Result of Written Resolution

Not for release, publication or distribution, in whole or in part, in, into or from any prohibited territory or jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction

RAVEN RUSSIA LIMITED

("Raven Russia" or the "Company")

Result of Written Resolution

Further to the Company's announcement on 6 September 2010, the Board of Raven Russia is pleased to announce the passing of the Written Resolution yesterday, 27 September 2010 relating to certain amendments to the Warrant Instrument.

The changes to the Warrant Instrument will take effect from today.

A copy of the amended Warrant Instrument can be found on the Raven Russia website www.ravenrussia.com and may also be obtained from the Company Secretary.

Enquiries