FerrAus Limited (ASX:FRS) Appointed Mr Cliff Lawrenson As Chief Executive Officer and Managing Director

Perth, Jan 10, 2011 AEST (ABN Newswire) - FerrAus Limited (ASX:FRS) (PINK:FRRAF) today announced that it has agreed to appoint Mr Cliff Lawrenson as Chief Executive Officer and Managing Director, subject to shareholders appointing him as a director of FerrAus and approving certain elements of his proposed remuneration package.

Until shareholder approval is obtained, Mr Lawrenson's services will be engaged on a short term consulting contract through Solution Management Pty Ltd. That contract commenced today (10 January 2011).

Mr Lawrenson has more than 20 years experience as a senior executive across a range of industry sectors and most recently held the position of Group Chief Executive for GRD Limited. He holds postgraduate qualifications in commerce and finance and has worked extensively in project development and investment banking around the world, including in Australia, USA and Singapore.

In addition, Mr Lawrenson has served on several boards in international locations where he has led the project development and financing of numerous major infrastructure projects. He will retain his current role as the Non Executive Chairman of Pacific Energy Limited (ASX:PEA).

The Non Executive Chairman of FerrAus Limited, Mr John Nyvlt, said that the short term consulting contract had been agreed to in view of the circumstances relating to the current takeover bid for FerrAus Limited by Wah Nam International Ltd.

"We are very pleased to have secured the services of an experienced senior executive of Cliff's calibre at a pivotal point in the development of FerrAus Limited as a significant iron ore producer.

"He is the ideal candidate to oversee the transition of this business as it moves from exploration to production and the Board considers that his extensive global commercial experience will be a tremendous asset.

"As FerrAus is currently facing a takeover bid from Wah Nam (HKG:0159), Cliff will initially work in tandem with Bryan OIiver, our Executive Director, to oversee the delivery of the Definitive Feasibility Study and familiarise himself with the details of the company and its major project.

"We anticipate that Bryan will remain on the Board as a Non Executive Director and Cliff will move into the role of Managing Director and CEO," Mr Nyvlt said.

A shareholders meeting to consider the appointment of Mr Lawrenson as a director and to approve the aspects of his proposed remuneration package requiring shareholder approval will be convened for a date before 1 May 2011.

Further details of the proposed agreement under which Mr Lawrenson would, with shareholder approval, become Managing Director and Chief Executive Officer will be included in notice of that meeting.

Contact

Martin Debelle Tel: +61-2-9290-3023 Email: info@ferraus.com http://www.ferraus.com