Kairiki Appoints New Non-Executive Director

Kairiki announced the appointment of Mr. John Morton as a non-executive Director with effect from August 25, 2010.

Mr. Morton replaces Ms. Jyn Sim Baker as IMC Group's nominee director on the Kairiki Board following Ms. Baker's resignation from IMC in May 2010.

Mr. Morton is Chief Portfolio Manager of IMC's resource investments and is based in Perth. Mr. Morton has a Master of Applied Finance, Bachelor of Arts and Bachelor of Commerce. He is also a member of the Institute of Chartered Accountants (ICAA).

Mr. Morton has in excess of 15 years experience in investments, strategy and corporate finance in both Australia and overseas having worked with Ernst & Young Corporate Finance and Rio Tinto.

Commenting on the appointment of Mr. Morton, Mr. Fry, Kairiki's Chairman said, "We are delighted to have someone of Mr Morton's experience and caliber on the Kairiki Board. Mr. Morton's experience will be particularly helpful as the company progresses its investments in the Tindalo development and nearby SC54B.

"I wish to also thank Jyn for her valuable contribution she has made over the past 22 months and would like to wish her well in her future endeavors."