Dear Shareholders

If you have not ACCEPTED the Havilah Offer, consider this.

*If you hold you shares via the CHESS system, all you have to do is to advise
your broker to ACCEPT the Offer*
*Otherwise once Havilah Resources moves to Compulsory Acquisition (having
now passed 90% acceptances), *
*you will have to apply to receive your replacement Havilah shares.*

On the 11th November, Havilah Resources advised the ASX that its bid for
Geothermal Resources Ltd,
which is now free of all defeating conditions, has been extended until 28
November 2011.

The company has been advised that as of close of business18 November 2011,

*Havilah Resources NL now holds 91.82% of Geothermal Resources Ltd.*
*
*
Under the Corporations Act, Havilah may now move to compulsorily acquire
outstanding Geothermal shares under the same terms of the Offer.

It is more efficient to ACCEPT by completing the Acceptance Form
or advising your broker to accept on your behalf.

Your new Havilah shares will be issued more quickly to those holders
who* accept
now before the final close date (28 November 2011*).

Please visit the web site for more information on the Offer

http://www.geothermal-resources.com.au/

Geothermal Resources web site includes information about the
off-market takeover offer for Geothermal Resources by Havilah Resources NL.


Best Regards


Bob Johnson
Chairman

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