cobalt, page-6

There is already an off-take agreement for the pyrite/cobalt as announced on April 27th, 2011.



MARKET RELEASE 27th April, 2011

OFFTAKE AGREEMENT FOR SALE OF MINERAL CONCENTRATES FROM
ROCKLANDS GROUP COPPER PROJECT COMPLETED WITH CHINA
OCEANWIDE INTERNATIONAL HOLDINGS CO. LTD (“China Oceanwide”)

OCEANWIDE INTERNATIONAL RESOURCES INVESTMENT CO. LTD
(“Oceanwide”) TO SUBSCRIBE FOR A$130M OF SHARES IN CUDECO


CuDeco Ltd is pleased to advise its shareholders that the Company has completed
the Offtake Agreement with our new cornerstone investor, the Hong Kong based
investment and resources group. The material terms of this agreement are:-

a. China Oceanwide has agreed to purchase a minimum of 60% of the total
product from the Rocklands Project.

b. Cudeco has the right to sell the entire 100% of production to China
Oceanwide but at CuDeco’s future discretion. It is common within the industry
to allow for 40% of the product to be sold on the spot market when
copper/gold/cobalt prices fluctuate from time to time.

c. The term of the agreement is for 20 years.

d. Under the terms of the Offtake Agreement, as well as purchasing the
copper/gold concentrates, the buyer is also purchasing the pyrite/cobalt
concentrates, which are anticipated to be approx. 200,000 tonnes per annum.
On current prices the margin on the pyrite/cobalt alone is approx. $US805 per
tonne. The pricing for the offtakes will be linked to the prices on the London
Metals Exchange and the London Bullion Market Association