GOLDEN DEEPS LIMITED. - Capital/Financing Update 2012

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ASX ANNOUNCEMENT & MEDIA RELEASE 10 September 2012

H IGH-G R ADE Z I NC MI N ERALI S ATIO N AT C H RISTI A NA

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Figure 1 - High-gr a de “Zinc Reef ” (purple) and d escloizite-bearing mudstone (Brown) in th e underground workings at Chris t iana

HI G HLIGH T S

GED acquired the Christiana zinc mine in June 2012,
Sampling shows broad, shallow zones of high-grade zinc mineralisation within the underground development,
Channel samples from the 50ft (15m) level at Christiana include: ABUG0022 44 m e tres @ 2 2.11% P b +Zn and 0.53% V 2O5 ABUG0021 12 m e tres @ 5 . 36% Pb+Zn and 0 .85% V2 O 5 ABUG0020 15 m e tres @ 7 . 34% Pb+Zn and 0 .19% V2 O 5
Mapping, channel sampling, and surveying programmes are ongoing,  Potential for rapid advancement to a JORC mineral resource estimate and commencement of scoping study.

Golden Deeps Ltd (ABN 12 054 5 7 0 777)

www.golde n deeps.com

1[st] Flo o r, 8 Parliament Pl a ce, West Perth, W A 6005  PO Box 1618, West Pe r th, WA 6872  t : +61 8 9481 7833  f: +61 8 9481 77835  e: [email protected] m

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IN T RODUC T ION

The Christiana zinc prosp e ct and min e is located in Golden D eeps’ nort h ernmost te n ement (EPL 3543) of its Grootfo n tein Base Metals project, in nort h ern Nami b ia. Christia n a was for m erly known as “Abena b West”.

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Figure 2 – Lo c ation of the Ch r istiana Zinc Mi n e & Prospect

Chr i stiana was originally d e veloped in the 1950s, with exten s ive level d e velopment carried out over at least 1,000 met r es of strike. However, l ittle materi a l was mine d at the tim e , and it appears that m u ch of the i n frastructur e was const r ucted in pr e paration fo r extensive mining, whi c h did not occur. A s such, br o ad zones of high-g r ade shallo w zinc and lead min e ralisation remain in pl a ce.

CHRISTIAN A MINER A LISATI O N

Re c ent fieldwo r k by Golde n Deeps’ g e ologists ha s shown that much of t h e upper tw o levels of t h e Christiana Mine are e asily acce s sible for m a pping and s ampling. T he 50ft lev e l (15m bel o w surface) and the 1 0 0ft level, ( 3 0m below surface) w e re recentl y sampled. Assay res u lts for the 5 0ft level ar e reported h e re, with re s ults for the 100ft level p ending.

Thr e e styles of mineralisati o n have be e n observed by Golden Deeps at C h ristiana:

“Zinc Reef”, comprising high-grade willemite (zinc silicate) mineralisation,
Descloizite (lead vanadate) mineralisation, and  Disseminated primary sphalerite (zinc) and galena (lead) mineralisation.

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The three style s of mineralisation app e ar to be closely asso c iated with e ach other a nd are often intercalat e d (Figure 1).

The undergrou n d develop m ent is in v ery good c ondition an d is safe t o work in. Natural ven t ilation is also excellent as numer o us vent ri s es to surface produce a natural a ir flow. Wit h much of the necess a ry capital d evelopmen t already in place, min i ng costs c o uld be relatively low if the operati o n was to b e reactivate d .

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Figure 3 – Cros s cut on the 50f t level ending i n descloizite-be a ring breccia mineralisation. N o te the stable ground condi t ions within the workings.

U N DERGROUND CH A NNEL S A MPLIN G

The underground working s at the C h ristiana M i ne consist of a serie s of ‘strike drives’ dev e loped on 50ft (15m) spaced le v els along a footwall s hale conta c t. Cross-c u ts are dev e loped out t o the north to access t he interpre t ed ore position. The levels are li n ked to the surface by the centrally located Malcolm Shaft (Figure 5).

Gol d en Deeps’ geologist s are sam p ling the m ine worki n gs by ru n ning chan n els or con t inuous rock chips al o ng the backs (roof) of the cro s s-cuts. T h is will pr o vide a rep r esentative c ross section through t h e mine stra t igraphy an d the miner a lisation.

Ap p roximately 3 20 metres of strike h a s now be e n sampled on the 50f t level (15 m below surface). The c hannel sa m ples have returned hi g hly anomalous zinc, l e ad and vanadium min e ralisation. This is ext r emely enc o uraging, gi v en that m a ny of the cross-cuts do not reach the interpreted ore position. A s such, mo s t of the sa m pling to da t e is locate d on the periphery of th e main ore z o ne.

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So m e of the be t ter results o f the samp l ing are as f o llows:

50 F T LEVEL

ABUG0012 11m @ 4.45% Pb+Zn (3.64% Zn and 0.81% Pb) and 0.27% V2[O] 5 including 1m @ 14.27% Pb+Zn (11.2% Zn and 3.07% Pb) and 0.64% V2O5 ABUG0019 29m @ 4.53% Pb+Zn (4.22% Zn and 0.31% Pb) and 0.09% V2[O] 5 including 6m @ 14.01% Pb+Zn (13.08% Zn and 0.93% Pb) and 0.28% V2O5 ABUG0020 15m @ 7.34% Pb+Zn (6.74% Zn and 0.60% Pb) and 0.19% V2[O] 5 including 4m @ 18.80% Pb+Zn (18.36% Zn and 0.44% Pb) and 0.03% V2O5 ABUG0021 12m @ 5.36% Pb+Zn (3.08% Zn and 2.28% Pb) and 0.85% V2[O] 5 including 1m @ 28.35% Pb+Zn (8.65% Zn and 19.70% Pb) and 7.02% V2O ABUG0022 44m @ 22.11% Pb+Zn (20.39% Zn and 1.72% Pb) and 0.53% V2O5 including 25m @ 33.39% Pb+Zn (31.06% Zn and 2.34% Pb) and 0.76% V2O5

These results demonstra t e the pot e ntial for a significant resource at Christia n a. A co m prehensive listing of th e intercepts and chann e l sample d e tails is fou n d in Appen d ix 1.

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Figure 4 – 50ft level flitc h plan showing channel sam p le locations a n d recent geol o gical mapping.

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O N GOING E XPLORA T ION AT CHRISTI A NA

The Company’s initial o b jective is t o quantify the extent and grad e of shall o w-level min e ralisation a t Christian a . This will b e done by mapping and sampling surface ex p osures and undergrou n d workings.

The Christiana workings c a n be safely accessed d own to the 2 00ft level, a pproximat e ly 60m bel o w surface. The water t able is loc a ted just b e low the 20 0 ft level, so drilling will be the mo s t cost effe c tive metho d of explori n g beyond that depth. S ampling o f surface channels, pits and shaft w alls will be u sed in con j unction wit h the underground sam p ling to qua n tify the near-surface m i neralisation at Christia n a.

Possible exten s ions to the deposit ar e being inv e stigated. A line of sm a ll shafts h a s been ide n tified direc t ly along strike to the w est of the known extent of the 5 0 ft level (Fi g ure 5). These shafts a re believe d to be v e nt rises for extensions to the 50ft level. Similar ext e nsions wer e recently discovered t o the east, p a st ABUG0 0 32 (Figure 4 ).

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Figure 5 – Comp o site overview plan showing the 50ft level workings, the o p en pits and th e shaft collar l o cations

The data gen e rated duri n g this init i al programme will be used to c onstruct a threedim e nsional (3 D ) compute r model of t h e shallow l e vels of the deposit in o rder to ide n tify the mo s t appropria t e areas fo r drill testin g . The drill programme will allow t he estimati o n of a mai d en JORC- c ompliant mineral resource at Christiana.

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For further information please contact:

Mr N orman Gr a fton, Comp a ny Secretary Phone (08 ) 9481 783 3 Mr L uke Marsh a ll, General Manager - E xploration Phone (08 ) 9481 783 3

Or consult our website:

www.golde n deeps.co m

Competent Person Declaration

The information in t his report that relates to Ex p loration Resul t s, Mineral Re s ources or Ore Reserves is b ased on infor m ation compile d by Luke Mars h all, who is a m ember of The A ustralasian Institute of Geosc i entists. Mr Marshall has suffi c ient experienc e that is releva n t to the style o f mineralisation and type of d eposit under c onsideration a n d to the activ i ty that he is un d ertaking to qu a lify as a Com p etent Person a s defined in the 2004 Edition o f the “Australasian Code for Reporting of Ex p loration Result s , Mineral Res o urce and Ore R eserves”. Mr M arshall conse n ts to the inclusion in the repo r t of the matter s based on his i n formation in the form and con t ext in which it a ppears.

Forward-Looking Statements

This document ma y include forward-looking stat e ments. Forwa r d-looking stat e ments include , but are not limited to, statements concerning Golden D e eps Limited’s p lanned explo r ation program m e and other s tatements tha t are not histo r ical facts. Wh e n used in this document, the words such a s "could," "plan , " "estimate," " e xpect," "intend," "may”, "pot e ntial," "should, " and similar e x pressions are f orward-looking statements. Al t hough Golden Deeps Limited believes that i ts expectation s reflected in these forward-lo o king statements are reasona b le, such state m ents involve r isks and uncertainties and n o assurance ca n be given that a ctual results w i ll be consistent with these for w ard-looking st a tements.

A PPENDI X 1 R ESULTS F ROM UN D ERGRO U ND CHANNEL SAM P LING AT CHRISTI A NA

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ABU G0009 (Orig in: 33S 824 990mE 7863 793mN, 127 5mRL, Azim uth: 340°) **
11m @ 0.3 0% Pb+Zn (0.23% Zna nd 0.07%P b) and 0.11 % V2O5
inclu ding 2 m @ 0.5 8% Pb+Zn( 0.45% Zna nd 0.13%P b) and 0.08 % V2O5
ABU G0010 (Orig in: 33S 825 016mE 7863 807mN, 127 5mRL, Azim uth: 316°)
NSI
ABU G0011 (Orig in: 33S 825 033mE 7863 819mN, 127 5mRL, Azim uth: 335°) **
4m @ 0.47 % Pb+Zn (0 .28% Zn an d 0.19% Pb ) and 0.09% V2O5
ABU G0012 (Orig in: 33S 825 040mE 7863 823mN, 127 5mRL, Azim uth: 346°)
11m @ 4.4 5% Pb+Zn (3.64% Zna nd 0.81%P b) and 0.27 % V2O5
inclu ding 1m @ 14.2 7% Pb+Zn (11.2% Zn and 3.07% Pb) and 0.6 4% V2O5
ABU G0013 (Orig in: 33S 825 055mE 7863 829mN, 127 5mRL, Azim uth: 338°) **
5m @ 0.40 % Pb+Zn (0 .34% Zn an d 0.06% Pb ) and 0.12% V2O5
ABU G0014 (Orig in: 33S 825 077mE 7863 836mN, 127 5mRL, Azim uth: 314°) *
13m @ 0.5 9% Pb+Zn (0.46% Zna nd 0.14%P b) and 0.06 % V2O5
inclu ding 2 m @ 1.2 1% Pb+Zn( 0.88% Zna nd 0.33%P b) and 0.07 % V2O5
ABU G0015 (Orig in: 33S 825 088mE 7863 843mN, 127 5mRL, Azim uth: 330°)
4m @ 1.28 % Pb+Zn (0 .92% Zn an d 0.36% Pb ) and 0.15% V2O5
ABU G0016 (Orig in: 33S 825 101mE 7863 851mN, 127 5mRL, Azim uth: 330°) *
23m @ 1.3 4% Pb+Zn (1.13% Zna nd 0.21%P b) and 0.07 % V2O5
inclu ding 1 m @ 17. 30% Pb+Zn (15.70% Z n and 1.60% Pb) and 0 .08% V2O5
ABU G0016A (Or igin: 33S 82 5091mE 786 3868mN, 12 75mRL, Az imuth: 060° )
4m @ 7.34 % Pb+Zn (5 .21% Zn an d 2.13% Pb ) and 0.11% V2O5
ABU G0017 (Orig in: 33S 824 975mE 7863 788mN, 127 5mRL, Azim uth: 072°)
11m @ 0.3 0% Pb+Zn (0.23% Zna nd 0.07%P b) and 0.11 % V2O5
inclu ding 2 m @ 0.5 8% Pb+Zn( 0.45% Zna nd 0.13%P b) and 0.08 % V2O5
ABU G0018 (Orig in: 33S 825 114mE 7863 859mN, 127 5mRL, Azim uth: 344°) *
17m @ 0.7 5% Pb+Zn (0.61% Zna nd 0.13%P b) and 0.05 % V2O5
inclu ding 3 m @ 1.5 8% Pb+Zn( 1.31% Zna nd 0.27%P b) and 0.06 % V2O5
ABU G0019 (Orig in: 33S 825 134mE 7863 866mN, 127 5mRL, Azim uth: 324°)
29m @ 4.5 3% Pb+Zn (4.22% Zna nd 0.31%P b) and 0.09 % V2O5
inclu ding 6m @ 14.0 1% Pb+Zn (13.08% Zn and 0.93% Pb) and 0. 28% V2O5

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AB U G0020 (Ori g in: 33S 82 5 147mE 786 3 879mN, 12 7 5mRL, Azi m uth: 335°) 15m @ 7. 3 4% Pb+Zn (6.74% Zn a nd 0.60% P b) and 0.1 9 % V2O5 incl u ding 4m @ 18.80% Pb+Zn (18.36% Zn and 0.44% Pb) and 0.03% V2O5

AB U G0021 (Ori g in: 33S 82 5 159mE 786 3 886mN, 12 7 5mRL, Azi m uth: 330°) 12m @ 5. 3 6% Pb+Zn (3.08% Zn a nd 2.28% P b) and 0.8 5 % V2O5 incl u ding 1m @ 28.35% Pb+Zn (8.65% Zn and 19.70% Pb) and 7.02% V2O5

AB U G0022 (Ori g in: 33S 82 5 168mE 786 3 892mN, 12 7 5mRL, Azi m uth: 349°) 44m @ 22.11% Pb+Z n (20.39% Z n and 1.72 % Pb) and 0 .53% V2O5 incl u ding 25m @ 33.39% Pb+Zn (31.06% Zn and 2.34% Pb) and 0.76% V2O5

Intervals are a combination of handheld X R F and laboratory assays
** Intervals are b y handheld X R F only

AI assistant

GOLDEN DEEPS LIMITED. Capital/Financing Update 2012

64977_rns_2012-09-09_a03c57f4-593e-497b-a06b-30700961c517.pdf

ASX ANNOUNCEMENT & MEDIA RELEASE 10 September 2012

H IGH-G R ADE Z I NC MI N ERALI S ATIO N AT C H RISTI A NA

HI G HLIGH T S

IN T RODUC T ION

CHRISTIAN A MINER A LISATI O N

U N DERGROUND CH A NNEL S A MPLIN G

50 F T LEVEL

O N GOING E XPLORA T ION AT CHRISTI A NA

For further information please contact:

Or consult our website:

Competent Person Declaration

Forward-Looking Statements

AI assistant

GOLDEN DEEPS LIMITED. — Capital/Financing Update 2012

64977_rns_2012-09-09_a03c57f4-593e-497b-a06b-30700961c517.pdf

ASX ANNOUNCEMENT & MEDIA RELEASE 10 September 2012

H IGH-G R ADE Z I NC MI N ERALI S ATIO N AT C H RISTI A NA

HI G HLIGH T S

IN T RODUC T ION

CHRISTIAN A MINER A LISATI O N

U N DERGROUND CH A NNEL S A MPLIN G

50 F T LEVEL

O N GOING E XPLORA T ION AT CHRISTI A NA

For further information please contact:

Or consult our website:

Competent Person Declaration

Forward-Looking Statements

More from GOLDEN DEEPS LIMITED.

GOLDEN DEEPS LIMITED. Capital/Financing Update 2012