great potential, page-8

ABN 55 101 714 989 Report for the Quarter Ending 31st March, 2011 29th April, 2011

Highlights

♦ Significant magnetite potential has been identified within the tenements held by the Sinosteel PepinNini Joint Venture in the Curnamona Province of South Australia. Three priority target areas have been identified within the Joint Venture tenements that have the potential to host a very large magnetite iron ore resource which could be beneficiated to a high grade blast furnace feed product at a very competitive cost relative to other magnetite prospects currently under development consideration elsewhere in Australia.

♦ Drilling continued during the quarter targeting base metal mineralisation within the PepinNini Sinosteel Joint Venture tenements of the Curnamona Province Project.

♦ The first of seven tenement applications in the Argentine province of Salta has been granted to PepinNini S.A., a subsidiary of PepinNini Minerals Limited. Salta Province is recognised as one of the most mining friendly provinces in Argentina and is a province where mining rights are well regulated. The geology is prospective for copper-gold porphyries; precious and base-metal epithermal systems and breccia-complexes associated with the Andean volcanic belt.

Primary exploration targets are gold, silver and copper.

♦ Execution of a Native Title Heritage Agreement with the Traditional Owners of the main project area within the seven tenements that comprise the Robinson Range Iron Ore Joint Venture in the Midwest Region of Western Australia.

♦ Approval by the WA Department of Mines and Petroleum of a Program of Works to undertake a drilling program of approximately 5,000m with the objective of defining an initial Inferred JORC compliant resource of DSO iron ore and to investigate the potential for additional iron ore resources within the tenements of the Robinson Range Joint Venture.

♦ The Company successfully placed 11.5 million ordinary fully paid shares in the Company, at 27 cents per share, raising a total of $3.1 million before costs. ♦ At the end of the quarter the Company held $5.4 million in cash. North Queensland Robinson Range Iron Ore Salta Province Project Locations WESTERN AUSTRALIA Robinson Range Iron Ore Project PepinNini Minerals has a 50% interest in the iron ore contained within three tenements and a 40% interest in the iron ore contained within another four tenements located in the Midwest region of Western Australia.

Collectively the tenements cover approximately 700km2 and contain a 40kms strike length of the Robinson Range Formation considered highly .......


....ALLL this still keeps me optim. to be invested in a
stock with great potential !!!


enjoy the WE & brgds

hbg55