IONEER LTD - Capital/Financing Update 2011

Global

Geoscience

ASX RELEASE

ASXCode: GSC

Tuesday, 12 July 2011

GLOBAL TO COMMENCE DRILLING AT THE EXCELSIOR GOLD PROJECT IN NEVADA

Global Geoscience Ltd (“Global”) ( ASX: GSC ) today announced it will commence drilling at its Excelsior gold project in Nevada next week.

The Company said today it planned to drill about 2000m of RC (Reverse Circulation) to followup a number of significant drill intersections and to test several new targets it has identified since acquiring the project and that have not been previously drill tested.

Several holes are planned at the Buster zone where drilling by previous explorers has yielded a number of very significant intersections at shallow depths. The mineralisation at Buster is open along strike and at depth. Significant intersections include:

EX02: 33m at 2.7g/t Au from 70m including 18m at 4.7g/t Au
EX13: 15m at 2.5g/t Au from 0m
EX18: 6m at 5.4g/t Au from 43m
EX30: 47m at 1.5g/t Au from 71m including 7.6m at 3.9g/t Au, 8g/t Ag

The Excelsior project covers a zone of gold mineralisation more than 3km long and 200-400m wide, hosted within strongly altered calcareous sediments and limestone.

Since entering into an agreement on the Excelsior project in March 2011, Global has completed extensive surface work including a three square kilometre Induced Polarisation (IP) geophysical survey, geological mapping, re-logging drill chips and the collection of more than 800 geochemical samples. This work has led to the identification of three other targets – none of which have been drilled previously.

“Work completed by Global to date at Excelsior indicates the presence of a large and extensive mineralised system, and only a relatively small area - the Buster zone - has been tested by drilling,” Global Geoscience Managing Director, Mr Bernard Rowe, said today.

“Given the very encouraging drill results at the Buster zone to date, we are very excited about drill testing the targets we have identified,” he said.

Global can earn a 70% interest in the Excelsior project by spending $3 million on exploration over four years and making cash payments totalling $100,000.

Global Geoscience Ltd ABN 76 098 564 606 Suite 203, 161 Walker Street NORTH SYDNEY NSW 2060 AUSTRALIA

Tel: +61 (2) 9922-5800 Fax: +61 (2) 9922-4004 e-mail: [email protected] Web: www.globalgeo.com.au

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Figure 1. Multiple gold zones within the main east-west trending structure. Only the Buster zone has been tested by drilling.

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Figure 2. Gold mineralisation at the Buster zone occurs in a series of north-east trending “shoots” that dip to the south-east and are open to the north-east. The red histograms show gold intersections in drill holes.