Velox Energy Materials Inc V.VLX

CUI joint venture drilling

[CYNOSURE]

ASX Announcement

LIONTOWN COMMENCES 4,000M DRILLING PROGRAM AT

THE JUBILEE REEF GOLD JOINT VENTURE IN TANZANIA

Liontown Resources Limited (ASX:LTR) is pleased to advise that drilling has commenced at

the Jubilee Reef Joint Venture Project located in northern Tanzania.

The program is planned to total approximately 4,000m and will comprise a combination of RC

and RAB/Aircore drilling.

The drilling is designed to test for extensions of significant gold mineralisation recorded by

previous exploration work including an intersection of 19m @ 3.6g/t Au (from 26m depth).

Details of previous drilling results were released in ASX announcements dated 25th January

and 27th January 2011.

Liontown has the right to earn up to 75% equity in the Jubilee Reef Joint Venture Project

which is located in the Lake Victoria Goldfield (Figure 1), an Archaean greenstone-granite

terrain similar to the Eastern Goldfields of W.A. Several multimillion ounce gold deposits are

currently being mined in the region including Bulyanhulu and Geita.

DAVID RICHARDS

Managing Director

16 August 2011

The information in this report that relates to Exploration Results is based on information compiled by Mr David

Richards, a full time employee of Liontown Resources Limited, who is a Member of the Australian Institute of

Geoscientists. Mr Richards has sufficient experience in the field of activity being reported to qualify as a Competent

Person as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Minerals

Resources and Ore Reserves, and consents to the release of information in the form and context in which it appears

here.

For further information,

please contact:

Mr Tim Goyder, Executive Chairman or David Richards, Managing Director

Liontown Resources Limited - Telephone [phone]