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CARNAVALE RESOURCES LIMITED Capital/Financing Update 2011

Nov 27, 2011

64607_rns_2011-11-27_92832fce-4d96-45b9-af68-62d8174312b2.pdf

Capital/Financing Update

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==> picture [119 x 88] intentionally omitted <==

28 November 2011

The Manager Company Announcements Office ASX Ltd 4th Floor, 20 Bridge Street SYDNEY, NSW 2000

Dear Sir,

ACQUISITION OF EXPLORATION LICENCE

Carnavale Resources Limited has acquired Exploration Licence E38/2055 which is located approximately 7kms south of the Granny Smith Mine and approximately 25km south of Laverton in the Mt Margaret Mineralfield. The Licence covers the area adjacent and south of the Acacia resources area of Windich South which lies between the Granny Smith Mine and the licence.

REGIONAL GEOLOGY

The area of the licence lies within the North Eastern Goldfields province of Western Australia, in metamorphosed greenstone belt rocks of Archaean age. The tenement is located on the southerly plunging eastern limb of the Margaret anticline, within a regional north- south fault system known as the Laverton Tectonic Zone.

Shallow dipping splay faults branch off the main zone of sub-vertical strike–slip faults and are often associated with gold mineralization. Gold mines and deposits hosted by the Laverton tectonic zone include Granny Smith, Chide Harold, Keringal and Sunrise Dam.

Most of the tenement area overlies recent Tertiary sediments of Lake Carey, a large, normally dry salt lake with only limited outcrop in the north west of the licence. The outcrop area known as Two Hills, consist of complexly folded sheared and deformed BIF’S, medasediments black shales and mafic to intermediate volcanics. These units have been intruded by granitoid rocks.