ASX Announcement / Media Release 31 April 2012

Fast Facts

ASX Code: SCR

SCRO

Capital Structure

Shares on issue: 134.4m

Options on issue: 12.9m (ex 20c – 75c)

Market cap: $30.9 (at 23c)

Board of Directors

Damian Hicks Chairman

Olof Forslund Technical Director

Ian Gregory Director & Company Secretary

Markus Bachmann Non-executive Director

Primary Projects

Sweden

Kiruna Iron

Särksjön Au, Ag, Cu, Pb, Zn

Norway

Njivlojávri Copper-gold

Fiskarfjellet Copper

Project Pipeline

Commodities Gold

Copper

Copper-gold

Copper-lead-zinc

3rd Quarter Activities Report 2011/2012

Highlights

KIRUNA IRON PROJECT Diamond drilling at Rakkurijoki re-commenced in March 2012

PRECIOUS & BASE METALS PIPELINE

New REE-prospective claims applied for in Finnmark, Norway

New Au-Cu-Ag claims applied for in Troms, Norway

CORPORATE UPDATE

Scandinavian Resources Ltd the subject of take-over action by Hannans Reward Ltd.

KIRUNA IRON PROJECT

Kiruna Iron AB is striving to compile 1Bt of iron resources within 80km of the Kiruna mining centre (home to Europe’s largest iron mine), develop a central facility to process ore from a number of satellite deposits and then produce a premium quality iron concentrate for use as pallet feed.

The Kiruna Iron Project is extremely well located with regard to infrastructure (rail, power and services) with both the Rakkurijoki Project located <100m from a major road, <1km from rail and 6km from Kiruna. The Altavaara Project is located <650m from the E4 highway and 15km from Kiruna.

Rakkurijoki Project

Diamond drilling at the Rakkurijoki Project re-commenced late in March where an infill programme is now underway. The infill drilling is being conducted on 100m drill sections and will comprise approximately 13,000m.

The current JORC compliant mineral resource estimate (inferred) for the Rakkurijoki deposit is 74.5Mt @ 39.7% Fe and forms part of a global JORC compliant mineral resource estimate of 473Mt @ 40% Fe1 for the Kiruna Iron Project.

Preliminary environmental and social impact studies are well underway at Rakkuri and will continue throughout 2012 in addition to desktop mining studies. These multifaceted studies will form part of a final report to be submitted to Bergsstaten as part of a mining concession application.

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Drilling Summary-Rakkurijoki Project

Project No. of Holes

Drilled by KIAB

Year Drilled Metres Drilled Comments

Rakkurijoki 8 2011 3,083 Phase 1

Rakkurijoki 2 2011 883 Phase 2 Infill Drilling

Rakkurijoki 9 2012 1,813 Phase 2 Infill Drilling

TOTAL (To date) 19 - 5,779 -

Drilling rig at Rakkurijoki in March 2012 with LKAB’s Kiruna mine in the distance.

PRECIOUS & BASE METALS PIPELINE

FINNMARK & TROMS PROJECTS

New claims (Nordkapp and Snefjord) were applied for in northernmost Finnmark, Norway during the quarter; the new claims are prospective for REE-mineralisation. The areas were considered prospective for REE-mineralisation after the Norwegian Geological Survey released a new geochemical dataset to the public late in 2011. A first-pass field trip is scheduled for May-June 2012 ahead of planned soil sampling later in the summer field season.

Additionally three new claims (Salen, Straumsfjellet and Kvæfjord) were applied for in south-western Troms, Norway. The prospects are prospective for copper-gold-silver ±PGE’s in amphibolite grade metamorphic rocks. The prospects have been sampled historically by the Norwegian Geological Survey with the bedrock samples and corresponding assays located in the table below. A ground magnetic survey and auger soil sampling has been planned for the upcoming summer field season.

Sample ID Northing Easting Prospect Cu (ppm)

Ag (ppm)

Au (ppb)

Pd (ppb)

Pt (ppb)

TR0398.01 7622496 549032 Straumsfjellet 99999 211 940 4 BD TR0398.03 7622296 548932 Straumsfjellet 19847 27.6 853 259 5 TR0398.04 7622396 549032 Straumsfjellet 73723 125.8 1304 91 91 TR0398.05 7621896 549532 Straumsfjellet 63879 205.7 2981 191 5

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Sample ID Northing Easting Prospect Cu (ppm)

Ag (ppm)

Au (ppb)

Pd (ppb)

Pt (ppb)

TR0398.06 7622496 549032 Straumsfjellet 99999 415.6 4479 31 BD TR0398.07 7622296 548932 Straumsfjellet 19984 30 890 211 3 TR0372.07 7625296 549032 Salen 9340 1.8 398 276 170 TR0372.08 7625296 549032 Salen 10000 1.2 1229 468 6 TR0365.02 7630796 549182 Storsurnåsen 16600 BD 2220 6 3 TR0366.01 7630146 547183 Berg 10525 17.4 18 6 BD TR0366.02 7630146 547183 Berg 55706 78.5 44 20 BD TR0366.03 7630146 547183 Berg 63057 124 100 73 BD TR0366.04 7630146 547183 Berg 38405 53.1 72 22 7 TR0366.05 7630146 547183 Berg 18486 25.4 27 18 19

NGU bedrock samples and assay values. Co-ordinates are in UTM-EU89 Zone 33. BD=Below detection.

CALEDONIDE PROJECTS

Re-assaying of historic drill core from the Särksjön Project during the quarter returned encouraging gold and base metal grades. In 1965 four diamond drillholes were completed testing the anomalous outcrop at Särksjön. The holes were all shallow and were not assayed for gold at the time. One of the holes is still kept in archive at the SGU core archive facility in Malå, Sweden and has recently been re-logged, sampled and cut by Scandinavian Resources’ staff. LEI65003 has returned excellent assay results1 and confirms the high grade gold and multi-element mineralisation returned from outcrop sampling completed in 2010 by Scandinavian Resources Ltd.

7.09m @ 2.54g/t Au from 10.81m (LEI65003)

0.85m @ 0.93% Pb, 1.34% Zn and 0.26% Cu from 15.54m (LEI65003)

Two of the samples assayed returned narrow, high grade gold, silver and base metal values: 0.34m @ 28.1g/t Au, 14.2g/t Ag, 1.5% Pb, 2.15% Zn and 0.35% Cu (K585816)

0.1m @ 21.6g/t Au, 25.9g/t Ag, 2.12% Pb, 3.17% Zn and 0.89% Cu (K585818)

1 All assays submitted to ALS Laboratories (Piteå) for ME-ICPMS and Au-AA25 analysis.

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Diamond drilling of IP and EM geophysical anomalies at Särksjön is scheduled for July 2012 and will be completed with a heli-portable drill rig.

Hole ID Northing (RT90)

Easting (RT90)

RL Azimuth Dip Total Depth

(m) LEI65001 7203629 1428144 800 034 -60 9.52 LEI65002 7203636 1428149 800 - -90 6.09 LEI65003 7203616 1428136 800 034 -60 21.24 LEI65004 7203611 1428144 800 034 -60 12.03

Collar information for historic drillholes at Särksjön.

CORPORATE UPDATE

ASX Announcements made during the Quarter were:

Date Title 21 March, 2012 Bidder's Statement Received 21 March, 2012 Appendix 3Y 20 March, 2012 Hannans Takeover offer supported by Scandinavian Resources shareholders 20 March, 2012 Hannans Bidder's Statement for Scandinavian Resources Ltd 15 March, 2012 Presentations to Shareholders 15 March, 2012 Financial Report for the Half Year ended 31 December 2011 15 March, 2012 Appendix 3Y 12 March, 2012 Appendix 3B Options Exercised 9 March, 2012 Hannans-Letter to Hannans Shareholders 9 March, 2012 Update to SCR Shareholders 5 March, 2012 Särksjön Project Update 29 February, 2012 Response to Takeover Offer 28 February, 2012 Request for Trading Halt 28 February, 2012 Trading Halt 31 January, 2012 Appendix 3B 31 January, 2012 2nd Quarter Cashflow Report 31 January, 2012 2nd Quarter Activities Report 23 January, 2012 ScanRes - Managing Director Appointed at Kiruna Iron 23 January, 2012 Kiruna Iron - Investor Presentation 17 January, 2012 Kiruna Iron - JORC Resource Update 16 January, 2012 Kiruna Iron - Altavaara Exploration Target Increase 13 January, 2012 Resignation of Director 11 January, 2012 Change of Address

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SCANDINAVIAN RESOURCES LTD (ASX: SCR)

By way of introduction Scandinavian Resources’:

strategy is to ‘incubate’ a highly prospective portfolio of iron, gold, PGE and base metals projects in Scandinavia (primarily Sweden and Norway).

General Manager Mrs Christina Lundmark was previously Head of Division Mineral Information for the Geological Survey of Sweden in Malå, Sweden.

Technical Director Mr. Olof Forslund was previously Regional Manager of the Geological Survey of Sweden’s Mineral Resources Information Office in Malå, Sweden.

is one of the largest landholders (by area) of minerals exploration projects in Sweden and one of the largest landholders in the world class Kiruna IOCG District.

flagship Kiruna iron Project is 30km from the 2Bt Kiruna iron mine (owned by LKAB) – the world’s largest and most modern underground iron mine.

global investment banks Canaccord Genuity and Pareto Securities have been mandated to assist with the future funding of the Kiruna Iron Project.

‘pipeline’ of projects cover gold, copper-gold and lead-zinc prospects in Sweden and Norway.

Please visit www.scandinavianresources.com for a detailed summary of the Company’s projects.

For further information please contact:

Scandinavian Resources Ltd Damian Hicks Chairman Tel: +61 8 9324 1153

Media (Europe) Kristoffer Gregersen and Rolf Gjertviksten Apeland Informasjon, Oslo, Norway Tel: +47 67 56 67 56 +47 67 55 46 76 Email: kristoffer@apeland.no

Competent Persons Statement The information in this document that relates to exploration results is based on information compiled by Ms Amanda Scott, Exploration Manager, Scandinavian Resources Ltd, who is a Member of the Australian Institute of Mining and Metallurgy. Ms Scott is a full-time employee of Scandinavian Resources Ltd. Ms Scott has sufficient experience, which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined by the 2004 edition of the “Australian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Ms Scott consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

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