CASSIUS MINING LIMITED — Regulatory Filings 2012

Jun 13, 2012

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ASX ANNOUNCEMENT

14 JUNE 2012

OPERATIONS UPDATE

As previously disclosed, Gulf Industrials Limited (“Gulf” or “the Company”) (ASX Code: GLF), is advancing its Namekara Vermiculite project in Uganda with the intention to reach a stated nameplate capacity of 30,000 tonnes per year during the current quarter. Due to the factors set out below, Gulf is currently achieving approximately 22,000 tonnes per annum on an annualised basis.

The months of April and May 2012 have been particularly difficult with the operation being severely hampered by an abnormally wet wet season. This heavy rain has led to the pit being flooded and, as a result, the plant running out of ore on numerous occasions as the flooding has limited mining. This uncharacteristically wet weather has also markedly restricted the ability to deliver Gulf’s product to port. As a result a large stock build‐ up on site has occurred as roads in the surrounding areas have been affected by the wet conditions. Increased production has also tested road capacity.

The plant expansion has seen the standby generator commissioned and the magnetic separator installed. Both are running to expectations and will improve the efficiencies and productivity of the plant. The completion of the plant upgrade also means that staff numbers, including ex patriate staff, are being reduced and further efficiencies in operating the business at the site have been implemented. The Company is also exploring and testing other options to transport the vermiculite to port, including the use of the nearby railway. Arrangements have been made to secure covered storage capacity for the vermiculite.

It now appears that the challenge going forward will be providing sufficient ore to the plant and as such the Company has to revise its expectations of monthly production downwards to approximately 1,835 tonnes per month for the foreseeable future.

The Company continues to explore around the Namekara Project. Following the drilling program late in 2011 and early 2012, a new vermiculite JORC resource will be announced shortly.

Gulf is constantly addressing the issues of ore availability and logistics and will provide updates as and when available.

FURTHER INFORMATION

Mark Arnesen, CEO Wayne Kernaghan, Company Secretary

t | +61 2 8247 5333 t | +61 2 8247 5333

Gulf Industrials Limited │ Level 10 Gold Fields House 1 Alfred Street Sydney NSW 2000 PO Box R745 Royal Exchange NSW 1225 Australia t +61 2 8247 5333 f +61 2 9247 7722

ACN 115 027 033

www.gulfindustrials.com.au

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COMPETENT PERSONS STATEMENT

The information in this report that relates to Mineral Resources is based on information compiled by Hennie Theart, BSc (Hons), MSc, PhD, Pr. Sci. Nat (SACNASP 400069/88), FSEG, FGSSA, FAAG; Shaun Crisp, BSc (Hons), Pr.Sci.Nat. (SACNASP 400076/09); and Brent Barber, BSc (Hons), MPhil, AusIMM (222559), AAPG (59319‐8).

Hennie Theart and Shaun Crisp are registered with the South African Council for Natural Scientific Professions (SACNASP), a JORC Recognised Overseas Professional Organisation "ROPO" and Brent Barber is a member of the Australasian Institute of Mining and Metallurgy (AusIMM). They are full‐time employees of SRK Consulting and have experience which is relevant to the style of mineralisation, type of deposits under consideration and to the activity which they have undertaken, to qualify them as a Competent Persons, as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves'.

Hennie Theart, Shaun Crisp and Brent Barber consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

The information in this release that relates to the Exploration Process is based on information compiled by A Johnstone who is a member of the Australian Institute of Geoscientists (AIG). Andrew Johnstone provides exploration management consulting services to Gulf Industrials Ltd and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which Andrew Johnstone has undertaken 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'.

Andrew Johnstone consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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Gulf Industrials Limited │ Level 10 Gold Fields House 1 Alfred Street Sydney NSW 2000 PO Box R745 Royal Exchange NSW 1225 Australia t +61 2 8247 5333 f +61 2 9247 7722

ACN 115 027 033

www.gulfindustrials.com.au