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CARBINE RESOURCES LIMITED Capital/Financing Update 2012

May 31, 2012

64704_rns_2012-05-31_ab01f7fd-76f9-4188-b14f-76b89ae497e0.pdf

Capital/Financing Update

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ASX / MEDIA ANNOUNCEMENT

01 June 2012

CARBINE RESOURCES OUTLINE PRIMARY GOLD MINERALISATION OVER MORE THAN 1 KM STRIKE AT NAZALA PROSPECT

HIGHLIGHTS

  • Follow up reverse circulation drilling of gold mineralisation in aircore drilling has identified primary gold mineralisation on seven (7) sections, extending over more than 1 kilometre strike at Nazala Prospect.

  • Best results include:

  • 12m at 1.70g/t gold from 48m (NZRC051)

  • 6m at 8.59g/t gold from 98m (NZRC053)

  • 5m at 1.14g/t gold from 55m and 5m at 4.04g/t gold from 119m (NZRC008)

  • 4m at 1.09g/t gold from 50m (NZRC009)

  • 4m at 1.08g/t gold from 54m (NZRC031)

  • 3m at 1.11g/t gold from 70m (NZRC034)

  • 2m at 6.34g/t gold from 56m and 1m at 9.16g/t gold from 119m (NZRC007)

  • 2m at 8.80g/t gold from 18m (NZRC016)

Carbine Resources Limited (ASX: CRB) is pleased to report gold assay results from almost 7,500m of reverse circulation (RC) drilling conducted in December 2011 and January 2012 at the Nazala prospect (Madougou Permit) at the Ouahigouya Gold Project, Burkina Faso (Figure 2).

Nazala Prospect

Fifty (50) RC drill holes for 7,485m were completed in December 2011 and early January 2012 on the Nazala Prospect at Carbine’s Ouahigouya Gold Project in northwest Burkina Faso (Figure 1 & Appendix 1). Drilling targeted previous gold mineralised intersected in aircore drilling in several sub parallel zones over 1.6km in strike (ASX: 29 August 2011). Mineralised intercepts include:

  • 12m at 1.70g/t gold from 48m (NZRC051);

  • 6m at 8.59g/t gold from 98m (NZRC053); and

  • 5m at 1.14g/t gold from 55m and 5m at 4.04g/t gold from 119m (NZRC008);

  • 4m at 1.09g/t gold from 50m (NZRC009);

  • 4m at 1.08g/t gold from 54m (NZRC031);

Australian Office ABN 81 122 976 818 Suite 23, 513 Hay Street Subiaco WA 6008 PO Box 1311 Subiaco WA 6904 phone +61 8 6142 0986 fax +61 8 9388 8824

Burkina Faso Office 128 Rue Kindfu Secteur 13 Zone du Bois 01 BP 2392 Ouagadougou 01 phone. +226 5036 8077 fax. +226 5044 7033

[email protected] www.carbineresources.com.au

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  • 3m at 1.11g/t gold from 70m (NZRC034);

  • 3m at 1.11g/t gold from 105m (NZRC055).

  • 2m at 8.80g/t gold from 18m and 1m at 2.37g/t gold from 65m (NZRC016);

  • 2m at 6.34g/t gold from 56m and 1m at 9.16g/t gold from 119m (NZRC007);

  • 2m at 1.68g/t gold from 114m (NZRC026);

  • 2m at 1.59g/t gold from 151m (NZRC033);

  • 2m at 1.65g/t gold from 120m (NZRC050);

Whilst down hole widths of mineralisation are generally not as wide as earlier aircore intercepts, the drilling confirms the presence of primary mineralisation in the fresh rock on seven (7) sections, over a strike length greater than 1 kilometre (Figure 1). Mineralisation is still open for another 500m to the northeast (approaching the Goussirdou Prospect) and 300m to the southwest. More RC drilling is required to define the full extent of gold mineralisation prior to any resource definition drilling on the area. However, Managing Director Peter Sheehan commented, “These results at Nazala combined with primary mineralisation encountered next door at Goussirdou (ASX: 30 April 2012) confirm the potential for this area to host our maiden resource”. More RC drilling will be planned in conjunction with follow up at Goussirdou.

Pending Assay Results

The Company is still awaiting final assay results from the following prospects:-

  • Foufaka aircore drilling (KDAC237-305) – 69 holes for 4,416 meters and 2,405 samples;

  • Kandy infill geochemistry – 786 holes for 10,987m and 786 samples;

  • Goussirdou infill geochemistry – 69 holes for 1,306m and 69 samples;

  • Goussirdou aircore drilling – 79 holes for 4,123m and 2,242 samples; and

  • Nimbo aircore drilling - 39 holes for 1,622m and 876 samples.

The Company is currently experiencing assay turnaround time of in excess of 3 months.

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[email protected] www.carbineresources.com.au

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Figure 1 Nazala: Mineralised intercepts location map of recent RC drill holes (blue squares) over previous Aircore drilling (grey stars). Figure shows that mineralisation is still open to northeast and southwest.

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[email protected] www.carbineresources.com.au

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Figure 2: Ouahigouya Gold Project location map.

[email protected] www.carbineresources.com.au

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Appendix 1

Table 1 Nazala (December 2011 – January 2012) RC Drilling Results.

Easting
(WGS84_30N)		 Northing
(WGS84_30N)		 Azimuth
(Mag)		 From
(m)
To
(m)
Interval
(m)		 Grade
(g/t Au)
Hole ID Dip
NZRC007 544,928 1,533,501 -55 310 29
56
99
119
124
134
140		 36
58
100
120
126
137
143		 7
2
1
1
2
3
3		 0.70
6.34
0.53
9.16
0.84
0.88
0.62
NZRC008 544,992 1,533,454 -55 310 55
92
98
119
128
138
149		 60
93
99
124
130
139
150		 5
1
1
5
2
1
1		 1.14
3.41
0.64
4.04
0.87
0.62
0.62
NZRC009 545,050 1,533,404 -55 310 7
21
32
37
50
67
102		 8
22
34
38
54
70
103		 1
1
2
1
4
3
1		 0.66
0.54
0.55
1.65
1.09
0.67
0.64
NZRC010 545,115 1,533,352 -55 310 100
120
131		 101
121
133		 1
1
2		 4.41
2.14
0.73
NZRC011 545,170 1,533,309 -55 310 No significant intercept
NZRC012 544,874 1,533,552 -55 310 No significant intercept
NZRC013 544,692 1,533,703 -55 310 No significant intercept
NZRC014 544,752 1,533,655 -55 310 No significant intercept
NZRC015 543,849 1,533,046 -55 310 152 153 1 0.63
NZRC016 543,909 1,532,992 -55 310 0
18
65		 1
20
66		 1
2
1		 0.54
8.80
2.37
NZRC017 543,943 1,532,914 -55 310 No significant intercept
NZRC018 544,039 1,532,885 -55 310 24
48
52
56		 25
50
53
57		 1
2
1
1		 1.66
1.72
0.91
0.52
NZRC019 544,086 1,532,842 -55 310 57
91
113		 58
92
114		 1
1
1		 0.53
0.59
0.70

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[email protected] www.carbineresources.com.au

Easting
(WGS84_30N)		 Northing
(WGS84_30N)		 Azimuth
(Mag)		 From
(m)
To
(m)
Interval
(m)		 Grade
(g/t Au)
Hole ID Dip
127 128 1 2.09
NZRC020 543,911 1,533,301 -55 310 21 22 1 0.69
NZRC021 543,968 1,533,258 -55 310 43 44 1 0.67
NZRC022 544,031 1,533,205 -55 310 No significant intercept
NZRC023 544,088 1,533,157 -55 310 No significant intercept
NZRC024 544,147 1,533,105 -55 310 No significant intercept
NZRC025 544,206 1,533,057 -55 310 19
44
73		 20
45
74		 1
1
1		 0.97
0.70
0.85
NZRC026 544,558 1,533,268 -55 310 114
139		 116
140		 2
1		 1.68
0.64
NZRC027 544,270 1,533,006 -55 310 18
42
57		 19
45
58		 1
3
1		 0.51
0.81
1.55
NZRC028 544,333 1,532,950 -55 310 110 111 1 1.43
NZRC029 544,393 1,532,904 -55 310 146 147 1 1.43
NZRC030 544,452 1,532,859 -55 310 No significant intercept
NZRC031 544,361 1,533,251 -55 310 54 58 4 1.08
NZRC032 544,420 1,533,205 -55 310 48
89
104		 49
90
105		 1
1
1		 0.50
0.83
0.55
NZRC033 544,480 1,533,155 -55 310 76
151		 80
153		 4
2		 0.79
1.59
NZRC034 544,542 1,533,104 -55 310 70 73 3 1.11
NZRC035 544,597 1,533,052 -55 310 28 29 1 0.89
NZRC036 544,661 1,533,003 -55 310 26
45		 27
46		 1
1		 0.67
0.55
NZRC037 544,725 1,532,946 -55 310 No significant intercept
NZRC038 544,783 1,532,901 -55 310 116 117 1 3.55
NZRC039 544,843 1,532,850 -55 310 No significant intercept
NZRC040 544,597 1,533,236 -55 310 No significant intercept
NZRC041 544,505 1,533,492 -55 310 No significant intercept
NZRC042 544,573 1,533,442 -55 310 No significant intercept
NZRC043 544,630 1,533,392 -55 310 No significant intercept
NZRC044 544,995 1,533,090 -55 310 83 84 1 1.33
NZRC045 544,933 1,533,143 -55 310 No significant intercept
NZRC046 544,876 1,533,195 -55 310 No significant intercept
NZRC047 544,812 1,533,246 -55 310 No significant intercept
NZRC048 544,754 1,533,292 -55 310 No significant intercept
NZRC049 544,977 1,533,366 -55 310 50
58
62		 51
59
63		 1
1
1		 1.23
3.31
2.80

[email protected] www.carbineresources.com.au

Easting
(WGS84_30N)		 Northing
(WGS84_30N)		 Azimuth
(Mag)		 From
(m)
To
(m)
Interval
(m)		 Grade
(g/t Au)
Hole ID Dip
93
108		 94
110		 1
2		 2.38
0.52
NZRC050 544,920 1,533,416 -55 310 120 122 2 1.65
NZRC051
including		 544,861 1,533,459 -55 310 26
48
55
86
107		 27
60
56
92
108		 1
12
1
6
1		 1.12
1.70
13.76
0.65
0.98
NZRC052 544,802 1,533,505 -55 310 33
118		 36
119		 3
1		 0.78
1.04
NZRC053
including		 544,811 1,533,604 -55 310 40
98
100
108		 41
104
102
109		 1
6
2
1		 2.26
8.59
21.45
0.93
NZRC054 544,687 1,533,325 -55 310 No significant intercept
NZRC055 544,756 1,533,293 -55 310 79
83
105		 80
84
108		 1
1
3		 1.20
0.66
1.11
NZRC056 544,629 1,533,398 -55 310 No significant intercept

*0.5g/t Au bottom cut, minimum 1m width, maximum 2m internal dilution

**Mineralised widths are down hole widths and not true widths

Assay results were obtained from reverse circulation samples, riffle split to provide 2-3kg samples which were crushed and pulverized before a 50g charge was selected for fire assay at BIGGS Laboratory in Ouagadougou, Burkina Faso. *QAQC: Duplicate samples were taken every 20th sample, triplicates every 40th sample, certified blanks and standards were inserted after every 40th sample.

For further information, please contact:

Peter Sheehan – Managing Director: +61 (0)499 095 396 (Australia) +226 7897 4595 (Burkina Faso) Evan Cranston – Director: +61 (0)408 865 838 (Australia)

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Website: www.carbineresources.com.au

The information in this report that relates to exploration results is based on information compiled by Peter Sheehan who is a member of the Australian Institute of Mining and Metallurgy. Peter Sheehan is employed by Carbine Resources Ltd. Peter Sheehan has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves”. He consents to the inclusion of the matters based on information in the form and context in which it appears.

[email protected] www.carbineresources.com.au

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