Spectacular uranium assays from rock sampling. at FYI s Yarlarweelor project in Western Australia

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1 Tuesday 6 July, 2010 ASX Release (ASX code: FYI ) Spectacular uranium assays from rock sampling at FYI s Yarlarweelor project in Western Australia Uranium assays of 7,992 parts per million (ppm), 4,062 ppm and 3,241 ppm U 3 O 8 in three rock chip samples from a new uranium target, Anomaly 41 Anomaly 41 one of five new uranium drill targets identified within the main Yarlarweelor tenement None of the five targets have been drill tested previously Other four targets, defined by calibrated spectrometer readings, include: 2,137 ppm U 3 O 8, from Anomaly 2, 1,323 ppm U 3 O 8, from Anomaly 13, Up to 365 ppm U 3 O 8 at Anomalies 18 and 24 Assays results of up to 7,992 ppm have been returned from rock chip samples of a new uranium target within FYI Resources Limited s Yarlarweelor uranium project near Meekatharra in Western Australia. The result from Anomaly 41 is in addition to two further assays of 4,062 ppm and 3,241 ppm uranium oxide in the same target. FYI today described the assays as spectacular as they are part of a suite of robust uranium readings on five recently identified new uranium targets within E52/2095, 125 kilometres north of Meekatharra. None of the five targets have previously been drill tested.

2 High readings of up to 2,137 ppm were also returned from spectrometer testing of the other four new targets. The results announced today follow on from the initial success in intersecting wide zones of uranium mineralization at Yarlarweelor s Kangaroo Ridge prospect. This formed part of a wider program of radiometric surveys and geological mapping which to date indicates shear zones with a combined strike length in excess of 25 kilometres existing within E52/2095 that may be prospective for uranium mineralization. The potential for shear zones in the tenement s Despair Granite to host significant uranium mineralization was reported in an ASX announcement (23 June 2010) with two core holes drilled at Kangaroo Ridge prospect returning: 503ppm U 3 O 8 including 1,069ppm U 3 O 8 and 1,010ppm U 3 O 8 588ppm U 3 O 8 including 1,873ppm U 3 O 8 Anomaly 41 is six kilometres to the southwest of Kangaroo Ridge while the four spectrometer tested anomalies, results of which were also reported today, are to the immediate west and north of Kangaroo Ridge within a four kilometre long corridor. The program of ground checking and sampling radiometric anomalies will continue with the aim of adding further uranium drill targets. Detailed results of the five new anomalies announced today, are as follows: Anomaly 41 is an isolated outcrop of weathered, sheared granite approx. 10m X 15m in area which returned rock chip analyses of 7,992, 4,062 and 3,241 ppm U 3 O 8. Abundant secondary uranium minerals are visible in hand specimens. Anomaly 13 is a 40m long by up to 1.5m wide ironstone which gave spectrometer readings up to 1,323 ppm U 3 O 8. Anomaly 2 is located in a banded ferruginous rock over a 3m X 3m area and gave spectrometer readings up to 2,137 ppm U 3 O 8. Secondary uranium minerals are visible in hand specimens. Anomalies 18 and 24 occur in a 1,500 metre long zone of multiple biotite schist shear zones with individual shears up to 8m thick. Granite immediately adjacent to the shear zones gives spectrometer readings up to 365 ppm U 3 O 8.

3 The Yarlarweelor uranium project s primary uranium mineralization, in the form of uraninite, is hosted within biotite rich shear zones cutting the Archaean Despair Granite. This style of mineralization is different from the majority of Australian uranium occurrences but the widths and grades of mineralization are comparable to those in operating mines and advanced projects in Africa.

4 Anomaly 2: secondary uranium minerals (yellow) in banded ferruginous rock (10c coin for scale)

5 Anomaly 41: secondary uranium minerals (yellow) in weathered sheared granite (50mm wide)

6 - End - Further Information: Adrian Jessup Executive Director Tel: (08) Russell Barnett Chairman Tel: (08) The information in this report that relates to Exploration Results has been compiled by Mr. David Ross B.Sc(Hons), M.Sc. who is an employee of Empire resources Ltd. He is a member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. He has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity to 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. David Ross consents to the inclusion in the public release of the matters based on his information in the form and context in which it appears. ASSAY methods Uranium assays on rock chip samples were done by sodium peroxide fusion/icp-ms. Uranium assays of core samples were done on 1 metre quarter core by sodium peroxide fusion/icp-ms. Spectrometer readings were taken with a calibrated Exploranium GR-135.