IONEER LTD — Capital/Financing Update 2012

Aug 13, 2012

Global Geoscience

NEWS RELEASE 14 August, 2012 ASX Code: GSC

GLOBAL STARTS SECOND DRILL PROGRAM IN NEVADA, USA.

Global Geoscience Ltd

HIGHLIGHTS

ABN 76 098 564 606

• Global commences its maiden drill program at its Bartlett gold project in Nevada, USA.

ASX Code: GSC Current share price: $0.055 52 week range: $0.03-$0.08 Issued Shares: 148M Listed Options: 27M

• 1500m Reverse Circulation (RC) drill program to test a 2000m long by 400m wide zone of gold mineralisation.

• Only three previous drill holes within this zone.

• Previous holes intersected and ended in broad zones of gold mineralisation.

($0.25, expiring 31/08/12) Directors Holdings: 12 % Top 20 Holdings: 48 % Market Cap: $10M Cash: $1.2M

• Surface channel sampling by Global returned a result of 42m at 0.44g/t Au.

• Second of four drill programs planned by Global for Nevada in 2012.

Key Projects

• Canadian gold producer, Osisko Mining Corporation, fullyfunding exploration.

Excelsior Au (NV, USA) Lone Mt Au (NV, USA) Bartlett Cu-Au (NV, USA) Sara Sara Cu-Mo-Ag (Peru) Mancha Pampa Cu-Au (Peru)

Australian exploration company, Global Geoscience Ltd (“Global”) (ASX: GSC), today announced it had commenced a 1500m Reverse Circulation (RC) drilling program at its Bartlett project in Nevada, USA.

The project is one of Global’s five Nevada-based gold projects where exploration is being 100% funded by Canadian gold producer, Osisko Mining Corporation.

Board of Directors

Robert Reynolds Non-Executive Chairman

Bernard Rowe Managing Director

Osisko may earn an initial 45% interest in the projects by spending US$8 million over a maximum of four years. Global is manager and operator during the earn-in stage.

Peter Nicholson during the earn-in stage. Executive Director

Patrick Elliott “Global has defined an extensive zone of gold mineralisation at Bartlett

Non-Executive Director and only a very minor part of the 2000 metre-plus long zone has been tested by drilling - with positive indications,” Global Geoscience Registered Office Managing Director, Mr Bernard Rowe, said today.

Suite 203, 161 Walker Street North Sydney NSW 2060 AUSTRALIA “While previous drilling focussed on the area around the old Bartlett gold T: +61 2 9922 5800 mine, this drill program – our first at the site - will test for areas of higherF: +61 2 9922 4004 grade gold mineralisation along strike, including areas masked by shallow Contact soil cover,” he said.

Contact

Bernard Rowe T: +61 4 1944 7280 e-mail: browe@globalgeo.com.au

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Bartlett Au-Cu Project

The Bartlett project is located in north-western Nevada, about 70km north-west of the Sleeper mine (past production and resources of about three million ounces gold). Global holds a 100% interest in an eight-square kilometres (sq km) property, and has an option to purchase a 100% interest in an additional 0.6 sq km. The target is a large tonnage gold-copper deposit.

Previous exploration by Global identified a gold-copper zone at least 2000m long by 400m wide, with related alteration and quartz veining. Large parts of the zone are covered by a thin veneer of transported soil (slope deposits), and there is little outcrop. Previous drilling within this zone is restricted to three holes drilled in the early 1980s near the historic Bartlett gold mine. All three holes intersected and ended in broad zones of low-grade gold mineralisation (eg. 72m at 0.2g/t Au). Rock chip sampling was undertaken in the vicinity of these holes and results were recently reported by the Company (ASX Announcement 19 July 2012). A series of continuous rock chip (channel) samples returned a result of 42m at 0.44g/t Au (interval includes a 12m section that was not sampled due to lack of outcrop).

The drilling program currently underway will test for higher-grade gold mineralisation within the zone by drilling along strike of the known mineralisation in areas that are largely covered by transported soil, and have not been adequately tested by surface sampling. Five 300m deep holes are planned for a total of 1500m. Drilling of the first hole has commenced.

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Figure 1. Location of Global’s Nevada gold projects. All five projects are being fully-funded by Canadian gold producer Osisko Mining Corporation.

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----- Start of picture text -----

Planned hole
Planned holes
Bartlett gold
mine
Planned holes
----- End of picture text -----

Figure 2. Bartlett gold project showing outcrop geology and gold geochemistry. The 400m wide mineralised zone extends over a strike length of 2000m and is open in both directions. Much of the zone is covered by a thin veneer of transported soil. Planned drill holes are shown in red and previous drill holes in black. Grd = granodiorite, QBS = quartz-biotite schist. UTM Zone 11 (NAD27).

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----- Start of picture text -----

10m at 0.3g/t Au
from 65m to EOH
72m at 0.2g/t Au
from 80m to EOH
Channel Sample
42m at 0.44g/t Au
28m at 0.2g/t Au
from 125m to EOH
----- End of picture text -----*

Figure 3. Bartlett gold mine area showing outcrop geology and gold geochemistry in soil and rock samples. Drill results shown are from holes drilled in the early 1980s. (* interval includes a 12m section that was not sampled due to lack of outcrop). UTM Zone 11 (NAD27).

About Global Geoscience

Global Geoscience is a Sydney-based greenfield exploration company targeting gold, copper and silver on its mostly 100%-owned projects in Nevada and Arizona in the United States, and Peru in South America.

The projects are at various stages of development ranging from discovery of economic-grade mineralisation in drill hole through to early-stage, where favourable geological and geochemical signatures indicate the presence of mineralisation, but further work is required to locate and assess its economic potential.

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Global is in partnership with Osisko Mining Corporation in Nevada. Osisko is funding exploration on Global’s five Nevada gold projects. Osisko may earn an initial 45% ownership interest in any or all of the projects by funding US$8 million over a maximum of four years. Global is operator and manager during this phase. Osisko may increase its ownership in any nominated project from 45% to 70% by sole-funding through to completion of a bankable feasibility study. Global retains 100% of its interest in any projects that Osisko elects not to fund. Osisko is Global’s single largest shareholder.

References

Global Geoscience Ltd company announcements:

Date Title 14/02/2012 Canadian Producer Joins Global Geoscience in Nevada 19/7/2012 Nevada Gold Projects Exploration Update

The information in this report that relates to Exploration Results is based on information compiled by Peter Nicholson BSc(Hons) FAusIMM CP(geo). Mr Nicholson is a full time employee of Nicholson Geologist Pty Ltd and Technical Director of Global Geoscience Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (The JORC Code). Mr Nicholson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

MEDIA CONTACT:

Bernard Rowe Sean Whittington Managing Director Field Public Relations Global Geoscience Ltd (08) 8234 9555 +61 2 9922 5800 0412 591 520 +61 4 1944 7280

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