ORE RESOURCES LIMITED — Capital/Financing Update 2014

Nov 25, 2014

26 November 2014

Market Announcements Platform ASX Limited Exchange Centre 20 Bridge Street Sydney NSW 2000

Auroch Minerals Company Update

Highlights

• Strategic focus on “Fair Bride” the largest resource in the Manica Project

• Metallurgical testwork on sulphide ore from Fair Bride indicates total gold recovery between 74-78%

• Updated Resource on Fair Bride with a global resource of 9.5Mt @ 3.01 g/t for 923,000oz

• Significant upside to both upgrade the resource categories and also grow the global resource of Fair Bride Resource immediately adjacent the deposit

• Exciting exploration oportunites around three identified resource areas; Dot’s Luck, Boa Esperanza and Guy Fawkes within the Manica Project

• Plans to commence mining of alluvial gold horizons in first quarter 2015 above Fair Bride open pit as part of an overburden pre-strip

• Scoping Study on Fair Bride resource completed using new metallurgy and resource data now undergoing final review prior to release of results to the market

Mozambique-focused emerging gold producer, Auroch Minerals NL (ASX: AOU) ( Auroch or the Company ) is pleased to announce a significant shift in focus which will unlock the value of its Mozambique gold assets near the town of Manica.

In early 2014 Auroch committed resources to a comprehensive review of the Fair Bride deposit which is the largest orebody within the Manica Project Area ( Figure 1 ). The new work included a new Mineral Resource Estimate ( MRE ) for Fair Bride completed by CSA Global (UK) and a comprehensive set of metallurgical tests on the fresh ore. Both results have recently been released to the Market and form the basis of a Scoping Study on Fair Bride as a stand-alone development.

“The new direction reflects a simplified and focussed strategy for Auroch, importantly it is a fast-track towards development which focusses on a single deposit Fair Bride within the Manica Project. The change in strategy was driven by metallurgical results that highlighted positive recoveries in the sulphide part of the orebody and the increased grade of over 3g/t in the new resource estimate. This new data will now be used to form the backbone of a Scoping Study for the development of the Fair Bride Deposit” Auroch’s Chairman Glenn Whiddon stated.

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FAIR BRIDE: THE FOCUS

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Figure 1. Position all major prospects of the Company Manica Project. The focus of the work discussed in this release is the Fair Bride Deposit in the southern portion of the project area.

The recent Mineral Resource update (ASX - 14 Nov 2014) has brought the estimate into line with the 2012 JORC Code for the reporting of mineral resources and ore reserves. Importantly, the new MRE included a significant re-interpretation of the geological controls on mineralisation, along with this better understanding came a significant increase in the global grade of the deposit to over 3 g/t. The additional detail has significantly improved the ability to devise and manage a more selective mining strategy which will predominantly be from an open pit before proceeding underground on the highgrade shoots.

Recent testwork on the sulphide ore at Fair Bride has shown that a recovery range of between 74% and 78% for the fresh ore, is achievable (ASX - 19 Nov 2014). The higher resource grade and the high recoveries in the transitional (>80%) and oxide (>95% ASX – 14 March 2014) ores point to an exciting development opportunity. The planned circuit will involve crushing followed by an ultra-fine grind and concentrate flotation with standard cyanide leaching of the concentrate.

Auroch will now concentrate its efforts into completing the required technical studies and bringing Fair Bride into production in the shortest time possible.

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Potential to grow Fair Bride Resource

Following the reinterpretation of the geology and completion of the MRE at Fair Bride, opportunities for both resource classification upgrading and addition of new resource Au ounces has been assessed.

Excellent target opportunities identified are as follows (See Figure 2 and Table 1 ):

1. Conversion of Inferred Resources to Indicated Resources within the existing model to RL 300m

2. Generate new Inferred Resources within the existing block model to RL 300m

3. Generate new Inferred Resources below the existing block model to RL 100m

4. Assess the ground adjacent the western extremity of the existing block model

The Exploration targets stated below show the potential for Fair Bride to grow through exploration where opportunities exist to upgrade current resources (target 1) from inferred to indicated and from down dip (targets 2 & 3) and along strike (target 4) outside the resource boundary where additional ounces may be discovered.

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Figure 2. West - East Long Section Showing the Block Model (shaded blue) and Opportunity Areas

Opportunity	Tonnage (kt)	Mean Grade (Au g/t)	Contained Au (Au Oz)
1	3,200–3,900	2.60–3.2	267,000–398,000
2	50–60	1.8–2.1	3,000–4,000
3	3,900–4,700	2.7–3.2	329,000–491,000
4	2,400–3,000	2.9–3.5	226,000–337,000
Total	9,500– 11 660	2.7– 3.4	825,000– 1,230,000

Table 1 Exploration Targets - Possible Tonnage Grade and Content Ranges for Opportunities 1 – 4 (@ Cut off 1.0 g/t Au)

A drilling program to validate these targets is currently in the planning phase. The potential quantity and grade of the Exploration Targets is conceptual in nature, and there has so far been insufficient exploration to estimate a Mineral Resource. It is uncertain if further exploration will result in the estimate of a Mineral Resource.

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Regional Exploration Potential of the Manica Project

Importantly, although the current focus is on Fair Bride, the Manica Project area still has considerable exploration upside, with significant resources already defined at Guy Fawkes, Dot’s Luck and Boa Esperanza.

The Manica Project has many other high priority exploration targets (Priority Exploration Targets Identified – ASX 27 March 2014). The consolidated Exploration Target for the Manica Gold Project has been estimated in accordance with the JORC (2012) guidelines and is presented in Table 2.

Table 2: Manica Gold Project – Exploration Targets	Table 2: Manica Gold Project – Exploration Targets	Table 2: Manica Gold Project – Exploration Targets
Tonnes (Kt)	Au (g/t)	Contained Gold
250-1,500	2.0-4.0	360,000-1,700,000

The potential quantity and grade of the Exploration Target is conceptual in nature, and there has so far been insufficient exploration to estimate a Mineral Resource. It is uncertain if further exploration will result in the estimate of a Mineral Resource.

Fair Bride Scoping Study

The Company is in the final stages of completion of a Scoping Study for the development of the Fair Bride deposit as an open cut operation that will progress towards an underground development by declining from the high-wall of the open pit. The results of the scoping study will be released to the market early in Q1 2015.

“ Auroch’s efforts are now focussed on the completion of a plan that will demonstrate a low CAPEX development opportunity centred on the Fair Bride deposit. We would expected the bulk of Fair Bride to be mined in an open pit scenario with early production coming from the oxide and transitional zones. Limited underground production form the higher grade portions of the resource also appears feasible. Over time other resources already identified in the rest of the Manica licence area will be brought through the exploration pipeline and into production to supplement mill feed to a centralised plant adjacent to Fair Bride” closed Whiddon.

Alluvial Gold Deposits

While it remains outside Auroch’s main focus, the Company is in advanced discussions with a number of potential partners for the development of mining operations on the substantial area of auriferous alluvial gravels that lie within its Manica Project. At this stage discussions centre on the potential partners providing for both the capital and operating cost of a small gravity gold concentration plant and sharing the profit from mining on Auroch’ s licences with the Company. The preparation for mining at Fair Bride, within the area of the open pit, involves the stripping of overburden. This overburden material is made up of the gravels and boulder beds containing alluvial gold. It is expected that such an operation could be conducting a bulk sampling programme within Q1 2015 and in production on Auroch’s 100% owned ML3990C during Q2 2015, providing almost immediate cash flow during the period that the Definitive Feasibility Study for the main Fair Bride Project is completed.

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The auriferous alluvial sediments occur within the Quaternary aged palaeo Revue – Zambuzi river system which cover a substantial portion of Auroch’s licences. At the base of the alluvial sediment, immediately above the Archean rocks that host the Fair Bride deposit, there is a layer of unconsolidated conglomerate that is auriferous and has been partially worked by artisanal miners. The same gravels have also been mined by Bi-World International a large scale alluvial operation further downstream within the same drainage system.

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Figure 2. Map showing the extent of alluvial gravels in the area of the Manica project also highlighted by red dots are the small artisanal pits operated by local miners that have been mapped and sampled by Auroch and or Republic Gold staff.

Update on Acquisition of Republic Tenements

Aligned with the Company’s longer term intention to consolidate and exploit tenements in the Manica region, Auroch is also pleased to advise that work is progressing well on the acquisition of Republic Gold Limited's three prospecting licences and four prospecting licence applications. Since announcement the Company has consolidated all physical assets into the Company’s existing storage at Manica Project. The Company will seek shareholder approval of the deal at the Annual General Meeting on Friday 28[th] of November. Final completion of the deal is subject to all approvals and consents of all necessary Government Agencies in Mozambique, Hong Kong and Australia being obtained and all approvals required by laws or regulations in Mozambique, Hong Kong and Australia being obtained for the transfer of the Sale Quotas to the Buyer and issuance of the Consideration Shares and Consideration Options on an unconditional basis.

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For further information please visit www.aurochminerals.com or contact:

Glenn Whiddon Chairman Auroch Minerals NL T: +61 8 9486 4036

Competent Person Statement

The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Mr Gordon Koll who is a registered professional natural scientist (Pr.Sci.Nat.) under the South African Council for Natural Scientific Professions (SACNASP) and is a Fellow of the Geological Society of South Africa, which is a recognised professional organisation by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code). Mr Koll is a full‐time employee of the Company. Mr Koll 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 JORC Code. Mr Koll consents to the inclusion in this presentation of the matters based on the information in the form and context in which it appears.

The information in this report that relates to the Scoping Study is based on information reviewed by Professor Jim Porter who is a Fellow of the Southern African Institute of Mining and Metallurgy, visiting Professor to the Faculty of Engineering at the University of the Witwatersrand and has wide experience in gold deposits and mining methods as envisaged in the Scoping Study; accordingly he is a Competent Person in terms of the JORC code. In terms of the Scoping Study he is responsible for the Mineral Reserve Estimate and has reviewed and approved the Scoping Study section of this press release.

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