]

29 April 2011

QUARTERLYACTIVITIESREPORT March2011
Highlights
IronOre FurtherdrillingunderwaytotargetMineralResourceandOreReserveupgradeforMt Webber Coal RevisedCoalResourceEstimate(JORCcompliant)of13.4milliontonnesofhighgrade thermalcoalatTabalongCoalProject MiningapprovalsprocesscontinuesatTabalongCoalProjecttotargetproductioninlate 2011 Lithium DrillholeassaysfromthePilgangooraLithiumprojectintersectedfurtherwidezonesof nearsurfacemineralisedspodumenepegmatite. DrillingprogramcommencedinJanuary2011toestablishtheextentandtheresource potentialofthishighlymineralisedspodumenepegmatite.

AlturaMiningLimited AustralianProjectLocations

AlturaMiningLimitedQuarterlyActivitiesReportMarch2011

IRONORE
MTWEBBER(PilbaraWesternAustralia)30%AlturaMiningLimited,70%AtlasIronLimited TheMtWebberIronOreProjectislocated150kilometressouthsoutheastofPortHedlandinthe worlds premier iron ore province, the Pilbara. It is approximately 40 kilometres east of the FortescueMetalsGrouprailwaylineandimmediatelynorthofWoodstockRoad,whichconnects MarbleBartotheGreatNorthernHighway(seeFigure1). Altura has a 30% interest in the Mt Webber Iron Ore DSO project (and five other Pilbara tenementsthatformpartofthejointventureagreement)inthePilbara.AtlasIronisAlturasjoint venturepartnerforthisproject.Underthetermsoftheagreement,Alturaremainstheownerof theMtWebberandothertenements,totalling333squarekilometres. Figure1MtWebberDSOProjectLocation

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During the quarter drilling recommenced on the Fender and Gibson deposits under the supervision of joint venture managing partnerAtlas Iron. Mobilisation of the rigwas delayed by weather and mechanical problems which were exacerbated by the bad weather interrupting supplyofspareparts.DrillingwastheninterruptedinmidMarchbyfurthermechanicalproblems, andareplacementrighassincebeenmobilisedtositetocontinuetheprogram. Prior to mid March a total of 822 metres of Reverse Circulation (RC) was completed. The remaining program consists of 40 holes totalling approximately 2,000 metres. The remaining 40 drill holes will complete the 40 metre by 40 metre infill drilling at Fender and Gibson and bring thosetwodepositstothesamelevelofresourceconfidenceasIbanez. Provisionremainsforathirdroundofinfilldrillingatallthreeareas(Ibanez,FenderandGibson seeFigure2)toclosethedrillspacingto40metresby20metresbutthatprogramisexpectedto becompletedinthenextfinancialyear.Currentplansalsoincludecompletionofpitoptimisation alternatives to feed into the overall development strategy including Atlas Turner River Hub feasibilityprocess. The results from this program will be compiled and reviewed by Atlas and reported as soon as practicableuponcompletionofthedrilling,assayingandtesting.Theprogramisalsoexpectedto deliverahighrateofresourcetoreserveconversionaspertheearlierdrillprogramcompletedin mid2010. Figure2Reserve,ResourceandProspectLocation,MtWebberDSOProject
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AlturaMiningLimitedQuarterlyActivitiesReportMarch2011

COAL
TABALONG(SouthKalimantanIndonesia)ThermalCoal(100%AJM) The Tabalong Coal Project consists of two (2) Mining Licences (IUPs) in the province of South KalimantanontheislandofBorneo(seeFigure3).CurrentlybothIUPsaregrantedforexploration purposes and Altura is seeking the necessary approvals to have them granted for operation productionstatus. DuringthequarterareviewoftheTabalongCoalProjectwasconductedaspartofinternaldue diligenceandmineplanningprocesses.ThereviewestimatedarevisedtotalJORCcompliantCoal Resourceof13.4milliontonnesofhighgradethermalcoal.Thepreviousresourceassessmentwas completed in May 2008 and contained an estimated total resource of 11.3 million tonnes. The resultantvarianceisduetoupdatedseamcorrelationswithinthegeologicalmodelandtreatment ofcoalpartingswithinthecoalseams. Figure3TabalongCoalProjectLocation
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ApprovalsProcess The Indonesian Central Government introduced a new Mining Law in December 2008. Existing mining permit holders such as Altura were required to continue the mining approvals process under the new law. The new law was not invoked until a specific set of regulations were introducedtoapplythelaw,andthisprocesswascompletedinmid2010. AlturahassuccessfullyconvertedtheoriginalTabalongExplorationPermitsintothenewformof tenure(IUPexploration)andcontinuedtoseekapprovalofthe2xIUPstoOperationProduction status. The prerequisite documentation required for approval, consists of an Environmental ImpactStatementandtheGovernmentFeasibilityStudy.BothhavebeenacceptedbytheRegency Councillor and the Mines Department. Currently the Mine Rehabilitation and Reclamation plans awaitapprovalinordertoprocesstheapplicationfurther,andthisisexpectedearlyinQ22011. Subsequent to Operation Production approval the Company will be required to obtain a Pinjam Pakai(Permittouseforestryland)fromtheMinisterofForestrypriortocommencementhowever theprojectdoesnotcoveranyprotectedforestryareas.Theissueofthesepermitshasbeenquite slowandassuchnocompletiontimelinecanbeconfirmed. UnderthenewMiningLawnonewminingpermitscanbeappliedfor,astheyaretobeofferedon atenderbasisfromthegovernment,andtodatenonehavebeenissued.Alturahascontinuedto seek out and review further coal opportunities to support the existing tenement holding in Indonesia. CoalResources TheTabalongProjectiscomprisedof2xIUPsheldbySuryarayaPermataKhatulistiwa(SPK)the northernmost tenement and Suryaraya Cahaya Cemerlang (SCC) the southernmost tenement whichissplitintoBlocks1and2(seeFigure4).BothIUPswereissuedon31December2009and arevalidforaperiodof6years(exploration).SCCBlock1hasnotbeenfullyexplored,although coal is known to exist in this block. Currently an exploration program is being planned for SCC Block1andexpectedtobecompletedinQ42011. ExplorationtodatehasbeenconductedinhousebyPTAlturaIndonesia(whollyownedsubsidiary ofAlturaMiningLimited).ThefollowingtabledetailsthecompleteddrillingattheTabalongCoal Project.
Table 1 - Completed Drill Holes & Metres
LEASEAREA SPK SCC TOTAL OPENHOLES No.ofHoles Totalm's
205 90 10,550.00 4,228.00

PARTLYCOREDHOLES* No.ofHoles Totalm's

26 12 800.00 316.50

ALLHOLES No.ofHoles Totalm's

231 102 11,350.00 4,544.50

295

14,778.00

38

1,116.50

333

15,894.50

*PARTLYCOREDHOLEStheseincludebothopenholeandcoremetres;seebelowforabreakdownonthesemetres

LEASEAREA SPK SCC TOTAL

OPENHOLEm's
11,246.27 4,511.41

COREm's
103.73 33.09

TOTALm's
11,350.00 4,544.50

15,757.68

136.82

15,894.50
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Figure4TabalongCoalProjectIUPBlockLocations

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The JORC compliant Coal Resource estimate of 13.4 million tonnes comprises a Measured Resource of 4.0 million tonnes, an Indicated Resource of 5.8 million tonnes and a further 3.6 milliontonnesofInferredResources.Thedepositcontainsalowash(4.8%),lowsulphur(0.98%; measured resource), high energy (6,349kcal/kg; as received basis) subbituminous coal. Table 2 belowdetailsthebreakdownoftheCoalResourceestimatesandrelevantcategories. Table2TabalongResourceEstimates
RESOURCE MEASURED INDICATED INFERRED TOTAL TONNES 3,989,000 5,796,000 9,785,000 3,600,000 13,385,000 TM 16.4 16.6 16.5 IM 7.7 8.2 8.0 Ash 4.0 5.4 4.8 VM 40.7 40.2 40.4 FC 47.4 46.3 46.7 TS 0.98 1.34 1.19 CV_ar 6432 6292 6349 CV_adb 7097 6924 6994 CV_daf 8018 7979 7995 RD 1.29 1.31 1.30

Note:

TM=TotalMoisture%,IM=InherentMoisture%,VM=VolatileMatter%,FC=FixedCarbon%,TS=Total Sulphur%,CV=CalorificValueinkilocaloriesperkilogram,RD=RelativeDensity. ar=asreceivedbasis,adb=airdriedbasis,daf=dryashfreebasis weightedaveragesnotprovidedforInferredResourcecategoryduetodatalimitations.

Table 3 (over) details the breakdown of the Measured Resources currently estimated for the Tabalong Coal Project. Mining is planned to commence in the northernmost tenement (SPK) wherethethicker(upto18metres)andhigherqualitycoalexistsmainlyconfinedtotheBseam group.TheMeasuredResourcesofBseamseriescoalsisestimatedat2.78milliontonnes.The B series coals have superior coal quality parameters (2.5% Ash, 0.66% Total Sulphur and 7,203 kilocalories/kilogramairdriedbasis). TabalongCoalResourcesindicateahighlymarketableproductwithhighenergy,lowashandlow to medium sulphur characteristics. The larger proportion of the Measured Resources (B series seams)iscategorisedasIndonesianCoalIndex(ICI)Type1coal.Indexpricingforthiscoalasat15 April2011isUS$124.01pertonneFOBvesselwhichprovidesapromisingoutlookforTabalongas itmovestoproduction. Altura aims to develop Tabalong as a standalone operation initially at a planned annual production rate of 300,000 to 400,000 tonnes per annum of premium thermal grade coal. The locationoftheTabalongprojectalsolendsitselftosatellitedevelopmentofotherminingpermits. The area consists of numerous other smaller resource areas that have the potential to be operated simultaneously to provide increased tonnages and blended coal products. Altura is considering a number of potential adjacent projects that could be amalgamated into the development. COALIndonesiaandotherSouthEastAsia During the quarter, Altura continued to source and review a number of other potential coal acquisitions in Indonesia and other South East Asian targets. The Company will inform shareholders and the market if an agreement(s) can be reached and remains confident that a suitablecoalproject(s)canbedeliveredin2011.

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Table3TabalongCoalProjectMeasuredResources
F1 F2

SEAM

TONNES
29,000 19,000 48,000 2,000 149,000 151,000 119,000 45,000 375,000 539,000 467,000 467,000 55,000 907,000 133,000 354,000 95,000 1,101,000 139,000 2,784,000

TM
16.3 14.0 15.4 14.5 13.6 13.6 15.2 16.4 13.1 13.9 15.4 15.4 14.4 18.1 13.9 15.4 17.0 17.7 17.0 17.2

IM
4.9 4.4 4.7 7.6 6.5 6.5 7.4 10.2 7.5 7.7 6.1 6.1 6.7 8.7 7.3 6.1 7.7 8.6 7.7 8.1

Ash
6.6 3.2 5.2 7.4 4.3 4.3 3.9 4.4 11.5 9.1 6.9 6.9 1.5 2.5 1.6 3.4 2.1 2.4 2.1 2.5

VM
39.3 42.0 40.4 40.5 41.7 41.7 41.6 40.9 38.0 39.0 40.3 40.3 41.6 40.8 41.3 41.1 41.5 41.0 41.5 41.0

FC
48.7 50.5 49.4 44.5 47.5 47.5 47.2 44.5 41.4 43.0 46.5 46.5 50.2 48.1 49.8 49.5 48.7 48.0 48.7 48.4

TS
1.29 1.31 1.30 1.99 2.01 2.01 1.55 0.95 1.41 1.40 2.01 2.01 0.56 0.81 0.50 0.48 0.62 0.64 0.62 0.66

CV_ar
6324 6809 6516 6230 6585 6581 6581 6300 6106 6232 6231 6231 6822 6412 6867 6589 6553 6459 6553 6495

CV_adb
7174 7569 7331 6735 7132 7128 7184 6763 6488 6672 6917 6917 7439 7147 7393 7314 7282 7162 7282 7203

CV_daf
8075 8187 8119 7920 7990 7990 8094 7908 7877 7929 7953 7953 8105 8034 8114 8076 8067 8030 8067 8046

RD
1.33 1.28 1.31 1.33 1.31 1.31 1.29 1.30 1.38 1.35 1.33 1.33 1.26 1.28 1.27 1.27 1.27 1.27 1.27 1.27

E1 E2 D11 D1 D12 D21 D2 D22 C11 C1 C12 C21 C2 C22 C3 C41 C4 C42 B11 B1 B12 B B21 B2 B22 A1 A2 A3 AA BB

Subtotal

Subtotal

Subtotal

Subtotal

Subtotal

Subtotal Subtotal

Subtotal

Subtotal

Subtotal Subtotal Subtotal

GrandTotal

3,989,000

16.4

7.7

4.0

40.7

47.4

0.98

6432

7097

8018

1.29

Note:

TM=TotalMoisture%,IM=InherentMoisture%,VM=VolatileMatter%,FC=FixedCarbon%,TS=Total Sulphur%,CV=CalorificValueinkilocaloriesperkilogram,RD=RelativeDensity. ar=asreceivedbasis,adb=airdriedbasis,daf=dryashfreebasis MeasuredResourceslimitedto150metredepthcutoff

AboutThermalCoal Thermal coal forms the backbone of worldwide energy supplies with Indonesia now the worlds largest exporterofthermalcoalproducts.Recentinnovationsincoalbeneficiationandcleancoaltechnologypoint towardastrongfutureforcoaltoremainareliableenergygenerationcommodity.

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LITHIUM
PILGANGOORA(WesternAustralia)Lithium,Tantalum(100%AJM) Drilling on the Pilgangoora tenements recommenced in January 2011 with Altura using its own Maxdrill2000drillrigandinhousecrewtoundertakethework.Despitewetgroundconditionsin Februaryduetorainassociatedwithcyclonicweather,Alturahasbeenabletocompleteeighteen (18)ReverseCirculation(RC)holesfor1,286metresbytheendoftheMarchquarter. Figure5DrillholeandCrossSectionLocations Theresultsforthirteen(13)oftheseholeshavebeenpreviouslyreported(seeASXreleasesdated 2 March 2011 and 15 March 2011) and the significant results from these holes and the initial drillingprogramaresetoutinTable4overleaf. The thickness of the mineralised pegmatites and the attractive grades being returned at such shallowdepthsisverypromising.Potentiallytheprojectcoulddeliververylowwastetooreratios should a resource of sufficient size be identified. The favourable result from the initial metallurgicaltestworkcertainlyranksthisprojecthighlyincomparisontocurrentandemerging hardrocklithiumproducers. AlturawillcontinueitsexplorationdrillingprogramthroughQ22011utilisingtheinhouseAltura drillandcrew.Oncethebroadoutlineandgeometryofthepegmatiteshavebeenidentifiedinfill drillingwillbeundertakentoincreasethelevelofconfidenceinbothinthepotentialresourceand thelithiumgrades.
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Table4PilgangooraDrillingResultstoDateAssaysgreaterthan0.3%Li2O
HoleNo. PRC026 PRC027 PRC028 PRC029 PRC030 PRC031 PRC032* PRC033 PRC034 PRC038 PRC039 PRC040 PRC041 East GDA94 (m) 697,368 697,380 697,401 697,403 697,399 697,405 697,394 697,440 697,441 697,479 697,520 697,516 697,523 North GDA94 (m) 7,668,677 7,668,675 7,668,679 7,668,757 7,668,724 7,668,791 7,668,676 7,668,758 7,668,722 7,668,684 7,668,764 7,668,714 7,668,683 Dip/Az (Deg.) 60/340 From (m) To Thickness (m) (m) Li2O%

60/042

60/360

60/355

60/358

60/358 60/357

60/358

60/354

60/360 60/360 60/360 60/360

0 5 5 1.17% 6 23 17 1.45% Including7m@2.13%(6mto13m) 0 60 60 1.65% Including14m@2.00%(11mto25m) and11m@2.06%(43mto54m) 5 56 51 1.77% Including4m@3.17%(5mto9m) and5m@2.11%(29mto34m) and9m@2.07%(43mto52m) 5 25 20 1.62% Including13m@2.05%(11mto24m) 2 34 32 1.31% Including2m@2.36%(2mto4m) and4m@1.81%(7mto11m) and7m@1.92%(25mto32m) 7 16 9 1.23% 0 55 55 1.63% Including4m@2.03%(26mto30m) and5m@2.00%(32mto37m) and11m@2.00%(43mto54m) 28 54 26 1.65% Including12m@1.93%(29mto41m) and4m@2.16%(50mto54m) 46 70 24 1.41% Including7m@2.05%(49mto56m) 4 12 8 1.06% 31 34 3 0.69% 22 31 9 1.20% 42 44 2 0.89% 30 35 5 1.07% 2 13 11 0.69% 31 51 20 1.19% Including6m@1.91%(32mto38m)
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*Note:HolePRC032islocatedabout8mtothesouthandwestofPRC028andwasdrilledasatwinholetoverifyand validate the assay data recorded in PRC028 in particular the lithium values. The variance over the 55 metre intersectionforLi2Owas<15%andthereforewithinanacceptablerange.

Figure6DiagrammaticCrossSectionResourceEvaluationDrilling

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FINNISSRANGE(NorthernTerritory)Lithium,Tantalum(100%AJM) As previously reported, Altura has undertaken regional and prospect geochemical evaluation studies and a number of areas have been identified for more detailed follow up with drilling. AlturahasinaMineManagementPlan(MMP)approvedbytheNorthernTerritoryDepartmentof Resourcesfortheproposeddrillingofthe7Upprospect,anditisplannedthatthisdrillingwillbe undertakenaspartofthe2011fieldseason.
AboutLithium Lithium (Li) is recovered from the mineral spodumene and lithiumrich brines. It is used in a range of productssuchasceramics,glass,batteriesandpharmaceuticals.Lithiumusehasexpandedsignificantlyin recentyearsduetoincreasinguseinrechargeablebatteriesinportableelectronicdevicesandinbatteries andelectricmotorsforhybridandelectriccars.

GARNET
BALLINE(WesternAustralia)AlluvialGarnetMineralSands(100%AJM) DuringtheMarchquartertheCompanyreceivedstatutoryapprovalsfortheMiningProposalfrom theDepartmentofMinesandPetroleum(DMP)andthe5Clicenseapplicationforwaterextraction fromtheDepartmentofWater. Further capital and operating expenditure studies were completed during the quarter, however the ongoing appreciation of the Australian dollar continues to have an adverse impact on the economicsoftheproject,andnodecisiontoproceedwiththeminehasbeenmadeatthisstage.
AboutGarnet Garnetisanaturallyoccurringmaterialthatisminedinasimilarmethodtomineralsands.Garnetsandisa goodabrasiveanda commonreplacementforsilicasandinsandblasting. Mixedwithveryhighpressure water,garnetisusedtocutsteelandothermaterialsinwaterjets.

URANIUM
LONGISLAND(MtShoobridgeNorthernTerritory)Uranium(100%AJM) Duetothewetseasonnofieldworkhasbeenundertaken,howeverfurtherdesktopstudieshave beenconducted.Subjecttothereceiptofstatutoryapproval,drillingwillresumelaterinQ22011.

BASEANDPRECIOUSMETALS
SHOOBRIDGE(MtShoobridgeNorthernTerritory)Lead,Copper,Zinc,Silver,Gold(AJM100%) Asnotedabove,nofurtherfieldworkhasbeenundertakenbecauseofthewetseason.Desktop studieshavebeenconductedandsubjecttothereceiptofstatutoryapproval,drillingwillresume laterintheJunequarter.

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MININGSERVICES
INDONESIA(PTAsiadrillBaraUtama)(100%AJM) TheminingservicegroupofAsiadrillBaraUtama(Asiadrill)andVelseisIndonesia(Velseis50% Altura) continued exploration support services during the quarter. The drilling operations were confinedtoIndonesiawithaprimaryfocusincoalexplorationanddevelopment. Drill rig deployment remained steady during the quarter. Asiadrill operated up to twenty (20) individual drill units consisting of track and skid mounted and man portable units during the quarter. Asiadrill has equipment deployed in South and East Kalimantan on the island of Borneo with officesinJakarta(WestJava),Balikpapan(EastKalimantan)andTanjung(SouthKalimantan).
AboutPTAsiadrillBaraUtama

Asiadrill operates a varied fleet of truck and track mounted drills; supplemented by a fleet of helilift and manportableunitsforenvironmentallysensitiveareas.Thecurrentfleettotalssixteen(16)largerunitsand fifteen(15)manportabledrills.AsiadrillspredominantlyIndonesianworkforcetotals48permanentandup to150contractstaff.

INDONESIA(PTVelseisIndonesia)(50%AJM) Velseis Indonesia (Velseis 50% Altura) operated up to eleven (11) wireline units during the quartercomprisingtheentirefleetofunits,withafurthertwo(2)unitsplannedforpurchaseinQ2 2011. Velseis has operated primarily in East and South Kalimantan provinces on the island of Borneo.VelseiscontinuestopartnerAsiadrillonanumberofprojectstoprovideclientswithboth drillingandgeophysicalservicesontheircoalexplorationprojects.
AboutPTVelseisIndonesia

VelseisIndonesiaisjointventurecompanybetweenAlturaandVelseisPtyLtd(Brisbanebasedwirelineand seismic service provider). Velseis operates a fleet of eleven (11) portable and vehicle mounted wireline loggingunitsinIndonesia.TheVelseisIndonesianworkforcetotals24permanentstaff.

AUSTRALIA(AlturaDrillingPtyLtd)(100%AJM) The Companys Maxdrill 2000 multipurpose drill rig has been utilisedat the Pilgangoora Lithium ProspectinWesternAustraliasPilbararegionduringtheMarchquarter,andwillcontinueinthis roleduringtheJunequarter.

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AboutAlturaMiningLimited(ASX:AJM) Altura has a diverse mineral portfolio in Australia and Indonesia coupled with cash flow positive mining services units in Indonesia. The company aims to systematically evaluate and develop the key resource projectscommencingwithTabalongCoalandMtWebberIronOreJV(30%Altura/70%AtlasIronLimited). KeyProjectsandProspects:
ForadditionalinformationaboutAltura,pleasevisittheCompanyswebsitewww.alturamining.com COMPETENTPERSONSSTATEMENTS TabalongCoalProject(Indonesia) The information in this report that relates to the Tabalong Coal Resources is based on information compiled by Mr StephenBarber,whoisamemberoftheMemberoftheAustralasianInstituteofMiningandMetallurgyandafulltime employee of Altura Mining Limited. Stephen Barber has sufficient experience, which is relevant to the style of mineralisationandtypeofdepositunderconsiderationandtotheactivityheisundertaking,toqualifyasaCompetent PersonintermsoftheAustralasianCodeforReportingofExplorationResults,MineralResourcesandOreReserves (JORCCode2004Edition).StephenBarberconsentstotheinclusionofsuchinformationinthisReportintheformand contextinwhichitappears. Pilgangoora(WA) TheinformationinthisreportthatrelatestothePilgangooraexplorationresultsisbasedoninformationcompiledby Mr Bryan Bourke, who is a member of the Australian Institute of Geoscientists and a fulltime employee of Altura Mining Limited. Bryan Bourke has sufficient experience,which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking, to qualify as a Competent Person in terms of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2004 Edition).BryanBourkeconsentstotheinclusionofsuchinformationinthisReportintheformandcontextinwhichit appears.

IronOre:MtWebberDSOJointVenture(30%Altura). Coal:TabalongCoalProjectSouthKalimantan,Indonesiaminingapprovalprocesscommenced. Lithium:PilgangooraProjectWA,FinnissRangeProspectNTexplorationstage. Garnet:BallineMineralSandsProjectWA,miningapprovalsprocess. Uranium:MtShoobridgeNT,explorationstagewithkeyuraniumtargetsinHayesCreekregion. Base/PreciousMetals:MtShoobridge NT,lead,copper,zinc,goldandsilverprospectatexploration stage.

Forfurtherinformation,pleasecontact: JamesBrown,ManagingDirector PaulMantell,ExecutiveDirector Ph:+61738146900 Ph:+61738146900

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