EMMERSON RESOURCES LIMITED — Interim / Quarterly Report 2012

Oct 28, 2012

==> picture [595 x 9] intentionally omitted <==

==> picture [595 x 9] intentionally omitted <==

==> picture [595 x 9] intentionally omitted <==

==> picture [595 x 10] intentionally omitted <==

==> picture [595 x 9] intentionally omitted <==

==> picture [124 x 78] intentionally omitted <==

Quarterly Report for the Period Ending 30 September 2012

29 October 2012

Emmerson Resources Limited ABN 53 117 086 745

3 Kimberley St. West Leederville WA 6007 PO BOX 1573, West Perth WA 6872

Tel: (08) 9381 7838 Fax: (08) 9381 5375 info@emmersonresources.com.au

ASX Code: ERM 260.9 million ordinary shares 17.5 million unlisted options

Market Cap ~A$31.3 million (@ $0.12) Available Cash ~ A$ 6.4 million (30-09-12)

Tennant Creek Exploration

• Total drill metres for the quarter of 7,752m comprising 6,829m of Reverse Circulation (RC) and 923m of diamond drilling focused at the Monitor and Goanna discoveries.

• New technology has driven the first discoveries in the Tennant Creek field since 2003, revealing a new style of deposit blind to previous exploration techniques.

• Recent 1m assay results from drilling at Goanna produced 77m at 0.70% copper including 3m at 3.81% copper (GRC 1388), which with the other drilling has the potential to double the strike extent.

• Drilling of a new gold-copper project underway.

• Full assays results for the quarter in appendices.

Reserves & Resource 390,000 ounces AuEq based on 50,800 t of Cu and 70,000 oz Au see page 5 for more details

Board of Directors Andrew McIlwain Non-executive Chairman

Rob Bills Managing Director & CEO

Timothy Kestell Non-executive Director

Simon Andrew Non-executive Director

Outlook

• Third drill campaign of ~ 5,000m for the 2012 field season is now well underway with first assays expected in early November.

• First drilling underway at Orlando and is focused on defining additional gold-copper resources.

• Diamond drilling in progress at Monitor testing for gold beneath the high grade copper.

• Further drilling for the 2012 field season will include testing for gold beneath the Gecko copper mine and at Golden Forty South - a new gold target south of the historic Golden Forty gold mine.

• This drilling is aimed at substantially adding to the existing resource inventory.

Media Enquiries: Ian Howarth / Simon Jemison c/. Collins Street Media +61 9223 2465

Corporate

• Cash at bank of ~ $6.4m as at 30 September, 2012.

• Discussions continue with JV partner Ivanhoe Australia on selection of prospects and allocation of sole and JV funding for the 2013 campaign.

• Annual General Meeting to be held in Tennant Creek on 27 November, 2012.

Web:

www.emmersonresources.com.au

1 | P a g e

==> picture [595 x 9] intentionally omitted <==

==> picture [595 x 9] intentionally omitted <==

==> picture [595 x 9] intentionally omitted <==

==> picture [595 x 10] intentionally omitted <==

==> picture [595 x 9] intentionally omitted <==

==> picture [595 x 8] intentionally omitted <==

Emmerson Managing Director, Rob Bills;

“Our latest technical review has lined up a very exciting portfolio of targets for the upcoming drilling campaigns and will be very much focussed on gold, both beneath the high grade copper at our new discoveries of Goanna and Monitor but also testing some new targets at Gecko, Orlando and Golden Forty South. All are within the 100% owned ERM sole fund blocks.

We remain confident of the potential, utilising our new approach and technologies, to not only find additional ore bodies, but to also test for bonanza Tennant Creek style gold mineralisation beneath the known copper zones.”

Strategy and Focus

The company’s current emphasis and exploration strategy is focussed on gold discoveries in close proximity to the existing underground development at Gecko and open pit at Orlando – the latter only ~ 20kms from the 100% ERM owned Warrego, CIP mill. Clearly a gold discovery at either location would deliver tremendous near term value to shareholders.

The exploration and corporate focus for the company is as follows:

• 1) Gold within the Gecko Mine environs with a particular emphasis at Gecko Deeps (R54), AN3 Deeps, Goanna Deeps, and Monitor.

• 2) Resource delineation and addition – Monitor, Goanna & Orlando.

• 3) Testing 100% owned targets at Golden Forty South (near the old Peko mine).

September Quarter Review

Much of the period was focussed on developing a portfolio of high quality gold targets within the 100% owned ERM sole fund areas.

The drilling in the quarter was mainly stratigraphic and aimed at gaining a better understanding of the geology and structural setting at Monitor; defining the strike extent of the copper mineralisation at Goanna and; evaluating the gold potential at Orlando.

Goanna Drilling Results:

As announced in the ASX of 30 August, 2012, drilling at Goanna has revealed two new, thick copper intersections which have the potential to double the strike extent (figure 1).

The 1m resplit assay results have now been returned revealing drill hole GRC1388 intersected 77m at 0.70% copper from ~300m below the surface inclusive of multiple high grade zones such as 3m at 2.06% copper, 3m at 3.81% copper, 1m at 6.21% copper, 2m at 3.55% copper and 1m at 5.09% copper (figure 2).

Drill hole GRC1391 intersected a very thick 114m of copper mineralisation from 230m below the surface that also contained a number of higher grade zones (table 1).

Given the size of the geophysical anomalies (Induced Polarisation anomalies) associated with both of these holes, there remains excellent opportunity to define higher grade zones.

One diamond drill hole (GODD021) designed to test the down-plunge limit of the high-grade copper mineralisation within the Southern Shear Zone at Goanna intersected 2.8m at 2.46% copper from 532.5m down the drill hole.

2 | P a g e

==> picture [595 x 9] intentionally omitted <==

==> picture [595 x 9] intentionally omitted <==

==> picture [595 x 9] intentionally omitted <==

==> picture [595 x 10] intentionally omitted <==

==> picture [595 x 9] intentionally omitted <==

==> picture [595 x 8] intentionally omitted <==

Monitor Drilling Results:

Diamond drill hole GODD022 (figure 3) tested the upper limit of the gold zone at the 100% Emmerson owned Monitor project and intersected 3.12m at 1.34% copper, 0.22g/t gold & 3.62g/t silver ~ 270m below the surface.

A new zone of mineralisation was encountered at Monitor in GRC1386 which intersected 3m at 1.78g/t gold, 0.44% copper from 414m. Within this 3m interval, 1m at 2.27g/t gold and 1.13% copper was returned in the 1m resplits from 415m down hole.

A series of RC holes designed to define the geology and structure at Monitor intersected various zones of copper and gold mineralisation. Although these holes were not in the ideal orientation for defining the mineralisation, some of the more notable intersections included:

• GRC1394 intersected 5m at 1.49% copper & 0.12% zinc from 238m down the hole, and

• 6m at 1.38% copper & 0.45g/t gold from 328m down the hole, including;

• 1m at 1.28g/t gold & 1.50% copper from 330m down the hole;

• GRC1397 intersected 3m at 2.23% copper & 0.76g/t gold from 366m down the hole,

• GRC1398 intersected 3m at 1.51% copper from 429m down the hole.

Emmerson Managing Director, Rob Bills said:

“Systematic exploration continued during the period and we are now well positioned to capitalise on our increasing understanding of the gold potential at Monitor, Gecko, Orlando and Golden Forty South. Whilst we have not fully tested all of the shear zones at Goanna, drilling to date suggests it is dominated by high grade copper. Pleasingly we have identified Orlando as having excellent potential for adding to our gold resource inventory, particularly as the historic head grade at Orlando was in excess of 11g/t gold.

Moreover we have identified both substantial “gaps” in the existing resource plus potential along strike and down plunge – supported by a strong anomaly in some recent ground based Induced Polarisation geophysics. The attraction to undertaking additional work at Orlando also comes from the potential to quickly add to the existing gold-copper resource, and the relatively shallow nature of these potential extensions which could become part of a future cut back of the Orlando Open cut.

Recent advances in the processing of our magnetic data has provided some further insights into the gold mineralisation at Golden Forty and Golden Forty South – both within a 100% ERM sole fund block. Golden Forty produced 57,000oz gold with a head grade of 12g/t gold and has been the subject of previous exploration by ERM. Recent remodelling of the geophysical data combined with a revised geological model indicates that a large, untested, magnetic body, south of the Golden Forty Mine (Golden Forty South) may represent a repetition of the Golden Forty Mine stratigraphy. This will form part of our “drilling for gold” program in the next quarter”.

Quarter Ahead and Outlook

The third drill campaign for the 2012 field season is well underway with over 3,000 metres of the proposed 5,000 metre program already completed. The majority of this drilling has been undertaken at Orlando, testing for new extensions and additions to the previously announced resources.

The diamond rig is currently completing a deep hole at Monitor testing for down plunge extensions to the gold zone in GODD008 (12m at 16.9g/t gold, 0.13% bismuth, 2% copper and 1.59g/t silver – ASX 9 November, 2011) (see figure 3 & insert box). Assay results from this hole are expected mid November.

3 | P a g e

==> picture [595 x 9] intentionally omitted <==

==> picture [595 x 9] intentionally omitted <==

==> picture [595 x 9] intentionally omitted <==

==> picture [595 x 10] intentionally omitted <==

==> picture [595 x 9] intentionally omitted <==

==> picture [595 x 8] intentionally omitted <==

About Tennant Creek and Emmerson Resources

The Tennant Creek Mineral Field (TCMF) is one of Australia’s most prolific gold-copper districts producing over 5.5 Mozs of gold and 470,000 tonnes of copper from a variety of deposits including Gecko, Orlando, Warrego, White Devil, Chariot, Golden Forty - all of which are within Emmerson Resources (ASX: ERM) exploration and joint venture portfolio.

Emmerson holds 3,300km[2] of ground in the TCMF, owns the only gold mill in the region (the Warrego carbon-inpulp processing plant) and holds a substantial geological database plus extensive infrastructure and equipment. Emmerson has consolidated 95% of the highly prospective TCMF where only 8% of the historical drilling has penetrated below 150m. Some of the most prospective rocks in the field lie hidden beneath recent cover.

Emmerson Resources is exploring the TCMF both in its own right and with Ivanhoe Australia Limited pursuant to a Farm-in and Joint Venture agreement whereby Ivanhoe is sole funding $28 million in exploration to acquire and retain 51%. As part of the agreement, ERM retains the right to nominate areas of “sole fund sole risk” under which IVA retains certain clawback rights.

Emmerson Resources is using a new generation of high technology search techniques to explore the TCMF and in late 2011 made two high-grade discoveries-called Goanna and Monitor – not only demonstrating the efficacy of this new approach but importantly ushering in a new style of mineralisation that has gone undetected by previous explorers. The value of these discoveries is enhanced by their proximity to the underground mine development at the historical Gecko deposit and also because they are within the 100% owned ERM sole fund blocks.

==> picture [467 x 319] intentionally omitted <==

About Emmerson Resources

Emmerson is led by a board and management group of experienced Australian mining executives including former MIM and WMC mining executive Andrew McIlwain as non-executive chairman, and former senior BHP Billiton and WMC executive Rob Bills as Managing Director and CEO.

4 | P a g e

==> picture [216 x 9] intentionally omitted <==

==> picture [216 x 9] intentionally omitted <==

==> picture [165 x 9] intentionally omitted <==

==> picture [216 x 9] intentionally omitted <==

==> picture [216 x 9] intentionally omitted <==

==> picture [165 x 9] intentionally omitted <==

==> picture [216 x 9] intentionally omitted <==

==> picture [216 x 9] intentionally omitted <==

==> picture [165 x 9] intentionally omitted <==

==> picture [216 x 10] intentionally omitted <==

==> picture [216 x 10] intentionally omitted <==

==> picture [165 x 10] intentionally omitted <==

==> picture [216 x 9] intentionally omitted <==

==> picture [216 x 9] intentionally omitted <==

==> picture [165 x 9] intentionally omitted <==

==> picture [216 x 8] intentionally omitted <==

==> picture [216 x 8] intentionally omitted <==

==> picture [165 x 8] intentionally omitted <==

Reserves and Resources

On 24 October 2011, Emmerson rele a sed details of a JORC-compliant resource of 50 , 800 tonnes of copper and 70,000 ounces of gold for parts of the Gecko and Orlando deposits.

==> picture [165 x 223] intentionally omitted <==

==> picture [216 x 223] intentionally omitted <==

==> picture [118 x 223] intentionally omitted <==

The information in this report which relates to Mine r al Resources is based upon information compiled by Ian Glacken, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Ian Glacken is an e mployee of Optiro Pty Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the act i vity which he is undertaking to qualify as a Competent Person a s defined in the 2004 edition of the Australasian Code for Reporting of Exploration Resul t s, Mineral Resources and Ore Reserves. Ian Glacken consents to th e inclusion in the report of a summary based upon his information in the form and context in which it appears.

Announcements since 30 June 201 2

04/07/2012: New High-grade Copper a nd Bismuth Results 04/07/2012: Investor Update Present a tion 05/07/2012: Boardroom Radio Broad c ast 31/07/2012: Quarterly Activities Repo r t 31/07/2012: Quarterly Cashflow Repo r t 01/08/2012: Boardroom Radio Broad c ast

01/08/2012: Lapse of Unlisted Option s

30/08/2012: Goanna Potential Double s

31/08/2012: Boardroom Radio Broad c ast 07/09/2012: Appendix 3B 07/09/2012: Section 708A Notice 26/09/2012: 2012 Annual Report and F inancial Statements 25/10/2012: Notice of Annual General Meeting/Proxy Form

5 | P a g e

==> picture [595 x 9] intentionally omitted <==

==> picture [595 x 9] intentionally omitted <==

==> picture [595 x 9] intentionally omitted <==

==> picture [595 x 10] intentionally omitted <==

==> picture [595 x 9] intentionally omitted <==

==> picture [595 x 8] intentionally omitted <==

For and on behalf of Emmerson Resources Limited

==> picture [100 x 47] intentionally omitted <==

Mr. Rob Bills

Managing Director and Chief Executive Officer

Media Enquiries: Ian Howarth Collins Street Media Ph: (+61-3) 9223 2465 ian@collinsstreetmedia.com.au

Mr Rob Bills Managing Director & Chief Executive Officer Emmerson Resources Ltd Telephone: (+61-8) 9381 7838

www.emmersonresources.com.au

Competency Statement

The information in this report relating to Exploration Results and Mineral Resources is based on information compiled by Mr Steve Russell who is a Member of the Australian Institute of Geoscientists and has sufficient exploration experience which is relevant to the style of mineralisation under consideration 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’. Mr Russell is a full time employee of Emmerson Resources Ltd and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears (attachments: Figures 1, 2, & 3, and Tables 1 & 2.)

6 | P a g e

==> picture [804 x 8] intentionally omitted <==

==> picture [804 x 9] intentionally omitted <==

==> picture [804 x 8] intentionally omitted <==

==> picture [804 x 9] intentionally omitted <==

==> picture [804 x 8] intentionally omitted <==

==> picture [638 x 446] intentionally omitted <==

Figure 1: Plan view of the Monitor-Gecko-Goanna complex showing the infrastructure and extensions to the strike extent at Goanna

7 | P a g e

==> picture [804 x 8] intentionally omitted <==

==> picture [804 x 9] intentionally omitted <==

==> picture [804 x 8] intentionally omitted <==

==> picture [804 x 9] intentionally omitted <==

==> picture [804 x 8] intentionally omitted <==

==> picture [613 x 65] intentionally omitted <==

==> picture [613 x 65] intentionally omitted <==

==> picture [613 x 65] intentionally omitted <==

==> picture [613 x 66] intentionally omitted <==

==> picture [613 x 65] intentionally omitted <==

==> picture [613 x 65] intentionally omitted <==

==> picture [613 x 64] intentionally omitted <==

Figure 2: Cross-section A-A’ Goanna Strike extension with single drill hole GRC1388 ~~(background contours = geophysical IP anomaly)~~

8 | P a g e

==> picture [804 x 8] intentionally omitted <==

==> picture [804 x 9] intentionally omitted <==

==> picture [804 x 8] intentionally omitted <==

==> picture [804 x 9] intentionally omitted <==

==> picture [804 x 8] intentionally omitted <==

==> picture [635 x 55] intentionally omitted <==

==> picture [635 x 55] intentionally omitted <==

==> picture [635 x 55] intentionally omitted <==

==> picture [635 x 55] intentionally omitted <==

==> picture [635 x 55] intentionally omitted <==

==> picture [635 x 55] intentionally omitted <==

==> picture [635 x 55] intentionally omitted <==

==> picture [635 x 54] intentionally omitted <==

Figure 3: Geological Cross Section of gold zone at Monitor Inset box (A) – highlighting mineralised interval and detailed geology (defined by GODD022, GOD008 and GODD026 – hole in progress)

9 | P a g e

==> picture [840 x 8] intentionally omitted <==

==> picture [840 x 9] intentionally omitted <==

==> picture [840 x 8] intentionally omitted <==

==> picture [840 x 9] intentionally omitted <==

==> picture [840 x 8] intentionally omitted <==

Table 1 - Significant Intercepts

1m Resplits

Hole ID	East (MGA94_53)	North (MGA94_53)	RL (AHD)	Dip (deg)	AZI (mag)	From (m)	To (m)	Width (m)	Au (ppb)	Ag (ppm)	Bi (ppm)	Cu (%)	Fe (%)	Pb (ppm)	Zn (ppm)	Sample Type	Lithology
GRC1386	401282.51	7851752.06	351.73	-68	306.5	321	324	3.0	0.01	11.7	1.04	0.85	5.10	3.54%	0.50%	1m RC	Magnetite rock fragments within sediments
						415	416	1.0	2.27	0.32	500	1.13	15.5	135	8.00	1m RC	Disseminated, euhedral pyrite within silt and sandstone
GRC1388	403175.16	7850970.27	353.01	-57	incl. incl. incl. incl. incl. incl. incl. incl.	124	125	1.0	10.0	1.06	500	1.76	8.75	13.0	68.0	1m RC	Siltstone/sandstone with fine disseminated pyrite
						388	389	1.0	10.0	0.07	5.12	0.92	18.5	5.00	139	1m RC	Chlorite-magnetite ironstone with chalco and pyrite veins
						420	497	77.0	20.0	0.34	72.9	0.70	20.3	5.51	114	1m RC	Siltstone/sandstone, plus heamatite-magnetite ironstone
						422	425	3.0	10.0	0.53	380	2.06	13.1	5.33	91.0	1m RC	Siltstone with cross-cutting chalcopyrite veins
						433	436	3.0	10.0	0.39	7.26	3.81	23.0	5.00	134	1m RC	Siltstone/sandstone with chalcopyrite veins
						433	434	1.0	10.0	0.39	7.57	6.21	15.7	5.00	93.0	1m RC	Siltstone with cross-cutting chalcopyrite veins
						471	473	2.0	80.0	0.20	83.6	1.80	28.3	5.00	45.5	1m RC	Specular heamatite ironstone
						484	485	1.0	20.0	1.49	500	1.51	7.44	22.0	58.0	1m RC	Siltstone/sandstone with minor pyrite & chalcopyrite veins
						490	491	1.0	10.0	0.12	14.4	1.23	12.1	5.00	112	1m RC	Siltstone/sandstone with minor pyrite & chalcopyrite veins
						495	497	2.0	30.0	1.40	336	3.55	18.2	5.00	158	1m RC	Siltstone/sandstone with chalcopyrite veins
						495	496	1.0	40.0	2.13	500	5.09	15.4	5.00	119	1m RC	Siltstone/sandstone with chalcopyrite veins
GRC1391	403602.88	7851127.28	347.77	-60	204.2	335	339	4.00	10.0	0.16	138	1.03	7.83	5.00	54.5	1m RC	Chlorite altered, silicified siltstone with chalcopyrite vein cross cutting bedding
						438	439	1.00	10.0	0.16	222	1.21	5.66	5.00	32.0	1m RC	Siltstone/sandstone with minor pyrite & chalcopyrite veins
						443	444	1.00	10.0	0.14	101	1.27	6.22	5.00	31.0	1m RC	Veinlets of chalcopyrite in moderately silicified and weakly chlorite altered sediments

Note: (1) All GRC* samples are 1m riffle split RC samples.

• (2) Gold analysis method by 25g Aqua Regia with AAS finish.

• (3) Multi-element analysis method by four acid digestion with ICP-OES finish.

• (4) Intersections are reported as downhole lengths and not true width.

• (5) Minimum cut-off of 0.5% Cu. No maximum cut-off.

• (6) Maximum internal dilution of 2 metres.

10 | P a g e

==> picture [840 x 8] intentionally omitted <==

==> picture [840 x 9] intentionally omitted <==

==> picture [840 x 8] intentionally omitted <==

==> picture [840 x 9] intentionally omitted <==

==> picture [840 x 8] intentionally omitted <==

Table 1 - Significant Intercepts cont. Monitor Fence Drilling

Hole ID	East (MGA94_53)	North (MGA94_53)	RL (AHD)	Dip (deg)	AZI (mag)	From (m)	To (m)	Width (m)	Au (ppm)	Ag (ppm)	Bi (ppm)	Cu (%)	Fe (%)	Pb (ppm)	Zn (ppm)	Sample Type	Lithology
GRC1394	401474.74	7851971.14	348.12	-60	203.5 incl.	238	243	5.0	0.15	6.98	172	1.49	8.76	531	0.12%	1m RC	Chlorite altered sediments with chalcopyrite-pyrite veining
						328	334	6.0	0.45	1.35	196	1.38	6.65	26.30	18.3	1m RC	Siltstone-Sandstone with chalcopyrite-pyrite veining
						330	331	1.0	1.28	500	1.50	1.50	10.2	53.0	16.0	1m RC	Siltstone with disseminated pyrite
GRC1396	401301.36	7851993.59	349.07	-60	209.5	285	303	18.0	0.01	4.40	0.2	0.06	8.49	0.50%	2.0%	3m RC	Red jasperoidal quartz veining with strong magnetite alteration of wall rock . Trace chalcopyrite
						318	321	3.0	0.01	3.62	0.85	0.07	8.60	0.50%	0.01	3m RC	Quartz veined strongly chlorite altered siltstone
GRC1397	401261.42	7852025.6	349.13	-60	209.5	336	342	6.0	0.01	2.51	3.62	1.44	20.2	79.0	186	3m RC	Magnetite ironstone
						366	369	3.0	0.76	0.48	200	2.23	12.3	23.0	221	3m RC	Siltstone-Sandstone with chalcopyrite-pyrite veining
GRC1398	401235.31	7852057.61	349.05	-60	209.5	429	432	3.0	0.02	0.07	97.6	1.51	7.12	1.00	35.0	3m RC	Siltstone with quartz-chalcopyrite-pyrite veining

Note: (1) GRC* samples are 3m cone spit composite RC samples or 1m riffle split RC samples.

(2) Gold analysis method by 25g Aqua Regia with AAS finish.

(3) Multi-element analysis method by four acid digestion with ICP-OES finish.

• (4) Intersections are reported as downhole lengths and not true width.

• (5) Minimum cut-off of 1% Cu. No maximum cut-off.

• (6) Maximum internal dilution of 2 metres.

Hole ID	East (MGA94_53)	North (MGA94_53)	RL (AHD)	Dip (deg)	AZI (mag)	From (m)	To (m)	Width (m)	Au (ppm)	Ag (ppm)	Bi (ppm)	Cu (%)	Fe (%)	Pb (ppm)	Zn (ppm)	Sample Type	Lithology
GODD021	403309.94	7851006.30	350.88	-70	283.5	517.00	518.00	1.00	0.01	0.05	111	1.07	9.56	6.00	47.0	0.5NQ2	Quartz and chalcopyrite veining
						532.50	535.30	2.80	0.02	0.08	16	2.46	12.8	7.00	61.0	0.5NQ2	Chalcopyrite veins within quartz breccia zone
GODD022WR2	401220.11	7851799.97	350.73	-67	311.5 incl.	369.78	372.90	3.12	0.22	3.62	127	1.34	20.3	202	387	0.5NQ2	Chlorite-Talc-magnetite breccia with pyrite/chalcopyrite veins
						370.67	371.00	0.33	0.36	6.15	163	3.19	26.5	254	329	0.5NQ2	Pyrite-Magnetite vein

Note:

(1) All GODD* samples are half NQ2 diamond core samples.

(2) Au analysis method by 25g Fire Assay digestion with AAS finish.

• (3) Cu analysis method by four acid digestion with AAS finish.

• (4) Multi element analysis method by four acid digestion with ICP-MS / ICP-OES finish.

• (5) Intersections are reported as downhole lengths and not true width.

• (6) Minimum cut-off of 1% Cu. No maximum cut-off.

• (7) Minimum cut-off of 0.25g/t Au. No maximum cut-off.

• (8) Maximum internal dilution of 2 metres.

11 | P a g e

==> picture [840 x 8] intentionally omitted <==

==> picture [840 x 9] intentionally omitted <==

==> picture [840 x 8] intentionally omitted <==

==> picture [840 x 9] intentionally omitted <==

==> picture [840 x 8] intentionally omitted <==

Table 2 Drill holes for September Quarter

Prospect	Hole Number	GDA Easting	GDA Northing	Dip (Deg)	Magnetic Azimuth (deg)	Total RC Depth (m)	Total Pre Coll (m)	Total RAB / Aircore (m)	Rock Roller (m)	Tail (HQ) Length (m)	Tail (NQ) Length (m)	Final Hole Depth (m)	Number of Samples	Drill Type	Date Drilled
Monitor	GRC1385	401220.11	7851799.97	-67	311.50	305.0						305.0	111	RC	3/07/2012
Monitor	GRC1386	401282.51	7851752.06	-68	306.50	539.0						539.0	192	RC	7/07/2012
Goanna	GRC1387	403306.77	7850999.54	-70	289.5	245.0						245.0	89	RC	8/07/2012
Goanna East	GRC1388	403175.14	7850970.26	-57	18.0	545.0						545.0	195	RC	11/07/2012
Goanna	GRC1389	403209.89	7851213.22	-62	281.5	125.0						125.0	241	RC	12/07/2012
Goanna	GRC1390	403309.85	7851006.34	-70	283.5	245.0						245.0	88	RC	13/07/2012
Horner 3	GRC1391	403602.88	7851127.28	-60	204.2	461.0						461.0	165	RC	15/07/2012
Horner 3	GRC1392	403663.44	7851246.27	-58	21.2	425.0						425.0	153	RC	17/07/2012
R54	GRC1393	402252.22	7851424.12	-60	350.6	245.0						245.0	88	RC	9/08/2012
Monitor	GRC1394	401474.74	7851971.14	-60	203.5	365.0						365.0	132	RC	11/08/2012
Monitor	GRC1395	401387.04	7851952.04	-60	203.5	347.0						347.0	124	RC	13/08/2012
Monitor	GRC1396	401301.36	7851993.59	-60	209.5	402.0						402.0	144	RC	15/08/2012
Monitor	GRC1397	401261.42	7852025.60	-60	209.5	449.0						449.0	161	RC	17/08/2012
Monitor	GRC1398	401235.31	7852057.61	-60	209.5	455.0						455.0	165	RC	20/08/2012
Monitor	GRC1399	401218.60	7851665.64	-65	29.5	305.0						305.0	109	RC	22/08/2012
Goanna	GODD021	403309.85	7851006.34	-70	283.5		245.0		0.0	0.0	240.0	585.0	75	DDH	9/08/2012
Monitor	GODD022WR1	401220.11	7851799.97	-67	311.50		300.8		0.0	0.0	10.9	311.7	11	DDH	12/08/2012
Monitor	GODD022WR2	401220.11	7851799.97	-67	311.50		304.9		0.0	0.0	162.8	467.7	89	DDH	20/08/2012
R54	GODD023	402252.22	7851424.12	-60	350.6		245.0		0.0	0.0	64.0	309.0	22	DDH	31/08/2012
Goanna	GODD024	403209.89	7851213.22	-62	281.5		125.0		0.0	0.0	373.0	498.0	353	DDH	18/09/2012
Monitor	GODD025	401281.02	7851753.13	-66	297.60		0.0		75.0	0.0	0.0	75.0		DDH	27/09/2012
Monitor	GODD026	401281.02	7851753.13	-66	297.60		0.0		75.0	0.0	72.6	147.6		DDH	30/09/2012
5458.0 1220.7 0.0 150.0 0.0 923.3 7852.0 2707.0

12 | P a g e