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Heemskirk to Allow NQM Offer to Lapse

Following a review by the Voting Directors of Heemskirk, the Company today announces that it will allow the Heemskirk takeover offer for North Queensland Metals Limited (NQM) to lapse on 10 September 2010. In view of the current status of the takeover process, the Voting Directors of Heemskirk believe it is in the best interest of the Company and its shareholders, at this time, to not waive the defeating conditions of its offer and to allow it to lapse on the scheduled closing date. NQM shareholders who have already accepted Heemskirk’s offer will retain their shares after the offer lapses on 10 September 2010 and will be free to deal with their shares in NQM as they see fit. Heemskirk retains its 40% direct interest in the Pajingo Gold Joint Venture. In line with the Company’s business strategy including the generation of cash flow, profits, sustained dividend flow and capital growth, Heemskirk will continue to maximise value for its assets and investigate ways to deliver growth for its shareholders, whether through direct participation in or investments within the resources sector.