ACROW LIMITED — Interim / Quarterly Report 2012

Jul 29, 2012

30 July 2012

June 2012 Quarter Activities Report

HIGHLIGHTS

• Process plant commissioning well advanced

• 8,857oz produced to 30 June, including gold sales and doré of 5,500oz

• JORC Resources upgraded to 2.8Moz, including 26% more gold added to the Bibiani Main Pit Resource, and a maiden Resource for the Elizabeth deposit

• A$20M raised through share placement

• Further funding required in the near term with a range of options being actively investigated, including potential corporate transactions

• New CFO and financial advisors appointed

Executive summary

Noble Mineral Resources Ltd (Noble) (ASX: NMG) is pleased to report that progress was made with the commissioning of the Bibiani processing plant during the June quarter.

During the commissioning phase to 30 June 2012, 347,000t of ore has been processed through the processing plant, at an average grade of 1.13g/t and recovery rate of 70% producing 5,500oz of fine gold and with an additional 3,357oz of gold in circuit. Attributable gold revenue during the June quarter equated to US$7.7 million from the sale of 4,824oz of gold at an average price of US$1,588 per oz. At the end of the quarter, the Company held 679oz of bullion on hand.

Notwithstanding recent inclement weather and delays caused by the availability of certain components for the plant, monthly production continues to increase. By the end of the

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September quarter the Company is forecasting to produce at a rate of 6,000 - 7,000oz per month.

During the quarter the total Bibiani resource was increased to 2.8Moz with the Main Pit contained gold JORC Resource increasing by 26% to 2.5Moz.

Exploration programs during and subsequent to the quarter continue to deliver significant gold intercepts, and increase geological understanding of the project for ongoing target generation and resource growth.

Noble raised A$20 million during the quarter through a placement to institutional and sophisticated investors to contribute to the commissioning of the Bibiani processing plant, mining and development of resources and reserves in the satellite pits and for general working capital.

Including the proceeds of this share placement, Noble had cash, cash equivalents and doré on hand of US$9.2m[1] as at 30 June 2012.

Further funding will be required by the company in the near term in order to maintain its operations through the ramp-up period. The company is currently assessing its options for raising additional funding.

As part of this process, and following a number of approaches, the Company is currently engaged in discussions with third parties around a range of potential corporate transactions, including potential control transactions. These discussions remain incomplete and shareholders should be aware that there can be no assurances that they will lead to a binding transaction.

In the interim the Company will continue to take appropriate measures to conserve cash.

To strengthen the Company’s corporate capabilities, Noble has appointed an experienced CFO, Mr Erik Palmbachs. In addition, Rothschild has been engaged as corporate and financial advisor to the Company

1 Includes debt servicing amount of US$3.5m.

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Operations

Mining was ramped up to provide ore feed for the commissioning of the refurbished and upgraded 3Mtpa Bibiani processing plant. Commissioning of the plant is well advanced and continuing in the September quarter.

Importantly, a number of processing plant upgrades will improve recovery rates going forward. During the quarter the Knelson concentrator was commissioned to recover gravity gold from processed material. Construction of the carbon regeneration kiln is ongoing in the September quarter and will further improve gold recovery when completed.

During this commissioning phase to 30 June 2012, some 347,000t of ore has been processed through the processing plant, producing some 5,500oz of fine gold with an additional 3,357oz of gold in circuit. During the period, the Bank of Ghana granted Bibiani’s bullion export licence, enabling the project’s maiden gold shipment of 2,412oz doré on 9 May 2012.

The production figures from commissioning to 30 June 2012 are listed below:

• Throughput: 347,000 t

• • Grade: 1.13 g/t - Recovery: 70% - Gold produced: 8,857oz

Attributable gold revenue during the June quarter equated to US$7.7 million from the sale of 4,824oz of gold at an average price of US$1,588 per oz. At the end of the quarter, the Company held 679oz of bullion on hand.

Mining

During the June quarter, mining was concentrated mainly on two pits, Aheman and Strauss. In June pre-strip commenced on the Gap, the area between the Walsh and Strauss deposits, which has been renamed to Strauss-South. Strauss-South provides a third area for mining oxide ore. The ore from these satellite pits has been stockpiled on the ROM pad to be used together with the levee material.

Reclaiming of levee material is ongoing, providing the main source of ore to the processing plant. The levee material has been mined mainly from Dams 1 & 2 and Levee 6.

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During the quarter, additional equipment was purchased to increase production of the levee material and to raise the walls of the new tailings storage facility. The equipment consisted of Komatsu excavators (60T & 45T) and Komatsu 40T trucks. During the quarter, two additional blasthole rigs were mobilised to site to manage various ground conditions in the cutbacks of the satellite pits as required.

Mining production for the June quarter 2012	Mining production for the June quarter 2012	Mining production for the June quarter 2012
ORE MINED	TONNES (t)	GOLD GRADE (g/t)
Oxide ore	177,825	0.86
Tails	158,447	0.98
Total Ore	336,272	0.92
Waste Mined	1,934,163	-
TOTAL MINED	2,270,435	-

Crusher

Installation of the primary crusher continued during the quarter and included commissioning of the motor control centre, installation of the upper and lower main sections and finalising the major infrastructure. Remaining work to be done includes installation of the motors and crusher internals as well as finalising the crushing circuit conveyors. The majority of crushing items have been received and the remainder of items will be manufactured in country.

The primary crusher is expected to be operational during the September Quarter. An investigation is underway to determine the feasibility of hiring a mobile crusher as an interim measure to increase production and cash flow from higher grade primary ore, in addition to the levee material and soft ore processed to date.

CIL Circuit

The commissioning of the processing plant continued during the quarter with the successful start-up of the SAG mill and reclaim feeder system enabling treatment of soft oxide ore in addition to levee material through the SAG and Ball mill circuits. This significantly increased the feed tonnage to the Carbon-In-Leach (CIL) circuit, optimising the elution circuit to handle higher plant throughput and the increased demand for gold stripping.

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As announced on 12 June 2012, the Knelson concentrator was commissioned to recover gravity gold from processed material and improve gold recovery.

Ongoing work at the end of the June quarter includes:

• construction of the carbon regeneration kiln to further improve gold recovery when completed;

• cyanide sparging facility planned for commissioning in late July and expected to be fully operational during August; and

• current tailings storage facility lift is 55% complete allowing additional deposition on the southern side of the facility.

Resource & Reserve Upgrade

Coffey Mining Pty Ltd (Coffey Mining) has been working on an updated JORC compliant Resource and Reserve statement for the Bibiani Main pit (including South Hill, Big Mug and Russel zones) and an independent review of the current satellite Resources.

As reported on 3 July 2012, the Main Pit Resource report was completed by Coffey Mining, adding 26% more contained gold to the Resource estimate which was upgraded from 1.98Moz to 2.5Moz, for a total Resource at the Bibiani Project of 2.8Moz.

Subsequent to the quarter, Coffey Mining continued reviewing the Satellite pit Resources, and will issue a separate update in due course. Concurrent with the resource work, Coffey Mining also undertook Reserve calculations for the full Life of Mine planning. Completion of both reports was expected in July, however this has been slightly delayed, and completion is now expected in August.

	TONNAGE	GOLD GRADE	CONTAINED GOLD
Measured	6.50 Mt	2.4g/t	493 koz
Indicated	10.48 Mt	2.0g/t	666 koz
Total M&I	16.97 Mt	**2.2g/t **	1,158 koz
Inferred	24.66 Mt	1.7g/t	1,355 koz
Total	41.63 Mt	**1.9g/t **	2,513 koz

Global Mineral Resource Estimate based on a cut-off grade of 0.5g/t

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Comparison between the March 2010 and the upgraded June 2012 Main Pit Resource can be seen in the table below.

	TONNAGE	GOLD GRADE	CONTAINED GOLD
March 2010 – Mainpit	32.98 Mt	1.87g/t	1.98 Moz
June 2012 – Mainpit	41.6 Mt	1.9g/t	2.5 Moz

Coffey Mining also released a maiden JORC compliant Resource for the Elizabeth deposit in July, based on a cut-off grade of 0.4 g/t adding 10,000oz to the total Resource.

ELIZABETH	TONNAGE	GOLD GRADE	CONTAINED GOLD
Measured	-	-	-
Indicated	260 kt	0.7g/t	6 koz
Inferred	190 kt	0.6g/t	4 koz
Total	450 kt	**0.7g/t **	10 koz

Global Mineral Resource Estimate based on a cut-off grade of 0.4g/t

Geology

Walsh, Strauss-South and Big Mug

During the June quarter, Resource definition and grade control drilling were undertaken at the Walsh, Strauss-South (previously the Gap pit) and Big Mug pits.

Significant intercepts include:

• 3m @ 19.40g/t from 25m Strauss-South

• including 1m @ 56.03g/t

• 3m @ 2.14g/t from 20m Strauss-South

• including 1m @ 4.66g/t

• 4m @ 9.73g/t from 19m

Walsh

• 6m @ 2.40g/t from 46m Walsh

• 2m @ 8.75g/t from 78m Big Mug

• including 1m @ 14.50g/t

• 10m @ 1.52g/t from 60m Big Mug o including 1m @ 9.52g/t

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The Strauss-South deposit has not been mined previously. Drill results indicate that this deposit is an extension of the Strauss pit, with two persistent sub-parallel high grade zones traced over a strike length of 200m. The grade control model defined approximately 21,000oz for the first 30m below surface.

Grade control drilling was undertaken at the southern end of the Walsh pit, projecting 80m into the old tailings dam 1. Most of the mineralised widths span from 4m to 20m, averaging 7.4m. Geological interpretation of this south end zone is suggestive of a NW to SE fault structure which connects Walsh, Elizabeth, Big Mug and Little Mug. With the in-depth geological understanding from current drilling programs, target generation from these near mine satellite zones can now be accelerated.

At Big Mug, the northern strike extension of the Bibiani Main Pit shear, the current structure review has produced several hits of significant widths and grades. Near surface, the mineralisation has a steep westerly dip which assumes sub-vertical with increasing depth and swings to a steep easterly dip at depth. The current preliminary pit shell around the mineralised trend stretches over 700m.

West Wall, Elizabeth and Bibiani North

Drilling on the West Wall of the Bibiani Main pit was completed during the quarter. The resultant assays indicated shallow low-grade mineralisation over 8m width and the analysed results will be incorporated into future modelling.

Drilling at Elizabeth returned some significant intercepts during the June quarter indicating shallow mineralisation up to 36m below surface, with widths up to 7m.

Significant intercepts during the quarter included:

• 7m @ 1.6g/t from 26m

• including 2m @ 2.96g/t

• 7m @ 1.18g/t from 28m

• including 2m @ 3.07g/t

Drilling was undertaken on the Bibiani North Prospecting Licence to ascertain the full strike length of the mineralisation. The drilling showed a 320m long mineralised north zone and 200m long mineralised south zone.

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Best results include:

• 1m @ 28.13g/t from 53m

• 2m @ 8.48g/t from 72m

• including 1m @ 10.00g/t

• 2m @ 5.21g/t from 29m

• including 1m @ 8.77g/t

• 3m @ 2.37g/t from 59m

• including 1m @ 4.29g/t

• 3m @ 2.60g/t from 61m

• including 1m @ 6.20g/t

• 4m @ 2.01g/t from 78m

• including 1m @ 4.57g/t

Drilling results subsequent to the June quarter

Subsequent to the June quarter, more significant intersections were received from the Aheman-Grasshopper, Bibiani North and Elizabeth deposits. Subsequent drilling at the Elizabeth deposit is expected to increase the maiden Resource. The following significant intercepts are from infill drilling and down-dip extensions to the known mineralisation:

• 7m @ 4.54g/t from 35m

Aheman-Grasshopper

• including 3m @ 8.88g/t

• 3m @ 3.58g/t from 40m

Aheman-Grasshopper

• including 1m @ 5.41g/t

• 6m @ 1.01g/t from 80m

Bibiani North

• including 1m @ 2.72g/t

• 2m @ 2.42g/t from 70m

Bibiani North

• including 1m @ 4.39g/t

• 2m @ 7.86g/t from 40m

Elizabeth

• including 1m @ 14.53g/t

• 1m @ 1.53g/t from 48m

Elizabeth

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Funding and Corporate

Share Placement and General Meeting

Noble raised A$20 million through a placement to institutional and sophisticated investors to contribute to the commissioning of the Bibiani processing plant, mining and development of resources and reserves in the satellite pits and for general working capital.

The placement was announced on 19 April 2012 and structured in two tranches:

• (a) Tranche 1 – 39,117,061 Shares at an issue price of A$0.345 per Share and 19,558,531 free-attaching Options exercisable at A$0.48 expiring 1 May 2015 raising A$13,495,386 (before costs); and

• (b) Tranche 2 – 18,853,953 Shares at an issue price of A$0.345 per Share and 9,426,977 free-attaching Options exercisable at A$0.48 expiring 1 May 2015 raising A$6,504,614 (before costs).

The allotment of shares under Tranche 1 occurred on 24 April 2012 and Tranche 2 on 12 June 2012. Tranche 2 was subject to shareholder approval which was acquired at the General Meeting held on 1 June 2012. All resolutions addressed in the meeting were carried.

Funding and Strategic Options

As at 30 June 2012, Noble had cash, cash equivalents and doré on hand of US$9.2m[2] . This cash position included the proceeds of the Company's share placement described above. Further funding will be required by the company in the near term in order to maintain its operations through the ramp-up period.

The Company is currently reviewing its funding options to strengthen its financial position and provide additional working capital while the Bibiani ramp-up process continues. As part of this review process, and following receipt of a number of approaches, the Company confirms that it is engaged in discussions with third parties around a range of potential corporate transactions, including potential control transactions. These discussions remain incomplete and shareholders should be aware that there can be no assurances that they will lead to a binding transaction.

2 Includes debt servicing amount of US$3.5m.

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In the interim the Company will continue to take appropriate measures to conserve cash. The Board of Noble will keep shareholders informed of any material developments.

The Company is hedge free.

Appointments

As announced on 21 June 2012, Mr Erik Palmbachs was appointed as the Company’s Chief Financial Officer. He is an experienced CFO with over 30 years’ experience much of which was gained in the resources sector. He has a wealth of knowledge in Australian resources companies from start-up exploration companies through mergers and acquisitions to medium-sized producers.

During the quarter Noble also appointed Rothschild as corporate and financial advisor to the Company.

Outlook for September Quarter

Noble’s key targets for the September Quarter include securing funding for the Company’s on-going operations, commissioning of the crusher and continuing the ramp up towards processing plant design capacity of 3Mtpa.

Authorised by:

Wayne Norris Managing Director

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Competent Person’s Statements

The information in this announcement that relates to Exploration Results, Mineral Resource or Ore Reserves is based on information compiled by Mr Mark Laing (BE (Hons), Mining), who is a Corporate Member of the Australasian Institute of Mining and Metallurgy. Mr Laing is a full-time employee of Noble Mineral Resources Ltd, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Laing consents to the inclusion in this report of the matters based on his information in the form and content in which it appears.

The information in this announcement that relates to the Bibiani Main Pit and Elizabeth Mineral Resources is based on information compiled by Mr Brian Wolfe (BSc (Hons), PostGrad Cert, MAIG), who is a Member of the Australian Institute of Geoscientists. Mr Wolfe is the Principal Resource Geologist for Coffey Mining Ltd, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Wolfe consents to the inclusion in this report of the matters based on his information in the form and content in which it appears.

About Noble Mineral Resources Limited

Noble Mineral Resources Limited listed on the Australian Stock Exchange on 26[th] June 2008 with a focus on exploring for large-scale gold deposits in the world-class Ashanti Gold Belt in Ghana, West Africa. In November 2009, the Company entered into an agreement for the acquisition of the Bibiani Gold Mine , a project located in the Sefwi-Bibiani Gold Belt in Ghana, host to over 30 Million Ounces of gold. On July 20[th] 2010 the final Share Transfer Form was executed to consummate the purchase.

Noble’s other primary gold concessions are Exploration Licences at Cape Three Points, Brotet and Tumentu, which cover some 141.3km² and all are located within the world-class Ashanti Gold Belt in south western Ghana. Ghana is the second largest gold producer in Africa and is the 10[th] largest gold producing nation in the world, with annual production of approximately 2.9 Million Ounces. Noble’s on-going focus will be to expand the drilling program at Bibiani to target new shallow resources near the Bibiani Mine and adjacent tenements while still progressing the Cape Three Points, Brotet and Tumentu concessions within the Southern extension of the Ashanti Gold Belt. Initial exploration at Cape Three Points will be targeted towards the Satin Mine Project and the Morrison Project , both of which lie in an area of historic underground gold exploration. Noble believes that there is significant potential for the delineation of additional high-grade gold mineralisation relating to the down-plunge and strike extension to these zones. When added to the potential now available at Bibiani it will place Noble in a strong position to achieve its goal in building Australia’s next major gold mining house. The Company recognises the Bibiani , Cape Three Points, Brotet and Tumentu concessions are relatively under-explored, highly prospective projects and aims to rapidly redefine JORC-compliant resources for development.

ASX Code: NMG

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Appendix 1a – June 2012 JORC Mineral Resource Estimate

		TONNAGE	GRADE	CONT'D GOLD
	05 /t cut-off
	. g	Tonnes	(Au g/t)	Ounces
	Measured	6,500,000	2.4	493,000
	Indicated	10,480,000	2.0	666,000
BIBIANI MAIN PIT
	Total M&I	16,970,000	2.2	1,158,000
	Inferred	24,660,000	1.7	1,355,000
	Total	41,630,000	1.9	2,513,000

Global Mineral Resource Estimate based on a cut-off grade of 0.5g/t

Appendix 1b – November 2011 JORC Resource Estimate

		TONNAGE	GRADE	CONT'D GOLD
SATELLITE AREAS	04 /t cut-off
	. g	Tonnes	(Au g/t)	Ounces
	Measured	-	0.00	-
AHEMAN	Indicated	607,500	0.73	14,300
	Inferred	-	0.00	-
	Measured	1,748,000	1.68	94,400
WALSH-STRAUSS PRELIMINARY
	Indicated	2,430,000	1.12	87,500
	Inferred	6,000	1.69	300
	Measured	-	0.00	-
GRASSHOPPER	Indicated	433,200	1.25	17,400
	Inferred	4,800	1.20	200
	Measured	-	0.00	-
OLD TAILINGS*	Indicated	2,860,200	0.70	64,000
	Inferred	-	0.00	-
	Total	8,089,700	1.07	278,100

Global Mineral Resource Estimate based on a cut-off grade of 0.4g/t * Cut-off grade 0.0g/t

Appendix 1c – July 2012 JORC Resource Estimate

		TONNAGE	GRADE	CONT'D GOLD
	0.4 g/t cut-off
		Tonnes	(Au g/t)	Ounces
	Measured	-	-	-
	Indicated	260,000	0.7	6,000
ELIZABETH
	Inferred	190,000	0.6	4,000
	Total	450,000	0.7	10,000

Global Mineral Resource Estimate based on a cut-off grade of 0.4g/t Figures have been rounded and totals may reflect small rounding errors.

TOTAL RESOURCES = 50.15Mt @ 1.7g/t (2.80Moz)

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Appendix 2 – Proved and Probable JORC Ore Reserves

Bibiani Main Pit Proved and Probable JORC Ore Reserves

Bibiani Main Pit Proved and Probable Ore Reserves – June 2011	Bibiani Main Pit Proved and Probable Ore Reserves – June 2011	Bibiani Main Pit Proved and Probable Ore Reserves – June 2011	Bibiani Main Pit Proved and Probable Ore Reserves – June 2011	Bibiani Main Pit Proved and Probable Ore Reserves – June 2011	Bibiani Main Pit Proved and Probable Ore Reserves – June 2011	Bibiani Main Pit Proved and Probable Ore Reserves – June 2011	Bibiani Main Pit Proved and Probable Ore Reserves – June 2011	Bibiani Main Pit Proved and Probable Ore Reserves – June 2011	Bibiani Main Pit Proved and Probable Ore Reserves – June 2011	Bibiani Main Pit Proved and Probable Ore Reserves – June 2011	Bibiani Main Pit Proved and Probable Ore Reserves – June 2011	Bibiani Main Pit Proved and Probable Ore Reserves – June 2011
	Oxide			Fresh			Fill			Total
	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
	Kt	g/t	Kozs	Kt	g/t	Kozs	Kt	g/t	Kozs	Kt	g/t	Kozs
Proved	‐	‐	‐	5,020	2.17	349	‐	‐	‐	5,020	2.16	349
Probable	360	1.34	16	6,280	2.02	407	340	1.73	19	6,980	1.97	441
Total	360	1.34	16	11,300	2.08	756	340	1.73	19	12,000	2.05	790
Derived from Measured and Indicated Mineral Resources using a cut‐off grade of 0.6g/t

Walsh to Grasshopper Satellite Pits Proved and Probable JORC Ore Reserves

Bibiani Walsh to Grasshopper Satellite Pits Proved and Probable Ore Reserves – October 2011	Bibiani Walsh to Grasshopper Satellite Pits Proved and Probable Ore Reserves – October 2011	Bibiani Walsh to Grasshopper Satellite Pits Proved and Probable Ore Reserves – October 2011	Bibiani Walsh to Grasshopper Satellite Pits Proved and Probable Ore Reserves – October 2011	Bibiani Walsh to Grasshopper Satellite Pits Proved and Probable Ore Reserves – October 2011	Bibiani Walsh to Grasshopper Satellite Pits Proved and Probable Ore Reserves – October 2011	Bibiani Walsh to Grasshopper Satellite Pits Proved and Probable Ore Reserves – October 2011	Bibiani Walsh to Grasshopper Satellite Pits Proved and Probable Ore Reserves – October 2011	Bibiani Walsh to Grasshopper Satellite Pits Proved and Probable Ore Reserves – October 2011	Bibiani Walsh to Grasshopper Satellite Pits Proved and Probable Ore Reserves – October 2011	Bibiani Walsh to Grasshopper Satellite Pits Proved and Probable Ore Reserves – October 2011	Bibiani Walsh to Grasshopper Satellite Pits Proved and Probable Ore Reserves – October 2011	Bibiani Walsh to Grasshopper Satellite Pits Proved and Probable Ore Reserves – October 2011
	Oxide			Transition			Sulphide			Total
	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
	Kt	g/t	Kozs	Kt	g/t	Kozs	Kt	g/t	Kozs	Kt	g/t	Kozs
Proved	181	1.30	8	132	1.70	7	753	2.22	54	1,065	2.00	69
Probable	448	1.39	20	172	1.71	9	102	2.05	7	722	1.56	36
Total	628	1.36	28	303	1.70	17	855	2.20	61	1,787	1.82	105
Derived from Measured and Indicated Resources using a cut‐off grade of 0.5g/t

Tailings Deposits Probable JORC Ore Reserves

Bibiani Tailings Deposits Probable Ore Reserves – November 2011	Bibiani Tailings Deposits Probable Ore Reserves – November 2011	Bibiani Tailings Deposits Probable Ore Reserves – November 2011	Bibiani Tailings Deposits Probable Ore Reserves – November 2011
Deposit	Tonnes	Grade	Cont’d Gold
	Kt	Au (g/t)	Kozs
Dams 1 & 2	850	0.74	20
Levees 6 & 7	2,030	0.65	43
Total	2,880	0.68	63

TOTAL RESERVES = 16.7Mt @ 1.79 g/t (958,000oz)

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Appendix 3a – Table of previously released (19 April 2012) drill results received during the quarter

Interval (m)
	Au (g/t)	Hole	From	Including	Comments
Walsh-Strauss Gap
3	4.0	GPGC_931	4		Walsh-Strauss Gap Grade Control Drilling
1	3.13	GPGC_765	27		Walsh-Strauss Gap Grade Control Drilling
1	2.77	GPGC_978	18		Walsh-Strauss Gap Grade Control Drilling
1	2.61	GPGC_953	7		Walsh-Strauss Gap Grade Control Drilling
1	2.49	GPGC_744	8		Walsh-Strauss Gap Grade Control Drilling
1	1.93	GPGC_751	15		Walsh-Strauss Gap Grade Control Drilling
4	1.62	GPGC_930	17		Walsh-Strauss Gap Grade Control Drilling
1	1.58	GPGC_764	8		Walsh-Strauss Gap Grade Control Drilling
1	1.35	GPGC_767	17		Walsh-Strauss Gap Grade Control Drilling
2	1.17	GPGC_749	37		Walsh-Strauss Gap Grade Control Drilling
2	1.1	GPGC_938	26		Walsh-Strauss Gap Grade Control Drilling
1	1.06	GPGC_757	33		Walsh-Strauss Gap Grade Control Drilling
3	19.4	GPGC_812	25		Walsh-Strauss Gap Grade Control Drilling
			26	1m @ 56.03g/t
6	2.31	GPGC_818	24		Walsh-Strauss Gap Grade Control Drilling
1	1.85		16		Walsh-Strauss Gap Grade Control Drilling
4	2.1	GPGC_775	15		Walsh-Strauss Gap Grade Control Drilling
3	2.14	GPGC_810	20		Walsh-Strauss Gap Grade Control Drilling
			22	1m @ 4.66g/t
2	2.35	GPGC_776	28		Walsh-Strauss Gap Grade Control Drilling
2	3.61	GPGC_814	7		Walsh-Strauss Gap Grade Control Drilling
3	1.74		14		Walsh-Strauss Gap Grade Control Drilling
1	4.59	GPGC_803	48		Walsh-Strauss Gap Grade Control Drilling
1	2.86	GPGC_778	19		Walsh-Strauss Gap Grade Control Drilling
2	2.63	GPGC_793	6		Walsh-Strauss Gap Grade Control Drilling
1	1.36	GPGC_794	47		Walsh-Strauss Gap Grade Control Drilling
4	1.7	GPGC_802	4		Walsh-Strauss Gap Grade Control Drilling
1	1.82	GPGC_813	8		Walsh-Strauss Gap Grade Control Drilling
1	1.18		38		Walsh-Strauss Gap Grade Control Drilling
1	1.79		50		Walsh-Strauss Gap Grade Control Drilling
4	1.32	GPGC_774	18		Walsh-Strauss Gap Grade Control Drilling
1	1.24	GPGC_785	49		Walsh-Strauss Gap Grade Control Drilling
1	2.3	GPGC_777	21		Walsh-Strauss Gap Grade Control Drilling
1	1.06	GPGC_796	8		Walsh-Strauss Gap Grade Control Drilling

Suite 3c, South Shore Centre 85 South Perth Esplanade South Perth, WA 6151

Telephone +61 (0)8 9474 6771 Facsimile +61 (0)8 9474 6772

Email admin@nobleminres.com.au Web www.nobleminres.com.au

14

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Interval (m)
	Au (g/t)	Hole	From	Including	Comments
1	2.01	GPGC_815	20		Walsh-Strauss Gap Grade Control Drilling
2	1.36	GPGC_816	21		Walsh-Strauss Gap Grade Control Drilling
1	2.35	GPGC_817	24		Walsh-Strauss Gap Grade Control Drilling
Big Mug
4	2.42	BM12_007	136		Big Mug: Re-split from Resource Definition drilling
			137	1m @ 3.97g/t
3	0.82		1		Big Mug: Re-split from Resource Definition drilling
7	1.63	BM12_009	32		Big Mug: Re-split from Resource Definition drilling
			36	1m @ 3.90g/t
10	1.52		60		Big Mug: Re-split from Resource Definition drilling
			69	1m @ 9.52g/t
1	1.34	BM12_013	196		Big Mug: Re-split from Resource Definition drilling
1	1.40		188		Big Mug: Re-split from Resource Definition drilling
1	1.40		157		Big Mug: Re-split from Resource Definition drilling
10	1.01	BM12_015	92		Big Mug: Re-split from Resource Definition drilling
2	8.75	BM12_018	78		Big Mug: Re-split from Resource Definition drilling
			79	1m @ 14.5g/t
1	1.26		83		Big Mug: Re-split from Infill drilling
Elizabeth
4	1.66	EL12_066	11		Re-split from Elizabeth Infill drilling
13	1.39	EL12_071	19		Re-split from Elizabeth Infill drilling
1	1.17	EL12_081	11		Re-split from Elizabeth Infill drilling
1	1.68		38		Re-split from Elizabeth Infill drilling
16	0.63	EL12_069	24		Re-split from Elizabeth Infill drilling
1	1.05	EL12_065	3		Re-split from Elizabeth Infill drilling
1	2.56	EL12_080	9		Re-split from Elizabeth Infill drilling
1	1.65	EL12_082	12		Re-split from Elizabeth Infill drilling

Only results >1.0 g/t have been reported or intercepts longer than 10m above 0.5 g/t.

Suite 3c, South Shore Centre 85 South Perth Esplanade South Perth, WA 6151

Telephone +61 (0)8 9474 6771 Facsimile +61 (0)8 9474 6772

Email admin@nobleminres.com.au Web www.nobleminres.com.au

15

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Appendix 3b – Table of previously released (10 May 2012) grade control intercepts received during the quarter from south end of Walsh

Hole ID	From (m)	To (m)	Interval Width	Grade g/t
WAGC_045	20	40	20	0.85
WAGC_051	18	36	18	0.56
WAGC_064	13	31	18	1.06
WAGC_046	6	23	17	0.91
WAGC_054	26	38	12	1.66
WAGC_079	16	26	10	0.75
WAGC_053	15	24	9	0.61
WAGC_029	8	16	8	0.55
WAGC_034	20	27	7	0.65
WAGC_040	17	24	7	0.64
WAGC_047	2	9	7	0.77
WAGC_055	20	27	7	0.61
WAGC_063	23	30	7	1.04
WAGC_029	46	52	6	2.40
WAGC_054	16	22	6	0.64
WAGC_029	35	40	5	0.85
WAGC_039	11	16	5	0.52
WAGC_035	22	27	5	0.51
WAGC_063	34	39	5	1.15
WAGC_022	19	23	4	9.73
WAGC_040	8	12	4	0.68
WAGC_045	5	9	4	0.66
WAGC_036	18	22	4	0.67
WAGC_054	4	8	4	0.59
WAGC_056	1	5	4	0.61
WAGC_065	17	21	4	0.50
WAGC_099	18	22	4	0.89
WAGC_051	11	15	4	0.79
WAGC_091	14	18	4	0.59

All assays are bottle roll cyanide leach on a 1kg charge and do not include any fire assays of non-cyanide soluble residue. Analyses have been undertaken by Performance Laboratory at Bibiani. Only results >0.5g/t have been reported.

Suite 3c, South Shore Centre 85 South Perth Esplanade South Perth, WA 6151

Telephone +61 (0)8 9474 6771 Facsimile +61 (0)8 9474 6772

Email admin@nobleminres.com.au Web www.nobleminres.com.au

16

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Appendix 3c – Table of previously released (12 June 2012) Resource drilling intercepts received during the quarter from Bibiani North

Hole ID	From (m)	To (m)	Interval Width	Grade g/t	Including
BN12_025	53	54	1	28.13
BN12_041	29	31	2	5.21	1m @ 8.77g/t
BN12_002	59	62	3	2.37	1m @ 4.29g/t
BN12_005	61	64	3	2.60	1m @ 6.20g/t
BN12_010	73	74	1	1.17
BN12_013	39	41	2	1.16
BN12_044	43	45	2	1.13
BN12_008	77	82	5	1.03
BN12_008	88	99	11	0.77
BN12_010	64	66	2	0.65
BN12_010	42	43	1	0.52
BN12_004	36	38	2	0.50

All assays are bottle roll cyanide leach on a 1kg charge and do not include any fire assays of non-cyanide soluble residue. Analyses have been undertaken by Performance Laboratory at Bibiani. Only results >0.5g/t have been reported.

Appendix 3d : Table of previously released (3 July 2012) drill results received during the quarter from Elizabeth and Bibiani North

Hole ID	From (m)	To (m)	Interval Width	Grade g/t	Including
Elizabeth
EL12_098	26	33	7	1.60	2m @ 2.96g/t
EL12_196	28	35	7	1.18	2m@3.07g/t
EL12_101	32	36	4	1.14	1m @ 2.3g/t
EL12_103	3	6	3	1.81	2m@2.47g/t
EL12_114	21	24	3	1.42	1m @ 3.23g/t
EL12_125	31	33	2	1.57
EL12_102	26	28	2	1.09
EL12_121	30	31	1	3.51
EL12_135	98	100	2	1.26
Bibiani North
BN12_003	72	74	2	8.48	1m @ 10.00g/t
BN12_006	78	82	4	2.01	1m@4.57g/t

All assays are bottle roll cyanide leach on a 1kg charge and do not include any fire assays of non-cyanide soluble residue. Analyses have been undertaken by Performance Laboratory at Bibiani. Only results >0.5g/t have been reported.

Suite 3c, South Shore Centre 85 South Perth Esplanade South Perth, WA 6151

Telephone +61 (0)8 9474 6771 Facsimile +61 (0)8 9474 6772

Email admin@nobleminres.com.au Web www.nobleminres.com.au

17

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Appendix 3e : Table of Resource drilling results received subsequent to the June quarter from Aheman-Grasshopper, Bibiani North and Elizabeth deposits

Hole ID	From(m)	To(m)	Interval Width	**Gradeg/t **	Including
Aheman-Grasshopper
AMGR12_090	35	42	7	4.54
	37	40			**3m@ 8.88g/t **
AMGR12_074	40	43	3	3.58
	41	42			**1m@ 5.41g/t **
	56	57	1	2.2
AMGR12_097	67	70	3	2.51
	68	69			1m @ 5.55g/t
AMGR12_073	35	38	3	2.50
AMGR12_078	15	19	4	2.41
	16	17			**1m@ 3.18g/t **
AMGR12_069	15	21	6	2.26
	17	18			**1m@ 6.82g/t **
AMGR12_091	64	66	2	1.87
AMGR12_075	60	61	1	1.7
AMGR12_068	7	8	1	1.51
	14	15	1	1.07
AMGR12_080	56	57	1	1.35
AMGR12_088	31	32	1	1.18
AMGR12_072	14	19	5	0.87
	14	15			**1m@ 2.02g/t **
AMGR12_089	24	38	14	0.92
	31	33			**2m@ 2.26g/t **
AMGR12_102	0	2	2	1.52
	7	10	3	1.44
Bibiani North
BN12_012	80	86	6	1.01
	84	85			**1m@ 2.72g/t **
BN12_038	58	61	4	1.05
BN12_042	47	49	2	1.45
	70	72	2	2.42
	70	71			**1m@ 4.39g/t **
Elizabeth
EL12_110	40	42	2	7.86
	40	41			1m @ 14.53g/t
EL12_110	34	37	3	1.42

Suite 3c, South Shore Centre 85 South Perth Esplanade South Perth, WA 6151

Telephone +61 (0)8 9474 6771 Facsimile +61 (0)8 9474 6772

Email admin@nobleminres.com.au Web www.nobleminres.com.au

18

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EL12_110	22	24	1	1.14
EL12_197A	32	33	1	3.39
EL12_197A	83	84	1	1.16
EL12_104	48	49	1	1.53
EL12_105	17	23	6	0.64
EL12_107	30	38	8	0.7
	16	18	2	0.82
EL12_112	30	32	2	2.41
EL12_141	53	54	1	1.14
EL12_157	79	82	3	1.06
	81	82			1m @ 2.50g/t
EL12_165	63	65	2	1.91
	64	65			1m @ 3.36g/t
EL12_173	6	7	1	1.28
EL12_174	45	47	2	1.97
EL12_176	40	41	1	4.25
EL12_178	4	7	3	1.91
	6	7			**1m@ 3.17g/t **
	33	34	1	1.05
EL12_188	41	44	3	0.83
EL12_189	73	79	6	0.88
	67	70	3	1.5
	69	70			1m @ 2.10g/t
	53	54	1	1.68
Walsh
WA12_014	5	7	2	1.29

All assays are bottle roll cyanide leach on a 1kg charge and do not include any fire assays of non-cyanide soluble residue. Analyses have been undertaken by Performance Laboratory at Bibiani.

Only results >0.5g/t have been reported.

Suite 3c, South Shore Centre 85 South Perth Esplanade South Perth, WA 6151

Telephone +61 (0)8 9474 6771 Facsimile +61 (0)8 9474 6772

Email admin@nobleminres.com.au Web www.nobleminres.com.au

19

Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001, 01/06/10, 17/12/10

	Name of entity	Name of entity	Name of entity	Name of entity
	NOBLE MINERAL RESOURCES LIMITED
	ABN 36 124 893 465 Consolidated statement of cash flows		Quarter ended (“current quarter”)
			30	June 2012
Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration and evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other Net Operating Cash Flows		Current quarter $US’000		Year to date (12 months) $US’000
		6,107 (1,906) (16,327) - (3,504) - 26 (490) - 127		6,107 (10,321) (60,200) - (12,613) - 292 (1,641) - 461
		(15,967)		(77,915)
Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)		- - (2,373) - - - - - -		- - (11,382) - - - - - -
		(2,373)		(11,382)
		(18,340)		(89,297)

• See chapter 19 for defined terms.

17/12/2010 ‐ Appendix 5B

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Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(18,340)	(89,297)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other (provide details if material) Net financing cash flows	19,208 - 6,435 (3,634) - -	85,196 - 6,435 (6,619) - -
	22,009	85,012
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end of quarter	3,669 2,808 110	(4,285) 9,378 1,494
	**6,587 **	**6,587 **

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter $US'000
		208
		-
1.25	Explanation necessaryfor an understandingof the transactions
	Directors’ remuneration 208

Non-cash financing and investing activities

2.1 2.2	Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows
	Nil
	Details of outlays made by other entities to establish or increase their share in projects in which the reportingentityhas an interest
	N/A

• See chapter 19 for defined terms.

17/12/2010 ‐ Appendix 5B

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Appendix 5B Mining exploration entity quarterly report

Financing facilities available

Add notes as necessary for an understanding of the position.

Financing facilities available Add notes as necessary for an understanding of the position.
3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $US’000	Amount used $US’000
	40,027	34,527
	-	-

Estimated cash outflows for next quarter

4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration	$US’000
	(450)
	(31,732)
	-
	(5,025)
Total	(37,207)

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $US’000	Previous quarter $US’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (Debt Service Reserve)	2,806	568
	364	77
	(89)	(1,342)
	3,506	3,505
Total: cash at end of quarter(item 1.22)	6,587	2,808

Changes in interests in mining tenements

Tenement reference	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter
-	-	-	-
-	-	-	-

• See chapter 19 for defined terms.

17/12/2010 ‐ Appendix 5B

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Appendix 5B Mining exploration entity quarterly report

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total number	Number quoted	Issue price per security (see note 3)	Amount paid up per security (see note 3)
7.1 Preference +securities (description) 7.2 Changes during quarter: (a) Increases through issues (b) Decreases through returns of capital, buy- backs, redemptions	-	-
	-	-
7.3 +Ordinary securities 7.4 Changes during quarter: (a) Increases through issues (b) Decreases through returns of capital, buy- backs	610,147,952	610,147,952
	57,971,011 6,288	57,971,011 6,288	A$0.345 A$0.35	A$0.345 A$0.35
7.5 +Convertible debt securities (description) 7.6 Changes during quarter: (a) Increases through issues (b) Decreases through securities matured, converted	-	-
	-	-
7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	69,012,233 28,985,539 6,000,000 4,250,000 20,629,230 5,000,000	69,012,233 28,985,539 - - - -	Exercise price A$0.35 A$0.48 A$0.20 A$0.40 A$0.83 A$0.55	Exercise date 21 July 2013 1 May 2015 8 July 2014 19 August 2014 30 November 2014 31 October 2015
	28,985,539	28,985,539	A$0.48	1 May 2015
	6,288	6,288	A$0.35	21 July 2013
	-	-
7.11 Debentures (totals only)	-	-
7.12 Unsecured notes (totals only)	-	-

• See chapter 19 for defined terms.

17/12/2010 ‐ Appendix 5B

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Appendix 5B Mining exploration entity quarterly report

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).

• 2 This statement does give a true and fair view of the matters disclosed.

Sign here: ....................................................... Date: 30 July 2012 (Director)

Print name: Wayne Norris

Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities: The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

• See chapter 19 for defined terms.

17/12/2010 ‐ Appendix 5B

Page 5