CASSIUS MINING LIMITED — Major Shareholding Notification 2011

May 8, 2011

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/Scheme Gulf Industrials Limited (ASX code: GLF)

ABN 13 115 027 033

Details of substantial holder

Name Contango Asset Management Limited ACN 085 487 421

The holder became a substantial holder on 04/05/2011. Appendix 3B advising new shares on issue lodged by GLF on 04/05/2011

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of Securities	Number of Securities	Person's Votes	**Voting Power **
Ordinary Shares	37,666,666	37,666,666	7.63%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of Relevant Interest Contango Asset Management Limited	Nature of Relevant Interest Contango Asset Management Limited, in its capacity as the investment manager for the persons or trusts listed besides its name in Paragraph 4, has the power to control voting and/or the disposal of securities.	Class and Number of Securities 37,666,666 ord shares	Person's votes Affected 37,666,666

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of Relevant Interest Contango Asset Management Limited	Registered Holder of Securities HSBC Custody Nominees (Australia) Limited	Person entitled to be registered holder Non-Govt Schools Superannuation Fund	Class and Number of Securities Ord shares	Person's votes affected 5,569,784

Contango Limited	Asset Management	National Nominees Limited	Contango Wholesale Microcap Fund	Ord Shares	6,610,592
Contango	Asset Management	National Nominees	Contango Microcap	Ord shares	24,819,624
Limited		Limited	Limited
Contango	Asset Management	Bagbo Pty Ltd	Bagbo Pty Ltd	Ord Shares	666,666
Limited

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of Relevant Interest	Type	Date of	Consideration	Number of
		**Acquisition **		Ordinary Shares
Contango Asset Management Ltd	Share Placement	04/05/11	$1,695,000	37,666,666

6. Associates

Not applicable

7. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Contango Asset Management Limited	Level 24, 360 Collins Street, Melbourne, VIC 3000
ContangoMicrocapLimited	Level 24, 360 Collins Street,Melbourne,VIC 3000
ContangoWholesaleMicrocapFund	Level 24, 360 Collins Street,Melbourne,VIC 3000
HSBC CustodyNominees (Australia)Limited	GPOBox5302, Sydney,NSW,2001
National Nominees	GPOBox 1406,Melbourne,VIC, 3001
Non-Government Schools Superannuation FundPtyLtd	Level 16, 99Bathurst Street, Sydney,NSW,2000
BagboPtyLtd	Level 24, 360 Collins Street,Melbourne,VIC 3000

Signature

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GLENN FOWLES COMPANY SECRETARY 09 MAY 2011