ORE RESOURCES LIMITED — Capital/Financing Update 2014

Apr 22, 2014

23 April 2014

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

Auroch Completes Capital Raising

Mozambique-focused emerging gold producer, Auroch Minerals NL (ASX: AOU) ( Auroch or the Company ), is pleased to advise it has raised $800,000 via a convertible note facility. Proceeds from the raising will be used for working capital purposes.

Subject to shareholder approval, the debt facility may be converted into ordinary shares on the terms and conditions set out in Schedule 1.

“The funds raised through the debt facility will ensure the Company has sufficient working capital to secure cornerstone interest in the development of the Manica mine.” Managing Director Mr Dean Cunningham stated.

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

Dean Cunningham Managing Director Auroch Minerals NL T: +27 824 906 429 E: dcunningham@aurochminerals.com

Schedule 1 - Debt Facility Terms

1. Principal Amount: $800,000.

2. Term: 9 months.

3. Coupon Interest Rate:

From date of actual draw down, 12% per annum on the total amount drawn down.

1. Facility Fee:

5% payable in cash or shares (subject to Shareholder Approval), at the election of the Lenders. In the event the Lenders elect to receive shares in lieu of cash, the Borrower will issue up to 500,000 ordinary shares at a deemed issue price of 10 cents per share in lieu of the Facility Fee. The Facility Fee is payable within 1 month after Shareholder Approval and the Lenders must make the election to be paid in Shares at least 7 days prior to expiry of that 1 month period.

Subject to Shareholder Approval, the Borrower agrees to issue a total of 4,000,000 unlisted options to the Lenders, exercisable at $0.15 on or before the date which is two years from the date of issue (“ Options ”). The Options will be issued on the basis of 5 options per AUD$1 of face value. The Options will be issued as soon as practicable after Shareholder Approval, and in any case within 1 month after Shareholder Approval.

5. Conversion

Subject to Shareholder Approval, the Principal Amount and/or any accrued interest may be converted into ordinary shares, in whole or in part, at any time after 3 months from draw down, at the election of the Lenders. Those shares will be issued at a price which is the greater of:

• (a) $0.03; and

• (b) the price which is a 20% discount to the 10 day VWAP prior to the Lenders providing written notice to the Borrower of its intention to convert the Principal Amount and/or any accrued interest to shares, or part thereof.

If the Principal Amount and accrued interest is repaid within 3 months from draw down no conversion into shares will occur.

Competent Person Statements

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 Mineral Resources at Fair Bride and Boa Esperança is based on information reviewed by Dr W.D. Northrop who is a consultant to ExplorMine and is appointed as Independent Geologist to Auroch Minerals NL project team. He is registered by the South African Council for Natural Scientific Professions as a Professional Natural Scientist in the field of practice of Geological Science, Registration Number 400164/87, and as such is considered to be a Competent Person. Dr Northrop has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activity 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". Dr Northrop consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The information in this Report that relates to in-situ Mineral Resources at Dot’s Luck and at Guy Fawkes is based on information compiled by David Williams of CSA Global Pty Ltd. David Williams takes responsibility for those parts of the report. He is a Member of the Australasian Institute of Mining and Metallurgy, and a Member of the Australian Institute of Geoscientists and has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person in terms of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code 2012 Edition). David Williams consents to the inclusion of such information in this Report 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.

About Auroch Minerals NL

Auroch Minerals NL (ASX:AOU) is developing the multi-million ounce Manica Gold Project, Mozambique. Auroch owns 100% of the Mining Concession which has a granted 25 year Mining Right and is the largest JORC Code compliant gold resource in Mozambique.

Manica Gold Project Sectors

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	Manica Gold Project Global Resource	Manica Gold Project Global Resource	Manica Gold Project Global Resource	Manica Gold Project Global Resource
		Cut-off Au (g/t)		Grade Au (g/t)
Category	Project Sector		Tons (000’)		Total Au (oz)
Measured	Fair Bride*	0.50	11,561	1.73	642,000
Total Measured Resources			11,561	1.73	642,000
Indicated	Fair Bride*	0.50 < 300 m	10,795	1.64	570,000
		1.00 > 300 m
	GuyFawkes	1.25	420	1.92	25,600
	Dot’s Luck	0.50	425	1.87	25,500
Total Indicated Resources			11,640	1.66	621,100
Inferred	Fair Bride*	0.50	24,598	1.83	1,449,000
	GuyFawkes	1.25	380	3.90	48,000
	Dot’s Luck	0.50	455	2.06	30,000
	Boa Esperança*	1.25	330	2.94	30,000
Total Inferred Resources			25,763	1.88	1,557,000
Total Manica Gold Project Resource			48,964	1.79	2,820,1001

1 This includes 14,084,486 tons at 3.43 g/t or 1,551,811oz (based on a 2.0g/t cut-off) *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.