ORE RESOURCES LIMITED — Capital/Financing Update 2015

Jul 7, 2015

8 July 2015

Fair Bride – Metallurgical Update

• New Metallurgical test work improves on previous results

• Gold recoveries to concentrate of up to 94% in flotation test work

• Test work also shows a lower cost gravity flow sheet can produce gold recoveries above 80%

Auroch Minerals NL (ASX:AOU) (“Auroch” or “the Company”) is pleased to announce positive results from Metallurgical testwork on the Fair Bride Gold Project (“the Project”), located in Central Western Mozambique in the Odzi Mutare Greenstone Belt.

Auroch has received several requests for samples of flotation concentrate for technical and commercial evaluation by smelters and other downstream processors in various countries. To produce the samples, 737kg of diamond drill core from the Fair Bride sulphide zones were shipped to Nagrom laboratories in Perth, Western Australia, in May 2015.

The objectives of the programme were:

1. to produce high grade concentrate samples for shipment to clients; and

2. to confirm and expand on the earlier flotation and gravity pre-concentrating testing done on Fair Bride ore in 2006.

Flotation Tests:

The sample was ground to P90 -0.075mm and then four screening tests, using different reagent suites, were done to determine the best conditions for a bulk flotation run to produce the required samples.

Test No.	Calculatedgradeg/t Au	Au Recovered to conc %	Concgradeg/t Au	Mass Pull %
1	3.06	94.05	21.84	13.19
2	2.98	94.06	24.30	11.52
3	3.12	92.56	27.07	10.68
4	3.27	91.37	32.71	9.12

These results confirmed earlier work which resulted in over 90% gold recovery to flotation concentrate in a low percentage mass.

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Gravity Tests

For the gravity tests, the ore was ground to a relatively coarse size of 0.5mm and processed over a shaking table. The table residue was further ground to 75 microns and processed in a flotation cell to scavenge the remaining gold. The concentrate from this scavenger flotation was subjected to cyanidation in a bottle roll test to determine gold recovery under standard cyanide conditions – without fine grinding or oxidative leaching.

The gravity tests yielded better than expected results with almost 50% of the gold being recovered into a relatively small mass of less than 3% and 73% being recovered into a mass of 10.7%. The scavenger flotation recovered 88% of the remaining gold and, of this, 49% was dissolved under standard cyanidation conditions.

The use of gravity concentration at a coarser grind can recover up to 70% of the gold at a much reduced energy consumption. Flotation of the gravity residue produces a concentrate that could be processed in the cyanide circuit already installed for the processing of oxide ore at no extra cost. The overall gold recovery using a gravity flowsheet is 84 % which compares favourably to the recovery of 80% achieved by flotation and ultrafine grinding and that was used as the basis of the recently released Fair Bride PEA on 11[th] June 2015.

Conclusions

Dr. Andrew Tunks, CEO of Auroch, said: “Once again we have received positive results from our ongoing studies on Fair Bride. The flotation results confirm and even better previous results and clearly show the ore is amenable to our suggested treatment paths. Furthermore gravity and flotation results present an opportunity to develop an alternative lower cost flow sheet which will be considered in the next phase of the Feasibility study, potentially further decreasing our cash cost below the recently stat C1 cost of US$650 as released in the Fair Bride PEA on 11[th] June 2015”.

The results of this work are being shared with Xtract Resources plc who entered into a binding agreement to purchase 100% of the Manica Mining Concession 3990C from Auroch for total sale consideration of US$11.0 million.

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

Dr. Andrew Tunks Glenn Whiddon CEO Chairman Auroch Minerals NL T: +61 8 9486 4036

Competent Person

The information in this report that relates to the Metallurgical Test Work was compiled by Mr. Noel O’Brien, B.Met.Eng, MBA, FAusIMM, who is a consultant to the Company and who has sufficient experience which is relevant to the recovery of gold from the style of mineralisation contained in Fair Bride, 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. O’Brien consents to the inclusion, in this announcement, of the matters based on the information in the form and context in which it appears.

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