GOLD MOUNTAIN LIMITED — Capital/Financing Update 2012

Oct 4, 2012

ASX / Media Release

Date: 5 October 2012

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Acquisition of Interest in First Peruvian Plant & Gold Project

• Landmark for Commissioners in Peru – maiden overseas expansion

• Anticipated modest gold production by end 2012

• Combination of tailings reprocessing and small CIL treatment plant

The Board of Commissioners Gold Limited (ASX: CGU) has resolved to move into the investment stage on the Company’s first project in South America, subject to completion of a formal agreement.

The Mollehuaca–Santa Rosa Project combines two separate but symbiotic sub-projects. The Mollehuaca (pronounced “Maywaca”) Plant is an existing carbon-in-leach (CIL) processing plant located in southern Peru. At Santa Rosa, tailings produced during gold mining activities more than 50 years ago contain significant recoverable gold. These fine grained tailings will be trucked to nearby Mollehuaca for processing, a move that will underpin upgrades to the plant.

Commissioners Gold intends to acquire 25% equity in Goldsmith Resources SAC, the operators of the Mollehuaca-Santa Rosa Project, by funding US$400,000 in two separate tranches.

Economic modelling shows that the project has potential to be a small cash earner, with CGU’s portion forecast to generate around US$8 million over the next 10 years (post Peruvian tax) if the gold price remains around US$1,600/oz and additional scheduled resources are bought to the plant.

This first project in Peru is relatively small. However, the return on investment looks excellent and will put Commissioners into an asset which will be generating cash within months.

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Commissioners move into the Peruvian resource sector was formalised by a project acquisition Joint Venture with Lima-based Australian unlisted junior, Australia Gold Corporation Limited, announced to the market on 2 July 2012.

Importantly, the Mollehuaca-Santa Rosa project is the first in a suite of excellent projects under due diligence which meet the JV objectives of early cash flow, scalability and modest entry cost. A number of those projects are at an advanced stage of negotiation.

CONTACT:

MEDIA CONTACT:

Jason Needham Chris Battye Kevin Skinner Exploration Manager Executive Chairman Field Public Relations Commissioners Gold Commissioners Gold 08) 8234 9555 0404 102 764 0404 032 923 0414 822 631

Commissioners Gold Limited ABN 79 115 845 942 • creating value in resources

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• Email: info@commissionersgold.com.au • Web: www.commissionersgold.com.au