Extension of exclusivity period for Graphite JV

8th August 2014

Richland Resources Ltd today("Richland" or "the Company") (AIM: RLD)

6 month extension of exclusivity period for Graphite JV, Tanzania

Richland Resources Ltd, the gemstone producer, cutter and polisher, today announces the 6 month extension of the exclusivity period granted to ASX quoted Kibaran Resources Limited (ASX: KNL, "Kibaran") by the 50:50 joint venture between State Mining Corporation of Tanzania ("STAMICO") and Richland's wholly owned subsidiary Tanzanite One Mining Limited (the "TML - STAMICO Joint Venture") regarding the consolidation and development, through a joint venture of the Kibaran and the TML-STAMICO Joint Venture's respective graphite assets located in Northern Tanzania.

Under a non binding Memorandum of Understanding (MoU) KIbaran had been granted an exclusivity period which expired on the 5 August 2014 and a 6 month extension of the exclusivity period to 5th February 2015 has been agreed to allow the parties further time to seek to finalise a binding agreement. Richland looks forward to the parties concluding an agreement together.

For more information please contact:

Bernard Olivier

Chief Executive Officer

+61 4089 48182

Mike Allardice

Group Company Secretary

+852 91 864 854

Nominated Advisor & Broker (AIM)

RFC Ambrian Limited

Samantha Harrison

+44 (0) 20 3440 6800

Laurence Read

Corporate Development and Communications Officer

+44 (0)20 3289 9923