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Additional Information

Market:	ASX
Sector:	General Mining
EPIC:	GOT

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Groote Resources

Groote Resources (ASX: GOT) is a Perth-based exploration company which continues to actively search for new projects, both within Australia and offshore. Currently the company has two main projects, the Groote Eylandt Manganese project and the Mt Alexander Uranium Project.

Groote Resources holds exploration rights for six tenements covering 1,723 km2 of shallow marine terrain and two islands near Groote Eylandt in the Northern Territory of Australia. These tenements are located immediately adjacent to and contain the interpreted extensions of the world-class manganese deposits at Groote Eylandt.

The EL comprises 8,877 hectares of prospective ground in the Ashburton Mineral Field of Western Australia, approximately 10km south of Nanutarra. An assessment of this work has identified a number of conceptual uranium and basemetal targets and an exploration program is currently being produced by the team at Groote resources.

Groote Resources raises handy $1 million and appoints new chairman

Monday, March 22, 2010

Perth-based Groote Resources (ASX: GOT) has appointed Chris Catlow as non-executive chairman of the company.

Mr Catlow has extensive experience in the international resources industry and was inaugural chief financial officer of Fortescue Metals Group (ASX: FMG), involved in the development of Fortescue and in raising more than US$4 billion.

He has held various senior roles in major operating companies and has considerable experience in raising both equity and debt for large resource projects.

Under the terms of Mr Catlow’s appointment, he will, subject to necessary shareholder approval, be entitled to receive 6 million options on the following terms:

-2 million unlisted options exercisable at $1.00 vesting 12 months from issue;
-2 million unlisted options exercisable at $1.25 vesting 12 months from issue; and
-2 million unlisted options exercisable at $1.50 vesting 12 months from issue.

Maurice Catina has been appointed Company Secretary effective immediately, replacing Alec Pismiris who has resigned.

The Company intends to raise additional working capital to supplement its existing cash reserves to fund the Company’s planned exploration activities at the Groote Eylandt Manganese Project and Mt Alexander Uranium Project.

Groote will also make a share placement of 1.25 million shares at an issue price of $0.80 per share to raise $1,000,000 before costs.

The placement will be issued to Mr Chris Catlow and or his nominees. The placement will be completed following shareholder approval.

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