GOLDEN DEEPS LIMITED. - Capital/Financing Update 2013

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ASX Announcement 25 February 2013

H IGH- G RAD E COP P ER A N D EM COND U CTO R S A T DEBLIN

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RC drilli n g operations a t DBRC0006

HI G HLIGH T S

RC drilling intersects further high-grade copper at the Deblin Copper Mine, Otavi Mountain Land, Namibia
New drilling results include:

DBRC0007 7 m @ 2.15% Cu & 1.50 g/ t Ag from 71m Including 2 m @ 4.12% Cu & 3.00 g/ t Ag from 74m

Drilling identifies copper mineralisation near to surface and confirms mineralisation remains open to the south-east
A surface electromagnetic survey has identified three highly conductive bodies south east of the known copper mineralisation which represent targets for further copper discoveries
Several copper-in-soils anomalies of a magnitude in excess of 1,000ppm (0.1%Cu) have been identified along strike from the Deblin mine representing high-priority drilling targets
Assays remain outstanding for five holes of the current program
Follow up drilling on strong copper-in-soil anomalies, gossans, and EM targets are planned for the 2013 field season

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st 1 Floor, 8 Parliament Place, West Pe r th, WA 6005  PO Box 1618, West P e rth, WA 6872  t: +61 8 9481 7 8 33  f: + 61 8 9481 78 3 5  email: ged@golde n deeps.com

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1. R C DRIL L ING AT D EBLIN

Gol d en Deeps is pleased to confirm the compl e tion of, an d initial res u lts from ei g ht RC drill h oles recently complet e d at the D e blin Copp e r Project, l o cated with i n the Groo t fontein Base Metals Pr o ject in the Otavi Moun t ain Land of Namibia. T he aim of t h e program m e was to extend the c o pper miner a lisation int e rsected by earlier drilli n g.

The programme was successful, d emonstrati n g that the copper m i neralisation exists nearer to the surface than previously identified. The mineralisation remains open to the south-east.

Thi s drilling pr o gramme w a s complet e d at the e n d of the 2 0 12 field s e ason follo w ing the exc e llent result s achieved b y a maide n four hole drilling progr a mme com p leted in Oc t ober of 2012[1] . The Oc t ober progr a mme inter s ected significant copp e r sulphide s at Deblin, paving the w ay for the developme n t of JORC c lassified m i neral resources in 201 3 .

Best results from the October 2012 programme included:

8m at 1.28% Cu from 87m, including 3m at 2.96% Cu from 87m in DBRC0001
7m at 3.23% Cu from 169m, including 3m at 6.08% Cu from 172m in DBRC0002 (see Figure 2 Cross Section)

To d ate, Golde n Deeps has drilled on l y 12 holes at Deblin a n d identifie d a significa n t body of c opper min e ralisation. In 2013 the Company intends to e xpand on t he zones o f highgra d e copper, w ith a focus on the ope n deeper extensions to the south a n d south-ea s t.

The December 2012 drilli n g program m e intersec t ed strong v isual copp e r mineralis a tion in DB R C0007 an d DBRC000 5 . Significa n t copper mineralisatio n was inters e cted in all but two hol e s of the most recent dr i lling.

Best assay results received to date for the latest programme included; DBRC0007 7 m @ 2.15% Cu & 1.50 g/t Ag from 71m Including 2 m @ 4.12% Cu & 3.00 g/t Ag from 73m

A c o mplete list of assay re s ults can b e found in A p pendix 1. Results fro m five holes are yet to be received.

A r e vised long s ection inte r pretation o f the Deblin Mineralisation (see Fig u re 3) supp o rts the inte r pretation o f a south- e ast plungi n g (a near vertical zone of min e ralisation o riented tow a rds the south east) c o pper rich z one exten d ing from s u rface. Thi s remains untested fro m 150m bel o w the surf a ce and is o pen to the south-east. Drilling h a s also ide n tified a fold e d or thrust repeated target hori z on with co p per miner a lisation de v eloped in several pos i tions (Figu r e 1).

In a ddition to t h e potential deeper ex t ensions an d repetition s , explorati o n vectors s uch as Cu- i n-soils an o malies of a magnitud e in exces s of 1000p p m (0.1% C u) and thr e e new unt e sted elect r omagnetic conductor s demonstr a te the high potential for disco v ery of sub s tantial add i tional copp e r mineralis a tion at De b lin.

1 Se e ASX announcement 08 N o vember 201 2 Drilling Intersects High‐Grade Copper

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Assays remain outstandi n g for five holes of the Decem b er 2012 drilling prog r amme. Pre l iminary XR F analyses of these fiv e holes are encouragin g . Delays a re expecte d in the rep o rting of th e assay re s ults due to key lab e q uipment at the Swak o pmund La b oratory bei n g out of co m mission. Final assaying is being completed at a Canadia n Laborator y .

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Figure 1– Interpre t ed geological cross section a t 758515mE, looking west, showing rece n tly completed drillholes DBRC0007 and D B RC0008 (ass a ys pending)

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Figure 2– Interpre t ed geological cross section a t 758575mE, l ooking west, showing previ o us drilling and recently logged int e rsections for d rillholes DBR C 0005 (assay s pending) and DBRC0006 (a s says pending)

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Figure 3– De b lin Interpreted long section l o oking north s h owing recentl y completed dri llhole pierce p o ints

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2. E LECTR O MAGNE T IC SUR V EYING

Tw o programm e s of electr o magnetic s u rveying w e re recently completed o ver Deblin; a fixed loo p EM (FLTE M ) and dow n hole EM ( D HTEM) sur v ey. The results were v ery encour a ging.

A l a rge and v e ry strong a nomaly w a s detected by the FL T EM surve y (Figure 4 ) . The anomaly is loc a ted approxi m ately 600 m south we s t of the historic Deblin C opper min e shaft, wh e re the pro s pective co n tact betwe e n the Ask e vold Volca n ics and A b enab Dolo m ites is inte r preted to b e folded cl o se to the s urface. The source of the EM a n omaly is al s o very clo s e to the surface.

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Figure 4– Image r y from recent FLTEM surve y showing the l o cation of the F LTEM anoma l y in relation to recent drill colla r s and the Deblin Mine Shaft

Interpretation o f the FLTEM survey d ata has id e ntified thr e e distinct c omponents to the anomaly for follow up work. The west e rn part of t h e anomaly is caused b y a large v e rtically dip p ing conduc t or which remains ope n along strik e to the we s t. The top of the conductor is ver y shallow a n d is possibl y outcroppi n g. A linear outcrop of g ossanous m aterial ap p ears to be t he surface expression of the conductor (Figu r e 5). Mapping and sa m pling programmes are underway to refine drill targeting. The Com p any intend s to drill te s t the cond u ctor as soo n as possible.

The eastern end of the an o maly is caused by tw o discrete flat dipping c onductors. These two conductors are the most interesting. Several gossans a n d an area o f highly brecciated dol o mite appear to be the s urface exp r ession of t h ese two conductors (F i gure 5). T h is type of brecciation commonly surrounds the high grade co p per depo s its of the Otavi Mo u ntainland. A good ex a mple of th i s is seen a t the Khusib Springs C opper Min e which pro d uced appr o ximately 5 0 0,000t @ 10% Cu a n d 584g/t A g . For this reason, th e se two con d uctors are considered very high p riority. M a pping and s urface sa m pling is un d erway. Drill testing is planned to intersect the c onductors a t depth.

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Figure 5– Exa m ples of breccia (top) and go s san (bottom) outcrops asso c iated with the FLTEM conductors

3. S OIL GE O CHEMISTRY TA R GETS

An u ltra-detaile d soil samp l ing and ma p ping progr a mme was r ecently co m pleted ove r 3.6km of s trike to the east and w est of the Deblin Mi n e. This detailed work, aimed to improve geochemical re s olution ov e r the entire strike length of the +2 5 0ppm copp e r-in-soils anomaly ass o ciated with Deblin, an d to provide information on the controls of min e ralisation. S everal ver y high amplitude +100 0 ppm copp e r in soil anomalies were generat e d (Figure 6). The Co m pany inten d s to drill te s t these hig h amplitude copper anomalies as s o on as pos s ible.

Re g ional soil s a mpling an d mapping p rogramme s are ongoi n g over the entire 30k m strike len g th of the A s kevold Tre n d.

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Figure 6 – Deblin soil a n omaly map sh o wing the ver y high amplitud e copper ano m alies in purple

4. O THER A CTIVITY ON THE ASKEVOLD COPPER TRE N D

The Deblin Pr o spect is just one of s everal cop p er prospects identifie d by the C o mpany alo n g the Ask e vold Copp e r Trend. T he Askevol d Trend is d efined by a series of copper occ u rrences a n d geochemical anomal i es associa t ed with the sheared c o ntact betw e en the Askevold Volc a nics and o v erlying Ab e nab Dolo m ites. Appr o ximately 3 0 kilometre s strike len g th of the A s kevold Tre n d lies withi n the Comp a ny’s EPL3 7 43. In ad d ition to the w ork at De b lin, explora t ion is prog r essing on s everal high-priority tar g ets along t he trend, including the Neuwerk, Askevold So u th and Redrob prospe c ts (Figure 7).

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Figure 7 – Geological map of the A s kevold Trend showing high p riority explora t ion targets

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A channel sampling and ma p ping pro g ramme is i n progress a t Redrob w h ere a 1km long z o ne of str o ng outcropping cop p er min e ralisation has b een dis c overed. The channel sam p ling pro g ressed slo w ly at the e n d of 2012, with the hand dug trenches r e quiring gr e ater effort than anti c ipated to p e netrate to fresh roc k . These issues h a ve now b een addressed an d the Co m pany aim s to co m plete the w o rk as soon as possible. Foll o w up geo p hysics an d drilling wi l l be pla n ned depending on th e results of the cha n nel sampli n g.

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Figure 8– Exampl e of a hand du g trench at Re d rob

For further information please contact: Vin c ent Algar, C hief Opera t ing Officer Or L uke Marsh a ll, General Manager E x ploration Phone (08 ) 9481 783 3 Or consult our website: n m

www.golde n deeps.co m

Competent Person Declaration

The information in this report th a t relates to E x ploration Targets, Exploratio n Results, Min e ral Resource s or Ore Res e rves is based on informatio n compiled by Luke Marshall , who is a member of The A ustralasian In s titute of Geo s cientists. Mr M arshall is a f u ll time emplo y ee of Golden Deeps Limited and has suffi c ient experience that is relevant to the style of mineralisati o n and type of deposit under c o nsideration an d to the activity t hat he is unde r taking to quali f y as a Competent Person as defined in the 2012 Edition o f the “Australa s ian Code for R eporting of E x ploration Res u lts, Mineral Re s ource and Or e Reserves”. M r Marshall cons e nts to the incl u sion in the rep o rt of the matt e rs based on his information in the form and context in which it appears.

Forward-Looking Statements

This document ma y include forw a rd-looking stat e ments. Forward-looking stat e ments include, but are not limited to, statements concerning Golden D e eps Limited’s planned explo r ation program m e and other s tatements th a t are not histo r ical facts. Wh e n used in this document, th e words such a s "could," "plan," "estimate," " e xpect," "inten d ," "may”, "pot e ntial," "should, " and similar e x pressions are f orward-looking statements. Although Golden Deeps Limite d believes that i ts expectation s reflected in t h ese forward-lo o king stateme n ts are reason a ble, such stat e ments involve risks 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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ABOUT GOLDEN DEEPS LIMITED

Gol d en Deeps L imited is an ASX listed c ompany (A S X:GED) foc u sed on the exploration f or gold and base metal s . The Com p any has pr o jects in the R epublic of N amibia, W e stern Austr a lia and Vict o ria.

The Company’ s current focus is its 1, 1 00km[2 ] Gro o tfontein Ba s e Metal Pr o ject locate d in the Ota v i Mountain Land (OM L ) of Northern Namibia, an area r o ughly bou n ded by a t riangle linking the tow n s of Tsumeb, Grootf o ntein and O tavi. The region hos t s several g lobally sig n ificant cop p er, zinc, lead, silver and vanadium mines, i n cluding th e Tsumeb, Khusib Springs, Abenab, Berg Aukas & Kombat mines.

The region is w ell served b y sealed r o ads, rail t o port, high voltage po w er, teleph o ne and wat e r, and is c lose to major towns a n d mining p rocessing f a cilities, in c luding the K ombat cop p er concen t rator and T sumeb Sm e lter compl e x (one of o nly five op e rating sm e lters in Afri c a).

The Grootfonte i n Project h as a num b er of signif i cant prosp e cts near h i storical pro d uction cen t res located on its licenc e package. T hese prosp e cts include the Askevol d Copper tr e nd, the Abenab/Christiana Zinc-Vanadium Lead trend and t h e Khusib.S p rings Copp e r prospect.

The Company i s actively exploring its P roject area w ith a view t o an early d efinition of m ineral res o urces.

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Figure 9 – The G rootfontein B a se Metal Proj e ct, Otavi Mountain Land, N a mibia
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APPENDIX 1 – DEBLIN RC DRILLING RESULTS

H	o le ID	Depth	Depth	Collar Locati	Collar Locati	o n WGS84 Z33	o n WGS84 Z33	Dip	Azimuth	Azimuth	From m	T	o m	Cu Grade %	W idth m	Inters	e ction Decription
				East	N	o rth	RL
DB	R C0001 *	169		758576	781	4 738	1508	‐55	0		75	7	6	0.59	1	1m@0.	59 % Cu,0.50g/t Ag
											87	9	5	1.28	8	8m@1.	28 % Cu,2.00g/t Ag
									incl		87	9	0	2.96	3	3m @ 2.	9 6% Cu,4.83g/t Ag
DB	R C0002 *	204		758580	781	4 687	1505	‐55	0		169	1	7 6	3.23	7	7m@3.	2 3% Cu,7.93g/t Ag
									incl		172	1	7 5	6.08	3	3m @ 6.	08 % Cu, 17.67g/t Ag
DB	R C0003 *	200		758467	781	4 708	1506	‐55	0		10	1	3	0.22	3	3m@0.	2 2% Cu,0.50g/t Ag
											159	1	6 0	0.01	1	1m @ 0.	0 1% Cu,11.00g/t Ag
DB	R C0004 *	204		758337	781	4 975	1512	‐55	0		4	1	0	0.7	6	6m@0.	70 % Cu,3.25g/t Ag
									incl		5		6	1.38	1	1m@1.	38 % Cu,6.00g/t Ag
											13	1	4	0.39	1	1m@0.	39 % Cu,2.00g/t Ag
											58	5	9	0.33	1	1m@0.	3 3% Cu,1.00g/t Ag
											81	8	2	0.44	1	1m@0.	44 % Cu,3.00g/t Ag
DBR	C 0007	1	3 5	758515	78	1 4744	1505.872	‐55		0	13	1	6	0.31	3	3m @ 0.	3 1% Cu, 0.00g/t Ag
											30	3	5	0.38	5	5m@0.	38 % Cu,0.00g/t Ag
											72	7	9	2.15	7	7m@2.	1 5% Cu,1.50g/t Ag
											74	7	6	4.12	2	2m@ 4.	12 % Cu, 3.00g/t Ag
											94	9	6	0.53	2	2m@0.	5 3% Cu,0.00g/t Ag
DBR	C 0009	1	3 1	758467	78	1 4783	1507.375	‐55		0	16	1	7	0.4	1	1m @ 0.	40 % Cu, 0.00g/t Ag
											26	2	9	0.26	3	3m@0.	2 6% Cu,0.50g/t Ag
DBR	C 0011	1	0 0	758405	78	1 4830	1508.388	‐55		0	38	4	0	0.13	2	2m@0.	1 3% Cu,0.00g/t Ag

Notes

Pre v iously Report e d holes Ass a ys Outstandin g for Holes DBRC005,DBRC 0* 06, DBRC008, DBRC010, DBRC011

AI assistant

GOLDEN DEEPS LIMITED. Capital/Financing Update 2013

64977_rns_2013-02-24_b8991670-7264-426d-9506-649af83868f9.pdf

H IGH- G RAD E COP P ER A N D EM COND U CTO R S A T DEBLIN

HI G HLIGH T S

1. R C DRIL L ING AT D EBLIN

Best results from the October 2012 programme included:

Best assay results received to date for the latest programme included; DBRC0007 7 m @ 2.15% Cu & 1.50 g/t Ag from 71m Including 2 m @ 4.12% Cu & 3.00 g/t Ag from 73m

2. E LECTR O MAGNE T IC SUR V EYING

3. S OIL GE O CHEMISTRY TA R GETS

4. O THER A CTIVITY ON THE ASKEVOLD COPPER TRE N D

Competent Person Declaration

Forward-Looking Statements

ABOUT GOLDEN DEEPS LIMITED

APPENDIX 1 – DEBLIN RC DRILLING RESULTS

Notes

AI assistant

GOLDEN DEEPS LIMITED. — Capital/Financing Update 2013

64977_rns_2013-02-24_b8991670-7264-426d-9506-649af83868f9.pdf

H IGH- G RAD E COP P ER A N D EM COND U CTO R S A T DEBLIN

HI G HLIGH T S

1. R C DRIL L ING AT D EBLIN

Best results from the October 2012 programme included:

Best assay results received to date for the latest programme included; DBRC0007 7 m @ 2.15% Cu & 1.50 g/t Ag from 71m Including 2 m @ 4.12% Cu & 3.00 g/t Ag from 73m

2. E LECTR O MAGNE T IC SUR V EYING

3. S OIL GE O CHEMISTRY TA R GETS

4. O THER A CTIVITY ON THE ASKEVOLD COPPER TRE N D

Competent Person Declaration

Forward-Looking Statements

ABOUT GOLDEN DEEPS LIMITED

APPENDIX 1 – DEBLIN RC DRILLING RESULTS

Notes

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GOLDEN DEEPS LIMITED. Capital/Financing Update 2013