CORE LITHIUM LTD — Regulatory Filings 2012

Nov 29, 2012

ASX ANNOUNCEMENT

ASX : CXO

30[th] November 2012

Outstanding high-grade uranium discovery at Fitton, S.A.

HIGHLIGHTS

• Spectacular high grade uranium results from maiden drill program at Fitton:

o 14m @ 1,047ppm U3O8 (0.10%) (SLRC008)

  - Including 5m@ **2,540ppm U3O8 (0.25%)**

• 11m @ 316ppm U3O8 (SLRC009)

  • Including 1m @ 1,465ppm U3O8 (0.15%)

• 11m @ 174ppm U3O8 and 0.1% Cu (SLRC004)

  • Including 5m @ 217ppm U3O8 and 0.18% Cu

• Mineralisation is open at depth and along strike in both directions

• Assay results confirm high scintillometer readings in field reports

• Fitton Project located in proven, world-class uranium mining province

• Remaining assays to be received by mid -December

Core Exploration (ASX: CXO) announces a significant new uranium discovery in a proven world-class uranium mining region, 500 kilometres north of Adelaide in South Australia.

Core’s recently completed RC drill program at its wholly-owned Fitton Project - located 25km north of Heathgate’s Beverley uranium mine - intersected high grades of uranium (5m @ 0.25% U3O8) within broad zones of mineralisation (14m at 0.10% U3O8) (Table 1).

The discovery of high grade uranium mineralisation in a favourable geological setting represents a potentially significant new development for the Fitton Project and the region.

Managing Director Stephen Biggins today described the discovery as ”One of the best uranium discoveries in the region since Beverley Four Mile in 2005”.

A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E info@coreexploration.com.au www.coreexploration.com.au

Outstanding drill results

The drilling has been successful in intersecting high-grade uranium mineralisation within the broader shear zone at the Scott Lee Prospect on the Fitton Project. Seven of the ten drillholes drilled at Scott Lee reported significant uranium results (Table 1 and Figure 1), which include:

Hole_Id	Depth_From	**Depth_To **	Interval_m	U3O8 ppm	U3O8 %	Cu %
SLRC001	24	26	2	140	0.01%	0.10%
SLRC003	25	26	1	355	0.04%	0.02%
SLRC004	21	32	11	174	0.02%	0.10%
including	27	32	5	217	0.02%	0.18%
SLRC005	20	24	4	139	0.01%	0.01%
SLRC007	58	62	4	377	0.04%	NSA
SLRC008	43	57	14	1047	0.10%	NSA
including	51	56	5	2544	0.25%	NSA
SLRC009	60	69	11	316	0.03%	NSA
including	67	68	1	1465	0.15%	NSA

Table 1. Significant assay results from RC drilling#

The initial results indicate both:

• High uranium intersections ( best intersection 5m @ 0.25% U3O8 in SLRC008 ).

• Moderate grade copper + uranium results ( best intersection 5m @ 0.18% Cu with 217ppm U3O8 in SLRC004 ).

In addition to the high grades of uranium intersected in drilling, up to 0.3% U3O8 has previously been sampled at surface at Scott Lee.

Mineralisation at Scott Lee is open at depth and along strike in both directions (Figure 1).

There is substantial potential for further uranium mineralisation away from Scott Lee Prospect based on interpretation of magnetic and radiometric data of the area. To date, drilling has focussed on the magnetics targets and many of the nearby uranium radiometric anomalies are yet to tested and drilled (Figures 2 and 3).

A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E info@coreexploration.com.au www.coreexploration.com.au

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Figure 1. Significant drill results and drillhole locations overlain on RTP magnetic image, Scott Lee Prospect, Fitton Project, northern South Australia.

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Figure 2. Drillhole and prospect location overlain on magnetic image, Fitton Project.

A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E info@coreexploration.com.au www.coreexploration.com.au

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Figure 3. Drillhole and prospect location overlain on uranium radiometric image, Fitton Project.

Core’s recent drilling targeted the underlying geology associated with copper and uranium mineralisation discovered in surface rock chips (refer previous ASX releases).

Anomalous uranium levels have consistently been intersected in these first ten holes drilled on the Scott Lee prospect, with mineralisation concentrated at or near the contact between sheared mafic schist and granite, with the mafic schist the dominant host for the mineralisation.

High grade uranium sections were intersected in fresh pyritic mafic schist whilst, to date, the moderate copper grades are at shallow depths, in oxidised conditions, with malachite being the copper bearing mineral, this has been hosted in both the mafic schist and granites.

Proven uranium mining province

Core’s outstanding new uranium discovery at Fitton is located in a proven world-class uranium mining district approximately 500km north of Adelaide.

A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E info@coreexploration.com.au www.coreexploration.com.au

The district around Fitton also hosts world-class uranium deposits, project developments and mines (Figure 4). These include:

• Beverley Mine 46Mlb U3O8 Resource 7.7Mt @ 0.27% (21,000T U3O8)

• Four Mile Project 71Mlb U3O8 Resource 9.8Mt @ 0.33% (32,000T U3O8)  Mt Gee 69Mlb U3O8 Resource 51.0 MT @ 0.06% (31,400T U3O8)

The closest geological analogy to the uranium mineralisation drilled by Core is the Mt Gee deposit, which is hosted in the same geological setting.

Further Results and Future Work Program:

Core has now concluded the 2012 drilling program at Fitton which has totalled 1,902m in 29 drillholes. This program tested seven separate prospects with the most holes drilled at Scott Lee.

Final assays from the remaining 15 holes are expected in two to three weeks. The samples with the highest scintillometer readings (a qualitative measure of uranium content) have been reported in this announcement.

Core is excited by the results thus far, and plans further exploration and follow-up drilling on the project early in 2013.

The next phase of drilling at the project will focus on improving the extent and grade of mineralisation intersected in the first pass program and testing any newly identified target areas.

Core will also investigate the use of further geophysical techniques and further surface sampling methods to target more Scott Lee equivalent targets.

For further information please contact:

Stephen Biggins	John Field
Managing Director	Field Public Relations
Core Exploration Ltd
08 7324 2987	08 8234 9555
info@coreexploration.com.au	john@fieldpr.com.au

The information in this report has been compiled by Stephen Biggins (BSc(Hons)Geol, MBA) as Managing Director of Core Exploration Ltd and who is a member of the Australasian Institute of Mining and Metallurgy and is bound by and follows the Institute’s codes and recommended practices. As a Competent Person, he has a minimum of 5 years relevant experience in the style of mineralisation and types of activities being reported and has given written consent to the above report in the form and context in which it appears.

A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E info@coreexploration.com.au www.coreexploration.com.au

• # Notes to Table 1: All drill holes listed were drilled due north at 60 degrees. Intervals are downhole and do not represent true widths. Uranium was assayed using a four acid digest on an Inductively Coupled Plasma Mass Spectrometer (ICP-MS) and copper was assayed using a four acid digest on an Inductively Coupled Plasma Optical Emission Spectrometer(ICP-OES). U3O8 ppm calculated from U ppm. Coordinates are in MGA 94 Z54. NSA = No significant assays.

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Scott Lee
Prospect
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Figure 4. Core’s 100% owned Fitton project and world-class uranium deposits, mines and projects under development in the region.

A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E info@coreexploration.com.au www.coreexploration.com.au