Reed Resources Limited 28 April 2010 New York based Hallgarten & Company Initiating Coverage on Reed Resources target price $1.80. New York based corporate advisory firm, Hallgarten & Company Initiating coverage on Reed Resources target price of $1.80 HIGHLIGHTS FROM THE REPORT - The product range of Reed in the metals sector ranges form the strongly sought after (nickel and iron ore), through perennials (gold) to the sexist stories in the mining space (lithium and vanadium) - The company has strong partners in the base metals and iron ore spaces in the form of Cliffs Natural Resources and Anglo-American The actions of the company show that it is committed to production and can multitask through use of effective partners to move projects into revenue-generating mode - Lithium demand for the longer term appears robust with the biggest upside coming in automobile batteries.

The hybrid auto industry may become enormous in the next few years more than making up for maturity in the other two principal applicatons (laptops and cell phones) for lithium ion batteries - The stunningly low $20m capex for the Mt Marion lithium project (Phase 1) outcompetes all other proposals we have seen in the industry - All the capex falls on the substantial contractor, Minerals Resources, on a BOO basis - The company has an estimated $10.5m in cash on hand. Hallgarten & Company has advised and managed portfolios of offshore and onshore hedge funds. To view the full 35 page report please click here. http://esp.gewru.com/download/files/12414/1149442/Hallgarten%20_%20Co%20Research%20Note%20on%20Reed%20April%202010.pdf
For more information please contact: Reed Resources Chris Reed Managing Director Tel: 08 9322 1182 Media David Tasker Professional Public Relations Tel: 9388 0944/ 0433 112 936 Email: About Reed Resources Reed Resources is a diversified mining and exploration Company based in Western Australia, with modest gold production the Company is expanding and diversifying its production base. Reed Resources has four main projects all in Western Australia including; * Comet Vale -- High-grade underground gold mine in JV with Kingsrose Mining Limited.

Nickel Laterite JV with Heron Resources NL. * Barrambie -- Completed a Definitive Feasibility Study on Ferrovanadium operation to produce 6300t of vanadium per annum.

Currently in approvals process. * Mount Finnerty -- Iron Ore JV with Portman Ltd.

Nickel JV with Western Areas NL. * Mount Marion -- Option Agreement over high-grade Lithium project located approximately 40km south of Kalgoorlie
--------------------------------------------------------------------------- This email was sent by David Tasker, PPR (WA) Pty Ltd, 588 Hay Street, Subiaco WA 6008 Western Australia to Unsubscribe: http://esp.gewru.com/forms/u/bbd5656/12414/1784998926.html ---------------------------------------------------------------------------