MINDAX LIMITED — Capital/Financing Update 2013

Apr 9, 2013

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ASX ANNOUNCEMENT

10 April 2013

DRILLING IDENTIFIES NEW AREAS OF IRON MINERALISATION AT THE MT FORREST PROJECT

ASX Code: MDX

Highlights

ABN: 28 106 866 442

Corporate Description

Mindax's Mt Forrest Iron Project is progressing through feasibility with a view to mining at the end of 2014.

Mindax is also the greenfields discoverer of a new uranium province near Mukinbudin, Western Australia.

Mindax also has exploration projects based in Western Australia which involve Gold and Copper.

Through technically advanced exploration and an eye for detail, Mindax has successfully built a significant portfolio of 37 mineral exploration and mining tenements covering over 4,000 square kilometres. In addition, Mindax has applications in place for water and infrastructure covering over 2,400 square kilometres in support of the Mt Forrest Iron Project development.

Mindax aims to develop strategic resources through innovative exploration. Projects will be moved to production including via strategic partnerships.

Key Projects
Mt Forrest	Iron
Yilgarn-Avon JV Mortlock JV	Sedimentary Uranium Copper-Gold
Meekatharra	Gold
Address
Level 2, 25 Richardson Street
West Perth WA 6005
Telephone:	+61 8 9485 2600
Facsimile:	+61 8 9485 2500
Email:	info@mindax.com.au

• First phase of Mt Forrest drilling program for 2013 carried out in January has identified three new detrital iron areas that host a continuous bed of iron mineralisation.

• Metallurgical testing of the detrital iron identified will now be undertaken.

• A subsequent surface gravity geophysical survey has now been completed over detrital and scree covered locations that have the potential to host iron mineralisation.

• Final planning for a second phase of drilling is in progress. This will follow up on the initial drilling and gravity survey results.

• This work is part of the Proof of Concept for the optimised DSO Scoping Study. The objective of the driiling program is to add to the existing iron resources.

Investor Enquiries Steve Ward Managing Director and Chief Executive Officer Telephone: +61 8 9485 2600 Email: info@mindax.com.au Media Enquiries David Utting Mobile: +61 416 187 462 Email: david@davidutting.com

Page 1 of 15

MINDAX LIMITED | www.mindax.com.au

ASX Announcement Drilling identifies new areas of iron mineralisation at Mt Forrest 10 April 2013

Mindax Limited ( the Company ) is pleased to announce that the January Scout RC drilling program has successfully identified three new detrital iron areas that host a continuous bed of iron mineralisation. The iron rich material is embedded in clay and may potentially beneficiate up into a saleable product subject to metallurgical test work.

Up to 6,000 metres of drilling has been envisaged to explore for detrital iron as part of the Proof of Concept for the optimised DSO Scoping Study. The detrital material is located off the ridges and is in the form of large flat bodies. This material has the potential to quickly add to the projects iron resources. Limited historic drilling previously reported thick intersections of up to 25 vertical metres of detrital material (refer to the announcement dated 1 December 2011).

A first drilling phase totalling 124 holes for 1,771 metres was completed in January 2013. Figure 1, appended to this announcement, sets out three major target areas (white) which were identified from field reconnaissance mapping. The scout drilling intersected up to 4 smaller areas (red) indicating beds, up to 36 metres thick of iron mineralisation either outcropping at surface or buried below alluvial ferruginous gravel and clays. Three of these areas (red) host continuous beds of iron mineralisation.

The iron rich detrital material intersected in the drilling has returned encouraging and similar grades as reported in the regolith mineral resource. Visually this material has large hematite and goethite clasts cemented in a clay matrix. Head assays up 57.4% Fe ( XRF iron assay - +2.8mm coarse material ) were returned from the coarse fraction. A 40% Fe cut-off grade has been used.

The detrital drilling and sampling protocol is designed to indicate whether dry screen beneficiation is applicable. Any sample interval logged as ferruginous detrital material in the field was screened into a coarse and fine daughter sample. The coarse material was plus 2.8mm in size.

Both samples were sent to the laboratory for XRF analysis and their weights were recorded. The coarse samples returned generally higher grades than the fine samples as expected. Table 1, appended to this announcement, lists all hole intervals where the weighted average analyses of the coarse and fine split reports above a 39.5% Fe cut-off. The remaining drill holes not set out in Table 1 returned either lower iron grades or no significant assays. Table 2, appended to this announcement, lists the drill collar information.

The composition and iron grades for the material outlined in Table 1 exhibit similar characteristics to the regolith material located along the ridgelines. Successful metallurgical beneficiation of the regolith material has been performed (refer to the announcement dated 2 December 2011). Based on these similarities it is expected the iron rich detrital material outlined in Table 1 will also be upgradeable by similar beneficiation methods.

Page 2 of 15

MINDAX LIMITED | www.mindax.com.au

ASX Announcement Drilling identifies new areas of iron mineralisation at Mt Forrest 10 April 2013

Composite representative samples from key drill holes have been selected for bulk metallurgical testwork. These samples have been chosen on grade range and visual composition. Lower grade composites have also been taken to test the beneficiation limits and a suitable lower cut–off grade for mineral resource estimation. The metallurgical testwork will be undertaken later this month.

During March a surface gravity geophysical survey was completed over detrital and scree covered locations that have the potential to host iron mineralisation (refer to the announcement dated 14 March 2013). The initial gravity data returned to date has enabled further exploration targets to be identified including extensions of the present mineralisation identified in Figure 1 that will be tested later this month and into May as a follow up second phase of drilling.

Dr Steve Ward, Mindax’s Managing Director and Chief Executive Officer commented: “The initial work in 2013 at Mt Forrest is certainly encouraging. We now look forward to building on this with our second planned drill program and metallurgical work.”

End of Announcement

For further information contact: Media: Steve Ward, Managing Director David Utting Mindax Limited David Utting Communications Telephone: +61 8 9485 2600 Telephone: +61 416 187 462

Competent Person’s Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr John Vinar who is a member of the Australasian Institute of Mining and Metallurgy, with more than 5 years’ experience in the field of activity being reported on.

Mr Vinar is a full-time employee of the Company and has sufficient experience which is relevant to the style of mineralisation and type of deposit and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Vinar consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

MINDAX LIMITED | www.mindax.com.au

Page 3 of 15

ASX Announcement Drilling identifies new areas of iron mineralisation at Mt Forrest 10 April 2013

Appendix

Figure 1: Mt Forrest - detrital areas

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MINDAX LIMITED | www.mindax.com.au

Page 4 of 15

ASX Announcement Drilling identifies new areas of iron mineralisation at Mt Forrest 10 April 2013

Table 1: Mt Forrest - Drill Assays above ~40%cut-off

Hole ID	Depth From	Depth To	Fe%	SiO2 %	**Al2O3% **	P%	S%	LOI%
MFC0371	0	1	43.1	21.2	11.6	0.02	0.04	5.1
MFC0371	1	2	43.7	22.4	10.0	0.02	0.03	4.3
MFC0373	0	1	45.7	17.5	11.0	0.02	0.04	4.4
MFC0373	1	2	45.0	19.1	10.6	0.02	0.03	4.2
MFC0373	2	3	45.6	18.2	10.6	0.02	0.03	4.1
MFC0373	3	4	41.5	23.0	11.3	0.02	0.03	4.5
MFC0374	0	1	46.5	16.2	11.5	0.02	0.04	4.7
MFC0374	2	3	47.4	16.0	10.8	0.02	0.03	4.2
MFC0376	0	1	41.3	25.5	9.9	0.02	0.04	4.6
MFC0376	1	2	43.6	22.2	9.9	0.02	0.04	4.5
MFC0376	2	3	42.7	22.9	9.9	0.02	0.04	4.5
MFC0378	4	5	40.0	25.5	10.6	0.02	0.03	4.9
MFC0378	5	6	40.0	25.2	11.6	0.01	0.03	4.8
MFC0379	2	3	40.4	25.2	10.7	0.02	0.03	4.7
MFC0379	4	5	39.9	25.5	10.6	0.02	0.03	4.8
MFC0379	5	6	39.8	24.5	11.5	0.01	0.03	4.8
MFC0386	3	4	39.7	27.3	10.5	0.02	0.02	5.2
MFC0386	4	5	43.2	23.4	9.4	0.02	0.03	4.6
MFC0387	0	1	50.6	12.6	10.1	0.01	0.03	4.3
MFC0387	1	2	47.4	15.2	10.9	0.01	0.02	4.7
MFC0387	2	3	43.1	18.5	12.9	0.01	0.02	5.7
MFC0387	8	9	46.1	8.7	15.1	0.01	0.10	7.5
MFC0387	9	10	51.9	6.5	10.6	0.01	0.05	5.8
MFC0387	10	11	47.0	10.3	11.5	0.01	0.05	7.8
MFC0387	11	12	41.4	15.3	14.3	0.01	0.04	8.7
MFC0388	0	1	48.5	11.7	12.2	0.01	0.06	5.3
MFC0388	1	2	46.2	13.9	12.3	0.01	0.03	5.5
MFC0388	2	3	45.6	15.0	12.2	0.01	0.03	5.7
MFC0388	3	4	46.0	15.0	10.8	0.01	0.02	5.2
MFC0388	4	5	42.5	15.6	14.3	0.01	0.02	6.9
MFC0388	5	6	40.7	15.3	15.2	0.01	0.02	7.5
MFC0388	6	7	41.0	15.1	15.4	0.01	0.02	7.2
MFC0388	7	8	43.0	13.2	14.2	0.01	0.02	7.6
MFC0388	8	9	47.1	10.8	11.5	0.01	0.03	6.6
MFC0388	9	10	49.9	9.0	9.1	0.01	0.03	6.2
MFC0388	10	11	42.9	13.2	12.8	0.01	0.03	8.6
MFC0390	0	1	42.7	21.3	10.7	0.02	0.04	5.1
MFC0390	1	2	43.5	22.0	9.5	0.02	0.04	4.7
MFC0390	12	13	41.4	17.7	15.3	0.01	0.04	6.3

MINDAX LIMITED | www.mindax.com.au

Page 5 of 15

ASX Announcement Drilling identifies new areas of iron mineralisation at Mt Forrest 10 April 2013

Hole ID	Depth From	Depth To	Fe%	SiO2 %	**Al2O3% **	P%	S%	LOI%
MFC0390	13	14	41.8	16.9	15.5	0.01	0.05	6.6
MFC0391	0	1	42.4	21.4	10.9	0.01	0.04	5.6
MFC0391	1	2	43.7	21.6	9.9	0.02	0.04	5.4
MFC0391	2	3	45.9	19.6	8.8	0.01	0.04	4.7
MFC0391	3	4	43.9	20.2	9.5	0.01	0.03	5.9
MFC0391	4	5	46.6	18.9	8.5	0.02	0.03	4.5
MFC0391	5	6	43.8	21.1	8.6	0.02	0.03	5.2
MFC0391	6	7	44.0	22.1	8.8	0.01	0.03	5.0
MFC0391	11	12	39.8	17.6	16.0	0.01	0.07	7.5
MFC0391	12	13	40.6	14.6	16.2	0.01	0.33	8.2
MFC0391	13	14	43.9	8.5	17.8	0.01	0.19	9.2
MFC0391	14	15	43.1	8.9	16.6	0.01	0.65	9.7
MFC0391	15	16	44.9	8.8	13.6	0.01	0.34	8.0
MFC0392	13	14	41.2	11.9	19.2	0.01	0.08	7.3
MFC0392	14	15	40.0	14.3	17.6	0.01	0.06	7.4
MFC0394	2	3	40.2	25.4	10.6	0.02	0.03	5.1
MFC0394	7	8	40.3	20.3	14.6	0.01	0.03	6.0
MFC0394	10	11	41.1	9.5	19.8	0.01	0.14	9.3
MFC0395	1	2	48.3	17.7	7.4	<DET	0.05	4.3
MFC0395	2	3	42.7	22.3	9.7	<DET	0.05	5.5
MFC0395	4	5	40.2	22.0	12.5	0.00	0.04	6.2
MFC0395	5	6	42.0	19.0	12.8	<DET	0.03	6.1
MFC0395	6	7	44.4	15.7	13.1	<DET	0.04	6.0
MFC0395	9	10	42.6	13.0	12.3	<DET	0.07	9.1
MFC0399	0	1	44.6	21.3	9.9	<DET	0.03	4.3
MFC0410	3	4	40.7	22.2	12.2	<DET	0.03	5.5
MFC0412	3	4	40.9	21.4	12.5	<DET	0.02	5.5
MFC0412	4	5	43.6	20.5	11.1	<DET	0.02	4.8
MFC0412	5	6	45.0	19.6	10.4	<DET	0.02	4.5
MFC0412	7	8	42.4	21.2	11.9	<DET	0.03	5.6
MFC0412	8	9	41.7	21.5	12.0	<DET	0.03	5.5
MFC0412	9	10	40.2	22.0	12.3	<DET	0.02	5.7
MFC0412	10	11	40.7	22.0	12.5	<DET	0.02	5.8
MFC0412	11	12	41.0	21.4	12.6	<DET	0.02	6.4
MFC0412	12	13	43.1	18.9	12.5	<DET	0.02	5.6
MFC0412	13	14	41.5	19.9	12.5	<DET	0.02	5.8
MFC0412	14	15	40.8	22.0	13.1	<DET	0.02	6.0
MFC0412	15	16	43.5	19.2	10.9	<DET	0.02	5.6
MFC0412	18	19	40.7	24.5	11.6	0.01	0.02	5.4
MFC0412	28	29	40.4	18.2	15.2	0.00	0.01	7.0

MINDAX LIMITED | www.mindax.com.au

Page 6 of 15

ASX Announcement Drilling identifies new areas of iron mineralisation at Mt Forrest 10 April 2013

Hole ID	Depth From	Depth To	Fe%	SiO2 %	**Al2O3% **	P%	S%	LOI%
MFC0412	29	30	42.4	14.8	15.2	0.00	0.01	6.6
MFC0412	30	31	41.4	12.8	14.1	0.00	0.06	11.9
MFC0413	1	2	40.4	21.9	12.3	0.01	0.04	5.7
MFC0413	2	3	39.8	23.1	12.8	0.00	0.04	5.8
MFC0413	3	4	40.5	20.9	13.3	0.01	0.04	5.9
MFC0413	4	5	41.8	21.5	12.3	<DET	0.04	5.6
MFC0413	5	6	41.3	22.0	12.2	0.01	0.04	5.7
MFC0413	6	7	41.0	23.0	10.9	0.01	0.04	5.8
MFC0413	7	8	39.7	22.9	13.1	0.00	0.05	6.7
MFC0413	8	9	45.2	17.7	11.3	<DET	0.04	5.3
MFC0413	9	10	42.5	20.3	11.9	0.01	0.04	5.5
MFC0413	10	11	40.5	21.0	12.0	<DET	0.04	5.9
MFC0413	11	12	41.3	21.5	11.8	0.01	0.04	5.6
MFC0413	12	13	43.8	19.4	11.8	0.00	0.03	5.3
MFC0413	13	14	42.7	19.9	11.7	0.00	0.03	5.2
MFC0417	1	2	39.8	24.0	12.9	0.03	0.03	5.5
MFC0418	0	1	39.9	22.4	12.7	0.03	0.05	6.4
MFC0418	1	2	41.5	22.3	12.7	0.02	0.03	5.3
MFC0418	2	3	41.3	22.3	12.4	0.03	0.03	5.4
MFC0418	3	4	42.1	22.1	11.9	0.03	0.03	5.3
MFC0418	6	7	41.9	21.6	12.4	0.03	0.03	5.3
MFC0418	7	8	39.8	24.1	12.0	0.02	0.03	5.8
MFC0418	30	31	40.1	21.9	12.6	0.03	0.01	5.5
MFC0418	31	32	43.5	19.9	11.8	<DET	0.01	5.2
MFC0418	32	33	42.9	18.7	11.1	<DET	0.01	5.6
MFC0418	33	34	45.4	17.5	10.2	<DET	0.01	5.3
MFC0418	34	35	51.0	12.5	7.9	<DET	0.01	4.3
MFC0418	35	36	45.7	15.6	10.6	<DET	0.02	6.3
MFC0418	36	37	43.9	14.9	11.7	<DET	0.02	7.1
MFC0418	37	38	44.2	14.9	11.8	<DET	0.03	7.8
MFC0419	4	5	39.7	24.0	11.8	0.03	0.02	5.6
MFC0419	5	6	40.0	24.2	11.2	0.04	0.02	5.8
MFC0419	11	12	40.5	23.5	10.7	<DET	0.02	5.6
MFC0419	12	13	41.5	22.5	11.1	0.03	0.02	5.5
MFC0419	13	14	42.3	21.1	11.2	<DET	0.02	5.3
MFC0419	14	15	41.3	24.0	10.9	0.05	0.02	5.4
MFC0419	15	16	41.1	23.8	10.2	<DET	0.02	5.4
MFC0419	24	25	40.7	21.3	13.2	0.06	0.01	6.3
MFC0419	25	26	42.8	17.4	12.5	0.05	0.01	5.9
MFC0419	26	27	45.6	16.2	11.8	0.05	0.01	5.5

MINDAX LIMITED | www.mindax.com.au

Page 7 of 15

ASX Announcement Drilling identifies new areas of iron mineralisation at Mt Forrest 10 April 2013

Hole ID	Depth From	Depth To	Fe%	SiO2 %	**Al2O3% **	P%	S%	LOI%
MFC0419	27	28	47.7	13.7	11.4	0.05	0.01	5.5
MFC0419	28	29	45.4	17.6	10.8	0.08	0.02	6.1
MFC0419	29	30	47.0	15.7	9.6	0.06	0.02	6.0
MFC0419	30	31	46.3	15.4	11.6	0.04	0.01	5.6
MFC0419	31	32	50.1	12.7	9.5	0.05	0.01	4.2
MFC0419	32	33	51.3	11.2	8.7	0.07	0.02	4.9
MFC0419	34	35	41.5	13.0	14.6	0.05	0.03	11.4
MFC0429	3	4	42.4	19.3	12.9	0.01	0.03	5.7
MFC0429	15	16	39.9	19.3	13.2	0.04	0.04	7.7
MFC0432	2	3	40.0	24.6	11.5	0.02	0.03	5.5
MFC0436	3	4	39.8	26.7	10.4	0.03	0.02	4.8
MFC0437	4	5	41.2	24.3	10.2	0.03	0.02	4.4
MFC0437	5	6	40.9	24.6	11.1	0.02	0.02	4.9
MFC0438	3	4	40.4	22.9	12.5	0.02	0.03	5.8
MFC0438	4	5	41.7	21.3	12.3	0.02	0.03	5.6
MFC0438	5	6	42.2	21.1	11.9	0.02	0.03	4.9
MFC0439	4	5	41.0	24.5	10.6	0.02	0.02	4.9
MFC0439	5	6	43.5	22.6	9.4	0.02	0.02	4.6
MFC0439	6	7	39.8	25.1	10.6	0.02	0.02	5.3
MFC0439	7	8	41.1	23.9	11.2	0.02	0.02	5.3
MFC0440	1	2	40.6	28.1	7.1	0.03	0.04	5.1
MFC0442	1	2	44.2	17.5	12.2	0.01	0.03	5.5
MFC0443	0	1	46.8	14.3	12.1	0.02	0.06	6.0
MFC0444	0	1	42.7	19.8	12.1	0.30	0.04	6.0
MFC0444	1	2	42.7	20.6	12.2	0.36	0.03	6.0
MFC0444	2	3	46.3	17.6	10.5	0.03	0.03	5.5
MFC0444	3	4	44.6	18.9	11.8	0.03	0.03	5.7
MFC0444	4	5	46.2	17.2	11.8	0.02	0.03	5.4
MFC0444	5	6	44.8	18.3	12.0	0.02	0.03	5.2
MFC0444	6	7	42.3	21.2	11.4	0.02	0.03	5.8
MFC0444	7	8	39.7	24.7	10.8	0.02	0.03	6.1
MFC0445	0	1	43.5	22.3	10.4	0.04	0.03	5.0
MFC0445	1	2	44.3	20.2	10.7	0.04	0.03	4.7
MFC0445	2	3	40.6	22.6	12.6	0.04	0.03	5.9
MFC0445	3	4	42.8	20.1	11.7	0.03	0.03	5.1
MFC0446	1	2	45.4	19.0	9.7	0.04	0.03	5.4
MFC0446	2	3	44.1	20.6	9.8	0.04	0.02	5.5
MFC0447	1	2	44.7	20.6	10.1	0.03	0.03	4.6
MFC0448	0	1	41.7	24.5	10.1	0.04	0.03	5.1
MFC0449	0	1	41.0	25.8	9.6	0.04	0.03	5.2

MINDAX LIMITED | www.mindax.com.au

Page 8 of 15

ASX Announcement Drilling identifies new areas of iron mineralisation at Mt Forrest 10 April 2013

Hole ID	Depth From	Depth To	Fe%	SiO2 %	**Al2O3% **	P%	S%	LOI%
MFC0450	0	1	42.5	22.7	10.8	0.03	0.03	5.4
MFC0450	1	2	43.8	22.0	9.9	0.03	0.02	4.7
MFC0450	2	3	44.2	21.8	9.9	0.03	0.02	4.9
MFC0450	3	4	47.1	19.0	9.1	0.04	0.02	4.4
MFC0451	0	1	44.2	19.4	9.4	0.03	0.06	6.3
MFC0452	0	1	46.3	18.4	8.9	0.03	0.03	4.3
MFC0452	1	2	43.7	18.9	11.4	0.02	0.03	5.8
MFC0452	2	3	45.7	17.1	10.7	0.02	0.03	5.5
MFC0452	3	4	47.7	15.6	9.6	0.01	0.03	5.0
MFC0452	4	5	49.0	14.6	8.8	0.02	0.03	4.7
MFC0452	5	6	50.7	13.0	9.2	0.01	0.03	4.4
MFC0452	6	7	48.5	14.8	9.8	<DET	0.02	4.5
MFC0452	7	8	48.6	14.9	9.7	<DET	0.02	4.6
MFC0452	10	11	42.0	18.3	11.7	0.00	0.02	5.6
MFC0452	11	12	45.8	11.9	10.1	0.01	0.30	7.9
MFC0452	12	13	43.2	11.1	12.0	<DET	0.34	11.2
MFC0453	0	1	41.4	22.0	12.3	0.01	0.02	6.1
MFC0453	1	2	41.3	21.9	11.6	0.01	0.02	6.0
MFC0453	2	3	49.0	14.5	9.8	<DET	0.03	5.1
MFC0453	3	4	49.1	14.4	9.4	0.02	0.03	4.6
MFC0453	4	5	46.3	17.1	10.1	0.02	0.03	5.0
MFC0453	5	6	49.2	14.0	10.0	0.01	0.03	4.8
MFC0453	6	7	51.0	12.1	9.1	0.01	0.03	4.2
MFC0454	0	1	51.0	12.2	8.6	<DET	0.05	4.3
MFC0454	1	2	41.5	20.1	11.9	0.06	0.12	6.9
MFC0454	2	3	40.8	22.4	11.6	0.01	0.12	7.0
MFC0454	3	4	45.0	20.1	10.4	0.07	0.06	5.1
MFC0454	4	5	48.6	15.8	9.3	<DET	0.04	4.3
MFC0454	5	6	41.7	24.1	10.9	<DET	0.02	5.2
MFC0454	6	7	40.5	25.0	11.1	<DET	0.02	5.6
MFC0454	7	8	43.7	19.5	11.0	0.01	0.02	5.5
MFC0454	8	9	40.3	23.6	12.0	<DET	0.01	5.7
MFC0456	1	2	48.3	17.4	8.8	0.03	0.03	4.2
MFC0456	2	3	44.5	21.9	8.7	0.02	0.02	4.4
MFC0459	2	3	40.0	26.8	10.0	0.01	0.02	4.9
MFC0460	0	1	49.1	12.8	10.4	0.01	0.06	4.9
MFC0461	7	8	41.0	22.5	11.8	0.01	0.02	5.4
MFC0462	0	1	43.7	22.8	8.9	0.02	0.04	4.8
MFC0463	0	1	41.3	26.1	9.2	0.01	0.04	4.7
MFC0465	13	14	43.5	21.5	10.7	<DET	0.02	4.7

MINDAX LIMITED | www.mindax.com.au

Page 9 of 15

ASX Announcement Drilling identifies new areas of iron mineralisation at Mt Forrest 10 April 2013

Hole ID	Depth From	Depth To	Fe%	SiO2 %	**Al2O3% **	P%	S%	LOI%
MFC0465	14	15	44.5	16.5	10.7	<DET	0.03	7.1
MFC0465	15	16	43.3	13.7	10.6	<DET	0.04	11.3
MFC0467	0	1	44.3	21.1	9.9	<DET	0.03	4.5
MFC0467	1	2	41.4	22.2	11.7	<DET	0.03	5.4
MFC0468	0	1	42.2	24.0	10.1	<DET	0.04	4.8
MFC0468	1	2	39.9	26.1	10.3	<DET	0.03	5.0
MFC0468	2	3	46.5	17.9	10.1	<DET	0.03	4.6
MFC0468	3	4	42.3	20.5	11.9	<DET	0.03	5.4
MFC0474	3	4	39.9	25.3	10.5	0.02	0.03	5.1
MFC0474	4	5	40.4	24.4	10.9	0.02	0.03	5.7
MFC0474	4	5	40.1	25.1	10.5	0.02	0.03	5.8
MFC0474	5	6	43.2	20.8	10.3	0.02	0.02	5.5
MFC0474	6	7	43.9	19.9	9.7	0.01	0.02	4.9
MFC0474	7	8	44.8	18.2	10.0	0.02	0.02	5.3
MFC0474	8	9	46.0	17.6	10.0	0.02	0.02	5.1
MFC0474	9	10	46.5	16.7	9.0	0.02	0.03	5.2
MFC0474	10	11	42.3	17.9	11.6	0.01	0.04	6.9
MFC0480	2	3	46.1	16.8	10.5	0.01	0.03	4.7
MFC0480	3	4	52.0	10.1	9.2	<DET	0.11	4.2
MFC0480	4	5	55.0	6.7	8.4	0.00	0.11	3.7
MFC0480	5	6	56.8	5.8	7.8	0.00	0.06	3.5
MFC0481	0	1	43.9	20.2	9.4	0.00	0.03	4.9
MFC0482	0	1	45.8	19.6	9.1	0.00	0.03	4.2
MFC0484	0	1	47.1	17.3	9.5	<DET	0.04	4.1
MFC0484	1	2	45.8	19.5	9.8	<DET	0.03	4.2
MFC0484	2	3	46.5	19.4	9.5	<DET	0.03	3.9
MFC0484	3	4	45.4	21.4	9.2	<DET	0.03	4.2
MFC0485	0	1	44.4	16.2	12.9	<DET	0.06	5.6
MFC0485	1	2	42.2	22.5	10.3	<DET	0.04	5.5
MFC0485	2	3	42.0	23.5	9.0	<DET	0.03	5.1
MFC0485	3	4	45.7	18.6	8.9	<DET	0.02	4.6
MFC0485	3	4	44.5	19.8	9.2	<DET	0.02	4.8
MFC0485	4	5	41.2	24.6	10.0	<DET	0.03	4.9
MFC0486	0	1	42.6	24.8	9.5	<DET	0.03	3.9
MFC0487	0	1	41.7	26.7	8.1	0.02	0.03	4.7
MFC0488	2	3	41.2	19.8	12.1	0.01	0.05	6.2
MFC0488	3	4	41.5	20.3	12.3	0.01	0.04	6.2
MFC0488	4	5	44.9	17.9	10.1	0.01	0.05	5.0
MFC0488	5	6	46.3	17.0	10.3	0.01	0.04	4.9
MFC0488	5	6	45.0	18.7	11.0	<DET	0.04	5.3

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Page 10 of 15

ASX Announcement Drilling identifies new areas of iron mineralisation at Mt Forrest 10 April 2013

Hole ID	Depth From	Depth To	Fe%	SiO2 %	**Al2O3% **	P%	S%	LOI%
MFC0488	6	7	45.5	19.0	9.3	0.01	0.03	5.0
MFC0488	7	8	45.2	21.4	8.6	0.01	0.06	4.8
MFC0488	8	9	43.6	21.2	10.2	0.01	0.04	5.1
MFC0488	14	15	44.0	18.9	10.3	<DET	0.04	5.4
MFC0489	0	1	44.3	19.1	10.1	<DET	0.05	5.3
MFC0489	1	2	43.8	20.3	10.3	<DET	0.05	5.2
MFC0489	2	3	43.6	18.3	11.6	<DET	0.05	6.2
MFC0489	3	4	47.2	15.5	10.9	<DET	0.04	5.0
MFC0489	4	5	48.2	15.2	10.3	<DET	0.04	4.8
MFC0489	5	6	46.2	18.3	9.6	<DET	0.04	5.0
MFC0489	6	7	44.0	21.6	9.5	<DET	0.04	5.2
MFC0489	7	8	44.3	20.6	9.0	0.01	0.05	4.7
MFC0490	0	1	43.6	18.9	11.8	0.01	0.15	6.1
MFC0490	1	2	46.3	16.4	10.4	<DET	0.06	5.9
MFC0490	2	3	47.5	15.8	10.1	<DET	0.05	4.5
MFC0490	3	4	49.9	14.4	8.2	0.01	0.05	4.0
MFC0490	4	5	48.7	16.6	7.9	0.01	0.05	4.2
MFC0490	5	6	48.5	17.3	7.7	0.01	0.04	4.1
MFC0490	6	7	44.7	21.4	8.0	<DET	0.04	4.3
MFC0491	0	1	41.0	22.7	11.4	0.01	0.05	5.3
MFC0491	1	2	45.5	18.2	10.6	0.01	0.05	5.3
MFC0491	2	3	45.8	17.7	10.3	0.01	0.05	5.0
MFC0491	3	4	48.9	16.0	8.6	<DET	0.04	4.2
MFC0491	4	5	49.5	16.2	7.2	0.01	0.04	3.9
MFC0491	5	6	49.7	16.7	7.6	<DET	0.05	3.9
MFC0491	6	7	44.0	20.8	9.6	0.01	0.05	4.9

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Page 11 of 15

ASX Announcement Drilling identifies new areas of iron mineralisation at Mt Forrest 10 April 2013

Table 2: Mt Forrest - Drill Collar Details

	Easting MGA94	Northing MGA94					Total Depth (m)
Hole ID			RL (m)	Survey Method	Dip	Azimuth
MFC0369	786011	6817810	493	GPS	-90	360	22
MFC0370	786102	6817795	496	GPS	-90	360	29
MFC0371	786117	6817501	491	GPS	-90	360	18
MFC0372	786121	6817201	486	GPS	-90	360	17
MFC0373	786020	6817049	487	GPS	-90	360	12
MFC0374	786125	6816904	483	GPS	-90	360	15
MFC0375	786030	6816714	480	GPS	-90	360	14
MFC0376	786133	6816593	482	GPS	-90	360	11
MFC0377	786022	6816508	478	GPS	-90	360	5
MFC0378	786142	6816354	477	GPS	-90	360	10
MFC0379	786255	6816459	484	GPS	-90	360	9
MFC0380	786352	6816473	489	GPS	-90	360	16
MFC0381	786470	6816477	493	GPS	-90	360	22
MFC0382	786588	6816450	485	GPS	-90	360	6
MFC0383	786665	6816444	489	GPS	-90	360	15
MFC0384	786688	6816523	491	GPS	-90	360	14
MFC0385	786697	6816338	491	GPS	-90	360	22
MFC0386	787119	6816326	519	GPS	-90	360	8
MFC0387	786945	6816436	499	GPS	-90	360	16
MFC0388	787032	6816441	511	GPS	-90	360	12
MFC0389	786798	6816462	481	GPS	-90	360	18
MFC0390	786848	6816642	501	GPS	-90	360	35
MFC0391	786836	6816798	511	GPS	-90	360	26
MFC0392	786714	6816853	496	GPS	-90	360	22
MFC0393	786768	6816929	500	GPS	-90	360	24
MFC0394	786816	6816929	509	GPS	-90	360	18
MFC0395	786852	6816930	512	GPS	-90	360	19
MFC0396	786601	6816599	492	GPS	-90	360	12
MFC0397	786244	6816593	487	GPS	-90	360	12
MFC0398	786348	6816599	487	GPS	-90	360	16
MFC0399	786503	6816596	495	GPS	-90	360	20
MFC0400	786259	6816750	488	GPS	-90	360	12
MFC0401	786423	6816761	494	GPS	-90	360	18
MFC0402	786510	6816745	501	GPS	-90	360	16
MFC0403	786594	6816749	494	GPS	-90	360	16
MFC0404	786641	6816754	490	GPS	-90	360	11

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Page 12 of 15

ASX Announcement Drilling identifies new areas of iron mineralisation at Mt Forrest 10 April 2013

	Easting MGA94	Northing MGA94					Total Depth (m)
Hole ID			RL (m)	Survey Method	Dip	Azimuth
MFC0405	786246	6816893	489	GPS	-90	360	12
MFC0406	786370	6816905	495	GPS	-90	360	12
MFC0407	786493	6816896	505	GPS	-90	360	18
MFC0408	786260	6817001	490	GPS	-90	360	10
MFC0409	786368	6816997	496	GPS	-90	360	12
MFC0410	786510	6817008	503	GPS	-90	360	16
MFC0411	786574	6816999	505	GPS	-90	360	16
MFC0412	786582	6817224	513	GPS	-90	360	35
MFC0413	786577	6817130	516	GPS	-90	360	26
MFC0414	786252	6817203	496	GPS	-90	360	10
MFC0415	786351	6817187	505	GPS	-90	360	11
MFC0416	786369	6817242	504	GPS	-90	360	4
MFC0417	786342	6817391	498	GPS	-90	360	11
MFC0418	786508	6817409	511	GPS	-90	360	38
MFC0419	786579	6817414	517	GPS	-90	360	36
MFC0420	786215	6817996	513	GPS	-90	360	11
MFC0421	786415	6818021	514	GPS	-90	360	6
MFC0422	786505	6818043	513	GPS	-90	360	6
MFC0423	786565	6818056	516	GPS	-90	360	6
MFC0424	786352	6817792	501	GPS	-90	360	18
MFC0425	786478	6817866	510	GPS	-90	360	6
MFC0426	786407	6818223	507	GPS	-90	360	6
MFC0427	786053	6819180	496	GPS	-90	360	6
MFC0428	786212	6819096	497	GPS	-90	360	6
MFC0429	786404	6819145	515	GPS	-90	360	20
MFC0430	786549	6819173	509	GPS	-90	360	6
MFC0431	786152	6819364	493	GPS	-90	360	10
MFC0432	786329	6819506	494	GPS	-90	360	10
MFC0433	786396	6819368	500	GPS	-90	360	15
MFC0434	790298	6825156	478	GPS	-90	360	18
MFC0435	790541	6825346	460	GPS	-90	360	8
MFC0436	790711	6825336	455	GPS	-90	360	12
MFC0437	790830	6825355	452	GPS	-90	360	10
MFC0438	790544	6825196	461	GPS	-90	360	12
MFC0439	790842	6825194	453	GPS	-90	360	12
MFC0440	790751	6825026	455	GPS	-90	360	10
MFC0441	790250	6824932	480	GPS	-90	360	11

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Page 13 of 15

ASX Announcement Drilling identifies new areas of iron mineralisation at Mt Forrest 10 April 2013

	Easting MGA94	Northing MGA94					Total Depth (m)
Hole ID			RL (m)	Survey Method	Dip	Azimuth
MFC0442	790354	6824923	471	GPS	-90	360	7
MFC0443	790277	6824523	488	GPS	-90	360	3.5
MFC0444	790384	6824579	479	GPS	-90	360	16
MFC0445	790498	6824711	475	GPS	-90	360	12
MFC0446	790497	6824598	474	GPS	-90	360	18
MFC0447	790645	6824597	465	GPS	-90	360	11
MFC0448	790793	6824711	461	GPS	-90	360	8
MFC0449	790797	6824605	463	GPS	-90	360	8
MFC0450	790699	6824693	461	GPS	-90	360	10
MFC0451	790292	6824297	489	GPS	-90	360	10
MFC0452	790427	6824307	479	GPS	-90	360	17
MFC0453	790456	6824397	479	GPS	-90	360	18
MFC0454	790501	6824273	472	GPS	-90	360	18
MFC0455	790609	6824403	471	GPS	-90	360	30
MFC0456	790807	6824403	465	GPS	-90	360	30
MFC0457	791183	6824401	457	GPS	-90	360	24
MFC0458	791392	6824399	451	GPS	-90	360	24
MFC0459	791600	6824402	444	GPS	-90	360	24
MFC0460	790301	6824075	482	GPS	-90	360	6
MFC0461	790460	6824127	478	GPS	-90	360	24
MFC0462	790640	6824195	467	GPS	-90	360	14
MFC0463	790867	6824201	464	GPS	-90	360	12
MFC0464	790979	6824194	460	GPS	-90	360	12
MFC0465	790431	6823912	487	GPS	-90	360	18
MFC0466	790541	6823950	482	GPS	-90	360	11
MFC0467	790702	6824095	472	GPS	-90	360	16
MFC0468	790696	6823990	472	GPS	-90	360	12
MFC0469	790702	6823902	469	GPS	-90	360	8
MFC0470	790892	6824001	466	GPS	-90	360	11
MFC0471	790901	6823909	466	GPS	-90	360	6
MFC0472	791049	6824006	459	GPS	-90	360	8
MFC0473	790537	6823856	476	GPS	-90	360	24
MFC0474	790496	6823743	472	GPS	-90	360	14
MFC0475	790685	6823764	465	GPS	-90	360	6
MFC0476	790844	6823747	460	GPS	-90	360	4
MFC0477	788795	6823705	482	GPS	-90	360	3
MFC0478	788866	6823754	482	GPS	-90	360	6

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Page 14 of 15

ASX Announcement Drilling identifies new areas of iron mineralisation at Mt Forrest 10 April 2013

	Easting MGA94	Northing MGA94					Total Depth (m)
Hole ID			RL (m)	Survey Method	Dip	Azimuth
MFC0479	788904	6823794	481	GPS	-90	360	6
MFC0480	789004	6823797	481	GPS	-90	360	10
MFC0481	788710	6824004	482	GPS	-90	360	5
MFC0482	788804	6824008	484	GPS	-90	360	12
MFC0483	788927	6823998	486	GPS	-90	360	12
MFC0484	788980	6824004	491	GPS	-90	360	16
MFC0485	789107	6823998	497	GPS	-90	360	24
MFC0486	788950	6824142	491	GPS	-90	360	12
MFC0487	788998	6824131	491	GPS	-90	360	18
MFC0488	789099	6824141	491	GPS	-90	360	18
MFC0489	789234	6824558	505	GPS	-90	360	18
MFC0490	789293	6824558	512	GPS	-90	360	18
MFC0491	789218	6824451	501	GPS	-90	360	18

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Page 15 of 15