ORA BANDA MINING LTD — Capital/Financing Update 2016

May 18, 2016

ASX ANNOUNCEMENT 19 May 2016

Drill results from Golden Eagle delivers near term mining target

Eastern Goldfields Limited (ASX:EGS) ( Eastern Goldfields or the Company ) is pleased to announce that drilling on the Golden Eagle Deposit ( GED ), located near Davyhurst in Western Australia has confirmed the Company’s recently revised geological model and the importance of the Quartz-Feldspar-Lode ( QFL ) association with the location of high gold grades.

Highlights

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: $0.29 Market Capitalisation: $141m Cash as at 31/3/2016: $19.6m

• 2.95m @ 11.06g/t Au from 157.05m

• 2.66m @ 13.74g/t Au from 112.84m o Incl 0.70m @ 36.60g/t Au

• 6.11m @ 4.81g/t Au from 229.23m  4.25m @ 6.08g/t Au from 165.95m o Incl 1.55m @ 12.91g/t Au

• 5.00m @ 5.00g/t Au from 119.0m  3.43m @ 5.66g/t Au from 188.42m  2.98m @ 6.27g/t Au from 134.02m  1.74m @ 9.43g/t Au from 162.36m

The GED has been identified as an additional near term underground mining target. The revised geological model was developed with a focus on defining the high grade hanging-wall mineralisation (see Figure 1 & 2) from the broader 10-20 metre wide mineralised zone that was previously bulk mined in a large open pit.

The first phase of drilling is now complete, with results confirming that mineralisation extends over 100m north of the existing resource boundary and remains open at both depth and in the down plunge direction. These results will now be incorporated into an updated and extended underground Resource model. The exploration potential of this deposit remains high with both the hanging wall and footwall horizons remaining open at depth.

The GED is hosted within the same geological unit as the Lights of Israel Deposit that historically produced 4.7Mt @ 3.0g/t Au and was mined to over 500 vertical metres below the natural surface. The GED displays numerous geological similarities, suggesting the exploration potential for down plunge continuation remains significant.

The Company has previously informed the market that underground mining evaluation work has returned positive results. The Company is now in advanced discussions with a specialist underground mining contractor regarding the commencement of mining in the second half of 2016. All the statutory approvals required to commence mining have been lodged with the regulator and are currently being assessed.

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Figure 1: Visible gold – Hole GEDD001 @ 115.8m Hanging-wall contact of the mineralised zone

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Figure 2: Looking North – Quartz Feldspar Lode (QFL) as mined in the GE open pit (Croesus 2005)

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Figure 3: Looking East – long Section showing drill hole intersections and resource outline

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Figure 4: Looking North – Cross Section 930N showing lode position

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Figure 5: Looking North – Cross Section 990N showing lode position

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Figure 6: Plan View – Showing hole positions and historical open pit

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Figure 7: Project Location plan

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 Potential and Results is based on information compiled by Mr Andrew Czerw, a full time employee of Eastern Goldfields Limited, who is Member of the Australian Institute of Mining and Metallurgy. Mr Czerw 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 Czerw consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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

Hole ID	Drill Type	MGA Easting	MGA Northing	AHD RL	Dip	Azimuth	Max Depth	From	To	Interval m	Grade g/t	Comments
GEDD001	DD	273843	6673900	468	-58	90	161.10	119	124.00	5.00	5.00
								Incl 122.00	124.00	2.00	8.02
GEDD002	DD	273840	6673930	468	-60	90	191.10	112.84	115.50	2.66	13.74
								Incl 112.84	113.60	0.70	36.60
								117.00	118.04	1.04	5.43
GEDD003	DD	273825	6673930	468	-60	90	242.10	139.10	140.63	1.53	3.95
								142.90	142.35	0.45	13.60
GEDD005	DD	273807	6673956	468	-60	90	239.10	155.27	157.1	1.83	8.30
GEDD006	DD	273813	6673990	468	-60	90	194.10	134.02	137	2.98	6.27
								Incl 136.50	137	0.50	22.00
								139.55	140.1	0.55	4.89
GEDD007	DD	273793	6673990	468	-60	90	215.1	157.05	160.00	2.95	11.06
								162.36	164.10	1.74	9.43
								Incl 163.20	163.50	0.30	32.00
								171.53	172.50	0.97	3.20
								176.52	177.2	0.68	3.50
GEDD008	DD	273802	6674014	468	-57	90	175.40	136.3	137.86	1.56	6.68
								Incl 136.30	136.70	0.40	17.10
GEDD009	DD	273780	6674012	468	-57	90	230.10	157.87	161.90	4.03	3.95
								164.6	165.60	1.00	7.55
GEDD010	DD	273795	6674060	468	-60	90	200.10	137.1	137.75	0.65	14.00
								140.4	140.7	0.30	3.59
GEDD011	DD	273765	6674060	468	-60	90	221.10	165.95	170.2	4.25	6.08
								Incl 165.95	167.5	1.55	12.91
								181.7	182.4	0.70	3.83

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Hole ID	Drill Type	MGA Easting	MGA Northing	AHD RL	Dip	Azimuth	Max Depth	From	To	Interval m	Grade g/t	Comments
GEDD013	DD	273760	6674040.39	468	-60	90	260.10	173.75	179.2	5.45	3.37
								198	198.95	0.95	3.55
								201.1	201.88	0.78	3.29
								205.5	206.62	1.12	3.53
								229.25	229.9	0.65	10.50
GEDD0014	DD	273740	6674117	468	-60	90	272.1	168.14	168.7	0.56	7.42
								229.23	235.34	6.11	4.81
								Incl 231.90	232.9	1.00	12.60
GEDD015	DD	273720	6674117	468	-60	90	284.1	188.42	191.85	3.43	5.66
								Incl 188.42	189.2	0.78	15.90
GERC096	RC	273838	6673836	470	-60	91	170	NSI				Historical Drill Hole
GERC098	RC	273876	6673858	471	-60	90	130	68	70	2	9.20	Historical Drill Hole
GERC112D	DD	273862	6673731	471	-60	92	168	141	143	2	11.93	Historical Drill Hole
GERC113	RC	273843	6673811	470	-61	90	176	NSI				Historical Drill Hole
GERC119	DD	273864	6673858	470	-60	95	196	91	94	3	12.13	Historical Drill Hole
GERC126	RC	273856	6674057	467	-61	90	160	NSI				Historical Drill Hole
GERC127	RC	273817	6673957	468	-59	92	170	139	143	4	12.29	Historical Drill Hole
GERC130	RC	273858	6673837	469	-61	92	150	106	116	10	11.13	Historical Drill Hole
GERC134	RC	273797	6673959	467	-62	89	220	206	208	2	4.13	Historical Drill Hole
GERC135	RC	273818	6674040	467	-61	88	220	NSI				Historical Drill Hole
GERC140	RC	273854	6673877	469	-60	90	130	104	109	5	11.41	Historical Drill Hole
GERC141	RC	273839	6673877	469	-60	90	150	NSI				Historical Drill Hole
GERC142	RC	273812	6673899	468	-61	89	200	NSI				Historical Drill Hole
GERC147	RC	273853	6673857	469	-62	94	143	NSI				Historical Drill Hole
GERC151	RC	273798	6674117	467	-61	90	180	NSI				Historical Drill Hole
GERC152	RC	273778	6674038	466	-60	89	216	167	171	4	7.50	Historical Drill Hole
GERC167	RC	273762	6674117	467	-60	90	240	NSI				Historical Drill Hole

No upper cut applied, Significant intersections greater than 3g/t, 2m maximum internal waste, 50g Fire assay with AAS finish on half diamond core, Coordinates in MGA94 zone 51

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1. JORC CODE, 2012 EDITION – TABLE 1 REPORT TEMPLATE

1.1 Section 1 Sampling Techniques and Data

Information for historical (Pre Eastern Goldfields Limited from 1996 and 2000) drilling, sampling, mining and milling of the Golden Eagle deposit 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.

(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,		WMC - RC Sampling methods unknown.
techniques		random chips, or specific specialised industry		ConsEx – RC Sampling methods unknown.
		standard measurement tools appropriate to the		Cons Gold – RC 1m samples where alteration is visible. Remainder of
		minerals under investigation, such as down hole		hole composited to 4m. 2 to 3 kg samples sent to laboratory for
		gamma sondes, or handheld XRF instruments, etc).		crushing, pulverising and 50g Fire Assay.
		These examples should not be taken as limiting the		Croesus – RC 1m samples collected under cyclone. 5m comps assayed
		broad meaning of sampling.		for gold by 50g Fire assay.
		Include reference to measures taken to ensure sample		Eastern Goldfields Limited (EGL) DD- Half core samples, cut by saw.
		representivity and the appropriate calibration of any		Samples intervals selected by geologist and defined by geological
		measurement tools or systems used.		boundaries. Minimum sample length is 0.3m, maximum 1.5m. Core is
		Aspects of the determination of mineralisation that		aligned and measured by tape, comparing back to down hole core
		are Material to the Public Report.		blocks, consistent with industry practice. Samples are pulverized and
		In cases where ‘industry standard’ work has been		a 40g charge is analysed by Fire Assay.
		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)		WMC RC drilling detail unknown.
		and details (eg core diameter, triple or standard tube,		ConsEx RC drilling detail unknown.
		depth of diamond tails, face-sampling bit or other
		type, whether core is oriented and if so, by what		Cons Gold Reverse Circulation drilling – 4.25” to 5.5” dia. Face
		method, etc).		sampling hammer used. Stabilisers used to control hole direction.
				Croesus RC drilling detail unknown.
				Cons Gold Diamond holes NQ diameter. All core oriented, unknown
				method.
				Croesus Diamond holes NQ2 diameter.
				EGL Diamond – HQ3 to approx. 40m, then NQ2 to BOH. All core
				oriented by spear
Drill sample		Method of recording and assessing core and chip		RC drill recoveries were not recorded by WMC, ConsEx, Cons Gold
recovery		sample recoveries and results assessed.		or Croesus.
		Measures taken to maximise sample recovery and		Diamond drill recoveries are recorded as a percentage calculated
		ensure representative nature of the samples.		from measured core against downhole drilled intervals (core
		Whether a relationship exists between sample		blocks).Currently achieving 98% recovery in very competent ground.
		recovery and grade and whether sample bias may		There is no known relationship between sample recovery and grade,
		have occurred due to preferential loss/gain of		sample recovery is very high
		fine/coarse material.
Logging		Whether core and chip samples have been		WMC – All holes logged, not all logging captured in the database.
		geologically and geotechnically logged to a level of		ConsEx - RC chip logging not available
		detail to support appropriate Mineral Resource		Cons Gold – All RC holes logged, quantitative logging applied to
		estimation, mining studies and metallurgical studies.		veining percentage.
		Whether logging is qualitative or quantitative in		Croesus – All holes logged.
		nature. Core (or costean, channel, etc) photography.		EGL - Core loggingis completed byCompanyGeologists who log

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		The total length and percentage of the relevant		lithology, alteration, mineralization and structure to industry
		intersections logged.		standards. Logging is qualitative, estimates are made of sulphide
				and alteration percentages.
				100% of core is geologically logged.
				Some logging detail of historical holes was lost during translation
				from one logging system to another. This has been rectified by
				referringback to original logs.
Sub-sampling		If core, whether cut or sawn and whether quarter,
techniques		half or all core taken.		Prior to Cons Gold, this is unknown in detail, assumed to compliant
and sample		If non-core, whether riffled, tube sampled, rotary		with industry practice but is unlikely to be readily verified.
preparation		split, etc and whether sampled wet or dry.
		For all sample types, the nature, quality and		Consgold - RC Samples collected via cyclone at 1m intervals and
		appropriateness of the sample preparation technique.		passed through 3 stage riffle splitter. A 2-3kg fraction was calico
		Quality control procedures adopted for all sub-		bagged for analysis, the residue collected in plastic bags and stored
		sampling stages to maximise representivity of		on site. Potentially mineralised zones were sampled at 1m intervals,
		samples.		the remainder composited to 4m by unknown method. Composite
		Measures taken to ensure that the sampling is		samples returning >0.19g/t were re submitted at 1m intervals.
		representative of the in situ material collected,		Samples underwent mixermill preparation (2-3kg) by Amdel
		including for instance results for field		Laboratories.
		duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled.		Cons Gold – Diamond drill samples were sawn into half core. One half was jaw crushed, then pulverised using a labtechnics mill. A quartz blank was pulverised between each sample to avoid
				contamination.
				Croesus RC – 1m samples collected under cyclone. 5m comps, spear
				sampled with 50mm PVC pipe. Wet RC drill samples were
				thoroughly mixed in the sample retention bag and scoop sampled to
				form a composite sample. Five metre composite analytical samples,
				returning values greater than 0.1g/t gold, were riffle split at 1m
				intervals, were samples where dry, and grab sampled where wet.
				Analysis for gold (Fire assay/ICP Optical Spectrometry) by Ultratrace
				Laboratory in Perth. 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.
				Croesus – Diamond tails were cut to half core and sampled based on
				geological boundaries and identified prospective zones. Samples
				size varied from 0.5m to 1m. Core samples were sent to Ultratrace
				Laboratories of Perth.
				EGL – Core is cut with brick saw and half core sampled. All
				mineralized zones are sampled, including portions of visibly un-
				mineralised hanging wall and footwall zones. Sample weights range
				from >1kg to 3.5kg. Samples weighed by laboratory, dried and split
				to <3kg if necessary and pulverized by LM-5.
				Sample preparation technique is deemed adequate.
				Field duplicates (remainder of half core) are not routinely assayed.
				Coarse reject samples are retained by the laboratory and can be
				used as a proxy for field duplicate samples.
Quality of		The nature, quality and appropriateness of the		WMC drill samples were assayed by aqua regia method, unknown
assay data		assaying and laboratory procedures used and		laboratory.
and		whether the technique is considered partial or total.		ConsEx drill samples were assayed by aqua regia method, unknown
laboratory		For geophysical tools, spectrometers, handheld XRF		laboratory.
tests		instruments, etc, the parameters used in determining		Croesus samples analysed for Au by Fire Assay/ICPOES by Ultratrace
		the analysis including instrument make and model,		in Perth. Samples were dried, crushed and split to obtain a sample
		reading times, calibrations factors applied and their		less than 3.5kg, and then fine pulverised prior to a 50gm charge
		derivation, etc.		being collected and analysed. Every 20thsample was duplicated in
		Nature of quality control procedures adopted (eg		the field and submitted for analysis. Gannet standards and blank
		standards, blanks, duplicates, external laboratory		samples made by Croesus were submitted with split sample
		checks) and whether acceptable levels of accuracy (ie		submissions.
		lack of bias) and precision have been established.		Cons Gold samples were sent to Analabs for fire assay, 50g charge.
				Gannet standards submitted to monitor lab accuracy.
				QAQC analysis of repeats was analysed by Croesus Mining NL. for
				their drilling completed during 2000.
				EGL samples sent to Bureau Veritas laboratory in Kalgoorlie. The
				samples have been analysed by firing a 40g (approx.) portion of the
				sample. Lower sample weights may be employed for samples with
				very high sulphide and metal contents. This is the classical fire assay
				process and willgive total separation ofgold. An AAS finish is used.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				Commercially prepared standard samples and blanks are inserted in
				the sample stream at a rate of 1:10. Sizing results (percentage of
				pulverised sample passing a 75μm mesh) are undertaken on
				approximately 1 in 40 samples. The accuracy (standards) and
				precision(repeats)of assayingare acceptable.
Verification		The verification of significant intersections by either		EGL geologists have viewed RC drill chips from previous operators
of sampling		independent or alternative company personnel.		and re-logged some holes. Intervals of mineralisation were
and assaying		The use of twinned holes.		confirmed.
		Documentation of primary data, data entry		Significant core intersections are viewed by senior geological
		procedures, data verification, data storage (physical		personnel. Holes have not been planned to specifically twin historic
		and electronic) protocols.		intercepts, however new intersections display similar tenor of
		Discuss any adjustment to assay data.		mineralization.
				Geological and sample data logged directly into field computer at
				the core yard. Data is transferred to Perth via email and imported
				into GBIS 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.
				No adjustments are made to any assay data. First gold assay is
				utilised for any resource estimation.
Location of		Accuracy and quality of surveys used to locate drill		Accurate collar surveys are available for all drilling, (apart from a
data points		holes (collar and down-hole surveys), trenches, mine		few early WMC ‘DVC’ prefix holes). MGA zone 51 used for reporting.
		workings and other locations used in Mineral		Early holes surveyed in AMG zone 51 and converted to MGA using
		Resource estimation.		Geobank and or Datashed data management software.
		Specification of the grid system used.		Majority of Cons Gold holes containing mineralisation were down
		Quality and adequacy of topographic control.		hole surveyed by electronic gyro compass.
				Croesus holes were down hole surveyed, unknown
				method/instrument.
				EGL - Drill hole collar positions are picked up using a Trimble DGPS
				subsequent to drilling. Drill-hole, downhole surveys are recorded
				every 30m using a reflex digital downhole camera.
				Approximately 70% of the holes in the deposit have been down hole
				surveyed.
				The influence of magnetic rocks on the azimuths of magnetic down
				hole surveys is minor.
				Pit surveys were completed by mine surveyors at completion of
				openpit mining.
Data spacing		Data spacing for reporting of Exploration Results.		Data spacing is approximately 20m along orebody strike and
and		Whether the data spacing and distribution is		between 10 and 20m up and down dip.
distribution		sufficient to establish the degree of geological and		Data spacing and distribution is sufficient to establish geological and
		grade continuity appropriate for the Mineral		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 the east
relation to		extent to which this is known, considering the deposit		intersecting the ore body approximately 40o.
geological		type.		It is unknown but unlikely that the drilling orientation biases the
structure		If the relationship between the drilling orientation		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				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

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1.2 Reporting of Exploration Results

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Mineral tenement		Type, reference name/number, location and		Golden Eagle deposit is on Tenement M30/5, held by Carnegie Gold
and land tenure		ownership including agreements or material		Pty. Ltd., a wholly owned subsidiary of EGL. The tenement is in good
status		issues with third parties such as joint ventures,		standing.
		partnerships, overriding royalties, native title		There are no heritage issues.
		interests, historical sites, wilderness or national
		park 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		Drilling on the deposit was completed by WMC, ConsEx,
by other parties		by other parties.		Consolidated Gold and Croesus from the 1980’s to 2001. Drilling,
				sampling and assay procedures and methods as stated in the
				database and confirmed from Wamex reports and hard copy records
				are considered acceptable and to industry standards.
Geology		Deposit type, geological setting and style of		The mine amphibolite is a package of mafic amphibolite rocks
		mineralisation.		consisting of basalt intruded by dolerite and gabbro. Mine
				amphibolites are the host rocks to the Golden Eagle deposit. The ore
				zone is described as a biotite altered shear zone with discontinuous
				rodded quartz lenses that plunge 20oto 30oto the NNW. The
				footwall of the shear zone is basalt and the hanging wall is dolerite.
				In the hangingwall of the shear zone is a generally narrow (<2m)
				zone of plagioclase+quartz+calcite+biotite+
				actinolite+pyrite+pyrrhotite alteration, locally known as Quartz
				feldspar Lode (QFL). Veining in the Golden Eagle Lode consists of two
				main types: early, narrow, deformed quartz+actinolite+
				feldspar+diopside+pyrrhotite veins (including the QFL), and later,
				boudinaged, massive quartz veins. An ENE-striking buck quartz vein
				cuts and displaces the Golden Eagle lode by as much as 10m in a
				dextral manner in the central part of the pit. Similar structures have
				been mapped on surface and can be expected to dislocate the
				northern strike extents of the deposit.
				Mineralisation is associated with the biotite altered shear zone and
				can be > 10m thick. The shear zone strikes NNW and is steeply
				dipping to the west. Higher grades are dominantly associated with
				the QFL if present. Minor, discontinuous shears are present in the
				foot wall and hanging wall to the main shear and are mineralised.
				Associated with the gold mineralisation are
				plagioclase+quartz+calcite+biotite+ actinolite+pyrite+pyrrhotite
				alteration minerals. A study of grade control drilling at the deposit
				has identified a shallow 20oto 30oplunge to the NNW, similar to the
				rodding seen in the ore zone and footwall of the deposit.
Drill hole		A summary of all information material to the		Too many holes to practically list the complete dataset. Hole
Information		understanding of the exploration results		locations for drilling can be seen in the long section and plan.
		including a tabulation of the following		Significant intercepts listed in the intercepts table.
		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		Original assays are length weighted. Intercepts are reported using a
methods		averaging techniques, maximum and/or		1g/t lower cut-off, minimum 1m width and maximum contiguous
		minimum grade truncations (eg cutting of high		internal dilution of 2m. Grades are not top cut.
		grades) and cut-off grades are usually Material		No metal equivalent grades are reported as Au is the only metal of
		and should be stated.		economic interest.
		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

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		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		Intercept widths are down hole lengths. The approximate
between		in the reporting of Exploration Results.		intersection angle of the drillholes with the deposit is 40o. True
mineralisation		If the geometry of the mineralisation with		widths are approximately 65% of the down hole widths.
widths and		respect to the drill hole angle is known, its
intercept lengths		nature should be reported.
		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)		See plans and sections.
		and 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		Where comprehensive reporting of all		Results from all holes in the current drilling have been reported.
reporting		Exploration 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		Metallurgical and geotechnical work in progress.
exploration data		material, should be reported including (but not		Metallurgical test work carried out by Croesus on fresh ore;
		limited to): geological observations;		Optimum grind size of 80 micron achieved extraction of between
		geophysical survey results; geochemical survey		93.7% and 97.8%.
		results; bulk samples – size and method of		Limited Bulk Density measurements taken by Croesus give an
		treatment; metallurgical test results; bulk		average of 2.94g/cm3in fresh ore.
		density, groundwater, geotechnical and rock
		characteristics; potential deleterious or
		contaminating substances.
Further work		The nature and scale of planned further work		Exploration drilling to test continuation of northern plunge and
		(eg tests for lateral extensions or depth		down dip target (see Long Section).
		extensions or large-scale step-out drilling).
		Diagrams clearly highlighting the areas of
		possible extensions, including the main
		geological interpretations and future drilling
		areas, provided this information is not
		commercially sensitive.

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