Palace Resources Limited

Palace Resources Ltd (ASX:PXR) (PINK:PRRCY) (the Company) is pleased to provide the following update regarding the Company's Lumpo coal project, in Western Sumatra, Indonesia.

Palace Resources (ASX:PXR) (OTCQX:PRRCY) is pleased to announce that effective November 22, 2011 the company was formally quoted on the OTCQX.

Asian Activities Report for November 7, 2011 includes: Austal Limited (ASX:ASB) has acquired a shipyard in the Philippines for A$7 million; Palace Resources Limited (ASX:PXR) is to raise A$1.33 million to fund Lumpo coal project in Western Sumatra in Indonesia; Golden Gate Petroleum Ltd (ASX:GGP) announces a second oil and gas discovery at the SRH-A # 8A well in the Permian Basin Project in Reagan County, Texas; Chalice Gold Mines (ASX:CHN) reports further high-grade gold intercepts from the Koka South and Debre Konate prospects.

Australian Market Report of October 5, 2010 includes: Syngas Limited (ASX:SYS) has signed a Memorandum of Understanding with China National Electric Equipment Corporation in relation the Clinton Coal to Liquid Project in South Australia; Kimberley Metals Limited (ASX:KBL) reports high grade silver and lead drilling results from Sorby Hills Silver-Lead Project in Western Australia; Southern Cross Goldfields Limited (ASX:SXG) intersects near-surface haematite and magnetite mineralisation in Western Australia; Palace Resources Limited (ASX:PXR) is to acquire a 75% stake in three highly prospective Indonesian coal projects.