8 DECEMBER 2014

About

Board of Directors Mr Michael Walters Chairman

Mr Peter Cunningham

Managing Director

Jeremy Sinclair

Non-Executive Director

ASX: SRR

Capital Structure

Shares on issue: 903,315,606

Unlisted options: 92,650,000

Major Shareholders

Atlas Iron: 43.76%

Bryve Resources: 9.69% Raydale Holdings: 4.64% OM Holdings: 4.01%

Contact

Ground Floor, 1205 Hay Street

West Perth WA 6005

PO Box 1259

West Perth WA 6872

Telephone: +61 (08) 9226 4455

Facsimile: +61 (08) 9226 4255

Email: [email protected]
For more information about Shaw River or to join the electronic mailing list visit: www.shawriver.com.au

DSO Mn Production Commenced At

Otjo Project

Shaw River Manganese Ltd (ASX: SRR) is pleased to provide the following update on its current activities:

 The Company's 100% owned Otjozondu Manganese Project ("Otjo Project") in Namibia has commenced transporting DSO (Direct Ship Ore) to the port of Walvis Bay;

 As mining of the 100,000 tonne continues, DSO is identified, crushed, screened and loaded into containers for export to China;

 The DSO will be delivered into the fixed price contract in place with Noble Resources as previously announced;

 DSO is being transported by truck in shipping containers to the Okahandja rail siding 150km from the mine site from where it will be railed to the Walvis Bay Port;

 The company has secured use of a dedicated stockpiling area within the Walvis Bay Port where containers will be offloaded and stockpiled ahead of shipping;

 Overall logistic costs have been finalised for the initial movements and have come in lower than expected. Future reductions of these costs, based on volume and regularity, will result in a much lower cost base for the Otjo project.

First Container Being Loaded

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Commencing Pit B Excavation

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Starting DSO ROM Stockpile

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Crushing and Screening Plant in Operation

Forward Looking and Exploration Target Statements:

Some statements in this announcement regarding future events are forward-looking statements. They involve risk and uncertainties that could cause actual results to differ from estimated results. Forward-looking statements include, but are not limited to, statements concerning the Company's exploration program, outlook, target sizes, resource and mineralized material estimates. They include statements preceded by words such as "potential", "target", "scheduled", "planned", "estimate", "possible", "future", "prospective" and similar expressions. The terms "Direct Shipping Ore (DSO)", "Target" and "Exploration Target", where used in this announcement, should not be misunderstood or misconstrued as an estimate of Mineral Resources and Reserves as defined by the JORC Code (2012), and therefore the terms have not been used in this context. The potential quantity and grade of Exploration Targets are conceptual in nature and it is uncertain if further exploration or feasibility study will result in the
determination of a Mineral Resource or Reserve.

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