AVIRA RESOURCES LTD — Capital/Financing Update 2013

Jun 25, 2013

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ASX Release

DATE: 26 - JUNE - 2013 ASX Code: MGS

PHASE ONE OF THE SUMMER HILLS DRILLING PROGRAM COMPLETE

HIGHLIGHTS

• Five diamond holes drilled – four at Dalcouth and one diamond tail at Extended confirm geological model at the Summer Hills Mining Lease

• This is Phase One of a three phase program to further define an early and easily mineable resource close to the Mt Veteran Mill, in order to provide near term cash flow generation

Registry: Computershare Issued Shares: 288,157,040 Tin Price: US$19,870/t Gold Price: US$1,275/oz

• Like previous programs at Summer Hills it was shallow (approximately 50 metres vertical depth) and did not attempt to test the mineralisation at depth.

• Encouraging tin intersections including:

• 3.8m @ 0.4% (DDHDAL104) between 17 and 21m, including 1m @ 0.72%

• 5m @ 0.43% (DDHDAL108) between 33 and 38m, including 1m @ 1.0%

• 1m @ 0.7% (DDHDAL110) between 49 and 50m

• 1m @ 1.0% (DDHDAL110) between 53 and 54m

• 2.8m @ 0.32% (X23 tail) between 59.2 and 62m, including 1m @ 0.4%. This extends the mineralised zone at the bottom of the original hole to 5m @ 1.0% between 57 and 62m.

• An extensive brecciated zone was identified in all four Dalcouth holes which correlates with the mineralised zone

• The rhyolite porphyry dyke was intersected

• Phase Two RC drilling currently underway

• Phase Three RC drilling will be planned using results from Phase Two.

• Dalcouth resource update expected Q4 2013

MGT

Resources Limited 2.05/68 York Street, Sydney, NSW 2000, Australia

T: 61 2 9262 1122 F: 61 2 9299 5175 www.mgt.net.au info@mgt.net.au

ABN: 38 131 715 645

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Overview

MGT Resources Limited (MGT or the Company) is pleased to announce that Phase One of the 2013 drilling programme at the Dalcouth and Extended Prospects has been completed, comprised of five diamond holes (230m).

Both prospects lie within mining lease 20547 “Summer Hills” which surrounds the Mt Veteran Tin Processing Plant, and is 86.48% owned by the company, through its subsidiary MGT Mining Limited.

The Dalcouth prospect is approximately 500 metres from the plant. The resource is shallow (down to approximately 50 metres), the host rock is easy to drill and it has favourable metallurgical characteristics. The Company’s strategy is to prove up sufficient tonnages at Dalcouth to provide near term cash flow generation.

The diamond drill holes were drilled through the centre of the main Dalcouth mineralised zone to improve our understanding of lithology, structure and mineralisation. The holes were also essential for providing geotechnical information. A diamond tail (30m) was also drilled at the end of percussion hole X23 at Extended, to close off the mineralised zone at the bottom of that hole.

The Dalcouth prospect

Drilling commenced on the 23[rd] April and was completed on the 3[rd] May. This is the first phase of a three part drilling program. Phase Two of the program was recently completed with assay results pending. This phase was a reverse circulation (RC) program. MGT geologists were able to use initial petrographic studies on the core from the Phase One diamond holes to help plan Phase Two. Planning of Phase Three (follow-up RC holes) will be completed when the assay results from Phase Two are returned, allowing the new information to better target follow-up holes.

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Figure 1 – Aerial photograph of the ML 20547 “Summer Hills”

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Intersection Details

MGT has received all of the drill results for Phase One of the drilling program (diamond holes). Results are encouraging and follow-up holes will be planned for Phase Three.

Table 1: Significant Intersections

Hole ID	From	To	Interval	Sample	Sn	Sn (%)	As	W
				**Type **	(ppm)		(ppm)	(ppm)
Method					XRF05	XRF12b	XRF05	XRF05
DDHDAL104	12	13	1	1/2 - core	1225	0.142	362	40
DDHDAL104	17	17.7	0.7	1/2 - core	>5000	0.716	305	10
DDHDAL104	17.9	19	1.1	1/2 - core	1150	0.129	416	<10
DDHDAL104	19	20	1	1/2 - core	1710	0.2285	234	20
DDHDAL104	20	21	1	1/2 - core	>5000	0.595	582	120
DDHDAL104	30	31	1	1/2 - core	4390	0.5	53	20
DDHDAL108	19	20	1	1/2 - core	1070	0.126	219	10
DDHDAL108	33	34	1	1/2 - core	4180	0.488	104	20
DDHDAL108	34	35	1	1/2 - core	>5000	1.04	101	300
DDHDAL108	35	36	1	1/2 - core	1130	0.137	105	30
DDHDAL108	36	37	1	1/2 - core	2560	0.323	215	20
DDHDAL108	37	38	1	1/2 - core	1065	0.124	164	70
DDHDAL108	55	56	1	1/2 - core	4480	0.574	19	50
DDHDAL110	4	5	1	1/2 - core	1065	0.101	79	10
DDHDAL110	33	34	1	1/2 - core	1045	0.12	160	40
DDHDAL110	34	35	1	1/2 - core	2480	0.278	316	30
DDHDAL110	35.4	36	0.6	1/2 - core	3480	0.391	1285	50
DDHDAL110	37	38	1	1/2 - core	1070	0.114	193	10
DDHDAL110	40	41	1	1/2 - core	1665	0.18	249	10
DDHDAL110	42	43	1	1/2 - core	1430	0.158	223	60
DDHDAL110	49	50	1	1/2 - core	>5000	0.7	18	30
DDHDAL110	53	54	1	1/2 - core	>5000	1.03	356	40
DDHDAL110	58	59	1	1/2 - core	3570	0.454	317	180
DDHDAL110	59	60	1	1/2 - core	1320	0.147	78	20
DDHDAL112	2.2	2.6	0.4	1/2 - core	1090	0.112	201	20
DDHDAL112	3.5	4.1	0.6	1/2 - core	2300	0.269	63	30
DDHDAL112	4.1	4.5	0.4	1/2 - core	1385	0.152	117	30
DDHDAL112	13	13.7	0.7	1/2 - core	1675	0.188	397	60
DDHDAL112	14.6	15	0.4	1/2 - core	2980	0.336	414	40
DDHDAL112	27	28	1	1/2 - core	1445	0.17	915	20
X23	59.2	60	0.8	1/2 - core	3390	0.399	<5	20
X23	60	61	1	1/2 - core	1255	0.15	9	50
X23	61	62	1	1/2 - core	3540	0.4	19	50
X23	63	64	1	1/2 - core	1450	0.17	<5	10
X23*	87	88	1	1/2 - core	2779	0.2779	6	30

• Needs to be retested due to discrepancy in duplicate sample

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+Cut-off grade of 0.1% used to delineate intersections. Assaying of half-case samples was conducted initially by Australian Laboratory Services Ltd using a pressed pellet XRF technique (XRF05). Samples that returned a value of >1000ppm were reanalysed using the ore-grade fused disc XRF technique (XRF15b). These results are reported in percentages and are more accurate than the ppm results reported for the XRF05 analysis.

Brecciated Zone at Dalcouth and porphyry dyke intersections

The diamond holes at Dalcouth intersected a wide brecciated zone, which appears to be associated with the rhyolitic porphyry dyke and is roughly correlatable with the higher grade mineralised zone present in the central part of the deposit (see figures 1-7). The plotted mineralised zones appear to be locally offset which may have taken place along one of the faults that have been mapped at surface. Further structural interpretation is necessary to determine if this is the case.

Diamond Tail at Extended

A diamond tail was drilled from RC hole X23 which ended in mineralisation. Samples from the bottom 3m of the RC hole averaged 1.68% Sn. The diamond tail showed that this mineralised zone extended for a few more metres, bringing the overall intersection to 5m @ 1.0% between 57 and 62m. A mineralised vein was intersected at 87.4m with that metre returning *0.27% Sn. Results from the tail at Extended suggest that the mineralised zone may be narrow but high grade with significant mineralisation also carried in veins through the system.

*further analysis is planned on this interval as there was a difference between the assay values for the original sample and a duplicate sample from that metre – 0.27% is the mean value.

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Figure 1: Plan of Dalcouth drilling. Earlier holes are coloured black, Phase one diamond drill holes are coloured blue and Phase Two RC holes are red.

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Figure 2: Section 6 showing Sn mineralisation. The Phase One diamond hole is highlighted in blue. The holes highlighted in red are RC holes drilled in the second phase of drilling (assay results pending).

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Figure 3: Core photographs showing mineralised intersection in DDH DAL104. The yellow box surrounds the best result from this 4m interval of mineralisation. The mineralisation occurs in a brecciated intrusive unit which was intensely chloritised (now red-brown iron oxides and clays due to natural weathering).

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Figure 4: Section 7 showing Sn mineralisation. The Phase One diamond hole is highlighted in blue. The holes highlighted in red are RC holes drilled in the second phase of drilling (assay results pending).

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Figure 5: Core photographs showing mineralised intersection in DDH DAL108. The yellow box surrounds the best result from this 5m mineralised interval. The mineralisation occurs in a brecciated intrusive unit.

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Figure 6: Section 8 showing Sn mineralisation. The Phase One diamond hole is highlighted in blue. The hole highlighted in red is an RC holes drilled in Phase Two.

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Figure 7: Section 9 showing Sn mineralisation. The Phase One diamond hole is highlighted in blue. The holes highlighted in red are RC holes drilled in Phase Two.

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Figure 8: Section 6.5 from the Extended prospect showing Sn mineralisation. The diamond tail from Phase One drilling is highlighted in blue. The hole highlighted in red is an RC hole drilled in Phase Two.

Competent Persons statement

Information in this report related to exploration results or mineral resources are based on information compiled by MGT technical staff and checked by Max Rangott of Rangott Mineral Exploration Pty Ltd, who is a member of both the AIG and the AusIMM. Mr Rangott 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, Minerals Resources and Ore Reserves’. Mr Rangott consents to the inclusion in the report of the statements based on the information in the form and context in which it appears.

ENDS

Investor and media enquiries:

Alexander Moody Company Secretary

T: +61 2 9262 1122 alex.moody@mgt.net.au

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