Resource Report Published

Noventa Limited

("Noventa" or the "Company")

Issue of NI 43-101 Technical Report

19 October 2010

Noventa Limited (AIM: NVTA), the AIM quoted tantalum producer, is pleased toannounce the publication of an independent technical report prepared to Canadian National Instrument 43-101 standard (the "Report") on the Marropino project and associated properties in the Zambezia Province in Mozambique.

Overview

·; Scott Wilson Roscoe Postle Associates Inc. ("Scott Wilson RPA") was retained by Noventa to prepare the Report on the Marropino mine, Morrua deposit, and associated exploration properties held by Noventa located in Zambezia Province, Mozambique.

·; The purpose of the Report is to provide a review of the resources, mine plan and operations of the Marropino mine, a review of the resources of the Morrua deposit, and a preliminary assessment of the potential economic viability of a combined Marropino and Morrua operation.

·; The Marropino resource has been classified by Scott Wilson RPA as an Indicated Resource (Table 1-1).

·; The Report has been published on the Company's website (www.noventa.net).

Eric Kohn TD, the Company's Executive Chairman commented, "This report on Marropino and Morrua should give shareholders added confidence as to the Company's resource and economic viability of the mine plan. The company continues to validate the resources at Mutala and Marropino South.

Highlights

Notes:

1. CIM definitions were followed for Mineral Resources

2. Mineral Resources are estimated at a cut off grade of 150 ppm Ta2O5.

3. Mineral Resources are estimated using an average Ta2O5 price of US$60.58/lb.

4. A minimum mining thickness of 2 metres was used.

5. Bulk density is 1.9 t/m3 for weathered ore and 2.6 t/m3 for fresh ore.

6. ppm - parts per million; Ta2O5 - Tantalum Pentoxide; t - metric tonne; lb - pound weight.

·; The Marropino mine has been developed as an open pit operation. The existing mine infrastructure is good. However, the mineral processing operations require a significant upgrade for economic recovery of the Ta2O5.

·; Historically, Ta2O5 recoveries at the Marropino mine have been low (

·; Based on the LOM plan discussed in the Report, the Marropino mine has sufficient ore for 42 months of operation. Thereafter, Noventa intends to relocate the crushing and wet concentration portions of the process plant to Morrua.

·; SRK Consulting ("SRK") completed a Feasibility Study on the Morrua deposit in 2005 and further reviewed the geology and economics of developing the deposit in 2007. Scott Wilson RPA has reviewed the basis for the resource estimates prepared by SRK and believes that these estimates can be relied upon and conform to NI 43-101 mineral resource classification definitions. Based on review of the available data, Scott Wilson RPA estimates that the combined mineral resources at Marropino and Morrua are as presented in Table 1-2.

Notes:

1. CIM definitions were followed for Mineral Resources.

2. Mineral Resources are estimated at cut off grades of 150 ppm Ta2O5.

3. Mineral Resources are estimated using a base price of US$60.32/lb Ta2O5 for Marropino and US$45.50/lb Ta2O5 for Morrua,

4. A minimum mining thickness of 2 metres was used.

5. Includes 1.69 Mt @ 470 ppm Ta2O5 in-situ mineralization and 1.43 Mt @ 300 ppm Ta2O5 stockpiled oversize material.

6. ppm - parts per million; Ta2O5 - Tantalum Pentoxide; t - metric tonne; lb - pound weight.

·; The Mutala deposit has been previously identified as containing a significant resource by SRK, in its 2007 Competent Person's Report, and reported a SAMREC compliant Inferred Resource of 10.3 million tonnes grading 236 ppm Ta2O5. Scott Wilson RPA has been unable to confirm this estimate but believes it is indicative of the exploration potential of Noventa's Mutala property holdings.

·; The preliminary economic analysis prepared for the combined Marropino and Morrua deposits indicates that the project can be financially successful. Scott Wilson RPA anticipates that an initial capital investment of approximately US$22.2 million will be required for new process equipment, mobile equipment, and expanded tailings dam and related infrastructure at Marropino. Development of Morrua will require a further capital investment of approximately US$10.0 million for site preparation, tailings dam, related infrastructure, relocation of the crushing and wet concentration process plant from Marropino to Morrua, and additional dry processing equipment.

·; The preliminary assessment detailed in the Report includes Inferred Resources. Inferred Resources are too speculative to have economic criteria applied to them and there is no assurance that Inferred Resources can be economically mined.

·; Projected saleable tantalum product over the life of the Marropino and Morrua mines is estimated at 6.21 million pounds of contained Ta2O5 based on processing 13.27 million tonnes of ore at an overall average grade of 384 ppm Ta2O5 and overall average recovery of 63.76%. The anticipated overall project life is approximately 9.3 years, with payback of capital being achieved approximately 20 months after project start-up. The Base Case pre-tax Net Present Value for the project is US$69.76 million assuming a 10% discount rate. The indicated pre-tax Internal Rate of Return for the project is 62.23%. Noventa has sufficient tax loss carry forward provisions to eliminate income taxes through to 2016.

The following differences between the 2010 Scott Wilson RPA and the 2007 SRK Competent Person's Report in the Marropino mine and the 2005 Morrua Feasibility Study on the Morrua deposit are shown below.

Notes:

a. Mine operations capital cost only excluding mine facilities

b. Exclusive of sustaining capital

c. Includes Inferred Resources at Morrua

d. Combining Marropino and Morrua mines

Ta2O5 - Tantalum Pentoxide; Mtpa - million tonnes per annum

Qualified Person

This announcement has been reviewed by Mr Don Hains, an associate of Scott Wilson RPA who has more than 30 years of relevant experience in the field of activity concerned. He is a Professional Geoscientist in the Province of Ontario and has consented to the inclusion of the material in the form and context in which it appears.

For further information please contact:

Eric F. Kohn TD

Chairman

Noventa Limited

+41 22 8500560

+41 79 5030150

www.noventa.net

Nick Harriss/Emily Staples

Religare Capital Markets (Nomad)

+44 20 7444 0800

Andrew Chubb/Kit Stephenson

Canaccord Genuity Limited (Joint Broker): +44 20 7050 6500

Daniel Briggs Religare Capital Markets (Joint Broker) +44 20 7444 0500

Glossary of Terms

CIM - Canadian Institute of Mining, Metallurgy and Petroleum

Feasibility study (FS) - Represents the last and most detailed step in the engineering process for evaluating a mining project for a "go/no-go" decision and financing purposes. Principal parameters for a feasibility study are based on sound and complete engineering and test work. Accuracy is higher than the prefeasibility study and is typically +15 percent. Feasibility study objectives are the same asthose previously listed for the prefeasibility study, but the level of detail and accuracy for each objective are more stringent. The level of detail is typically dictated by whether the project is to be financed by the company or bank financed. Often the term "bankable" is used in describing a feasibility study. This term simply defines that the level of detail of the study is sufficient for financing provided the results are positive. In some cases, if the project is to be company financed the level of detail is higher than in a typical "bankable" feasibility study.

Inferred Mineral Resource (CIM Definition) - That part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.

Indicated Mineral Resource (CIM Definition) - That part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics, can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed.

Mineral Resource (CIM Definition) - A concentration or occurrence of diamonds, natural solid inorganic material, or natural solid fossilised organic material including base and precious metals, coal, and industrial minerals in or on the Earth's crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge.

Ore - A mixture of ore minerals and gangue from which at least one of the metals can be extracted at a profit.

Preliminary feasibility study (PFS) - A comprehensive study of the viability of a mineral project that has advanced to a stage where the mining method, in the case of underground mining, or the pit configuration, in the case of an open pit, has been established and an effective method of mineral processing has been determined, and includes a financial analysis based on reasonable assumptions of technical, engineering, legal, operating, economic, social, and environmental factors and the evaluation of other relevant factors which are sufficient for a Qualified Person, acting reasonably, to determine if all or part of the Mineral Resource may be classified as a Mineral Reserve.

SAMREC Code - South African Code for Reporting of Mineral Resources and Mineral Reserves.