Overland Resources Limited (ASX:OVR) Completed A$11.9 Million Placement

Perth, April 14, 2011 AEST (ABN Newswire) - Overland Resources Limited (ASX:OVR) is pleased to announce that it has completed the second and final tranche of its A$11.9 million placement (the "Placement") following receipt of shareholder approval at a general meeting on 13 April 2011.

The second tranche comprised the issue of 26.5 million ordinary shares at A$0.25 per share to raise A$6.625 million. A total of A$11.875 million has been raised by placing 47.5 million shares at A$0.25 per share to institutional and sophisticated investors in North America who are clients of Paradigm Capital Inc., the lead manager to the Placement.

The funds raised will be used to further advance the development of the Company's Yukon Base Metal Project, including:

- completion of pre-production activities and preparation of mine permitting submission documents;

- acceleration of exploration programmes to extend resources at known deposits/prospects and to evaluate numerous high priority regional targets; and

- pursuit of additional growth opportunities.

The Company has contracted Whitehorse based Kluane Drilling Limited (Kluane) to complete a 10,000m drilling programme at the Yukon Base Metal Project. Kluane operates globally from its headquarters in Whitehorse. The Company will benefit from access to a large pool of drillers and short response times.

Two drill rigs are being mobilised to site to commence drilling shortly, with a third rig to be made available if required.

Field activities have commenced to reopen the 30 person camp for the coming work programme.

Following completion of the A$11.9 million Placement the Company is very well positioned to advance the Yukon Base Metal Project through mine permitting and to continue to aggressively explore the Project and surrounds to delineate additional resources.

For the complete Overland announcement including the JORC Code compliant mineral resource table for the Yukon Base Metal Project, please view the following link:
http://www.abnnewswire.net/media/en/docs/537438.pdf

Contact

Hugh A Bresser Managing Director Overland Resources Limited http://www.overlandresources.com