ASX Announcement 1 February 2010 Lake Johnston Project Gold Prospects = The Lake Johnston Project has the potential to host significant narrow, high grade gold mineralisation along a 25km corridor of prospective ground -- refer attached Location Map. - At the Ernest Prospect, recently returned assays from Hannans drilling included: o 2m @ 6.3g/t gold and 60.3g/t silver from within 8m @ 1.9g/t gold and 20.4g/t silver (LJRC021) and; o 84m @ 1.8g/t silver from 4m (LJRC020) * Gold and silver mineralisation at - Ernest remains open to the north. - At the Mt Gordon Prospect, historical intercepts include 5m @ 7.1g/t gold from 24m and 2m @ 6.9g/t gold from 70m. - Hannans is planning additional gold exploration activities at both the Ernest and Mt Gordon Prospects. Western Australian minerals explorer Hannans Reward Ltd (ASX:HNR) believes its Lake Johnston Project (located 100km west of Norseman, in the Goldfields region of Western Australia) has the potential to host significant narrow, high grade gold mineralisation. Recently received 1m split assays from Hannans reverse circulation (RC) drilling at the Ernest Prospect have returned high grade, coincident gold and silver mineralisation within a narrow (<8m) fine-grained felsic porphyry intrusive unit.

Wide (>80m) silver mineralisation was also encountered within a sulphidic quartz-sericite schist unit. Samples were assayed at ALS, Malaga for Au via Fire Assay/AAS and for Ag, As, Ba, Bi, Co, Cr, Cu, Fe, Mg, Mn, Mo, Ni, Pb, S, Sb, Ti, U, V, W, and Zn via Four Acid Digest/ICP-AES.

Oregrade check assaying on the high gold and silver values produced excellent repeatability.

All significant assays (4m composite) from the RC drilling were reported in the 1st Quarter Activities report dated 30 October 2009. The high grade gold and silver mineralisation within LJRC021 is located on the northernmost drill traverse thus mineralisation remains open to the north (refer attached Interpreted Geology and Drill Section figures). Desktop studies will also continue into gold anomalism at the recently acquired Mt Gordon Prospect located in the south of the project.

A substantial amount of work has been completed at Mt Gordon by previous explorers including soil geochemical surveys and RAB and RC drilling which have produced multiple gold anomalies including the Richard anomaly which has intercepts including 5m @ 7.1g/t gold from 24m, 2m @ 6.9g/t gold from 70m and 2m @ 3.85g/t gold from 92m.

Petrology on mineralised lithologies indicates that gold is hosted by a "hydrothermally altered felsic intrusive". Future exploration work will focus on delineating the extent and nature of the felsic intrusive bodies within the Lake Johnston Project and their apparent genetic association with gold and silver mineralisation. Click here to access the full ASX announcement http://esp.gewru.com/download/files/12414/1065764/Lake%20Johnson%20HNR_s%20Project%201022010.pdf Click here to access Hannans second quarterly. http://esp.gewru.com/download/files/12414/1065768/HNRs%202nd%20quarterly%20feb2010.pdf For further information please contact: Shareholder Contact: Damian Hicks Managing Director Telephone: (08) 9324 3388 Fax: (08) 9324 3366 Email: Media Contact: Karen Oswald Professional Public Relations Telephone: 08 9388 0944 Email: Hannans Reward Limited Summary Hannans Reward Ltd has developed a suite of prospective exploration projects within Australia covering nickel, gold and manganese.

Hannans has joint ventures with Vale (www.vale.com), Kagara Ltd (www.kagara.com.au), St Barbara Ltd (www.stbarbara.com.au) and Triton Gold Ltd (www.tritongold.com.au).

Hannans is the second largest shareholder in Warwick Resources Ltd (www.warwickresources.com.au) and holds equity in Atlas Iron Ltd (www.atlasiron.com.au).

Hannans shareholders are exposed to share price appreciation through exploration success at the following projects: Forrestania -- nickel & gold project 7km north of Western Areas Flying Fox nickel mine Lake Johnston -- nickel & gold project located 25km south east of Norilsks Maggie Hays nickel mine Jigalong -- manganese & base metals project located 150km east of Newman, WA Queen Victoria Rocks - joint venture with Companhia Vale do Rio Doce (Vale),30km south-west of Coolgardie, WA Sunday -- gold joint venture with Triton Gold Ltd, 10kms east of Leonora, WA
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