ORA BANDA MINING LTD — Capital/Financing Update 2016

Jun 14, 2016

ASX ANNOUNCEMENT 15 June 2016

INITIAL DRILL RESULTS DEFINE POTENTIAL AT WALHALLA NORTH PROSPECT

HIGHLIGHTS

• Gold results from drilling at Walhalla North located 12 kilometres south of the Dexy prospect along the Round Dam trend (Figure 1), confirm significant mineralisation adjacent to historic high grade drill intercepts (Figure 3)

• Significant new drilling results include:

BOARD OF DIRECTORS

Mr Michael Fotios Executive Chairman

Mr Craig Readhead Non-Executive Director

Mr Alan Still Non-Executive Director

Ms Shannon Coates Company Secretary

ISSUED CAPITAL

Shares: 489m Options: 50m Current Share Price: $0.385 Market Capitalisation: $188.5m Cash as at 31/3/2016: $19.6m

• 7.00m @ 3.70g/t Au from 98.00m

• o 2.00m @ 5.74g/t Au from 15.00m o 3.00m @ 3.29g/t Au from 44.00m o 3.00m @ 3.26g/t Au from 87.00m

• These assays follow from recent Reverse Circulation (RC) results at the Dexy prospect (see ASX announcement dated 26 May 2016) and confirm the prospectivity of the Round Dam trend including the Waihi Lode Complex.

---

Eastern Goldfields Limited (ASX:EGS) ( Eastern Goldfields or the Company ) is pleased to announce that Reverse Circulation drilling on the Walhalla North Prospect ( WNP ) at Davyhurst in Western Australia has returned encouraging results.

The WNP is approximately 14 kilometres south of the Company’s 1.2Mtpa processing plant. A project review of the Round Dam mineralised trend identified the potential source for shallow oxide resources at this location, in the area between the Walhalla and Federal Flag pits. Of particular interest was historical drilling results including 8m @ 17.14g/t, 8m @ 14.64g/t and 4m @ 20.53g/t within the WNP.

The WNP is situated midway between the Federal Flag and Walhalla open pits which are 1.1 kilometres apart. Walhalla and Federal Flag deposits were both mined in 2007 and 2008 as part of the greater Davyhurst Project.

The current drill program was designed to:

• assist in the development of structural and geological models for the WNP, primarily aided by diamond drilling;

• confirm the location and tenor of the existing drilling via a twin hole; and

• provide additional data required to validate a Mineral Resource estimate.

Executive Chairman Michael Fotios said:

“This area is considered highly prospective and is one of a number of similarly advanced high priority prospects that are identifiable within the existing and extensive drilling database. We will now aim to extract additional value from this prospect by drilling step-out holes along strike and down dip. These results will bring us back to this prospect in the near future.”

1

The WNP mineralisation has been defined over a strike length of greater than 200 metres, while the structure itself remains open to the north, south and down dip. Further infill and extensional drilling is planned, which will be used to determine a maiden Mineral Resource estimation. Assay results from sampling of diamond drill holes at WNP are awaited.

Within the Round Dam trend the dominant rock types are fine grained basalt, high magnesium basalt, dolerite, ultramafics, sediments and volcaniclastics. Mineralisation at WNP is hosted by talc-chlorite mafic schist. The schist unit is surrounded by moderately massive tholeiitic basalt intercalated with thin dolerite and high magnesium basalt units. The schist is typically between 10 to 20 metres thick and has a strongly developed shear fabric. The schist lies between basaltic units to the west and sedimentary and volcanoclastic units to the east. Mineralisation favours the mafic units.

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Figure 1: Project Location Plan.

2

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Figure 2: Location Setting, plan view - showing WNP in relation to the Round Dam mineralised trend.

3

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Figure 3: Plan View – drill hole location plan.

4

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Figure 4: Cross section A-B.

5

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Figure 5: Cross section C-D.

Michael Fotios Executive Chairman T: +61 8 6241 1888

Michael Jardine

General Manager Corporate & Investor Relations T: +61 424 615 047 E : admin@easterngoldfields.com.au

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Competent Person Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Michael Thomson, an employee of Eastern Goldfields Limited, who is Member of the Australian Institute of Mining and Metallurgy. Mr Thomson 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 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Thomson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this announcement that relates to Mineral Resources is based on, and fairly represents, information and supporting documentation compiled by or under the supervision of Mr Michael Thomson, a Competent Person who is a member of the Australasian Institute of Mining and Metallurgy, a ‘Recognised Professional Organisation’ (‘RPO’) included in a list that is posted on the ASX website from time to time. Mr Thomson 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 and 2012 Editions of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Eastern Goldfields Limited confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources, all material assumptions and technical parameters underpinning the estimates in the initial announcement continue to apply and have not materially changed. Eastern Goldfields Limited confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

Forward Looking Statements

Eastern Goldfields Limited has prepared this announcement based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this announcement. To the maximum extent permitted by law, none of Eastern Goldfields Limited, its directors, employees or agents, advisers, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this announcement or its contents or otherwise arising in connection with it. This announcement is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any security, and neither this announcement nor anything in it shall form the basis of any contract or commitment whatsoever. This announcement may contain forward looking statements that are subject to risk factors associated with gold exploration, mining and production businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimations, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory changes, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.

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Appendix 1: Significant Intersections Table

			WALHALLA NORTH PROSPECT SIGNIFICANT INTERCEPTS	WALHALLA NORTH PROSPECT SIGNIFICANT INTERCEPTS	WALHALLA NORTH PROSPECT SIGNIFICANT INTERCEPTS	WALHALLA NORTH PROSPECT SIGNIFICANT INTERCEPTS	WALHALLA NORTH PROSPECT SIGNIFICANT INTERCEPTS	WALHALLA NORTH PROSPECT SIGNIFICANT INTERCEPTS	WALHALLA NORTH PROSPECT SIGNIFICANT INTERCEPTS
Hole ID	Easting	Northing	RL	Dip	Azimu th	Total Depth (m)	From	To	Interval m	Grade g/t	Comments
WARC0184	273471	6663147	452	-55	80	120	40.00	41.00	1.00	1.08	EGS Drilling (New)
WARC0184	273471	6663147	452	-55	80	120	44.00	47.00	3.00	3.29	EGS Drilling (New)
WARC0184	273471	6663147	452	-55	80	120	82.00	83.00	1.00	1.37	EGS Drilling (New)
WARC0184	273471	6663147	452	-55	80	120	87.00	90.00	3.00	3.26	EGS Drilling (New)
WARC0184	273471	6663147	452	-55	80	120	98.00	105.00	7.00	3.70	EGS Drilling (New)
WARC0188	273475	6663232	451	-60	80	111	49.00	50.00	1.00	7.70	EGS Drilling (New)
WARC0188	273475	6663232	451	-60	80	111	53.00	54.00	1.00	1.80	EGS Drilling (New)
WARC0188	273475	6663232	451	-60	80	111	58.00	60.00	2.00	2.35	EGS Drilling (New)
WARC0188	273475	6663232	451	-60	80	111	77.00	78.00	1.00	1.22	EGS Drilling (New)
WARC0188	273475	6663232	451	-60	80	111	84.00	85.00	1.00	9.23	EGS Drilling (New)
WARC0188	273475	6663232	451	-60	80	111	88.00	89.00	1.00	1.37	EGS Drilling (New)
WARC0189	273507	6663241	451	-60	80	78	15.00	17.00	2.00	5.74	EGS Drilling (New)
WARC0189	273507	6663241	451	-60	80	78	30.00	31.00	1.00	1.85	EGS Drilling (New)
WARC0189	273507	6663241	451	-60	80	78	49.00	50.00	1.00	1.66	EGS Drilling (New)
WARC0189	273507	6663241	451	-60	80	78	61.00	62.00	1.00	1.00	EGS Drilling (New)
WARC0187	273559	6663135	450	-60	80	78	8.00	9.00	1.00	1.65	EGS Drilling (New)
WARC0187	273559	6663135	450	-60	80	78	26.00	29.00	3.00	1.03	EGS Drilling (New)
WARC0187	273559	6663135	450	-60	80	78	39.00	43.00	4.00	1.12	EGS Drilling (New)
WARC142	273566	6663064	451	-60	80	30				NSI	Historical RC hole
WARC143	273535	6663058	451	-59	80	50	27.00	38.00	11.00	1.50	Historical RC hole
WARC144	273561	6663113	451	-60	80	40	19.00	20.00	1.00	1.68	Historical RC hole
WARC145	273528	6663162	452	-60	80	40	24.00	25.00	1.00	1.24	Historical RC hole
WARC145	273528	6663162	452	-60	80	40	31.00	39.00	8.00	14.64
Including	273528	6663162	452	-60	80	40	33.00	35.00	2.00	53.55
WARC146	273509	6663158	452	-60	80	60	17.00	18.00	1.00	1.49	Historical RC hole
WARC146	273509	6663158	452	-60	80	60	49.00	60.00	11.00	3.15
WARC160	273555	6663062	451	-60	80	40	30.00	31.00	1.00	2.76	Historical RC hole
WARC161	273561	6663090	451	-60	80	40				NSI	Historical RC hole
WARC162	273548	6663166	452	-60	80	35	26.00	27.00	1.00	2.18	Historical RC hole
WARC162	273548	6663166	452	-60	80	35	31.00	32.00	1.00	1.31
WARC174	273523	6663185	452	-59	75	50	17.00	18.00	1.00	1.01	Historical RC hole
WARC174	273523	6663185	452	-59	75	50	32.00	34.00	2.00	3.23
WARC175	273504	6663182	452	-59	89	80	54.00	62.00	8.00	17.14	Historical RC hole
Including	273504	6663182	452	-59	89	80	55.00	57.00	2.00	58.25
WARC175	273504	6663182	452	-59	89	80	68.00	69.00	1.00	1.18
WARC175	273504	6663182	452	-59	89	80	74.00	75.00	1.00	5.04
WARC176	273490	6663154	453	-60	80	90	29.00	32.00	3.00	3.64	Historical RC hole
WARC176	273490	6663154	453	-60	80	90	75.00	76.00	1.00	3.84
WARC176	273490	6663154	453	-60	80	90	86.00	90.00	4.00	20.53
Including	273490	6663154	453	-60	80	90	87.00	88.00	1.00	77.60
WARC177	273534	6663136	452	-60	80	60	27.00	28.00	1.00	1.08	Historical RC hole
WARC177	273534	6663136	452	-60	80	60	33.00	39.00	6.00	1.70

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WALHALLA NORTH PROSPECT SIGNIFICANT INTERCEPTS	WALHALLA NORTH PROSPECT SIGNIFICANT INTERCEPTS	WALHALLA NORTH PROSPECT SIGNIFICANT INTERCEPTS	WALHALLA NORTH PROSPECT SIGNIFICANT INTERCEPTS	WALHALLA NORTH PROSPECT SIGNIFICANT INTERCEPTS	WALHALLA NORTH PROSPECT SIGNIFICANT INTERCEPTS	WALHALLA NORTH PROSPECT SIGNIFICANT INTERCEPTS	WALHALLA NORTH PROSPECT SIGNIFICANT INTERCEPTS	WALHALLA NORTH PROSPECT SIGNIFICANT INTERCEPTS	WALHALLA NORTH PROSPECT SIGNIFICANT INTERCEPTS	WALHALLA NORTH PROSPECT SIGNIFICANT INTERCEPTS
Hole ID	Easting	Northing	RL	Dip	Azimu th	Total Depth (m)	From	To	Interval m	Grade g/t	Comments
WARC177	273534	6663136	452	-60	80	60	45.00	46.00	1.00	1.00
WARC177	273534	6663136	452	-60	80	60	47.00	48.00	1.00	1.14
WARC177	273534	6663136	452	-60	80	60	52.00	53.00	1.00	2.42
WARC178	273514	6663133	452	-60	80	83	47.00	48.00	1.00	1.56	Historical RC hole
WARC178	273514	6663133	452	-60	80	83	55.00	56.00	1.00	2.47
WARC178	273514	6663133	452	-60	80	83	59.00	63.00	4.00	7.57
Including	273514	6663133	452	-60	80	83	59.00	60.00	1.00	27.10
WARC178	273514	6663133	452	-60	80	83	68.00	73.00	5.00	2.04
WARC179	273519	6663009	452	-60	78	80	29.00	30.00	1.00	1.95	Historical RC hole
WARC179	273519	6663009	452	-60	78	80	36.00	38.00	2.00	12.89
WARC179	273519	6663009	452	-60	78	80	49.00	51.00	2.00	2.01
WARC180	273532	6663033	451	-60	86	50	40.00	44.00	4.00	1.02	Historical RC hole
WARC180	273532	6663033	451	-60	86	50	49.00	50.00	1.00	1.22
WARC181	273552	6663037	451	-60	80	30				NSI	Historical RC hole
WARC183	273541	6663189	452	-60	80	40	33.00	34.00	1.00	5.96	Historical RC hole
RC7	273520	6663209	454	-60	76	44	10.00	14.00	4.00	1.53	Historical RC hole
RC7	273520	6663209	454	-60	76	44	40.00	44.00	4.00	2.17
RC8	273542	6663111	451	-60	76	50	49.00	50.00	1.00	8.70	Historical RC hole
RC109	273506	6663207	450	-60	76	72	32.00	34.00	2.00	2.22	Historical RC hole
RC109	273506	6663207	450	-60	76	72	38.00	39.00	1.00	4.58
RC109	273506	6663207	450	-60	76	72	43.00	45.00	2.00	1.33
RC110	273523	6663108	453	-60	76	80	70.00	71.00	1.00	2.34
RC110	273523	6663108	453	-60	76	80	76.00	77.00	1.00	31.30	Historical RC hole

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Table 1: Mineral Resource Table

PROJECT	('000t) (g/t Au) MEASURED	('000t) (g/t Au) MEASURED	INDICATED	INDICATED	INFERRED	INFERRED	('000t) (g/t Au) ('000oz.) TOTAL MATERIAL	('000t) (g/t Au) ('000oz.) TOTAL MATERIAL	('000t) (g/t Au) ('000oz.) TOTAL MATERIAL
		(g/t Au)	('000t)	(g/t Au)	('000t)	(g/t Au)	('000t)	(g/t Au)
GOLDEN EAGLE	0	0.0	345	2.5	311	2.6	656	2.5	54
LIGHTS OF ISRAEL UNDERGROUND	0	0.0	74	4.3	180	4.2	254	4.2	35
MAKAI SHOOT	0	0.0	1,985	2.0	153	1.7	2,138	2.0	136
WAIHI	0	0.0	805	2.4	109	2.4	914	2.4	71
Central Davyhurst Subtotal	0	0.0	3,200	2.2	800	2.6	4,000	2.3	300
LADY GLADYS	0	0.0	1,858	1.9	190	2.4	2,048	1.9	128
RIVERINA AREA	0	0.0	941	2.4	1,644	2.5	2,585	2.5	205
FOREHAND	0	0.0	386	1.7	436	1.9	822	1.8	48
SILVER TONGUE	0	0.0	155	2.7	19	1.3	174	2.5	14
Mulline Subtotal	0	0.0	3,300	2.1	2,300	2.4	5,600	2.2	390
SAND KING	0	0.0	516	3.1	935	3.0	1,451	3.0	142
MISSOURI	98	1.7	831	2.0	909	2.2	1,838	2.1	123
PALMERSTON/CAMPERDOWN	0	0.0	118	2.3	174	2.4	292	2.4	22
BERWICK MOREING	0	0.0	0	0.0	50	2.3	50	2.3	4
BLACK RABBIT	0	0.0	0	0.0	434	3.5	434	3.5	49
THIEL WELL	0	0.0	0	0.0	18	6.0	18	6.0	3
Siberia Subtotal	98	1.7	1,500	2.4	2,500	2.8	4,100	2.6	340
CALLION	0	0.0	86	2.8	83	2.3	169	2.6	14
FEDERAL FLAG	32	2.0	112	1.8	238	2.5	382	2.3	28
SALMON GUMS	0	0.0	199	2.8	108	2.9	307	2.8	28
WALHALLA	0	0.0	448	1.8	216	1.4	664	1.7	36
WALHALLA NORTH	0	0.0	94	2.4	13	3.0	107	2.5	9
MT BANJO	0	0.0	109	2.3	126	1.4	235	1.8	14
MACEDON	0	0.0	0	0.0	186	1.8	186	1.8	11
IGUANA	0	0.0	690	2.1	2,032	2.0	2,722	2.0	177
LIZARD	106	4.0	75	3.7	13	2.8	194	3.8	24
Davyhurst Regional Subtotal	138	3.5	1,800	2.2	3,000	2.0	5,000	2.1	340
Davyhurst Total	236	2.8	9,800	2.2	8,600	2.4	18,700	2.3	1,370
BALDOCK	0	0.0	136	18.6	0	0.0	136	18.6	81
BALDOCK STH	0	0	0	0	0	0	0	0	0
METEOR	0	0.0	0	0.0	143	9.3	143	9.3	43
WHINNEN	0	0	0	0	39	13.3	39	13.3	17
Mount Ida subTotal	0	0.0	140	18.6	180	10.2	320	13.8	140
Combined Total	236	2.8	9,900	2.4	8,800	2.5	19,000	2.5	1,510

• 1.) This information was prepared and first disclosed under the JORC Code 2004 (refer to ASX release “Swan Gold Prospectus”, 13/2/2013). It has not been updated since to comply with JORC Code 2012 on the basis that the information has not materially changed since it was last reported

• 2.) The First Hit, Sunraysia and Lady Bountiful Resources are no longer held by Eastern Goldfields and as such have been omitted form the above table.

• 3.) The above table contains rounding errors.

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JORC CODE, 2012 EDITION – TABLE 1 REPORT TEMPLATE

Section 1 Sampling Techniques and Data

Information for historical (Pre Eastern Goldfields Limited from 1996 and 2001) drilling and sampling has been extensively viewed and validated where possible. Information pertaining to historical QAQC procedures and data is incomplete but of a sufficient quality and detail to allow drilling and assay data to be used for resource estimations. Further, Eastern Goldfields Limited has undertaken extensive infill and confirmation drilling which confirm historical drill results. Sections 1 and 2 describe the work undertaken by Eastern Goldfields Limited and only refer to historical information where appropriate and/or available.

Section 1. Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sampling		Nature and quality of sampling (eg cut channels,		Cons Gold – RC 1m samples where alteration is visible. Remainder of
techniques		random chips, or specific specialised industry		hole composited to 4m. 2 to 3 kg samples sent to laboratory for
		standard measurement tools appropriate to the		crushing, pulverising and 50g Fire Assay.
		minerals under investigation, such as down hole		Croesus – RC 1m samples collected under free standing cyclone. 5m
		gamma sondes, or handheld XRF instruments, etc).		comps assayed for gold by 50g Fire assay.
		These examples should not be taken as limiting the		Monarch - RC samples were collected on 1m basis into pre-numbered
		broad meaning of sampling.		calico bags and submitted to the laboratory for pulverizing and gold
		Include reference to measures taken to ensure sample		determination by fire assay. The entire hole was assayed.
		representivity and the appropriate calibration of any		Eastern Goldfields Limited (EGL) – RC samples collected from riffle
		measurement tools or systems used.		splitter directly off rig into calico bags. Splitter maintained on level
		Aspects of the determination of mineralisation that		site to ensure sample representivity. 1m samples are pulverized and
		are Material to the Public Report.		a 40g charge is analysed by Fire Assay.
		In cases where ‘industry standard’ work has been
		done this would be relatively simple (eg ‘reverse
		circulation drilling was used to obtain 1 m samples
		from which 3 kg was pulverised to produce a 30 g
		charge for fire assay’). In other cases more
		explanation may be required, such as where there is
		coarse gold that has inherent sampling problems.
		Unusual commodities or mineralisation types (eg
		submarine nodules) may warrant disclosure of
		detailed information.
Drilling techniques		Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube,		Cons Gold - Reverse Circulation drilling, 4.25” to 5.5” dia. Face sampling hammer used. Stabilisers used to control hole direction.
		depth of diamond tails, face-sampling bit or other		Croesus RC drilling detail unknown.
		type, whether core is oriented and if so, by what
		method, etc).		Monarch - Drilling techniques used was Reverse Circulation using
				51/2” hammer.
				EGL- RC drilling using face sampling hammer, 5.25” dia.
Drill sample		Method of recording and assessing core and chip		RC drill recoveries were not recorded by Cons Gold or Croesus.
recovery		sample recoveries and results assessed.		Monarch - Incomplete data for Monarch RC drilling. Sample recovery
		Measures taken to maximise sample recovery and		generally not recorded.
		ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may	 	EGL – sample recoveries not recorded. There is no known relationship between sample recovery and grade.
		have occurred due to preferential loss/gain of
		fine/coarse material.
Logging		Whether core and chip samples have been		Cons Gold – All RC holes logged, quantitative logging applied to
		geologically and geotechnically logged to a level of		veining percentage. Logging directly into HPLX2000 data recorder
		detail to support appropriate Mineral Resource		using standard logging codes.
		estimation, mining studies and metallurgical studies.		Croesus – Entire hole geologically logged, quantitative estimates
		Whether logging is qualitative or quantitative in		made of vein percentage and alteration intensity.
		nature. Core (or costean, channel, etc) photography.		Monarch - RC chip samples have been geologically logged to a
		The total length and percentage of the relevant		suitable standard. The logging describes the dominant and minor
		intersections logged.		rocktypes, colour, mineralisation, oxidation, alteration, texture, vein
				type and basic structure. Veining and sulphide mineralization are
				quantitatively logged.
				EGL - Core logging is completed by Company Geologists who log
				lithology,alteration,mineralization and structure to industry

11

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				standards. Logging is qualitative, estimates are made of sulphide
				and alteration percentages.
				100% of holes isgeologicallylogged.
Sub-		If core, whether cut or sawn and whether quarter,
sampling techniques and sample preparation	 	half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and		Cons Gold - RC Samples collected via cyclone at 1m intervals and passed through 3 stage riffle splitter. A 2-3kg fraction was calico bagged for analysis, the residue collected in plastic bags and stored on site. Potentially mineralised zones were sampled at 1m intervals,
		appropriateness of the sample preparation technique.		the remainder composited to 4m by unknown method. Composite
		Quality control procedures adopted for all sub-		samples returning elevated Au grades were re submitted at 1m
		sampling stages to maximise representivity of		intervals. Samples underwent mixermill preparation (2-3kg) by
		samples.		Amdel Laboratories.
		Measures taken to ensure that the sampling is
		representative of the in situ material collected,		Croesus RC – 1m samples collected under cyclone. 5m comps, spear
		including for instance results for field		sampled with 50mm PVC pipe. Wet RC drill samples were
		duplicate/second-half sampling.		thoroughly mixed in the sample retention bag and scoop sampled to
		Whether sample sizes are appropriate to the grain size of the material being sampled.		form a composite sample. Five metre composite analytical samples, returning values greater than 0.1g/t gold, were riffle split at 1m intervals, where samples where dry, and grab sampled where wet.
				The analytical samples were dried, crushed and split to obtain a
				sample less than 3.5kg, and then fine pulverised prior to a 50gm
				charge being collected and analysed.
				RC samples for RV series holes drilled by Riverina Gold Mines NL.
				were riffle split and ¼ sent to the accredited assay laboratory.
				Monarch - 1m intervals were riffle split at the rig from the entire
				hole. Sampling method of wet samples was not recorded. Field
				duplicates collected at rate of approx.1:20. Sample sizes were
				appropriate for the material being sampled
				EGL – 1m sample collected from riffle splitter in calico bag. Intervals
				of wet or moist samples were noted during sampling.
				Sample preparation technique is deemed adequate. Analysis for
				gold (Fire assay/ICP Optical Emission Spectrometry) by Intertek
				Laboratory in Kalgoorlie. The analytical samples were dried, and
				split where necessary to obtain a sample less than 3.0kg, and then
				fine pulverised prior to a 50gm charge being collected and analysed.
Quality of		The nature, quality and appropriateness of the		Cons Gold samples were sent to Analabs for fire assay, 50g charge.
assay data		assaying and laboratory procedures used and		Fire assay is considered a total technique. Routine laboratory quality
and		whether the technique is considered partial or total.		control checks were applied but details are unknown. Duplicate field
laboratory tests		For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining		samples were submitted for analysis at rate of 1:20. Pulps were submitted to umpire laboratories for analysis, details unknown.
		the analysis including instrument make and model,		Screen fire assays were performed on selected high grade samples,
		reading times, calibrations factors applied and their		details unknown.
		derivation, etc.		Croesus samples analysed for Au by Fire Assay/ICPOES by Ultratrace
		Nature of quality control procedures adopted (eg		in Perth. Samples were dried, crushed and split to obtain a sample
		standards, blanks, duplicates, external laboratory		less than 3.5kg, and then fine pulverised prior to a 50gm charge
		checks) and whether acceptable levels of accuracy (ie		being collected and analysed. Every 20thsample was duplicated in
		lack of bias) and precision have been established.		the field and submitted for analysis. Gannet standards and blank
				samples made by Croesus were submitted with split sample
				submissions only.
				EGL – Field duplicate samples collected by spear from sample
				retention bags submitted at a rate of 1:20. Commercially prepared
				standard samples and uncertified blanks are inserted in the sample
				stream at a rate of 1:10. Analysis for gold by Fire assay/ICP Optical
				Spectrometry which is considered a total technique, by Intertek
				Laboratory in Kalgoorlie. Sizing results (percentage of pulverised
				sample passing a 75μm mesh) are undertaken on approximately 1 in
				100 samples. The accuracy (standards) and precision (repeats) of
				assayingare acceptable for current drilling.
Verification		The verification of significant intersections by either		EGL geologists have not viewed significant intersections from
of sampling		independent or alternative company personnel.		historic drilling
and assaying	 	The use of twinned holes. Documentation of primary data, data entry		Holes have not been planned to specifically twin historic intercepts, however new intersections display similar tenor of mineralization.
		procedures, data verification, data storage (physical		Geological and sample data logged directly into field computer at
		and electronic) protocols.		the core yard using Field Marshall. Data is transferred to Perth via
		Discuss any adjustment to assay data.		email and imported into Geobank SQL database by the database
				administrator (DBA). Assay files are received in .csv format and
				loaded directly into the database by the DBA. Hardcopy and/or
				digital copies of data are kept for reference if necessary.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				No adjustments are made to any assay data. First gold assay is
				utilised for anyreporting.
Location of		Accuracy and quality of surveys used to locate drill		Cons Gold – All holes surveyed on to Waihi local grid by a licensed
data points		holes (collar and down-hole surveys), trenches, mine		surveyor.
		workings and other locations used in Mineral		MGA zone 51 used for reporting. Early holes surveyed in AMG zone
		Resource estimation.		51 and local grids converted to MGA using Geobank and or
		Specification of the grid system used.		Datashed data management software.
		Quality and adequacy of topographic control.		Majority of Cons Gold holes containing mineralisation were down
				hole surveyed by electronic gyro compass.
				Croesus - Holes were not down hole surveyed
				EGL - Drill hole collar positions are picked up using a Trimble DGPS
				subsequent to drilling. RC drill holes are not down hole surveyed.
				Where possible holes will be down hole surveyed at a later date.
				Pit surveys were completed by mine surveyors at completion of
				openpit miningat nearbyWaihi and LadyEileenpits.
Data		Data spacing for reporting of Exploration Results.		Data spacing is approximately 20m along orebody strike and
spacing		Whether the data spacing and distribution is		between 10 and 20m up and down dip.
and distribution		sufficient to establish the degree of geological and grade continuity appropriate for the Mineral		Data spacing and distribution is sufficient to establish geological and grade continuity for future mineral resource estimation procedures
		Resource and Ore Reserve estimation procedure(s)		and classifications.
		and classifications applied.		Sample compositing has not been applied and will only be applied at
		Whether sample compositing has been applied.		the resource estimation stage.
Orientation		Whether the orientation of sampling achieves		The orientation of the ore body is north-north-west striking and
of data in		unbiased sampling of possible structures and the		steep west dipping. Drill holes are drilled at -60 to 077o intersecting
relation to		extent to which this is known, considering the deposit		the ore body approximately 45o.
geological structure		type. If the relationship between the drilling orientation		It is unknown but unlikely that the drilling orientation biases the sampling.
		and the orientation of key mineralised structures is
		considered to have introduced a sampling bias, this
		should be assessed and reported if material.
Sample		The measures taken to ensure sample security.		Unknown for earlier operators.
security				Monarch - Pre-numbered calico sample bags were put into
				numbered plastic bags. These numbers were written on the
				submission forms which and checked by the geologist. Plastic bags
				were then securely cable tied, and placed in a secure location.
				Samples were then picked up by the Lab in Kalgoorlie or delivered to
				Perth via courier. A work order conformation was emailed to
				monarch personnel for each sample submission once samples were
				received by the Laboratory.
				EGL – Samples are bagged, tied and in a secure yard. Once
				submitted to the laboratories they are stored in cages within a
				secure fenced compound. Samples are tracked through the
				laboratoryvia their LIMS.
Audits or		The results of any audits or reviews of sampling		No audits of sampling techniques has been done.
reviews		techniques and data.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Mineral tenement		Type, reference name/number, location and		Walhalla North deposit is on Tenement M30/63 held (100%)
and land tenure		ownership including agreements or material issues		by Carnegie Gold Pty Ltd., a wholly owned subsidiary of Swan
status		with third parties such as joint ventures,		Gold Mining Limited.
		partnerships, overriding royalties, native title		There are no heritage issues.
		interests, historical sites, wilderness or national park		There are no known impediments to operating in the area.
		and environmental settings.
		The security of the tenure held at the time of
		reporting along with any known impediments to
		obtaining a licence to operate in the area.
Exploration done		Acknowledgment and appraisal of exploration by		During 2007 Monarch Gold drilled 16 RC holes at the deposit.
by other parties		other parties.		In general drilling appears to have been done to the accepted
				standards of the day and reasonably well documented.
				Sample quality is notable omission from the dataset.
Geology		Deposit type, geological setting and style of		Mineralisation at Walhalla is hosted by talc-chlorite mafic
		mineralisation.		schist. The schist unit is surrounded by moderately massive
				tholeiitic basalt intercalated with thin dolerite and high

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				magnesium basalt units. The schist is typically between 10 to
				20 metres thick and has a strongly developed shear fabric.
				At Walhalla there appear to be multiple lenses of
				mineralised schist with the basaltic units to the west and
				sedimentary and volcaniclastic units to the east.
				Mineralisation favours the mafic units.
				Gold mineralisation has an overall NNW-trend and steep
				(>70º) WSW-dip with a shallow (~10º) S-plunge to
				mineralisation.
Drill hole		A summary of all information material to the		Refer to Significant Intercepts Table for the drillholes data
Information		understanding of the exploration results including a
		tabulation of the following information for all
		Material drill holes:
		o easting and northing of the drill hole collar
		o elevation or RL (Reduced Level – elevation
		above sea level in metres) of the drill hole collar
		o dip and azimuth of the hole
		o down hole length and interception depth
		o hole length.
		If the exclusion of this information is justified on the
		basis that the information is not Material and this
		exclusion does not detract from the understanding
		of the report, the Competent Person should clearly
		explain why this is the case.
Data aggregation		In reporting Exploration Results, weighting		Only original assays have been used, averages using repeat
methods		averaging techniques, maximum and/or minimum		and duplicate assays were not used.
		grade truncations (eg cutting of high grades) and		No metal equivalents reported.
		cut-off grades are usually Material and should be
		stated.
		Where aggregate intercepts incorporate short
		lengths of high grade results and longer lengths of
		low grade results, the procedure used for such
		aggregation should be stated and some typical
		examples of such aggregations should be shown in
		detail.
		The assumptions used for any reporting of metal
		equivalent values should be clearly stated.
Relationship		These relationships are particularly important in the		Drilling is all at -60otowards 080o. This is perpendicular to the
between		reporting of Exploration Results.		interpreted mineralized structure which strikes NNW and dips
mineralisation		If the geometry of the mineralisation with respect to		steeply to the WSW.
widths and		the drill hole angle is known, its nature should be		Only downhole lengths are reported, true widths are
intercept lengths		reported.		uncertain.
		If it is not known and only the down hole lengths are
		reported, there should be a clear statement to this
		effect (eg ‘down hole length, true width not
		_known’). _
Diagrams		Appropriate maps and sections (with scales) and		See figures 1-4
		tabulations of intercepts should be included for any
		significant discovery being reported These should
		include, but not be limited to a plan view of drill hole
		collar locations and appropriate sectional views.
Balanced reporting		Where comprehensive reporting of all Exploration		Results from all drilling has been reported.
		Results is not practicable, representative reporting
		of both low and high grades and/or widths should
		be practiced to avoid misleading reporting of
		Exploration Results.
Other substantive		Other exploration data, if meaningful and material,		None
exploration data		should be reported including (but not limited to):
		geological observations; geophysical survey results;
		geochemical survey results; bulk samples – size and
		method of treatment; metallurgical test results; bulk
		density, groundwater, geotechnical and rock
		characteristics; potential deleterious or
		contaminating substances.
Further work		The nature and scale of planned further work (eg		Infill, step out (to N and S) and depth extension drilling.
		tests for lateral extensions or depth extensions or
		large-scale step-out drilling).
		Diagrams clearly highlighting the areas of possible

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Criteria	JORC Code explanation	Commentary
	extensions, including the main geological
	interpretations and future drilling areas, provided
	this information is not commercially sensitive.

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