MINREX RESOURCES LIMITED — Interim / Quarterly Report 2012

Jan 28, 2013

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Quarterly Report 31 December 2012

KEY HIGHLIGHTS

• MinRex Resources NL has continued exploration of its Heemskirk tenement near Zeehan, in north-western Tasmania.

• A preliminary stream sediment sampling program of selected areas of the Heemskirk Project has been designed, contractors engaged and the program of sampling completed. Assay results are not yet available.

• Following a review of all data a drilling and sampling program has been proposed for the Deflector Extended project. The MinRex Board is assessing the proposal.

• MinRex is continuing to explore for opportunities that will complement its existing exploration portfolio.

• At the end of the December Quarter the Company had available cash of $2.716 million.

Heemskirk Tin Project

The Heemskirk Project (E18/2011) covers 44 km² and is located in north-western Tasmania and centred approximately 16 km WNW of Zeehan town. The area is thought to be highly prospective for tin mineralisation, but may also host copper, lead, zinc and bismuth mineralisation as sulphides.

Preliminary work in the September Quarter, including interpretation by consultants, Southern Mineral Exploration Geophysics (SMEG), of recently purchased airborne aeromagnetic and radiometric surveys, review of previous sampling and mapping programs and analysis of other data sets, identified a number of areas for further follow-up sampling. The purpose of this initial exploratory program is to confirm the effectiveness of these sampling techniques and to establish a statistical base from which to distinguish background results from anomalous assays results for a range of base and precious metals comprising: tin, tungsten, molybdenum, copper, gold and silver.

Based on recommendations from the review of previous work, MinRex engaged Ron Gregory Prospecting to undertake a detailed stream sediment sampling program, commencing with drainages surrounding historic workings, including the McGuiness Mines (Figure 1).

Work completed in the December Quarter included the collection by Ron Gregory Prospecting of thirty (30) stream sediment samples (Figure 2) from around the historic McGuiness tin mine. The samples were transported from Tasmania to Perth, Western Australia for analysis by Bureau Veritas for the elements Au, Ag, W, Sn, Mo and As.

No assay results have been received at the time of writing. Table 1 shows the data relating to the stream sediment sampling. Results of the initial sampling and the broader program are expected in the March Quarter 2013.

Further work on the Heemskirk Project will be planned following the receipt of all the assay results.

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McGuiness Mine
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Figure 3 : Stream Sediment Sampling – Prospective Site Locations

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Figure 2: Contour map showing detailed stream sediment sampling sites around the Historic McGuiness Mine.

Table 1

Stream Sediment Sample Numbers and Locations

Heemskirk Project Sampling

Sample	Sample	Location		date
No.	I.D.	Easting	Northing	sampled
53201	MSS001	346,721	5,366,847	21-Nov-12
53202	MSS002	346,729	5,366,840	21-Nov-12
53203	MSS003	346,665	5,366,748	21-Nov-12
53204	MSS004	346,287	5,366,435	21-Nov-12
53205	MSS005	346,294	5,366,425	21-Nov-12
53206	MSS006	346,229	5,366,333	21-Nov-12
53207	MSS007	346,472	5,366,268	21-Nov-12
53208	MSS008	346,570	5,366,190	21-Nov-12
53209	MSS009	346,724	5,365,864	3-Dec-12
53210	MSS010			3-Dec-12
Sample	Sample	Location		date
No.	I.D.	Easting	Northing	sampled
53211	MSS011	346,820	5,365,652	24-Nov-12
53212	MSS012	346,739	5,365,581	24-Nov-12
53213	MSS013	346,860	5,365,584	24-Nov-12
53214	MSS014	346,894	5,365,598	24-Nov-12
53215	MSS015	347,265	5,365,761	24-Nov-12
53216	MSS016	347,266	5,365,751	24-Nov-12
53217	MSS017	347,172	5,365,235	23-Nov-12
53218	MSS018	347,303	5,365,144	23-Nov-12
53219	MSS019	347,315	5,365,150	23-Nov-12
53220	MSS020			23-Nov-12
53221	MSS021	346,359	5,365,741	3-Dec-12
53222	MSS022	346,418	5,365,612	3-Dec-12
53223	MSS023	346,361	5,365,592	3-Dec-12
53224	MSS024	345,923	5,365,650	21-Nov-12
53225	MSS025	345,956	5,365,661	21-Nov-12
53226	MSS026	346,140	5,365,020	25-Nov-12
53227	MSS027	346,252	5,364,988	25-Nov-12
53228	MSS028	346,214	5,364,719	25-Nov-12
53229	MSS029	346,335	5,364,685	26-Nov-12
53230	MSS030	346,443	5,364,690	26-Nov-12
53231	MSS031	346,788	5,364,715	26-Nov-12
53232	MSS032	346,789	5,364,723	26-Nov-12

Deflector Extended

The Deflector Extended Gold Project is located approximately 370kms NNE of Perth and approximately 50 km southwest of Yalgoo, within the Gullewa Greenstone Belt, of Western Australia. Gold (coarse gold) mineralisation is hosted within sheared, sulphidic quartz veining.

The Deflector Extended Gold Project has received only cursory regional exploration including soilgeochemistry surveys, rock chip sampling and RAB/AC drilling. Overlapping structural and soil geochemistry anomalies at Deflector Extended are the compelling exploration targets to

be investigated by MinRex.

Following a comprehensive review of all available data a limited program of RAB/AC drilling has been proposed to test a number of structural and geochemical targets within the project area. The MinRex Board is currently assessing the program proposal.

Follow-up Exploration Activities :

Exploration activities planned by the Company over the next Quarter for both its project areas in Western Australia and Tasmania are given below.

Deflector Extended

• The MinRex Board is currently assessing a drilling and sampling proposal to test structural and geochemical targets within the Deflector Extended project.

• Should the proposal be approved, and following the necessary Mines Department approvals, a contract for the drilling will be arranged and the program completed.

Heemskirk

• Following receipt of the assay information from the recently completed stream sediment sampling program an assessment will be made of validity and effectiveness of the sampling method. Should the results warrant further work a program will be designed to further test targets within the project area.

Corporate

As at 31 December 2012, the Company had available cash of $2.716 million. The Company is also continuing to assess a broad range of exploration opportunities that have the potential to complement the existing tenement portfolio.

For further information, please contact:

Richard Procter Non-Executive Chairman T: +61 8 9486 8806 F: +61 8 9321 3559 info@minrex.com.au

About MinRex

MinRex has two principal projects. The Deflector Extended Gold Project is located approximately 370kms NNE of Perth, within the Gullewa Greenstone Belt, south of Yalgoo in Western Australia. Gold (coarse gold) mineralisation is hosted within sheared, sulphidic quartz veining. Historical production commenced in the region in 1897 from the Daisy, Shannadoh, Gullewa Queen, Monarch, Phoenix, Victory United, Golden Stream, Mugga King and Mugga Queen Mines to the south west of the Deflector Extended Gold Project area. Historical production continued into the early 1940’s. During this period a total of 35,726 ounces of gold was produced from a total of 24,000 tonnes of ore at an overall grade of 46.3 g/t Au.

The Deflector Extended Gold Project has received cursory regional exploration including soil geochemistry surveys, rock chip sampling and RAB/AC drilling. Overlapping structural and soil

geochemistry anomalies at Deflector Extended are the compelling exploration targets to be investigated by MinRex.

Within the Heemskirk Tin Project, centred 16 km WNW of Zeehan in Tasmania, historical exploration is limited to non-systematic prospecting activities and has been focussed on surface mineralisation. The most substantial exploration efforts have focussed on the Peripatetic mine which consists of five adits, three shafts and numerous small open pits. Numerous historical workings within the project area present a number of opportunities to evaluate. Detailed mapping and geochemical sampling will be conducted across the prospect.

Competent Persons Statement:

The information in this announcement that relates to Exploration Results is based on information compiled by Simon Fleming, Consulting Geologist. Simon Fleming is employed as a consultant for MinRex and is also a Fellow of the Australasian Institute of Mining and Metallurgy 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 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Simon Fleming consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.