ORE RESOURCES LIMITED — Interim / Quarterly Report 2011

Oct 30, 2011

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Quarterly Activities Report as at 30 Se tember 2011 p

ASX Code: TNV

31 October 2011

Securities on Issue:

22,500,001 fully paid ordinary shares (quoted)

300,000 fully paid ordinary shares (restricted)

20,000,000 Partly Paid Securities (restricted)

OVERVIEW

• $4.5m Raised in Oversubscribed IPO

• Commencement of Trading on ASX

• Fieldwork at Beete Gold Project Commenced

• Fieldwork at Peninsula Gold Project Commenced

Directors

Benjamin Bussell (Non-Executive Chairman)

Matthew Foy (Executive Director)

Rob Jewson (Non-Executive Director)

Company Secretary

Matthew Foy

Terranova Minerals NL (ASX:TNV) ( Terranova or the Company ) is pleased to provide shareholders with the following quarterly activities report on the Company’s recent activities.

$4.5m Raised in Oversubscribed IPO

In August 2011, the Company closed its Initial Public Offering ( IPO ) of 20 million $0.20 shares to raise $4,000,000. The IPO was oversubscribed with strong investor demand. The Company accepted subscriptions for an additional 2.5 million $0.20 shares raising a further $500,000 pursuant to the prospectus.

Contact

Level 8 225 St Georges Tce Perth WA 6000

Tel: +61 8 9486 4036 Fax: +61 8 9486 4799

Website

www.terranovaminerals.com.au

On 30 August 2011 Terranova was admitted to the Official List of ASX Limited. On 1 September 2011 the Company’s securities commenced trading.

The Company has entered into an Acquisition Agreement with Red Field Pty Ltd whereby the Company has acquired 100 per cent of both the Beete Gold Project and the Peninsula Gold Project. The Beete and Peninsula Gold Projects are located in the southern extent of the Eastern Goldfields Region of Western Australia in close proximity to the town of Norseman.

Cash at Bank $4.33 million

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The Company has also applied for exploration licence E09/1899 known as the Crawford Project. The Crawford Project covers a total land area of 20km[2] and is located in the Crawford Belt of the Gascoyne Province, 190km East-North East of Carnarvon, Western Australia.

Fieldwork at Beete Gold Project Commenced

Gold was first discovered at the Beete Gold Project by H. Eldridge in 1958 and was mined during the late 1950’s intermittently until 1976. The total recorded production in the period following 1974 was 2,816 tonnes of ore at an average grade of 24.8g/t for a total of 2,300 ounces of gold produced. No modern systematic exploration has been conducted across this project to define extensions of the mineralisation along strike or at depth.

On 21 September 2011 the Company advised that field based exploration had commenced at its Beete Gold Project in Norseman, Western Australia.

The initial campaign aims to assist with gaining an understanding of the controls and extent of the gold mineralisation at the Beete Gold Project.

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Figure 2: Location Diagram

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Terranova has utilised Mobile Metal Ion ( MMI ) Geochemistry to identify areas that are geochemically anomalous in the target commodities, being gold and base metals. MMI Geochemistry is more sensitive than conventional geochemical methods and well suited to the exploration environment found at the Beete Gold Project.

The sampling is expected to highlight a number of priority targets and geochemical trends which will be explored further by geological mapping, prior to any geophysical or drilling assessment.

Figure 1: Beete Mine Headframe

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Additionally, a rock chip sampling and geological mapping programme has been completed at and around the historical Beete Gold Project workings. The aim of rock chipping is to further define the grade distribution across the workings and potentially identify extensions to known mineralised areas.

The MMI survey involved the collection of approximately 34 soil samples (excluding standards and duplicates) on a 50 x 50 m grid. Samples have been submitted to SGS Laboratories in Perth, and will be analysed for a multiple commodity exploration package comprising 45 elements. The Company is currently awaiting results of the initial programme and anticipate being able to advise the market of the results by the end of November 2011.

Fieldwork at Peninsula Gold Project Commenced

Gold Mineralisation at the Peninsula Gold Project is associated with north-south trending quartz veins which dip at angles of 60 to 80 degrees to the east. A major quartz reef extends for the length of the tenement and has been previously worked in the late 1800’s and intermittently throughout the 1900’s. Along strike

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Figure 3: Peninsula Mine Headframe

within the project area a total of five shafts have been sunk.

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Figure 4: Peninsula Decline

Small scale open cut and underground mining have been undertaken at the Peninsula Gold Project. A trial open pit mining operation yielding a total of 424 tonnes of ore was treated at a grade of 2.14 g/t Au. A decline was developed by Central Norseman Gold Corporation Limited (CNGC) at the southern end of the project. A total of 495 tonnes averaging 1.62g/t Au was mined by means of this infrastructure.

Subsequent to the end of the quarter, the Company advised that field based exploration at its Peninsula Gold Project in Norseman, Western Australia has commenced. Similar to the Beete Gold Project programme, the initial campaign aims to assist Terranova with gaining an understanding of the controls and extent of the gold mineralisation at Peninsula.

Terranova will utilise MMI Geochemistry to identify areas that are geochemically anomalous in the target commodities, being gold and base metals.

The sampling is expected to highlight a number of priority targets and geochemical

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trends which will be explored further by geological mapping, prior to any geophysical or drilling assessment.

Additionally, a rock chip sampling and geological mapping programme has been conducted at and around the historical Peninsula Gold Project workings. The aim of rock chipping is to further define the grade distribution across the workings and potentially identify extensions to known mineralised areas.

ABOUT TERRANOVA MINERALS

Terranova Minerals is an Australian based minerals exploration company focussed on the exploration of its wholly owned Norseman Gold and Crawford Copper projects in Western Australia. In order to maximise shareholder value Terranova is actively reviewing acquisition opportunities both within Australia and abroad.

Competent Person Statements

The MMI survey involved the collection of approximately 32 soil samples (excluding standards and duplicates) on a 50 x 50 m grid.

Samples have been submitted to SGS Laboratories in Perth, and will be analysed for a multiple commodity exploration package comprising 45 elements.

Corporate

Technical information in this report has been prepared under the supervision of Mr Jonathan King, a member of the Australian Institute of Geoscientist (AIG). Mr King has sufficient experience which is relevant to the styles of mineralisation under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code). Mr King consents to the inclusion in this report of the Information, in the form and context in which it appears.

As at 30 September 2011 the Company’s cash balance was $4.33 million with no debt.

For further information please visit www.terranovaminerals.com.au or contact:

Terranova Minerals NL

Mr Matthew Foy (Executive Director) T: +61 8 9486 4036 E: admin@terranovaminerals.com.au

Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Name of entity

TERRANOVA MINERALS NL

ACN 148 966 545	Quarter ended("currentquarter")
148 966 545	30 September 2011

Consolidated statement of cash flows Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration and evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (GST) Net operating cash flows	Current Quarter $A'000	Year to date (3 Months) $A'000
	- - - - (226) - 14 - - (17)	- - - - (226) - 14 - - (17)
	(229)	(229)
Cash flows related to investing activities 1.8 Payment for purchases of (a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (provide details if material) Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)	- - - - - - - - -	- - - - - - - - -
	-	-
	(229)	(229)

Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward) Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Oversubscription of capital raising 1.19 Other (costs of issue) Net Financing Cash Flows	(229)	(229)
	4,500 - - - - (65)	4,500 - - - - (65)
	4,435	4,435
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to Item 1.20 1.22 Cash at end of quarter	4,206 133 -	4,206 133 -
	4,339	4,339

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.23 Aggregate amount of payments to the parties included in item 1.2 1.24 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
	190
	-

Explanation necessary for an understanding of the transactions Payments of Directors fees and salaries of $0

Payments made to Hemisphere Corporate Services Pty Ltd for the provision of administrative and tenancy related services of $190,000. Ben Bussell is both a director of Hemisphere Corporate Services Pty Ltd and Terranova Minerals NL.

Non-cash financing and investing activities

2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

N/A

2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

N/A

Appendix 5B Mining exploration entity quarterly report

Financing facilities available

add notes as necessary for an understanding of the position

	Financing facilities available add notes as necessary for an understanding of the position
	3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A'000	Amount used $A'000
		-	-
		-	-

	Estimated cash outlays for next quarter 4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration 4.5 Capital Acquisitions TOTAL	$A'000
		250
		-
		-
		250
		-
		500

Reconciliation of cash

	Reconciliation of cash at the end of the quarter (as shown in the statement of cash flows) to the related items in the accounts is follows. 5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other – Term Deposits Total: cash at end of quarter(item 1.22)	Current Quarter $A'000	Previous Quarter $A'000
		11	33
		4,328	100
		-	-
		-	-
		4,339	133

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement Reference	Nature of Interest [note (4)]	Interest at Beginning of Quarter	Interest at End of Quarter
	-	-	-	-
	P63/1694 P63/1646	Refer Prospectus dated 7 July 2011	0% 0%	100% 100%

Appendix 5B Mining exploration entity quarterly report

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates

	Total Number	Number Quoted	Issue Price	Amount paid up
7.1Preferences securities (description) 7.2 Changes during quarter (a) increases through issues (b) decreases through returns of capital, buybacks, redemptions	-	-	-	-
	-	-	-	-
7.3Ordinary securities 7.4 Changes during quarter (a) increases through issues (b) decreases through returns of capital, buybacks	22,800,001	22,500,001	-	-
	22,800,000 -	22,500,000 -	$0.20 -	N/A -
7.5Convertible debt securities Unquoted Partly Paid Securities 7.6 Changes during quarter (a) increases through issues (b) decreases through securities matured, converted	20,000,000	-	$0.01	$0.01
	-	-	-	-
7.7Options 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	-	-	-	-
	-	-	-	-
	-	-	-	-
	-	-	-	-
7.11Debentures (totals only)	-	-
7.12Unsecured notes (totals only) 7.13Performance Shares	-	-
	-	-
	-	-

Appendix 5B Mining exploration entity quarterly report

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Law or other standards acceptable to ASX (see note 4).

• 2 This statement does give a true and fair view of the matters disclosed.

Sign here: lodged electronically Date: 31 October 2011 (Company Secretary)

Print name: Matthew Foy

Notes

• 1 The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.

• 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address the topic, the Australian standard on that topic (if any) must be complied with.