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1 ASX Release: 28 January, 2011 Quarterly Activities Report for the period ended 31 December 2010 ASX Code: WRM Shares on Issue: 56.8 million Options on Issue: 6.1 million Cash on hand as at 31 Dec: $9.1M Market Cap as at 27 Jan: $32.4M Quarter Share price range: 33.5c 60c Definition of shallow high grade silver in drilling at White Rock North prospect. Validation of supergene copper in drilling at Gladstone Hill prospect. Encouraging IP chargeability anomalies defined at Guyra project. Mt Carrington Mining Leases renewed for 10 years. HIGHLIGHTS Mt Carrington, NSW: Drilling completed on the White Rock North silvergold and Gladstone coppergold targets with encouraging results from White Rock North: o 61 g/t Ag from 127m (hole WRDD008) o 60 g/t Ag from 98m (hole WRDD009) including 101 g/t Ag from 99m and 204 g/t Ag from 122m o 66 g/t Ag & 0.8 g/t Au from 281m (hole WRDD009) Note: Intersections are down hole widths Assay results from Gladstone drilling expected in early February. Rock chip samples including 9g/t gold and 485g/t silver define new high grade goldsilver target at Henley s Hope. 1,674 metres drilled in quarter. Guyra, NSW: IP survey completed on the Willow Glen and Washpool coppergold targets with encouraging results. Corporate: Listing of the company on ASX on 8 October 2010 Cash position of $9.1 million at quarter s end For further information, please contact: Geoffrey Lowe (Managing Director) or Amber Rivamonte (Company Secretary) Phone: info@whiterockminerals.com.au Web: Media enquiries to: Simon Jemison Collins Street Media simon@collinsstreetmedia.com.au SUMMARY COMMENTS Following the listing of White Rock on the ASX on 8 October, drilling commenced at Mt Carrington in early November, focussed on 2 advanced prospects. Encouraging intersections were achieved at White Rock North, with results to be assessed for follow up in the first half of Visible copper was observed in drilling at Gladstone. At the Guyra project, an IP survey has defined a number of chargeability and resistivity anomalies which will be drill tested in February OUTLOOK Exploration will recommence in February 2011 with a number of drilling programs at Mt Carrington and Guyra targeting defined gold, silver and copper targets.

2 PROJECTS MT CARRINGTON Exploration was focussed on drilling the White Rock North (silvergold) and the Gladstone (coppergold) prospects, along with continued regional target generative activities. Regional exploration included specialist geological mapping to establish targets for future surface geochemical surveys and drilling. A number of geochemical stream sediment anomalies defined in 2009 were also followed up. Figure 1: Location of Mt Carrington project.

3 White Rock North At White Rock North (4km southwest of the main Mt Carrington Mining Leases) drilling was designed to follow up strong silver mineralisation previously reported by Rex Minerals Ltd (ASX code RXM, see release of 8 October 2009). Four holes for 1,062m were completed with encouraging assay results returned, as presented in Table 1. Drilling has extended the mineralisation to the southwest and northeast of the previous Rex drilling and has demonstrated that the silver mineralisation is related to epithermal quartz veining and brecciation within and on the margin of intrusive rhyolite bodies. The mineralisation is broadly distributed throughout the rhyolite, with higher grade zones (>60 g/t Ag) strongly developed on the margins of the bodies. Importantly, the program also confirms that mineralisation commences at shallow depths and is likely to be well preserved, representing significant tonnage potential. The mineralisation remains open to the northeast and down dip, and much of the upper rhyolite contact has not been tested. Full details of this program are contained in WRM s ASX release of 12 January Recent surface mapping has identified a number of additional intrusive rhyolite bodies with numerous historical silver gold prospecting pits at White Rock West which are untested by modern drilling (Figure 2). The position of these bodies is on the margin of a strong chargeability anomaly defined by an Induced Polarisation survey completed by Rex in 2009 (RXM release of 27 August 2009) in a similar setting to White Rock North. The chargeability anomaly is interpreted to be the result of high concentrations of sulphide minerals associated with the silver and gold mineralisation observed to date, and defined within a regional structural zone. Rock chip sampling undertaken during the mapping program at White Rock West has returned anomalous silver, gold and pathfinder assays which will be compiled and interpreted with the mapping and geophysical data to define targets for drilling during the June quarter.

4 Figure 2: Location of drillholes at White Rock North in relation to the IP chargeability anomalies. DRILLHOLE ID WRDD008 including From (m) (m) (eoh) 148 Interval (m) Ag (g/t) Au (g/t) WRDD009 including with and including WRDD010 WRDD011 including To No significant results Table 1: Summarised results from White Rock North drillholes WRDD008 to WRDD011. (Intercept cut off grade of 10 g/t Ag; maximum internal dilution of less than 3m at less than 10 g/t Ag)

5 Gladstone At the Gladstone prospect (600 metres SW of the Strauss open pit on the main Mining Leases, Figure 3) a 5 hole drilling program for 614 metres was completed to validate and extend the supergene (secondary) and shallow primary copper gold mineralisation broadly defined by previous drilling, as well as to determine geological controls on the mineralisation. The program encountered visible supergene and/or primary copper mineralisation in all holes. Drill core is being assayed and results will be reported in early February. Regional Exploration Due to the extensive rainfall in the Mt Carrington region in the three months to January 2011, planned geochemical sampling programs north of the Strauss and North Kylo gold Resources have been delayed and will be undertaken in the March quarter. These programs aim to define interpreted northeast extensions of the Inferred Mineral Resources (190,000 ounces gold) delineated beneath the Strauss and North Kylo pits. The surveys will also cover an area 1.5km north of these pits where previous drilling has intersected gold and zinc mineralisation. The results will be used to plan drilling of the interpreted areas of potential Resource extension in early Rock chip sampling was undertaken at the Henley s Hope prospect located 15km SE of the Mt Carrington leases), which returned strongly anomalous assay results to 9g/t gold and 485g/t silver. Follow up mapping and geochemical soil sampling program was delayed due to wet weather, and the program will be undertaken in the March quarter. Figure 3: Mt Carrington mining leases with location of main goldsilver open pits, Gladstone copper zone, and Cheviot Hills fault zone.

6 GUYRA The Guyra project covers a concealed porphyrystyle coppergold mineralised system which has been partially explored by previous companies. The porphyry is exposed in a small window through barren cover basalt rocks but has had little exploration under the basalt away from this window. Interpretation of previous exploration data indicates potential to discover coppergold mineralisation beneath the basalt in areas adjacent to the exposed porphyry window. A broad spaced induced polarisation geophysical program was completed in December to map the altered porphyry system below the basalt cover and provide drill targets for testing in February The survey comprised a total of 52 line km on 12 lines at 400m spacing (refer to Figure 4). The survey defined both chargeability and resistivity responses matching known geology where the altered porphyry system is exposed, and also appears to have mapped the basement alteration beneath the basalt cover with no adverse effects from the basalt. The survey identified a number of encouraging buried chargeability zones along strike and proximal to known alteration, with two main altered zones defined by chargeability highs which may represent separate intrusive/alteration centres or fault offsets of the same system (refer to Figure 5). These chargeability highs are robust at depths of metres below surface, and previous drilling of the outcropping altered porphyry system has been no deeper than 140 metres below surface in this area. Resistivity data shows two strong linear anomalies on the east and west margins of the broad chargeability response which may be related to the edges of the alteration system or more specific to structures bounding the system. Further interpretation of the data is ongoing, and targets for drill testing will be finalised in late January, for drilling in February.

7 Figure 4: Guyra project location with outline of completed IP survey on the Willow Glen coppergold porphyry.

8 Figure 5: Willow Glen coppergold porphyry horizontal depth slice of chargeability at ~250m below surface. Red yellow represents areas of relative high chargeability, blue represents areas of low chargeability. ACTIVITIES PLANNED FOR MARCH 2011 QUARTER Mt Carrington: White Rock will accelerate the exploration activities in the March quarter. Programs will include Commencement of diamond drilling of a number of targets on the Cheviot Hills Fault Zone (Figure 3) which will continue into the June quarter. The aims of this drilling program are to Identify shallow extensions to the current Lady Hampden silvergold Resource (2M oz silver and 28K oz gold); Test a number of defined geochemical (gold silver) and geophysical (IP chargeability) anomalies; Follow up previous drilling (Rex Minerals) which returned highly anomalous shallow results (drillhole LHDD002B: 290 g/t Ag and 1.0 g/t Au from 96m downhole). 3D modelling of the Gladstone and Carrington supergene and primary copper targets to define drilling targets for the June quarter; Completion and interpretation of near mine geochemical sampling and mapping programs to prioritise targets for drilling on the central Mining Leases and at White Rock West in the June quarter; Continued regional mapping and geochemical surveys to define new targets for drilling in the second half of Guyra: White Rock will undertake a 3 to 5 hole diamond drilling program to test the concealed IP chargeability and resistivity anomalies defined on the Guyra coppergold porphyry. This program will commence in early February.

9 CORPORATE White Rock was accepted into the official list of the ASX to commence trading on 8 October 2010, following the demerger from Rex Minerals Ltd in June As outlined in the IPO Prospectus, Banlona Pty Ltd ( Banlona ), a subsidiary of Global Geoscience Ltd (ASX:GSC) agreed to sell to White Rock Exploration Licence 7255 and Exploration Licence 7395 (collectively the Guyra CopperGold Project), in consideration for the issue of 2 million White Rock fully paid ordinary shares ( Shares ) to Banlona Pty Ltd. The shares were issued to Banlona on 15 October 2010 and will be escrowed for 12 months. As at 28 January 2011 there are 56.8 million shares on issue including 3.9 million shares under ASX escrow. In addition there are 6.1 million unlisted options. TENEMENT STATUS A new Exploration Licence (EL7673) covering an area of approximately 180km 2 to the immediate west of the Exploration Licences at Mt Carrington was granted this quarter. The area was highlighted as prospective for gold, silver and copper mineralisation during the review of previous exploration and mineral occurrence data. Tenement status is summarised in Table 2. Project Area Mt Carrington Licence No EL6273 Target Type Comments 100% White Rock interest held by White Rock (MTC) Pty Ltd. EL6452 EL6453 Gold Silver Copper 100% White Rock interest held by White Rock (MTC) Pty Ltd. 100% White Rock interest held by White Rock (MTC) Pty Ltd. EL % White Rock interest held by White Rock (MTC) Pty Ltd. ML6335, ML6242, ML6295, MPL1345, ML1147, MPL256, MPL259, MPL24, ML1148, ML1149, ML1150, ML5883, ML5444, GL5477, GL5478, ML6004, ML6006, SL471, SL492, ML6291, ML1200, SL409 Gold Silver Copper Guyra EL7255 Copper Gold 100% White Rock interest. The NSW Department of Industry and Investment has renewed all Leases in the name of White Rock (MTC) Pty Ltd for a period of ten (10) years from 8 December % White Rock interest held by White Rock (New England) Pty Ltd. EL7395 Copper Gold 100% White Rock interest held by White Rock (New England) Pty Ltd. Table 2: Summarised tenement status for White Rock projects.

10 About White Rock Minerals White Rock is an Australian minerals exploration company with projects located in the New England Fold Belt, northern NSW. The New England Fold belt is host to significant gold, silver and copper mines including current mines at Cracow and Mt Rawdon and historic mines at Gympie and Mt Morgan. White Rock listed on the ASX in October 2010 with the objective of undertaking structured and systematic exploration programs on its 100% owned Mt Carrington and Guyra projects, with a vision of discovering and developing new gold, silver and copper resources. At Mt Carrington, White Rock has existing shallow Mineral Resources totalling 190,000ozs of gold and 10.5Mozs of silver*. The exploration program at Mt Carrington is designed to extend the shallow gold and silver Resources along with searching for new largescale deposits of gold, silver and copper within this underexplored mineral belt. The Company is supported by a strong management team with extensive corporate, operating and exploration experience. Competent Persons Report The information in this report that relates to Exploration Results or Mineral Resources is based on information compiled by Mr Rohan Worland who is a Member of the Australian Institute of Geoscientists and is a full time employee of White Rock Minerals Ltd. Mr Worland has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Worland consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. *The gold and silver Resource figures have been taken from the resource estimate report dated 1 October 2008 prepared by Mining One Pty Ltd on behalf of Rex Minerals Ltd and authored by Dr Chris Gee who is a professional geologist with more than 10 years experience in resource estimation. Dr Gee is a Competent Person as defined by the JORC Code. A detailed description of the resource estimation methodology, validation drilling program results and representative geological cross sections is included in the full resource report completed by Rex and Mining One Pty Ltd which can be found on White Rock s website,

11 Appendix 5B Mining exploration entity quarterly report Appendix 5B Rule 5.3 Mining exploration entity quarterly report Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10 Name of entity WHITE ROCK MINERALS LTD ABN Quarter ended ( current quarter ) DECEMBER 2010 Consolidated statement of cash flows Cash flows related to operating activities 1.1 Receipts from product sales and related debtors Current quarter $A 000 Year to date ( months) $A Payments for (a) exploration & evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (provide details if material) Net Operating Cash Flows (971) (108) (1,409) (495) (956) (1,706) Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets (112) (128) 1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (provide details if material) (112) (128) Net investing cash flows 1.13 Total operating and investing cash flows (carried forward) (1,068) (1,834) + See chapter 19 for defined terms. 17/12/2010 Appendix 5B Page 1

12 Appendix 5B Mining exploration entity quarterly report 1.13 Total operating and investing cash flows (brought forward) (1,068) (1,834) Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc , Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other (provide details if material) (545) (764) Net financing cash flows (423) 4,244 (1,491) 2,410 Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 10,616 6, Exchange rate adjustments to item Cash at end of quarter 9,125 9,125 Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities Current quarter 1.23 Aggregate amount of payments to the parties included in item 1.2 $A' Aggregate amount of loans to the parties included in item Explanation necessary for an understanding of the transactions Noncash financing and investing activities 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows Purchase of EL7255 and EL7395 tenements from Banlona in consideration of 2 million shares at $0.30. Shares escrowed for 12 months 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest Financing facilities available Add notes as necessary for an understanding of the position. + See chapter 19 for defined terms. Appendix 5B Page 2 17/12/2010

13 Appendix 5B Mining exploration entity quarterly report 3.1 Loan facilities Amount available $A 000 Amount used $A Credit standby arrangements Estimated cash outflows for next quarter $A Exploration and evaluation 1, Development 4.3 Production 4.4 Administration 200 Total 1,325 Reconciliation of cash Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows. Current quarter $A 000 Previous quarter $A Cash on hand and at bank 9,125 10, Deposits at call 5.3 Bank overdraft 5.4 Other (provide details) Total: cash at end of quarter (item 1.22) 9,125 10,616 Changes in interests in mining tenements 6.1 Interests in mining tenements relinquished, reduced or lapsed Tenement reference Nature of interest (note (2)) Interest at beginning of quarter Interest at end of quarter 6.2 Interests in mining tenements acquired or increased EL7255 EL7395 EL % 100% 100% % 100% 100% + See chapter 19 for defined terms. 17/12/2010 Appendix 5B Page 3

14 Appendix 5B Mining exploration entity quarterly report Issued and quoted securities at end of current quarter Description includes rate of interest and any redemption or conversion rights together with prices and dates. 7.1 Preference + securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buybacks, redemptions Ordinary securities Total number Number quoted Issue price per security (see note 3) (cents) 56,817,199 52,876,728 Amount paid up per security (see note 3) (cents) 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buybacks Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted 7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired/lapsed during quarter 7.11 Debentures (totals only) 18,666,666 20,000 $0.30 $0.38 6,050,000 Exercise price $0.38 $0.30 $0.38 Expiry date 1/8/ ,000 $0.38 1/8// ,000 $0.38 1/8/ See chapter 19 for defined terms. Appendix 5B Page 4 17/12/2010

15 Appendix 5B Mining exploration entity quarterly report 7.12 Unsecured notes (totals only) Compliance statement 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5). 2 This statement does give a true and fair view of the matters disclosed. Sign here:... Date: 28 January 2011 (Director/Company secretary) Print name: Amber Rivamonte Notes 1 The quarterly report provides a basis for informing the market how the entity s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report. 2 The Nature of interest (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities. 4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. 5 Accounting Standards ASX will accept, for example, the use of International Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with. == == == == == + See chapter 19 for defined terms. 17/12/2010 Appendix 5B Page 5