Update on Agreement over Nuclear Fuels Licences

North River Resources plc / Ticker: NRRP / Index: AIM / Sector: Mining

01 April 2011

North River Resources plc ('North River' or 'the Company')

Update on Agreement over Nuclear Fuels Licences and Namib Lead Zinc Mine

North River Resources plc, the AIM listed multi-commodity resource company, is pleased to announce an update relating both to its agreement ('the Agreement') with Extract Resources Ltd ('Extract') regarding the Company's nuclear fuels interests in Namibia, as announced on 21 September 2010 ('the Announcement'), and exploration progress at the Namib Lead Zinc Mine ('Namib').

Overview

Nuclear Fuels Agreement

·; Solid progress has been made towards satisfying the conditions precedent, as outlined in the Announcement:

o North River has completed legal due diligence on Brandberg Energy (Namibia) (Proprietary) LTD ('Brandberg Energy'), previously known as Extract Resources (Namibia) (Proprietary), which owns nuclear fuels licences EPL 3327 and EPL 3328

o The approval processes in the Republic of Namibia are underway

o The parties have confirmed their intention to involve a broad-based black economic empowerment entity partner, but have agreed to waive the condition precedent that relates to it, to give the parties maximum flexibility in identifying a suitable partner

·; Accordingly a six month extension to the period granted for satisfaction of all conditions precedent has been agreed with Extract to ensure all relevant conditions are complied with in full and a further announcement will therefore be made in due course

·; The Board is also pleased to announce that that an exploration programme, designed to undertake geophysical surveys on the nuclear fuels licence areas, is due to commence shortly to identify future drilling targets

Namib Lead Zinc Mine

·; Underground drilling has now commenced at the previously producing Namib Lead Zinc mine following mine rehabilitation and surveying

·; Namib mine has been made safe, the natural ventilation circuit has been improved and vehicle access to the lower levels has been established

·; The drill at Namib is established at level 6 and is initially targeting extensions to one of the ore shoots 100m-200m below the current base of mining

·; Historical reports from Namib indicate unconfirmed grades of 5.2% lead, 6.5% zinc and 68g/t silver for the Junction ore body from limited historical drilling

North River Managing Director David Steinepreis said, "We have made a great deal of progress with regard to our agreement with Extract, and are pleased to be reaching the stage at which we can commence a comprehensive exploration programme. We intend to instigate a geophysical survey in the coming weeks, with the objective of identifying prospective targets for follow-up drilling work and we remain extremely positive about the potential of these licence areas, which are located in a globally significant and highly prospective uranium district.

"North River, in conjunction with Extract, continues to work closely with the Government of the Republic of Namibia in order to expedite the appropriate endorsements, in order to ensure the successful development of these licences for the benefit of all stakeholders. With this in mind, North River also plans to engage with a BEE partner, underpinning our commitment to develop a strong social and economic policy in line with the interests of Namibia.

"Following the completion of extensive ground work, aimed at rehabilitating and surveying the previously producing Namib Lead Zinc mine, an underground drilling campaign has now commenced. This campaign is designed to target the extensions to the ore shoots below the historic mining level, which ceased in 1992. We look forward to announcing the results of this drilling campaign once completed, as we evaluate additional extensions for follow-up confirmation drilling."

Further Information regarding the Agreement

The Agreement between North River and Extract, relating to their respective wholly-owned subsidiaries, Brandberg Energy, NRR Energy Minerals Limited ('NRR Energy') and West Africa Gold Exploration (Proprietary) Limited ('WAGE'), was announced on 21 September 2010.

As set out in the Announcement, subject to the satisfaction of certain conditions, NRR Energy will subscribe US$800,000 ('the Subscription Funds'), so that each of Extract and NRR Energy will hold a 50% interest in Brandberg Energy. The principal assets of Brandberg Energy are EPL 3327 and EPL 3328, pursuant to which Brandberg Energy has the rights to explore for nuclear fuel minerals.

In the event of a discovery on either EPL 3327 or EPL 3328, Extract has the right to increase its holding in Brandberg Energy to 65% by acquiring shares from NRR Energy at a 10% discount to the then prevailing market value. The prevailing market value of Brandberg Energy is to be determined by an independent expert applying the valuation methods and procedures established by the Australasian Institute of Mining and Metallurgy.

**ENDS**

For further information please visit www.northriverresources.com or contact:

Notes:

North River Resources plc is an AIM listed emerging multi-commodity resource development company. Its current portfolio includes gold, base metal and uranium assets in Namibia; uranium, and base and precious metal interests in Mozambique. North River's strategy is to identify, acquire and develop a portfolio of resource opportunities in sub-Saharan Africa at various stages of development in order to create value for its shareholders. The Company has a highly experienced board and management of industry and corporate professionals, led by David Steinepreis and Luke Bryan.