Progress Report

NOVENTA LIMITED

("Noventa" or the "Company") (TSX: NTA; AIM: NVTA; PLUS: NV)

Progress Report

Commissioning of the new plant at Marropino, Sales and Production update

 and Morrua & Mutala update

12 December 2011

Commissioning of the new plant at Marropino

The Board is pleased to announce that Noventa started the Phase 1 commissioning of the new processing plant at Marropino on Saturday, December 10 2011 in accordance with the approved commissioning plan. Phase 1 represents the start-up of the new crushing plant including the primary crusher, secondary crushers, belt conveyors, screens and ore transport by pipe to the existing wet plant. The new dry plant and magnetic separation circuit of the plant will also be commissioned alongside Phase 1.

In this way the new comminution Plant will feed the existing wet plant at the planned rate of 100 Mt/hour, equivalent to 16,600 lb. of tantalum per month.

Phase 2 Commissioning is forecast to start between the end of January and mid-February and includes the new wet processing Plant. The elements needed to complete Phase 2 are 80% constructed. Once Phase 2 is completed the production of Ta2O5will start its ramp up towards optimum capacity.

The phased commissioning approach has been adopted by the Board to reduce the start-up risks by testing the different sections and equipment of the new plant as soon as these are completed. This will also allow for the training of the local workers in a sequential way during the two phases of the commissioning process.

Once the ramp-up of the new plant is complete in Quarter 3-2012, the Board anticipates production of 50,000 lbs contained Ta2O5 per month.

Quarter 4-2011 Sales

The Company has shipped approximately 62,000 Lbs contained Ta2O5 in Quarter 4-2011 to date, representing revenue of approximately US$4.65 million. The Company expects to sell a further 10,000 Lbs contained Ta2O5 this month, with further revenue expected of US$0.75 million. Total Quarter 4-2011 sales volume is anticipated at approximately 72,000 Lbs contained Ta2O5 representing revenue of approximately US$5.4 million. The relatively high level of sales reflects the resolution of the Company's shipping issues by agreement with one of the Company's customers to deliver a Ta2O5 concentrate to a new specification permitting the sale of inventory held at September 30, 2011.

Quarter 4-2011 Production

Production is anticipated at 21,000 Lbs contained Ta2O5 in Quarter 4-2011, a decrease of 46% compared to Quarter 3-2011. This decrease will result in a relative decrease in Quarter 1-2012 sales. This was partially anticipated due to the Phase 1 commissioning of the new plant, water shortages and necessary repairs to the electricity line feeding Marropino.

Water shortages have been particularly disappointing to the Board. As at September 30, 2011 the Company had completed and tested the Melela river pump and pipe water solution which has subsequently operated intermittently due to repetitive mechanical failure in the newly installed and commissioned water pumps. Agreement has been reached for the existing pumps to be fully repaired by the manufacturer. The recent rains, supplemented by the pump and pipe system, mean the Company's dams at Marropino have sufficient water for existing and planned operations.

Morrua and Mutala

The Company has opened positive discussions with the Ministry of Mineral Resources in Mozambique regarding the future development of the Morrua and Mutala mining concessions. Pre-production work on a limited scale will commence on both concessions in the coming weeks and is expected to continue during Quarter 1-2012. The Board remains optimistic that investment decisions on Morrua and Mutala can be finalised during 2012.

Other matters

During November the Company renewed its environmental license for the Marropino mine for a further five years in accordance with its obligations under the Mining Laws of Mozambique.

Commenting, Luca Bechis the Interim Non-Executive Chairman said:

"We are pleased that the new plant at Marropino, which represents the short term future of the Company, has commenced commissioning in accordance with expectations. While the Q4-2011 production volumes are disappointing, the issues surrounding these have now been resolved. Sales volumes have been encouraging and have provided necessary cash flow to support the Company's operations in accordance with the business plan. The Board and I remain optimistic that the next phases of the commissioning will proceed according to plan allowing the Company to access positive cash flows from operations in Quarter 2-2012."

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain information contained or incorporated by reference in this release, including any information as to the Noventa's strategy, projects, plans, prospects, future outlook, anticipated events or results or future financial or operating performance, constitutes "forward-looking statements" within the meaning of Canadian securities laws. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements can often, but not always, be identified by the use of words such as "plans", "expects", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "predicts", "potential", "continue" or "believes", or variations (including negative variations) of such words; or statements that certain actions, events or results "may", "could", "would", "should", "might", "potential to", or "will" be taken, occur or be achieved or other similar expressions concerning matters that are not historical facts. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made or incorporated in this press release are qualified by these cautionary statements.

Forward-looking statements are necessarily based on a number of factors, estimates and assumptions that, while considered reasonable by Noventa as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Readers are also cautioned that forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Noventa to differ materially from those expressed or implied in the forward-looking statements. Certain of these risks and uncertainties are described in more detail in Noventa's Annual Information Form dated 19 July 2011, which is available on SEDAR at www.sedar.com.

Although Noventa has attempted to identify statements containing important factors that could cause actual actions, event or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this document based on the opinions and estimates of management on the date statements containing such forward looking information are made, and Noventa disclaims any obligation to update any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward looking information.