GEOPACIFIC RESOURCES LTD — Interim / Quarterly Report 2011

Jan 18, 2012

ASX QUARTERLY REPORT DECEMBER 2011

GEOPACIFIC RESOURCES NL

DECEMBER 2011 QUARTERLY REPORT

ACN 003 208 393

ASX Code: GPR

info@geopacific.com.au www.geopacific.com.au

Geopacific Resources NL (GPR) is pleased to provide the following report on corporate news and exploration activities undertaken at the Company’s Fiji projects during the three month period ending 31 December 2011.

AUSTRALIAN OFFICE

Suite 6, 125 Melville Parade Como, WA 6152

PO Box 111 South Perth, WA 6951

T +61 8 6365 5573 F +61 8 6210 1682

FIJI OFFICE

PO Box 9975 Nadi Airport Nadi

T +679 6 72 7150 F +679 6 72 7152

HIGHLIGHTS

• Drilling at the Nabila Project has reached a depth of 245 metres before stopping for the Christmas break.

• Trace visible copper and zinc mineralisation has been identified in the drill core and confirmed using the NITON analyser.

• Alteration, mineralisation, and fracturing observed in the drill core to date is consistent with the outer zones of a porphyry copper system.

• Sabeto mapping defined a multiphase intrusive with well zoned alteration, comprising a core of weak biotite alteration with minor chalcopyrite, grading out to propylitic outer zones.

• The exploration target at Sabeto is a deep porphyry copper-gold system suggested by a strong ZTEM resistive anomaly below the surface biotite core.

• Ridge and spur soil auger sampling at Sabeto identified anomalous copper, gold, and molybdenum within the biotite core.

• 1,255,672 options with an exercise price of 30c expiring 16 December 2011 had been exercised, raising $376,701.60 for the Company.

• Geopacific announced a Bonus Issue of Options to shareholders of one (1) option per two (2) fully paid shares held as at 19 January 2012. The option has an exercise price of $0.35 and a 12 month expiry. They are expected to be listed on the ASX.

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DECEMBER 2011 ASX QUARTERLY REPORT

PROJECT OVERVIEW

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PROJECTS & ACTIVITIES

NABILA PROJECT

SPL1216 - 100% Millennium Mining (Fiji) Ltd (subsidiary of GPR) SPL1415 - 100% Millennium Mining (Fiji) Ltd (subsidiary of GPR) CX691 (application) - 100% Millennium Mining (Fiji) Ltd (subsidiary of GPR)

Nabila Diamond Drilling:

Drilling at Geopacific’s Nabila project halted for the Christmas break, with drilling recommencing on 9th January, 2012. The break in drilling was to give the crews the normal season holidays and allow for maintenance of the rig.

The diamond hole reached a depth of 245 metres before stopping. Drilling changed over from PQ rods to HQ at 114 metres depth. The target depth of this hole is 850m and, at the drill rate of approximately 30 metres per day, is expected to finish at the end of January.

The hole encountered altered diorite with strongly increasing epidote-chlorite-calcite alteration, and minor calcite-sphalerite-chalcopyrite veinlets to a depth of 68m. At 68m the hole passed through a fault contact into highly fractured fragmental volcanic rock with strong chlorite-magnetite alteration and minor fracture controlled pyrite mineralization with traces of chalcopyrite. The intensely fractured zone continued to 92m depth and was accompanied by strong water inflows and very difficult drilling conditions.

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DECEMBER 2011 ASX QUARTERLY REPORT

From 92m to the 114m, the intense fracturing continued but has been healed by late stage gypsum veining, which will allow the casing off of the difficult fracture zone and should result in a marked improvement in drilling conditions going forwards.

From about 101m the chlorite magnetite alteration is progressively replaced by in intense pale brown chlorite and magnetite destructive alteration accompanied by increasing coarse irregularly fracture controlled pyrite.

From 114 to 250m the hole has intersected moderately chlorite-clay-silica altered volcanic rocks, including a 60cm quartz vein with moderate pyrite-chalcopyrite mineralisation at 214m, and remains consistent with the geophysical target model of porphyry copper style mineralisation commencing below 400m from surface.

The increasing intensity and nature of the alteration and fracturing encountered to date, together with traces of chalcopyrite (copper-iron sulphide) and late gypsum veining are common features of the peripheral zones surrounding porphyry copper deposits, and are considered by GPR's technical team as strongly supportive of the porphyry copper target model indicated by geophysical surveys at a depth of + 400m.

VUDA AND SABETO PROJECTS

SPL1368 Geopacific Ltd (subsidiary of GPR) has an option to purchase 100% SPL1361 Geopacific Ltd (subsidiary of GPR) has an option to purchase 100%

The highest ranked ZTEM geophysical anomalies are set on the Sabeto and Vuda tenements. These show very classic porphyry-style images. Although there has been significant previous work in these areas which reflects the expected alteration and gold, there was insufficient information to accurately site drill holes to test these anomalies.

During the quarter field mapping, soil auger sampling, and trenching was completed at the Sabeto ZTEM anomaly, while a soil auger sampling programme was completed over the Vuda ZTEM anomaly.

It is expected that drill targets will be determined shortly after receipt of assays from the various sampling programs.

Sabeto Field Mapping & Sampling:

Field mapping at Sabeto defined a multiphase intrusive with well zoned alteration, comprising a core of biotite alteration and accompanying chalcopyrite, grading out to propylitic outer zones. Mineralised structures appear mainly aligned along a northwest trending structural corridor.

Ridge and spur sampling geochemistry strongly supports this zoning, with a central zone of anomalous copper, molybdenum, and gold anomalism. Values up to 0.183g/t Au and 857ppm Cu were returned from the soil auger programme. Trenching was completed during the quarter over these areas of anomalous Cu-Mo-Au anomalism, with results due in the near future.

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DECEMBER 2011 ASX QUARTERLY REPORT

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Figure 1. Theoretical section through a porphyry system

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Figure 2. Sections showing the resistive ZTEM anomalies at Sabeto & Vuda

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DECEMBER 2011 ASX QUARTERLY REPORT

Vuda Soil Auger Sampling:

A ridge and spur auger sampling programme comprising 93 samples was completed at Vuda, with results due in the near future.

NADI SOUTH PROJECT

SPL1434 - 100% Geopacific Ltd (subsidiary of GPR)

It was decided that the Nadi South tenement had been tested fully, with no targets for further work identified. With this in mind the Nadi South tenement will be relinquished.

CAKAUDROVE PROJECT

CX750 (application) - 100% Geopacific Ltd (subsidiary of GPR)

A field visit was conducted at the Cakaundrove application area with a focus on the geology and mineralisation of the Dakuniba prospect.

Reconnaissance mapping confirmed the general geological setting as outlined by previous explorers, comprising basic flows and associated fragmentals with pyroxene, feldspar, and rare olivine-phyric end-members. Veins and vein zones were noted within outcrops in the Nagagani Creek (some of which were not previously mapped). One of the veins contained significant base metal mineralisation (galena & chalcopyrite). Textures of veining are consistent with a low sulphidation epithermal setting. Gabbroic intrusive rocks were identified in creeks over the resistive features in the initial processed ZTEM data.

After the success of the 3D inversion of the ZTEM data at Nabila, Sabeto, and Vuda, as well as the interesting resistive anomaly within the initial Cakaudrove ZTEM data, it was decided that this data should undergo 3D processing.

The Dakuniba prospect remains prospective; however, further work would rely on the 3D inversions of the ZTEM data currently awaiting final 3D processing and review.

NUKU PROJECT

SPL1377 - 100% Geopacific Ltd (subsidiary of GPR) CX667 (application) – 100% Geopacific Ltd (subsidiary of GPR)

A field visit was taken to the Waidamudamu Creek and Wailoaloa skarn mineralisation areas aimed at ground proofing the previous exploration work and to identify the potential for further exploration of this area. This field work confirmed previous interpretations of a porphyry system with skarn mineralisation, deficient in Cu but with anomalous gold grades at surface.

Potential exists for significant skarn mineralisation at depth. Compilation and interpretation of Nuku data remains ongoing.

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DECEMBER 2011 ASX QUARTERLY REPORT

RAKI RAKI JV PROJECT

SPL1231, SPL1373, SPL1436 50% Beta Ltd (subsidiary of GPR) – Operator 50% Peninsula Minerals Ltd

A brief visit was completed at the Raki Raki JV tenements in order to identify further work that could be completed to advance the project. It was noted that the previous exploration in the Raki Raki JV project area is insufficient to determine the potential for economic mineralisation within the project area.

A programme of trenching is planned for several prospects within the Raki Raki and Qalau tenements to further define mineralisation trends with the intention of defining the prospectivity of the tenements. This is due for completion in Q1 2012.

OCCUPATIONAL HEALTH, SAFETY, & ENVIRONMENT

There were no work injuries or environmental issues during the quarter.

CORPORATE

BROKER ROADSHOW

During the December Quarter, Charles Bass and Tim Biggs conducted presentations to several Perth-based brokerage firms. The presentations were well received and we look forward to updating the market during this exciting phase for the Company. A copy of the presentation can be found on the ASX website.

http://www.asx.com.au/asxpdf/20111205/pdf/4232pymc9yt389.pdf

BONUS ISSUE OF OPTIONS

On 7th December 2011 the Company announced a Bonus Issue of Options to shareholders. The free issue is to thank our very patient and loyal shareholders for supporting the Company through the past 18 months of conducting ZTEM airborne geophysical surveys over its tenements in Fiji, the lengthy time to interpret that data and to get advanced surface sampling and drilling commenced. The issue of options is on the basis of one (1) free option for every two (2) fully paid shares held as at the record date (19 January 2012). The exercise price is $0.35 with an expiry of one year (365 days) from date of issue. It is expected that these options will be listed on the ASX.

EXERCISE OF OPTIONS

Within the December Quarter 1,255,672 options with an exercise price of 30c expiring 16 December 2011 had been exercised, raising $376,701.60 for the Company. A total of 5,966,434 options with an expiry date of 16 December 2011 were not exercised and have therefore lapsed.

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DECEMBER 2011 ASX QUARTERLY REPORT

The review of exploration activities and results contained in this report are based on information compiled by Russell Fountain, B.Sc., Ph.D, F.A.I.G ., a director of the Company. He has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration, and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Russell John Fountain has consented to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Yours faithfully

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Grahame Clegg

Company Secretary

Geopacific Resources NL

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Appendix 5B 31 December 2011

Appendix 5B

Mining exploration entity quarterly report

Rule 5.3

Name of entity
Geopacific Resources NL
ACN or ARBN 003 208 393 Consolidated statement of cash flows Cash flows related to operating activities 1.1 Receipts from product sales and related debtors	Quarter ended("currentquarter")
	31-Dec-11
	Current quarter $A'000		Year to date (12 months) $A'000
1.2 Payments for (a) exploration and evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid (received) 1.7 Other income Net Operating Cash Flows	(334) (160) 31		(794) (424) 89 1
	(463)		(1,128)
Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (provide details if material) Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)	(9)		(65)
	(9)		(65)
	(472)		(1,193)

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Appendix 5B 31 December 2011

1.13 Total operating and investing cash flows(brought forward)	1.13 Total operating and investing cash flows(brought forward)	Current quarter $A'000		Year to date (12 months) $A'000
		(472)		(1,193)
Cash flows related to financing activities 1.14 Proceeds from issues of shares 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other (provide details if material)- Capital raising costs 1.19 Other (provide details if material)- Applications for shares re placement 6.7.10 Net financing cash flows		383		710
		383		710
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end ofquarter		(89) 1,776 -		(483) 2,170 -
		1,687		1,687
Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities		126,000 - 126,000 Nil Nil
1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to theparties included in item 1.10	126,000
		-
1.25 Explanation necessaryfor an understandingof the transactions Salaries,Directors fees and consultancyfees at normal commercial rates. Non-cash financing and investing activities 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest Financing facilities available Add notes as necessary for an understanding of the position. 3.1 Loan facilities 3.2 Credit standby arrangements	Explanation necessaryfor an understandingof the transactions
	Salaries,Directors fees and consultancyfees at normal commercial rates.	126,000
		Amount available $A'000		Amount used $A'000
		-		-
		-		-
		$A'000 300 - - 100 400
Estimated cash outflows for next quarter 4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration		$A'000
		300 - - 100
Total		400

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Appendix 5B 31 December 2011

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flow to the related items in the accounts is as follows. 5.1 Cash on hand and at bank Deposits at call Bank overdraft Other - 30 day bank bills	Current quarter $A'000	Previous quarter $A'000
	1,687 - - -	754 - - 1,022
Total: cash at end ofquarter(item 1.22)	1,687	1,776
	- -

Changes in interests in mining tenements

• 6.1 Interests in mining tenements relinquished, reduced or lapsed

• 6.2 Interests in mining tenements acquired or increased

		1,687 -	1,776 -
Tenement reference	Nature of interest	Interest at beginning ofquarter	Interest at end of ofquarter

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total number	Number quoted	Issue price per security (cents)	Amount paid up per security (cents)
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs, redemptions
7.3 Ordinary securities 7.4 Changes during quarter (a) Increases through issues- Exercise of options (b) Decreases through returns of capital, buy-backs, redemptions	37,834,463	37,834,463
	1,255,672	1,255,672	$0.30	$0.30
7.5 Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs, redemptions

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Appendix 5B 31 December 2011

7.7	Options	Options
7.8 7.9 7.10	Description and conversion factor		Total Number	Number Quoted	Exercise price	Expiry Date
	8 May 2012 Options 8 May 2013 Options 1 August 2013 Options 8 May 2014 Options 30 September 2014 Options 5 years after defining JORC 200,000 oz at Faddys Gold Deposit 10 years after defining JORC 1.000,000 oz at Faddys Gold	1 share for 1 option 1 share for 1 option 1 share for 1 option 1 share for 1 option 1 share for 1 option 1 share for 1 option 1 share for 1 option	100,000 100,000 500,000 100,000 500,000 800,000 200,000	0 0 0 0 0 0 0	$1.00 $1.25 $0.50 $1.50 $0.30 $2.50 $5.00	08-May-12 08-May-13 01-Aug-13 08-May-14 30-Sep-14 Unknown Unknown
	Issued during quarter Exercised during quarter 16 December 2011 Options Expired during quarter 16 December 2011 Options	1 share for 1 option 1 share for 1 option	1,255,672 5,986,434	0 0	$0.30 $0.30	16-Dec-11 16-Dec-11
**7.11 **	Debentures
7.12	Unsecured

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act 2001 or other standards acceptable to ASX (see note 4).

• 2 This statement does give a true and fair view of the matters disclosed.

Sign here: (Company Secretary) Print name: Grahame Clegg Date: 18 January 2012

Notes

• 1 The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.

• 4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Cash Flow Statements apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

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