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21 November 2011

ASX ANNOUNCEMENT

26% Increase to Mineral Resource at Pilgangoora Lithium Project

Pilgangoora Lithium (Western Australia) 100% Altura Mining Limited

� JORC compliant Mineral Resource estimate increase of 2.75 million tonnes of mineralised

spodumene pegmatites at 1.06% Li2O from S1 Target Area.

� Total Pilgangoora Mineral Resource estimate of 13.29 million tonnes of mineralised

spodumene pegmatites at 1.21% Li2O.

� Contained lithium oxide (Li2O) of 161,000 tonnes.

� Further Mineral Resource estimate increases for C1, N1 and E1 targets expected upon

receipt of assays from recent drilling.

� Project moves closer to current exploration target of 18 to 25 million tonnes @ 1.3 to 1.6%

Li2O.

Altura Mining Limited (ASX:AJM) is pleased to announce an increase to the resource estimate for

its Pilgangoora Lithium project located in the Pilbara region of WA. The revised JORC compliant

estimate represents a 26% increase of the previous estimate with the increase confined to the S1

target area (see Table 1 below).

Assays are pending for the C1, N1 and E1 targets with drilling continuing to intersect shallow and

thick mineralised spodumene pegmatites.

Table 1 – Pilgangoora Revised Lithium Resource Estimate

# based on 0.3% Li2O cut-off and depth limit of 100 metres

Pilgangoora Li2O Resource – November 2011

Zone Resource Tonnes Li2O % Li2O tonnes

C1 Area Indicated 2,960,000 1.24 36,525

Inferred 760,000 1.40 10,655

E1 Area Indicated 2,130,000 1.33 28,473

Inferred 1,260,000 1.29 16,223

N1 Area Indicated 1,830,000 1.15 21,139

Inferred 1,600,000 1.17 18,767

S1 Area Indicated - - -

Inferred 2,750,000 1.06 29,149

Subtotal Indicated 6,920,000 1.24 86,138

Inferred 6,370,000 1.17 74,214

Total All Resources 13,290,000 1.21 160,352

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Altura Mining Limited – ASX Announcement, 21 November 2011

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The drilling program to date has identified five (5) mineralised pegmatite zones namely C1, E1, N1,

S1 and W1. All of the zones have been shown to be highly prospective, aside from W1 which is

weakly mineralised (see Figure 1). The Pilgangoora lithium deposit is characterised by thick

mineralised pegmatites outcropping at surface with an extremely low waste to ore ratio which will

considerably enhance the economics for the resource that has been identified.

The S1 area is characterised by thick and shallow mineralised pegmatites striking almost north to

south and dipping steeply to the east. Typical cross sections through the S1 target are shown in

Figure 3. Altura is currently awaiting further assay results for the C1, N1 and E1 areas following

further multiple thick and shallow pegmatite intercepts from recent drilling. Upon receipt of these

assay results a review of the Mineral Resource estimate will be completed.

The focus for ongoing drilling will be to increase the mineralised pegmatite resources for the C1,

E1 and N1 areas. In conjunction with this current program a diamond drilling program is to be

incorporated to allow further metallurgical testing and assist with parameters for the design of the

mine.

Altura has retained the current exploration target of 18 to 25 million tonnes @ 1.3 to 1.6% Li2O.

Table 2 sets out the respective ranges of tonnes and grades for the Pilgangoora exploration targets

for Areas C1, E1, N1 and S1 (see Table 2 below).

Table 2 – Pilgangoora Lithium Exploration Targets

Lithium Target Area Tonnes

(Mt)

Li Grade

% Li2O

Area C1 5 – 7 1.3 – 1.5

Area E1 4 – 5 1.3 – 1.5

Area N1 4 – 5 1.3 – 1.5

Area S1 5 – 8 1.4 – 1.6

TOTAL 18 – 25 1.3 – 1.6

Note: The potential quantities and grades are conceptual in nature and there has been

insufficient exploration to date to define a Mineral Resource. It is not certain that further

exploration will result in the determination of a Mineral Resource.

The resource estimate was completed by Altura Mining Limited utilising a Minescape (Mincom) 3D

computer model to produce pegmatite zone correlations from geological and assay drillhole

intercepts. The assay results have been integrated to produce the resource mass and grade

estimates from the resource block model.

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Figure 1 – Pilgangoora Mineral Resource areas and Drill Hole Locations

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Figure 2 – Cross Sections through S1 Mineral Resource area

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Table 3 below shows a comparison to current and emerging hard rock lithium producers in

Australia. The standout operation of the Talison Greenbushes Deposit is considered to be the

most superior hard rock lithium mining operation globally.

Table 3 – Comparison of Producers and Emerging Producers of Lithium in Australia

Altura Mining Limited – Pilgangoora Deposit (WA)

Resource Classification Tonnes

(Mt)

Li Grade

% Li2O

Measured Resources - -

Indicated Resources 6.9 1.2

Inferred Resources 6.4 1.2

TOTAL 13.3 1.2

Reed Resources Limited (ASX: RDR) – Mt Marion Deposit (WA)


(Mt)

Li Grade

% Li2O

Measured Resources 2.0 1.5



TOTAL 14.9 1.3

Galaxy Resources Limited (ASX: GXY) – Mt Cattlin Deposit (WA)


(Mt)

Li Grade

% Li2O




TOTAL 18.2 1.08

Talison Lithium Limited (TSX: TLH) – Greenbushes Deposit (WA)


(Mt)

Li Grade

% Li2O




TOTAL 72.4 2.6

Source: Company Releases

Forward looking statements - Statements regarding plans with respect to the Company’s exploration

properties are forward-looking statements. There can be no assurance that the Company’s plans for

development of its properties will proceed as expected. There can also be no assurance that the Company

will be able confirm the presence of additional deposits, that any mineralization will prove to be economic

or that a mine will be successfully developed on any of the Company’s exploration properties.

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About Altura Mining Limited (ASX: AJM)

“Altura Mining is aggressively building independently sustainable businesses that deliver profitability, liquidity

and growth in coal, iron ore and non-ferrous mining and exploration” – The Altura Vision

Altura is a multi-faceted company with significant coal and iron ore projects in Indonesia and Australia, a

diverse minerals exploration portfolio, and a profitable mining services arm that provides drilling,

geophysical and project development services.

With experienced leadership and a strong and supportive shareholder base, the success of Altura is further

underpinned by a solid suite of exploration and development projects. 2011 is a pivotal year for Altura

Mining, with two of the company’s keystone projects - Tabalong Coal in Indonesia and Mt Webber Iron Ore

in Australia - moving toward production.

Key Projects and Prospects:

• Coal: Tabalong Coal Project - South Kalimantan, Indonesia – final approvals in process.

• Iron Ore: Mt Webber JV DSO Joint Venture (30% Altura).

• Lithium: Pilgangoora Project WA, Finniss Range Prospect NT – pre-feasibility.

• Garnet: Balline Mineral Sands Project WA.

• Uranium: Mt Shoobridge NT, exploration stage with key uranium targets in Hayes Creek region.

• Base/Precious Metals: Mt Shoobridge NT, lead, copper, zinc, gold and silver prospect at exploration

stage.

COMPETENT PERSONS STATEMENT

The information in this report that relates to Exploration Results or Mineral Resources is based on information

compiled by Bryan Bourke, who is a member of the Australian Institute of Geoscientists and a full-time employee of

Altura Mining Limited. Bryan Bourke has sufficient experience, which is relevant to the style of mineralisation and type

of deposit under consideration and to the activity he is undertaking, to qualify as a Competent Person in terms of the

‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code 2004

Edition). Bryan Bourke consents to the inclusion of such information in this Report in the form and context in which it

appears.

For additional information about Altura, please visit the Company’s website www.alturamining.com

For further information, please contact:

James Brown, Managing Director Ph: + 61 7 3814 6900

Paul Mantell, Executive Director Ph: + 61 7 3814 6900

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