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New Iron & Manganese Company

- Hannans to develop new iron and manganese company

- Foundation asset to be the 3,000km2 Jigalong Manganese Project in the South East Pilbara region of Western Australia adjacent to Atlas Iron Ltd and FerrAus Ltd iron projects

- Hannans to provide Newco with funding to implement its strategy

- Hannans shareholders at the Record Date to own 100% of new company

- Hannans to maintain 100% ownership of its precious & base metals projects, investment  portfolio and convertible notes valued at approximately $25 million

ASX listed resources company Hannans Reward Ltd (ASX:HNR and Hannans) will seek shareholder support to create an iron and manganese focussed company using Hannans’ existing iron and manganese projects as the foundation assets. Hannans shareholders on the register as at 5pm on Friday 24 June 2011 (Record Date) will own 100% of the soon to be incorporated company (Newco) and Hannans will provide Newco with funding to implement its strategy.

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