Indiana Resources Limited (ASX: IDA) ('Indiana' or the 'Company') is pleased to announce the results of an initial metallurgical test work programme focussed on beneficiation of selected clay hosted REE Air Core (AC) samples from the Minos REE Prospect within Indiana's 100% owned 5,713 km2 Central Gawler Craton Exploration Project (CGCP) in South Australia.

The metallurgical programme consisted of compositing, wet screening, wet high gauss magnetic separation (WHGMS) and sighter flotation conducted by Nagrom, a specialist in rare earth and rare metal metallurgical test work. The programme was designed to determine the potential for practical 'off the shelf' beneficiation of the clay hosted REE mineralisation prior to assessment of hydrometallurgical extraction (e.g. acid leaching) Test work created a high-grade flotation concentrate grading 4.2% TREO and 1.8% MREO at a recovery of 89% and 91% respectively from the minus 0.15mm fraction of a composite AC sample of clay hosted REE mineralisation

Company Comment - Executive Chair Bronwyn Barnes:

'These latest results from Minos clearly demonstrate the incredible REE potential of this project area in South Australia. Initial 'sighter' test work has focussed on beneficiation of the clay hosted REE at Minos and provided outstanding results. High recoveries of both TREO and MREO to a 4% TREO flotation concentrate is particularly encouraging. We look forward to the next phase of hydrometallurgical test work which will focus on acid leaching of the concentrate. These results give the company the confidence to continue drilling to better define the size potential of our 6km x 4.5 km REE target which remains open in all directions. A further announcement will be made once all remaining test work results have been received.'

Minos REE Exploration Summary

Previously reported AC drilling has intersected a regolith profile comprising soil/calcrete, ferricrete, clay and saprolite above strongly weathered/oxidised granitic basement. Assay results indicate a sub horizontal zone of significant REE enrichment that extends from about 4m below surface to depths of up to 75m. Infill AC drilling is required to evaluate the distribution of the TREO and MREO enrichment zones and to identify the extent of the high-grade mineralisation contained within each zone. The lateral extent of the REE mineralisation has been significantly increased and remains to be fully tested by AC drilling.

Compositing, Semi Quantitative XRD and Size By Assay

The TREO/MREO enriched saprolite/clay layer of the weathering profile consists of predominantly clay minerals plus lesser remnant quartz and feldspar grains. To determine the distribution of REE between the dominant clay fraction and the remnant quartz/feldspar fraction three AC holes were sampled at one metre intervals. A total of 33.6 kg of samples were collected from the AC holes. The samples were composited, semi quantitative XRD (XRD) completed, screened and assayed by size for REE distribution.

Contact:

Bronwyn Barnes

Tel: +61 (0) 417 093 256

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