Limestone Project in Zambia.

�                          Mauritian companies, White Lion Group Investments Limited (WLI) and White Lion Group Holdings Limited (WLH), together with its wholly owned Zambian registered subsidiary White Lion Enterprises Limited (WLE), will on settlement own the White Lion limestone project which is located approximately 100km from the Zambian capital Lusaka.

�                          The White Lion project sits on a granted Large Scale Mining Licence and covers a total area of 245 square kilometres.

�                          Mapping and airborne surveys of the White Lion project indicate that the limestone deposition covers an area of approximately 60 square kilometres.

�                          Strong GDP growth across Africa is driving infrastructure development and therefore cement demand. This acquisition is designed to tap into this growth. 

�                          The upfront consideration for the acquisition is $A2.1 million in fully paid ordinary Spitfire Resources shares based on a 30 day volume weighted average price. These shares will be escrowed for a minimum of 12 months.

�                          A second conditional payment of A$4.2 million in fully paid ordinary Spitfire Resources shares is proposed when not less than 80 million JORC inferred tonnes of limestone is delineated and a Scoping Study that demonstrates the potential for a large-scale, long-life, economic project is completed.

�                          The acquisition is subject to shareholder approval. This approval will be sought by way of a general meeting of the Company�s shareholders as soon as practicable.

For more information please refer to:

 http://www.spitfireresources.com/home/investor-information/asx-announcements/whitelionacquisition.pdf