GORILLA GOLD MINES LTD — M&A Activity 2011

Mar 31, 2011

Mintails Limited

(ACN 008 740 672)

Supplementary Target Statement

by

Mintails Limited ACN 008 740 672

in relation to the Offer by

Mr Seager Rex Harbour

to acquire your Mintails Shares

The Directors of Mintails Limited that make a recommendation, recommend that you REJECT the Offer

Important Information

This document is important and should be read in its entirety. If you do not understand it or you are in doubt as to how to act, you should consult your lawyer, accountant, stockbroker or other professional adviser immediately.

Important Notices

This Supplementary Target's Statement is dated 1 April 2011 and is prepared in accordance with section 644 of the Corporations Act 2001(Cth) by Mintails Limited (“Mintails”). It supplements the original Target’s Statement dated 24 March 2011 prepared in response to the Bidder's Statement dated 11 March 2011.

The Supplementary Target’s Statement is to be read together with the original Target’s Statement and prevails over the original Target’s Statement to the extent there is any inconsistency.

ASIC

A copy of this Supplementary Target's Statement has been lodged with the ASIC. Neither the ASIC nor any of its officers take any responsibility for the content of this Supplementary Target's Statement.

Investment Decision

The recommendations of the Responding Directors contained in this Supplementary Target's Statement do not take into account the individual investment objectives, financial situation or particular needs of each Mintails’ Shareholder. You may wish to seek independent professional advice before making a decision as to whether or not to accept the Offer.

Forward Looking Statements

This Supplementary Target's Statement may contain forward-looking statements. You should be aware that such statements are only predictions and are subject to inherent risks and uncertainties. Those risks and uncertainties include factors and risks specific to the mining industry as well as general economic conditions and conditions in the financial markets. Actual events or results may differ materially from the events or results expressed or implied in any forward-looking statement and such deviations are both normal and to be expected. None of Mintails, any of its Directors, any person named in this Supplementary Target's Statement with their consent, or any person involved in the preparation of this Supplementary Target's Statement makes any representation or warranty (either express or implied) as to the accuracy or likelihood of fulfilment of any forward-looking statement, or any events or results expressed or implied in any forward-looking statement, and you are cautioned not to place undue reliance on those statements.

Any forward-looking statements in this Supplementary Target's Statement reflect views held only as at the date of this Supplementary Target's Statement.

Defined Terms

Shareholder Enquiries

Unless the context requires otherwise, words and expressions defined in the original Target’s Statement have the same meanings in this Supplementary Target’s Statement.

If you have any queries regarding the Offer or this Supplementary Target’s Statement, please contact Security Transfer Registrars on 08 9315 2333 (from within Australia) or +61 8 9315 2333 (from outside Australia).

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Letter from the Chairman of Mintails

Dear Shareholder,

Each of Dick Van der Walt, Patrick Smyth, Frederick Beaumont and Peter Chapman ( Responding Directors ) would like to reconfirm their recommendation that you REJECT the Offer.

The Responding Directors, have issued this Supplementary Target’s Statement because new information has become available since the original Target’s Statement was lodged on 24 March 2011.

You may consider the information in this document to be relevant in allowing you to make an informed assessment about whether or not to accept the Offer.

Each Responding Director who has a relevant interest in Mintails Shares has reconfirmed that they presently intend to REJECT the Offer.

TO REJECT THE OFFER YOU NEED NOT TAKE ANY ACTION.

We encourage you to read this Supplementary Target's Statement carefully and consult your legal, financial or tax adviser concerning the impact your decision may have on your own circumstances.

Yours sincerely

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Pat Smyth Chairman

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1. Supplementary Information

1.1. Impact on financing

At paragraph 6.5 of the original Target’s Statement, the Responding Directors stated that:

Mintails is working to ensure that short term funding of up to $2,000,000 needed for ongoing operational expenses and to pay creditors is available, as and when necessary. One possible source of short term funds is entities associated with the Bidder. At the time of lodgement of this Target’s Statement no binding arrangements have been agreed with those entities. Mintails will meet its obligations to keep Shareholders informed in relation to this funding during the course of the Bid. There are risks associated with not obtaining short term funding.

The Responding Directors remain confident that alternative long term funding will be available following conclusion of the Offer.

Since making this statement, Mintails has been negotiating with a number of prospective parties inclusive of the Bidder in order to obtain both short and long term debt funding to replace the funding that was arranged by the Company prior to the bid. These negotiations are continuing. Your Responding Directors have formed the view that it may be necessary to issue a convertible note in order to obtain short term funding on acceptable commercial terms. You should be aware that the issue of convertible notes may entitle the Bidder to withdraw the offer. Whilst the Company has not (at this time) decided to offer or issue convertible notes to access additional short term funding, your Responding Directors wish to advise Shareholders that should Mintails issue a convertible note or notes there is a risk that the unaccepted Offers may be withdrawn. If the unaccepted Offers are withdrawn Shareholders that have not already accepted the Offer will no longer be able to accept the Offer.

Your Responding Directors will keep you informed of any decision with respect to debt funding.

As soon as any decision is made, the ASX will be notified.

1.2. Impact on material contracts

At paragraph 6.6 of the original Target’s Statement, the Responding Directors stated that:

As part of its business activities Mintails has ongoing contractual obligations. These obligations require Mintails to pay certain monies to third parties during the Offer Period. Mintails had intended to make these payments from available working capital and the additional funding. Without the funds raised in the second stage capital raising, Mintails may not have adequate working capital to make these payments as was previously intended.

In the event that alternative funding is not available, Mintails intends to seek counterparty consent to defer time for payment until such time as it has obtained adequate funding. Your Responding Directors are not aware of any reason why this consent would not be granted.

Since making this statement, Mintails has had various conversations and negotiations with contractual counterparties in relation to payment of invoiced amounts. These negotiations are continuing. At this stage your Responding Directors remain confident that, notwithstanding the need for short term funding to meet the existing payment timelines, (see the comments made above in relation to availability of that funding) appropriate consents will be obtained, to defer the payment of some or all of the outstanding amounts. Maintaining good-standing with third parties will however, require speedy resolution of the short term funding required. The Directors will therefore, evaluate all funding options at their disposal. The Company will furthermore, continue to also attempt to secure long term funding to allow the Company to meet its longer term strategic objective.

Your Responding Directors will keep you informed in relation to any issues relating to Mintails’ payment obligations.

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1.3. Defined Terms

Unless the context requires otherwise, words and expressions defined in the original Target’s Statement have the same meanings in this Supplementary Target’s Statement.

1.4. Authorisation of the Directors of Mintails

The Board of Mintails has approved the contents of this Supplementary Target's Statement and its lodgement with ASIC. Mr Brune did not vote on the directors’ resolution to approve this Supplementary Target’s Statement.

Dated: 1 April 2011

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Chairman

For and on behalf of Mintails Limited