ASX Announcement 07 December 2010 VECTOR RESOURCES LTD ACHIEVES +90% ACCEPTANCE FOR THE TAKEOVER OF GOLDEN IRON RESOURCES LTD -- TO FOCUS ON AGGRESSIVE GOLD FOCUSSED GROWTH STRATEGY * Vector Resources Limited achieves acceptances of 90.2% for takeover of unlisted public company Golden Iron Resources Ltd in advance of bid closure with remaining shares to be compulsorily acquired. * Acquisition of Golden Iron will see Vector acquire a highly prospective portfolio of gold assets in the Southern Cross region of Western Australia, the mineral rich endowment continues to offer solid and significant prospects for development.

Hosting a high-grade JORC Compliant Resource of 798,900t @ 4.7g/t for 118,800oz Au, the current target of focus will form the nucleus of a detailed and disciplined asset building activity both locally and regionally in the coming months. * Aggressive exploration program to commence immediately with the aim being to substantially increase the existing resource. * Vector plans to aggressively pursue other high-grade gold acquisitions to consolidate its landholding in the Goldfields region of Western Australia. *Growth strategy is to be driven by well-credentialed board and executives, led by recently appointed Chairman Mr.

Damien OReilly and current Golden Iron Managing Director Mr.

Michael Wolley. Western Australian gold focussed company Vector Resources Ltd (ASX:VEC) ("Vector" or the "Company") is pleased to advise that it has now received 90.2% acceptances under its off market takeover bid for all the issued capital of unlisted public company Golden Iron Resources Ltd ("Golden Iron") (the "Takeover Bid"). Having achieved the 90% acceptance level fulfils the key condition of the Takeover Bid, as announced on 6 October 2010, and as such the Takeover Bid has now been declared unconditional (please refer to attached notices). "The acquisition of Golden Iron Resources and the companys intention to aggressively acquire further high-grade gold assets in the region will serve to expand Vectors footprints into a mineral province with a known pedigree, with an established history, and with an undeveloped potential: the latency of which we are best equipped to capture", said Vector Resources Chairman, Damien OReilly. Golden Iron Managing Director, Michael Wolley, who has been in full support of the Takeover Bid and looks forward to continuing on as Vector Resources Managing Director upon completion of the transaction said: "This transaction represents an exciting opportunity for Golden Iron and its shareholders to be a part of a quality ASX-listed company, with the balance sheet strength to enable aggressive exploration and development programme of existing assets, and acquisition of further highly prospective assets that will achieve shareholder value." The Takeover Bid will not be extended and shall close 13 December 2010, following which Vector intends to immediately commence compulsory acquisition of the remaining outstanding shares in Golden Iron.

Pursuant to the terms and conditions of the Takeover Bid, Golden Iron shareholders who have their shares compulsorily acquired will receive the same consideration as they would have if they had accepted the Share Offer; however the Vector shares will be issued at a later time to those shareholders who had accepted the Takeover Bid by close of bid. As such, Vector encourages those shareholders who have not as yet accepted the Takeover Bid to do so prior to close of bid on the 13 December 2010. About Golden Iron Resources Ltd Golden Iron has the rights to a highly prospective portfolio of six (6) gold projects, one (1) of which is also prospective for iron ore, located within the established gold province of Southern Cross in Western Australia. Its flagship project, Mt Dimer, hosts a high-grade JORC Compliant Resource of 377,200t @ 5.8g/t Au for 70,320 ounces Au.

Significant unmined intercepts within the Mt Dimer project include: 6m @ 26.40 g/t Au 4m @ 19.90 g/t Au 3m @ 38.20 g/t Au 2m @ 59.20 g/t Au 2m @ 71.20 g/t Au 1m @ 68.30 g/t Au 1m @ 252.54 g/t Au At Golden Irons Gwendolyn Project a JORC compliant inferred resource of 317,700t @ 3.3 g/t Au for 33,000 ounces of gold has been defined, however there exists the potential for a significant iron ore DSO operation, with surface sampling returning grades of: 66.5% Fe 64.9% Fe 63.9% Fe 64.1% Fe The Board of Vector Resources Moving Forward The key management and Board of Golden Iron have indicated their willingness to join Vector in both an executive and technical capacity to assist in the development of the combined groups assets.

Post transaction, it is proposed that from the existing board Mr.

Damien OReilly, Mr.

Gary Castledine and Mr.

Neville Bassett will remain and the new directors and key management of Vector will include: Michael Wolley Michael is the current CEO and Managing Director of Golden Iron.

Michael has a depth of experience in the resources and industrial sectors both domestically and abroad.

Michael was previously COO for Lynas Corporation and President of BlueScope Steel China.

He began his career with Mobil Oil Australia and over a 15 year period held senior roles in engineering, production and planning across Australia and New Zealand. Glyn Povey Glyn is an experienced senior executive with significant domestic and international experience including roles as a Senior Project Manager in Hong Kong, Director of Operations for a mineral exploration company, and Mine Manager for a number of underground and open cut mines in Australia. Glyn was previously Vice-President of Operations for Crosslands Resources Ltd, a joint venture between Murchison Metals Ltd and Mitsubishi Development Pty Ltd. Brian Williams Brian is experienced as a mining, engineering and infrastructure executive and director with substantial domestic and international (Asia, Europe and Africa) open pit and underground mine development and management experience, including project managing some of the largest underground and open cut gold mines in Western Australia.

Brian has held senior management roles at operational and corporate levels within the resources industry in both private and publicly listed companies. Recently appointed, Damien OReilly (Chairman, Vector Resources) contributes significant leadership experience to the Board of Vector. Damien OReilly Damien has over 20 years high-level experience within the resources sector and has held key positions within two (2) of Australias leading industry bodies, as a Director of the Minerals Council of Australia (MCA) and Executive Council Member of the Chamber of Minerals and Energy Western Australia. Damien has also held senior executive roles with Downer EDI, MacMahons Contractors, Henry Walker Eltin and CSR and has held been involved with the establishment of more than 100 mines across the minerals spectrum in Australia, China, Hong Kong, North Africa, the United States and Canada. http://data.iguana2.com/aenergy/news-item?Number=519317&Code=VEC For further information please contact: Robert Hyndes Director / Company Secretary Vector Resources Limited T: +61 8 6389 5700
David Tasker Professional Public Relations T: +61 8 9388 0944/ +61 433 112 936 E: Website: www.vectorresources.com.au
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