IONEER LTD — Capital/Financing Update 2012

Apr 11, 2012

Global

Geoscience

NEWS RELEASE 12 April, 2012 ASX Code: GSC

GLOBAL FIRES UP NEVADA GOLD AND PERU SILVER PROJECTS AHEAD OF AGGRESSIVE DRILL PROGRAM

	Global Geoscience Ltd ABN 76 098 564 606 ASX Code:GSC Current share price:$0.059 52 week range:$0.03-$0.08 Issued Shares:148M Listed Options:27M ($0.25, expiring 31/08/12) Directors Holdings: 12% Top 20 Holdings: 48% Market Cap:$9M Cash:$1.5M Key Projects 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) Board of Directors Robert Reynolds Non-Executive Chairman Bernard Rowe Managing Director Peter Nicholson Executive Director Patrick Elliott Non-Executive Director Registered Office Suite 203, 161 Walker Street North Sydney NSW 2060 AUSTRALIA T: +61 2 9922 5800 F: +61 2 9922 4004 Contact Bernard Rowe T: +61 4 1944 7280 e-mail: browe@globalgeo.com.au	HIGHLIGHTS • Field programs underway in Nevada and Peru. • $2.5 million, fully-funded exploration budget for 2012. • 5000m+ of drilling scheduled for June quarter. • Drilling to commence next month at Sara Sara project in Peru targeting high-grade silver mineralisation. • Drilling planned for May-June at Lone Mt project in Nevada targeting Carlin-style gold mineralisation. Global Geoscience Ltd (“Global”) (ASX: GSC) today announced it has commenced field programs at its Nevada gold and Peru copper/silver projects ahead of an aggressive drilling program. “Our 2012 exploration program will be our most active since we listed on the Australian Securities Exchange (ASX) five years ago,” Global Geoscience Managing Director, Mr Bernard Rowe, said today. “Importantly, we have multiple projects in two countries with drill- ready targets, and our exploration programs are fully-funded,” Mr Rowe said. In Nevada - where Canadian mining company Osisko Mining Corporation is fully-funding exploration expenditure on all of Global’s five gold projects - field work commenced in mid-March in preparation for drilling programs scheduled for May and June. In Peru, drilling will commence with a 2000 metre program to follow- up a high-grade silver intersection at Global’s Sara Sara copper/silver project. A previous hole drilled by Global at Sara Sara hit 16.4m at 410g/t Ag at 200m below surface. The mineralisation is open in all directions. Mr Rowe said the Company has a rig under contract, drill permits are in place and drilling is scheduled to commence early next month. Drilling in Nevada will concentrate on Global’s Lone Mt gold project, and will test Carlin-style gold mineralisation at relatively shallow depths of <300m.

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The drilling program will test a number of targets identified in a detailed gravity survey completed at the end of the 2011 field season.

The gravity targets are associated with zones of known mineralisation and alteration but have not been previously tested by drilling.

“We have a lot of expectation in our 2012 exploration program,” Mr Rowe said.

“The Company has worked hard to get to this point, and we now look forward to drill testing these highly prospective gold and silver projects,” he said.

Project	April	May	June
Lone Mt	Geological Mapping Gravity Survey Extension	Drilling 3000m RC and Core
Excelsior	Geochemical Surveys Geological Mapping	Trenching	Drilling June-July
Bartlett			Geochemical Survey Geological Mapping
Sara Sara		Drilling 2000m RC

Note: Timetable is subject to change and is dependent on various factors including weather, availability of equipment and permitting.

Table 1. Exploration schedule for the June quarter.

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, Arizona and Peru. The projects are at various stages of advancement ranging from discovery of economic-grade mineralisation in drill hole (Excelsior, Lone Mt and Sara Sara) 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.

Global is in partnership with Osisko Mining Corporation in Nevada. Osisko is funding all exploration on Global’s five Nevada gold projects while Global is operator and manager. Osisko may earn an initial 45% ownership interest in any or all of the projects by funding USD$8 million over a maximum of four years. Osisko may increase its ownership in a 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 to cease funding. Osisko is Global’s single largest shareholder.

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.

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MEDIA CONTACT: Bernard Rowe Managing Director Global Geoscience Ltd (02) 9922 5800 04 1944 7280

Sean Whittington Field Public Relations (08) 8234 9555 0412 591 520

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