GOLDEN DEEPS LIMITED. — Capital/Financing Update 2012

Aug 23, 2012

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ASX Announcement 24 August 2012

HIGH-GRAD E COP P ER A T THE DEBL I N MI N E

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The Deblin mine area l o oking south w e st from the main shaft with the ore bin in t h e foreground

HI G HLIGH T S

• High-grade copper intersected in channel sampling at the recently acquired Deblin Copper Mine, in the Otavi Mountain Land of Namibia,

• Surface channel samples have included:

DBCS 005 18 m @ 2.25% Copper & 14.14 g p t Silver DBCS 0 0 7 6 m @ 1.48% Copper & 9.50 g p t Silver,

• Broad zone of s t rong co p per min e ralisation identified at surface,

• Drilling planned to test a revised interpretation of mine area and allow the estimation of a JORC mineral resource,

• Located in the same region as the Tsumeb Copper Mine and Smelter Complex, the Kombat Mine and S a bre Res o urces’ r e cent G u chab Copp e r discov e ry,

• Mapping and channel sampling programmes continue along strike on other priority copper targets on the Askevold Trend.

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: ged@goldendeeps.co m

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SURFACE C HANNEL SAMPLI N G

Re c ent field m apping ha s identified a broad a r ea of outc r opping co p per miner a lisation adj a cent to the historic copper mine at Deblin.

The Company’ s exploratio n team has recently completed ch a nnel samp l ing of the w alls of the historic tre n ches foun d in close p roximity t o the Debli n shaft. In a ddition, tw o extra surface chann e l samples w ere collected over the gossan a rea, each s ide of one of the hist o ric trenches; sampling has return e d strong copper mineralisation .

Re s ults from th e channel s a mpling are as follows:

DB C S0001 (Ori g in: 33S 758 3 24mE 781 4 983mN, 15 1 2mRL, Azi m uth: 035°) 9m @ 0. 9 8% Copp e r & 4.33 g pt Silver

DB C S0002 (Ori g in: 33S 758 3 44mE 781 4 974mN, 15 3 4mRL, Azi m uth: 020°) 5m @ 1. 4 2% Copp e r & 4.30 g pt Silver

DB C S0003 (Ori g in: 33S 758 3 15mE 781 5 000mN, 15 2 6mRL, Azi m uth: 020°) 4m @ 2.16% Copp e r & 13.0 0 gpt Silv e r

DB C S0005 (Ori g in: 33S 758 3 40mE 781 5 070mN, 15 1 3mRL, Azi m uth: 000°) 18m @ 2 . 25% Cop p er & 14.14 gpt Sil v er DB C S0006 (Ori g in: 33S 758 3 11mE 781 5 069mN, 15 1 7mRL, Azi m uth: 000°) 3m @ 11 . 17% Cu*

DB C S0007 (Ori g in: 33S 758 3 11mE 781 5 069mN, 15 1 7mRL, Azi m uth: 000°) 6m @ 1. 4 8% Copp e r & 9.50 g pt Silver

• Ha n dheld XRF results – assays pen d ing.

These results demonstrate the potenti a l for Deblin to host a significant copper deposit and hig h light the p r ospectivity of the Ask e vold Copp e r Trend. Deblin is one of three high priority prosp e cts located on the As k evold Tren d which als o include A s kevold So u th and Har t beespoort S outh.

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The A skevold VMS Trend showin g geochemical anomalies an d prospect loc a tions. Deblin, Askevold Sou t h and Harbe e spoort South a re considered the highest priority prospect s

FI E LD OBS E RVATIO N S

Re c ent data c o mpilation and field ma p ping has resulted in a new inter p retation for Deblin cop p er mine ar e a and in th e discovery of two new areas of extensive outcropping copper mineralisation . The min e ralisation i s located to the northw e st of the D eblin Shaft and is inte r preted to b e the surface expres s ion of sh a llow easterly plunging shoots of copper min e ralisation.

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Int e rpreted geolo g ical map of th e Deblin prosp e ct area
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Exploration by F alconbridg e in the 19 7 0s delineat e d a modes t , near surf a ce copper d eposit, ho w ever if the new interp r etation is c orrect, the n there is strong pote n tial to significantly incr e ase the to n nage of th e deposit.

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Interpreted l ongitudinal pr o jection of De b lin looking nor t h showing the planned drillh o le pierce points
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The mineralisa t ion at Deblin is hoste d within the Askevold V olcanics, a package o f highly alte r ed submar i ne felsic a n d mafic vol c anics. Alt h ough the known mine r alisation is located tow a rds the top of the v o lcanic seq u ence, nea r the contact with the overlying A benab Dol o mites, the r e is a good chance o f delineati n g other mineralised p o sitions within the vol c anic pile, w h ere the str a tigraphy is obscured b y transported soil cover.

Tw o styles of mineralisati o n have b e en identifi e d in outcrop. A swa r m of quart z veins con t aining visible bornite, chalcocite and malachite occu r s on the c o ntact betw e en the Askevold Volc a nics and t h e Abenab Dolomites. In additio n a broad a rea of gossanous material contai n ing visible m alachite o c curs about 100 metres to the nort h of the quartz vein sw a rm, further down in the volcan i c sequence - both o utcrops h a ve return e d very enc o uraging re s ults.

The target mineralisation style appe a rs to be c o pper-rich V MS style d eposits, si m ilar in nat u re to thos e at Golden Grove a n d Doolgu n na in Western Austr a lia. Rece n t data acq u isition has identified a copper-gold association in at least o n e location on the Askevold Tren d ; this association will be investigated in det a il as a ro u tine part o f future exp l oration pro g rammes.

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O N GOING E XPLORA T ION

A s h ort progra m me of RC drilling has been planned for the D eblin area in order to confirm the new interp r etation of t h e mine ar e a and obtain a better understanding of the potential gra d e, tonnage and geometry of the c o pper depo s it. Following the initial d rill progra m me an additional drilli n g program m e will be r e quired to i n fill the area between t h e historic r e source and the gossans and to all o w the esti m ation a JO R C resource.

A similar syste m atic appro a ch of deta i led mappin g , channel s ampling a n d follow-up drilling will be applied at the other two high p riority prospects, Ask e vold South and Harbe e spoort South along str i ke from De b lin.

Nu m erous oth e r prospects, showing s imilar surface geoche m ical signat u res to De b lin, are loc a ted on the A skevold Trend. Thes e prospects will be syst e matically t e sted in the course of t h e regional e xploration p rogramme.

Ele c trical geop h ysics has b een very s u ccessful at targeting V M S style de p osits across many diff e rent geolo g ical terrain s througho u t the world . A combination of air b orne, ground and do w nhole electromagnetic s could be r apidly and cost effecti v ely utilised to target f o r VMS styl e massive sulphide occ u rrences on the Askevold Trend.

Ele c tromagneti c s will form a n integral p art of futur e exploratio n programm e in the are a .

For further information please contact: Nor m an Grafto n , Company Secretary Or consult our website:

Phone (08 ) 9481 783 3 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.

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TH E GROOTF O NTEIN PROJECT, N A MIBIA

The Grootfontein C opper-Vanadi u m Project is l ocated in the Otavi Mountainland (OML) o f northern Na m ibia, an area roughly boun d ed by a triangle linking the t o wns of Tsum e b, Grootfontei n and Otavi. T he region hosts several glob a lly significant copper, zinc, lead, silver a nd vanadium mines, inclu d ing the Tsum eb, Khusib Springs, Abenab, Berg Aukas & Kombat mines.

The region is well served by sealed roads, hig h voltage pow e r, telephone a nd water, rail to port and is close to maj o r towns and m ining proces s ing facilities, including the Kombat copp e r concentrato r and Tsumeb Smelter com p lex (one of only five operati n g smelters in A frica).

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The G rootfontein Project consists of four Exclusive Prospecting Licenses EPL 3743, EPL3 7 44, EPL 3745 and EPL 354 3 which cover over 1100km2 of highly pro s pective strati g raphy. Gold e n Deeps has identified a n u mber of bas e metal trends within its proj e ct area. The t wo copper trends, namely t h e Askevold T r end and Khu s ib Trend are d efined by sur f ace geochem i stry, copper o ccurrences, mines and dep o sits with a co m bined strike length of over 35km. The t w o lead-zinc trends, namely t h e Abenab and Pavian trends are defined b y surface geochemistry, min e ral deposits a n d mines with a combined sti k e length of ov e r 50km.

The Vanadia tene m ent (EPL 37 4 5) surrounds t he Khusib Springs Copper Mine on all s ides and contains the Christiana Lead-Zinc-Vanadium Mine . The K h usib Springs m ine produced 500,000t @ 1 0% Cu, 584 gpt Silver and 1.8% Pb , and t he Abenab Mine produced o v er 100,000t of vanadium co n centrates.

The Henrichsberg licence (EPL 3744) surroun d s the Berg Aukas Mine and contains t h e projected strike and plun g e extensions of the mine sequence. The Berg Aukas mine the subjec t of a feasibilit y study by China Africa Res o urces, who quote a mineral r esource of 1.65Mt @ 17% Zn, 5% Pb and 0.6% V2O5 fo r the deposit.

The A skevold licence (EPL 3743) contains thre e advanced co p per prospect s with an initial exploration target of 1- 5 Mt @ 2-4% Copper, including t h e Deblin Copper Mine.

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