ORE RESOURCES LIMITED — Interim / Quarterly Report 2013

Jan 30, 2014

==> picture [596 x 142] intentionally omitted <==

Quarterly Activities Report as at 31 December 2013

ASX Code: AOU

OVERVIEW

Securities on Issue:

34,492,515 fully paid ordinary shares (quoted)

25,000,000 fully paid ordinary shares (restricted)

21,800,000 partly paid shares (restricted)

• Binding agreement executed with Pan African Resources to buyback and cancel its existing Consideration Shares, and settle the Deferred Consideration of Cash and Shares and the right to the Deferred Cash Consideration following the payment of A$2 million to Pan African Resources

• Confirmatory test work confirms 95% recoveries are attainable at Dot’s Luck and Fair Bride, on the non-refractory gold resources

• Excellent gold intercepts at Dot’s Luck include:

Directors

Glenn Whiddon (Non-executive Chairman)

Dean Cunningham (Managing Director)

Jan Nelson (Non-executive Director)

• 11m at 6.53g/t Au including, 6m at 10.41g/t Au (DLD18); and

• 13m at 3.88g/t Au including 2m at 14.27g/t Au (DLD19).

• Excellent gold intercepts at Guy Fawkes include:

• • 2m at 11.15g/t Au including 1m at 21.96g/t Au (GFR03); and
• • 3m at 2.35g/t Au (GFR04).

• High grade intersections from metallurgical drilling at Fair Bride include:

• 25m at 4.45g/t Au including 6m at 15.14g/t Au (ANDMT2); and

• 11m at 8.45g/t Au including 6m at 14.20g/t Au (ANDMT3).

Company Secretary

Matthew Foy

• ~A$870,000 of grant funding approved for Definitive Feasibility Study (DFS) expenditure by Department of Trade and Industry of South Africa.

Contact

Office J, Level 2 1139 Hay Street West Perth WA 6005

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

Amendment to Pan African Agreement

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

During the quarter Auroch advised it had signed a binding agreement with Pan African Resources plc ( Pan African ) for the buyback or cancellation of its existing Consideration Shares (25 million ordinary shares) and Deferred Consideration of Cash and Shares, including its right to Deferred Cash Consideration

==> picture [596 x 75] intentionally omitted <==

==> picture [596 x 142] intentionally omitted <==

(refer ASX Announcement 29 August 2012), following the payment of A$2 million (the amount of cash consideration to be paid under the Pan African Agreement) by 1 March 2014.

As part of this binding agreement, Auroch has agreed to a total consideration payable to Pan African of A$2 million on 1 March 2014. Auroch will make a payment of A$150,000 within 5 days, which will be offset against the A$2 million payment due 1 March 2014. Auroch can extend the payment date by a further two months, to 1 May 2014, by the payments of A$50,000 per month. All these payments (up to A$250,000) will be offset against the A$2 million consideration so long as payment of the balance due is received by 1 May 2014.

Should Auroch fail to make the full payment of A$2 million (less payments already remitted) to Pan African by no later than 1 May 2014, then the original terms of the agreement between Pan African and Auroch (refer ASX announcement 29 August 2012, supplementary prospectus dated 15 November 2012 and second supplementary prospectus dated 20 December 2012) remains intact and unchanged, and the payments made under this agreement are non-refundable.

The effect on the capital structure of the Company is set out below:

Existing Capital Structure
Pan African Shares currentlyheld	25,000,000
Balance of Register	34,492,515
Total Ordinary Shares	59,492,515
PartlyPaid Shares1	21,800,000
Deferred Consideration Shares	71,666,668
Fully Diluted Capital Structure	152,959,183
Post Buyback
OrdinaryShares	34,492,515
Total Ordinary Shares	34,492,515
PartlyPaid Shares	21,800,000
Fully Diluted Capital Structure	56,292,515

1 Partly Paid shares are paid to 1 cent with 19 cents unpaid

A notice of meeting to approve the buyback of the Consideration Shares has been despatched to shareholders and will be held on 19 February 2014.

Exploration

Metallurgical Drilling and Testwork

During the quarter Auroch advice of the metallurgical drilling and confirmatory metallurgical test work that was being undertaken on the Company’s non-refractory and transitional gold resources at the Manica Gold Project to confirm the appropriate metallurgical characterisation of the Fair Bride, Dot’s Luck and Guy Fawkes ores for the metallurgical plant design in the DFS.

==> picture [596 x 75] intentionally omitted <==

==> picture [596 x 142] intentionally omitted <==

Fair Bride – Metallurgical Drilling Assay Results

A total of nine RC holes (of 579m) were completed for the generation of metallurgical test samples. These holes were assayed in order to inform the selection of material for compositing to provide representative samples for detailed metallurgical analysis.

Preliminary assay results from the individual RC holes are presented in Appendix 1 .The location and results of the metallurgical drilling can be found in Figure 1 .

==> picture [351 x 241] intentionally omitted <==

Figure 1: Metallurgical Test Drilling Location

An example intersection at Fair Bride is shown in Figure 2 below.

==> picture [596 x 75] intentionally omitted <==

==> picture [596 x 142] intentionally omitted <==

==> picture [452 x 317] intentionally omitted <==

Figure 2: Cross section at Fair Bride

Confirmatory Metallurgical Test Work

Fair Bride

The composite samples have been tested for “free” gold recovery using enhanced gravity techniques. At this stage the results indicate insufficient recovery benefit to justify the extra capital expenditure for inclusion of a gravity concentrator in the plant’s design.

The result of the Run of Mine (RoM) leach test work completed to date on the non-refractory composite has given a gold dissolution of 97.2% over 48hrs in excess conditions (using the standard 5kg per ton of cyanide dissolution test). From this Auroch is confident the assumed 95% recoveries used in the Scoping Study are attainable at the residence time of 24 hours used in the plant design.

Further test work is being undertaken to optimise grind, reagent consumption and leach kinetics. Test work is still underway on the transitional composite sample. From the results so far no fatal flaws have been indicated in the overall plant design.

Dot’s Luck

The first metallurgical drilling programme has been completed at Dot’s Luck. A shallow (highly weathered) ore composite was made using material from in-fill RC hole DLR23.

==> picture [596 x 75] intentionally omitted <==

==> picture [596 x 142] intentionally omitted <==

DD Boreholes DLD18A and DLD19A (a total of 100m) twinned the original in-fill holes DLD18 and DLD19 respectively. These were combined with material from RC hole DLR20 to make a deeper (transitional) composite ore sample for metallurgical testing.

Similar to Fair Bride, there is no direct benefit of a gravity concentrator in overall recoveries at this stage.

The net result of the RoM leach test work completed to date on the non-refractory composite, has demonstrated gold dissolution of 96.9% over 48 hours in excess conditions. From this Auroch is confident the assumed 95% recoveries used in the Scoping Study are attainable at a residence time of 24 hours used in the plant design. Further work is being undertaken to optimise grind, reagent consumption and leach kinetics. Test work is still underway on the transitional composite sample.

Most importantly and from a process and operational perspective, the results so far show Dot’s Luck ore can be blended with Fair Bride and treated through the plant as proposed in the scoping study, which confirms the Company’s original thinking on plant design.

Guy Fawkes

A metallurgical diamond drill hole was completed at Guy Fawkes to a depth of 143m. This material was combined with other in-fill programme core to provide a representative sample for comminution (crushing and grinding) studies.

A composite generated from the in-fill RC drilling will undergo detailed metallurgical analysis. The Guy Fawkes samples for metallurgical testing are still in the preparation phase and should be submitted to the laboratory during November 2013.

In-Fill Drilling Gold Intersections

During the quarter the Company advised of the results of recent in-fill drilling at the Dot’s Luck and Guy Fawkes prospects. These activities aimed to provide additional information to improve the resource classification of the mineral resource estimation.

Dot’s Luck

The Dot’s Luck in-fill drilling programme comprised two reverse circulation (RC of 130m) and two diamond drill (DD of 136m) holes (See Figures 3 and 4 ).

The positions of the in-fill drilling is shown in Figure 3 along with all gold intersections to date.

==> picture [596 x 75] intentionally omitted <==

==> picture [596 x 142] intentionally omitted <==

==> picture [451 x 323] intentionally omitted <==

Figure 3: Dot’s Luck In-fill Drilling Results

Selected results from this drilling include the following:

• 11.11m at 6.53g/t Au between 37.47m and 48.58m, including 6.9m at 10.41g/t Au between 40.78m and 47.72m (DLD18).

• 13.7m at 3.88g/t Au between 30.40m and 44.10m, including 2.57m at 14.27g/t Au between 39.13m and 41.70m (DLD19).

• 6m at 4.93g/t Au between 42.50m and 48.50m (DLR20).

An example intersection is presented in Figure 4 .

==> picture [596 x 75] intentionally omitted <==

==> picture [596 x 142] intentionally omitted <==

==> picture [452 x 316] intentionally omitted <==

Figure 4: Values intersected in borehole DLD18 & DL04

The full table of results is presented in Appendix 2 .

Further analysis is currently being undertaken on the Dot’s Luck drill samples at ALS Chemex in Johannesburg due to high silver grades. It is believed that the silver content is likely to reduce cash costs through by-product credits.

Guy Fawkes

Drilling at Guy Fawkes during the 2012/2013 drilling campaigns has facilitated the reinterpretation of the mineralised structures and confirms previous models of mineralised quartz veins and hydrothermally altered shear zones associated with the Northern Shear. This improved structural understanding will enhance the underground mining study within the Definitive Feasibility Study currently underway.

These campaigns have been supplemented with an in-fill drilling programme which comprised a total of ten RC (of 862m) and three DD (of 845m) holes. The in-fill drilling is expected to achieve an upgrade and improvement in the confidence categories of the existing 230,000oz resource at Guy Fawkes.

The positions and results of the in-fill programme are presented in Figure 5 below.

==> picture [596 x 75] intentionally omitted <==

==> picture [596 x 142] intentionally omitted <==

==> picture [452 x 310] intentionally omitted <==

Figure 5: Guy Fawkes In-fill Drill Hole Locations

The intersections include the following results which are expected to impact on the calculation of resource ounces.

• 2m at 11.15g/t Au between 19.50m and 21.50m, including 1m at 21.96g/t Au between 20.50m and 21.50m (GFR03).

• 3m at 2.35g/t Au between 37.50m and 40.50m (GFR04).

• 1m at 7.35g/t Au between 0.50m and 1.50m (GFR06).

• 1m at 9.80g/t Au between 5.50m and 6.50m (GFR06).

• 20m at 1.64g/t Au between 89.50m and 91.50m (GFR07).

• 1m at 1.67g/t Au between17.50m and 18.50m (GFR08).

• 1m at 1.70g/t Au between 37.50m and 38.50m (GFR09).

• 2.74m at 1.90g/t Au between 69.02m and 71.76m (GFD33).

An example intersection is presented in Figure 6 below.

==> picture [596 x 75] intentionally omitted <==

==> picture [596 x 142] intentionally omitted <==

==> picture [452 x 316] intentionally omitted <==

Figure 6: Gold intersected in borehole GFR6

A four-hole diamond drilling programme at Guy Fawkes was undertaken to test the possible depth extension of the mineralised structures. The depth extension was confirmed from hole GFD35 at 229.91m.

The full set of assay results is presented in Appendix 3 .

Fair Bride

Additional metallurgical test work drilling has been completed and the full set of these results is presented in the announcement “ Assay Results and Confirmatory Metallurgical Test Work ” dated 15 November 2013. High grade intersections from this campaign have been included:

• 12m at 3.08g/t Au between 12.50m and 24.50m, including 2m at 7.69g/t Au between 13.5m and 15.5m (ANDMT1).

• 25m at 4.45g/t Au between 16.50m and 41.50m, including 6m at 15.14g/t Au between 34.5m and 40.50m (ANDMT2).

• 11m at 8.45g/t Au between 11.50m and 22.50m, including 6m at 14.20g/t Au between 16.50m and 22.50m (ANDMT3).

• 6m at 4.31g/t Au between 59.50m and 65.50m, including 3m at 7.29g/t Au between 59.50m and 62.50m (ANDMT4).

==> picture [596 x 75] intentionally omitted <==

==> picture [596 x 142] intentionally omitted <==

• 14m at 2.31g/t Au between 37.50m and 51.50m, including 1m at 7.21g/t Au between 38.50m and 39.50m, and 3m at 3.51g/t A u between 44.50m and 47.50m (ANDMT6).

• 3m at 24.48g/t Au between 45.50m and 48.50m (ANDMT8).

Approval of Grant Funding from DTI

During the quarter the Company confirmed that the Department of Trade and Industry ( DTI ) South Africa, through Basil Read Matomo (Pty) Limited ( Matomo ), has approved the Company’s application for grant funding under the Capital Projects Feasibility Programme. Matomo is the manager of the DFS.

Grant funding for the Project was approved to the value of up to ZAR8,000,000 (~A$870,000)[1] by the DTI and the effective date for commencement of activities is 1 November 2013 . These funds represents a significant portion (33%) of the estimated DFS cost and will be paid directly to Matomo to cover qualifying engineering services and offset against amounts owing.

Matomo is a leading design, project engineering, procurement and construction ( EPC ) company servicing the minerals processing, chemical and renewable energy sectors. They offer a full range of turn-key solutions for project implementation, ranging from concept development and feasibility studies, through to final project execution.

The mining component of the DFS will be subcontracted to Royal Haskoning DHV (RHDHV Mining, formerly Turgis Consulting) by Matomo. This experienced Mining Consulting and Engineering group with headquarters in South Africa and the United Kingdom, has a mining history spanning more than two decades. RHDHV Mining specialises in all aspects of mining engineering and has an impressive track record with projects of this type, size and degree of complexity.

The DTI application and the current DFS parameters were based on the Scoping Study prepared by independent technical advisers JP Mining Consulting (Pty) Limited. The scoping study reached the following conclusions and recommendations:

• Simple shell open pits for Fair Bride and Dot’s Luck deposits are viable;

• Shallow depth underground open stoping for the Guy Fawkes deposit is viable on a selective mining basis;

• A centralised processing plant on the Mining Concession with a throughput rate of 720,000tpa (60,000tpm) is an optimal capital solution for the life of mine of the nonrefractory and transitional resources, approximately 14% of the total resource;

• An average head grade of 2.23 g/t Au to produce +40,000 oz per annum is achievable;

• An initial capital expenditure of US$31,617,244 in May 2013 constant money terms;

• Estimated production of 273,469 oz Au over an operating life of mine ( LOM ) of 7 years;

• Average total operating cost of $39.29/t milled or US$641.92/oz produced (excludes capex and before tax, depreciation and royalties); and

• The Study has assumed a long term gold price of US$1,200/oz.

==> picture [596 x 75] intentionally omitted <==

1 Based on an exchange rate of 1 AUD = 9.19 ZAR

==> picture [596 x 142] intentionally omitted <==

The approval of DTI grant funding will enhance the Company’s ability to secure project financing from South Africa, including ECIC funding, which is South Africa’s official Export Credit Agency, 100% owned by the Government of South Africa.

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

Auroch Minerals NL

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

Competent Persons Statement

The information in this report that relates to 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 a Fellow of the Geological Society of South Africa, which is recognised as a ROPO 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 they are undertaking to qualify as a Competent Person as defined in the 2004 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 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 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Dr Northrop consents to the inclusion in this presentation of the matters based on his information in the form and context in which it appears.

The information in this report that relates to the Metallurgical Test Work Program being conducted by SGS (Johannesburg)and is based on information received to date. It was compiled by Mr Graeme Farr, who is a Fellow of the South African Institute of Mining and Metallurgy. Mr Farr is contracted by the Company to oversee all issues relating to the design of the beneficiation process. Mr Farr has sufficient experience which is relevant to the type of beneficiation plant under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of The JORC Code. Mr Farr consents to the inclusion in this presentation of the matters based on the information in the form and context in which it appears.

==> picture [596 x 75] intentionally omitted <==

==> picture [596 x 142] intentionally omitted <==

About Auroch Minerals NL

Auroch Minerals NL (ASX:AOU) is exploring and 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

==> picture [459 x 217] intentionally omitted <==

Historical Manica Gold Project Total Resource Table
Category	Project Sector	Cut-off Au (g/t)	Tons (000’)	Grade Au (g/t)	Total Au (oz)
Measured	Fair Bride1	0.5	11,561	1.73	642,000
Total Measured Resources			11,561	1.73	642,000
Indicated	Fair Bride1	0.5 < 300 m 1.0 > 300 m	10,795	1.64	570,000
	Guy Fawkes	1.25	2,150	2.44	170,000
Total Indicated Resources			12,945	1.77	740,000
Inferred	Fair Bride1	0.5	24,598	1.83	1,449,000
	Guy Fawkes	1.25	620	2.81	60,000
	Dot’s Luck	1.00	480	3.25	50,000
	Boa Esperanza	1.25	330	2.94	30,000
Total Inferred Resources			26,028	1.89	1,589,000
Total Manica Gold Project Resource (JORC 2004)			50,534	1.83	2,971,000¹

1 Inclusive of the 1,025,904oz at 4.13g/t Au using a 3.0g/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.

==> picture [596 x 75] intentionally omitted <==

==> picture [596 x 142] intentionally omitted <==

Appendix 1 – Fair Bride Metallurgical Drilling Assay Results

	RC/ Diamond Hole		Collar Easting (m)	Collar Northing (m)	Collar Elevation (m)			Final Depth (m)				Au Grade (g/t)
Hole Number		Project Sector				Azimuth (degrees)	Dip (degrees)		From (m)		Length (m)
										To (m)
		Fair Bride	486401.71	7910820.2	712.54	180	-55	51.5			1.00
ANDMT1	RC								5.50	6.50		0.34
		Fair Bride									2.00
ANDMT1	RC								8.50	10.50		0.47
		Fair Bride									13.00
ANDMT1	RC								11.50	24.50		2.86
		Fair Bride									1.00
ANDMT1	RC								38.50	39.50		0.23
		Fair Bride									1.00
ANDMT2	RC								45.50	46.50		0.25
		Fair Bride	486403.41	7910837.12	712.12	190	-50	63.5			1.00
ANDMT2	RC								2.50	3.50		0.21
		Fair Bride									2.00
ANDMT2	RC								8.50	10.50		0.29
		Fair Bride									29.00
ANDMT2	RC								12.50	41.50		3.88
		Fair Bride									25.00
ANDMT2	RC								16.50	41.50		4.45
		Fair Bride									1.00
ANDMT2	RC								45.50	46.50		0.20
		Fair Bride	486487.05	7910864.71	707.78	190	-50	60.5			4.00
ANDMT3	RC								11.50	15.50		1.93
		Fair Bride									7.00
ANDMT3	RC								16.50	23.50		12.23
		Fair Bride									9.00
ANDMT3	RC								24.50	33.50		5.93
		Fair Bride									3.00
ANDMT3	RC								39.50	42.50		1.27
		Fair Bride									1.00
ANDMT3	RC								43.50	44.50		0.50
		Fair Bride									2.00
ANDMT3	RC								45.50	47.50		0.62
		Fair Bride									5.00
ANDMT3	RC								53.50	58.50		0.44
		Fair Bride									1.00
ANDMT3	RC								59.50	60.50		0.24
		Fair Bride	486487.73	7910893.78	706.43	190	-50	81.5			5.00
ANDMT4	RC								0.50	5.50		0.63
		Fair Bride									2.00
ANDMT4	RC								56.50	58.50		0.46
		Fair Bride									6.00
ANDMT4	RC								59.50	65.50		4.31
		Fair Bride									1.00
ANDMT4	RC								70.50	71.50		0.20
		Fair Bride									1.00
ANDMT4	RC								75.50	76.50		0.61
		Fair Bride	486603.36	7910824.57	712.3	190	-50	51.5			2.50
ANDMT5	RC								0.00	2.50		0.38
		Fair Bride									1.00
ANDMT5	RC								4.50	5.50		0.23
		Fair Bride									5.00
ANDMT5	RC								25.50	30.50		0.66
		Fair Bride									1.00
ANDMT5	RC								29.50	30.50		0.60
		Fair Bride	486601.63	7910846.64	711.02	190	-50	52.5			7.00
ANDMT6	RC								0.50	7.50		2.97
		Fair Bride									5.00
ANDMT6	RC								8.50	13.50		0.92
		Fair Bride									1.00
ANDMT6	RC								25.50	26.50		0.38
		Fair Bride									15.00
ANDMT6	RC								36.50	51.50		2.17
		Fair Bride	486889.76	7910771.06	716.93	190	-50	75.5			3.00
ANDMT7	RC								0.50	3.50		0.42
		Fair Bride									1.00
ANDMT7	RC								6.50	7.50		0.78
		Fair Bride									3.00
ANDMT7	RC								8.50	11.50		0.61

==> picture [596 x 75] intentionally omitted <==

==> picture [596 x 142] intentionally omitted <==

	RC/ Diamond Hole		Collar Easting (m)	Collar Northing (m)	Collar Elevation (m)			Final Depth (m)				Au Grade (g/t)
Hole Number		Project Sector				Azimuth (degrees)	Dip (degrees)		From (m)		Length (m)
										To (m)
		Fair Bride									1.00
ANDMT7	RC								14.50	15.50		0.56
		Fair Bride									2.00
ANDMT7	RC								17.50	19.50		0.44
		Fair Bride									1.00
ANDMT7	RC								28.50	29.50		0.29
		Fair Bride									1.00
ANDMT7	RC								47.50	48.50		7.83
		Fair Bride									1.00
ANDMT7	RC								56.50	57.50		1.34
		Fair Bride	486890.62	7910786.69	715.58	190	-50	86.5			0.50
ANDMT8	RC								0.00	0.50		0.32
		Fair Bride									3.00
ANDMT8	RC								1.50	4.50		0.31
		Fair Bride									1.00
ANDMT8	RC								19.50	20.50		1.18
		Fair Bride									2.00
ANDMT8	RC								36.50	38.50		0.84
		Fair Bride									12.00
ANDMT8	RC								44.50	56.50		10.35
		Fair Bride									2.00
ANDMT8	RC								65.50	67.50		2.73
		Fair Bride									1.00
ANDMT8	RC								68.50	69.50		0.20
		Fair Bride									4.00
ANDMT8	RC								74.50	78.50		0.40
		Fair Bride									1.00
ANDMT8	RC								81.50	82.50		0.25
		Fair Bride	486486.5	7910844.64	709.28	190	-50	55.5			1.00
ANDMT9	RC								22.50	23.50		0.25
		Fair Bride									1.00
ANDMT9	RC								24.50	25.50		0.23
		Fair Bride									1.00
ANDMT9	RC								38.50	39.50		0.30
		Fair Bride									2.00
ANDMT9	RC								43.50	45.50		0.51
		Fair Bride									1.00
ANDMT9	RC								54.50	55.50		0.45
These resu	lts reflect all borehole inte		rsection lengths containing analytical grade accumulations greater tha					n or equal to 0.20g/t gold.

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.

==> picture [596 x 75] intentionally omitted <==

==> picture [596 x 142] intentionally omitted <==

Appendix 2 – Dot’s Luck In-fill Drill Hole Assay Results

	RC/			Collar	Collar
Hole		Project	Collar			Azimuth	Dip	Final Depth				Au Grade
	Diamond			Northing	Elevation				From (m)	To (m)	Length (m)
Number		Sector	Easting (m)			(degrees)	(degrees)	(m)				(g/t)
	Hole			(m)	(m)
		Dot's Luck	481416.06	7911017.48	796.38	180	-55	80.14
DLD18	DD								27.90	29.55	1.65	0.51
		Dot's Luck									3.92
DLD18	DD								31.33	35.25		2.49
		Dot's Luck									12.85
DLD18	DD								35.73	48.58		5.74
		Dot's Luck	481451.32	7911015.57	800.41	180	-55	56.00			1.50
DLD19	DD								23.00	24.50		1.58
		Dot's Luck	481498.15	7911016.39	807.86	180	-55	54.50			2.00
DLR20	RC								0.50	2.50		0.37
		Dot's Luck									6.00
DLR20	RC								8.50	14.50		0.76
		Dot's Luck									8.00
DLR20	RC								41.50	49.50		3.82
		Dot's Luck	481601.33	7911021.26	817.28	180	-55	75.50			4.00
DLR23	RC								5.50	9.50		0.32
		Dot's Luck									4.00
DLR23	RC								14.50	18.50		1.62
		Dot's Luck									1.00
DLR23	RC								22.50	23.50		0.39
		Dot's Luck									3.00
DLR23	RC								45.50	48.50		0.33
		Dot's Luck									1.00
DLR23	RC								50.50	51.50		0.36
		Dot's Luck									4.00
DLR23	RC								52.50	56.50		0.76
		Dot's Luck									1.00
DLR23	RC								58.50	59.50		0.51
		Dot's Luck									10.00
DLR23	RC								63.50	73.50		0.66
		Dot's Luck									1.00
DLR23	RC								74.50	75.50		0.88
These result	s include all intersections with an acc			umulation o	f gold greater than or equal to 0.20g/t

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.

==> picture [596 x 75] intentionally omitted <==

==> picture [596 x 142] intentionally omitted <==

Appendix 3 – Guy Fawkes In-fill Drill Hole Assay Results

	RC/ Diamond Hole		Collar Easting (m)	Collar Northing (m)	Collar Elevation (m)			Final Depth (m)				Au Grade (g/t)
Hole Number		Project Sector				Azimuth (degrees)	Dip (degrees)		From (m)		Length (m)
										To (m)
GFR01	RC	Guy Fawkes	486447.25	7913342.11	813.28	196	-50	88.5	59.50	60.50	1.00	0.31
GFR01	RC	Guy Fawkes							85.50	86.50	1.00	0.53
GFR02	RC	Guy Fawkes	486442.54	7913294.59	808.67	170	-50	43.5	0.00	0.50	0.50	0.44
GFR02	RC	Guy Fawkes							6.50	7.50	1.00	0.74
GFR02	RC	Guy Fawkes							8.50	9.50	1.00	0.92
GFR02	RC	Guy Fawkes							18.50	19.50	1.00	0.64
GFR02	RC	Guy Fawkes							22.50	23.50	1.00	0.33
GFR03	RC	Guy Fawkes	486470.87	7913290.55	814.79	170	-50	55.5	19.50	21.50	2.00	11.15
GFR03	RC	Guy Fawkes							24.50	26.50	2.00	0.61
GFR03	RC	Guy Fawkes							28.50	30.50	2.00	0.98
GFR03	RC	Guy Fawkes							35.50	36.50	1.00	0.49
GFR03	RC	Guy Fawkes							45.50	46.50	1.00	0.90
GFR04	RC	Guy Fawkes	486336.23	7913374.92	782.56	196	-50	95.5	4.50	5.50	1.00	0.56
GFR04	RC	Guy Fawkes							6.50	8.50	2.00	0.54
GFR04	RC	Guy Fawkes							32.50	33.50	1.00	0.38
GFR04	RC	Guy Fawkes							35.50	36.50	1.00	0.35
GFR04	RC	Guy Fawkes							37.50	40.50	3.00	2.35
GFR04	RC	Guy Fawkes							41.50	42.50	1.00	0.48
GFR04	RC	Guy Fawkes							45.50	47.50	2.00	0.64
GFR04	RC	Guy Fawkes							59.50	60.50	1.00	0.41
GFR04	RC	Guy Fawkes							64.50	65.50	1.00	0.34
GFR05	RC	Guy Fawkes	486299.13	7913250.7	768.68	20	-50	75.5	68.50	70.50	2.00	1.87
GFR06	RC	Guy Fawkes	486340.44	7913216.48	784.1	20	-50	70.5	0.50	1.50	1.00	7.35
GFR06	RC	Guy Fawkes							5.50	6.50	1.00	9.80
GFR06	RC	Guy Fawkes							33.50	34.50	1.00	1.05
GFR06	RC	Guy Fawkes							41.50	42.50	1.00	3.51
GFR06	RC	Guy Fawkes							45.50	46.50	1.00	2.67
GFR07	RC	Guy Fawkes	486376.14	7913393.24	793.11	196	-50	142.5	13.50	16.50	3.00	0.41
GFR07	RC	Guy Fawkes							67.50	68.50	1.00	0.59
GFR07	RC	Guy Fawkes							85.50	86.50	1.00	0.59
GFR07	RC	Guy Fawkes							88.50	92.50	4.00	1.02

==> picture [596 x 75] intentionally omitted <==

==> picture [596 x 142] intentionally omitted <==

	RC/ Diamond Hole		Collar Easting (m)	Collar Northing (m)	Collar Elevation (m)			Final Depth (m)				Au Grade (g/t)
Hole Number		Project Sector				Azimuth (degrees)	Dip (degrees)		From (m)		Length (m)
										To (m)
GFR07	RC	Guy Fawkes							119.50	120.50	1.00	0.32
GFR07	RC	Guy Fawkes							130.50	131.50	1.00	0.38
GFR08	RC	Guy Fawkes	486636.21	7913231.17	840.12	196	-50	87.5	15.50	16.50	1.00	0.57
GFR08	RC	Guy Fawkes							17.50	18.50	1.00	1.67
GFR08	RC	Guy Fawkes							62.50	63.50	1.00	1.42
GFR08	RC	Guy Fawkes							79.50	80.50	1.00	0.87
GFR09	RC	Guy Fawkes	486687.7	7913192.46	835.43	196	-50	51.5	0.50	1.50	1.00	0.50
GFR09	RC	Guy Fawkes							29.50	30.50	1.00	0.41
GFR10	RC	Guy Fawkes	486850.98	7913173.37	837.3	196	-50	151.5	28.50	29.50	1.00	0.82
GFR10	RC	Guy Fawkes							60.50	62.50	2.00	0.51
GFR10	RC	Guy Fawkes							67.50	68.50	1.00	0.88
GFR10	RC	Guy Fawkes							69.50	70.50	1.00	0.30
GFR10	RC	Guy Fawkes							138.50	139.50	1.00	0.30
GFD33	DD	Guy Fawkes	487119.06	7912981.8	798.76	20	-50	199.99	64.99	65.92	0.93	0.24
GFD33	DD	Guy Fawkes							69.02	73.41	4.39	1.33
GFD33	DD	Guy Fawkes							74.53	77.34	2.81	0.52
GFD33	DD	Guy Fawkes							78.35	80.38	2.03	0.32
GFD33	DD	Guy Fawkes							91.12	93.38	2.26	0.48
GFD33	DD	Guy Fawkes							95.06	97.20	2.14	0.38
GFD34	DD	Guy Fawkes	486792.62	7913030.13	796.97	20	-50	263	175.18	176.11	0.93	0.96
GFD35	DD	Guy Fawkes	486819	7913285		196	-50	229.91	25.30	26.30	1.00	0.05
GFD35	DD	Guy Fawkes	486818	7913282.59	864.5				187.03	187.90	0.87	0.32
GFD36	DD	Guy Fawkes	486413.49	7913337.47	813.83	200	-55	152.07	*	*	*	*
GFDMT01	DD	Guy Fawkes	487329.17	7913046.32	844.6	210	-55	143.09	92.81	93.75	0.94	0.67
GFDMT01	DD	Guy Fawkes							94.60	95.67	1.07	0.38
GFDMT01	DD	Guy Fawkes							96.76	97.70	0.94	0.21
GFDMT01	DD	Guy Fawkes							100.87	101.67	0.80	0.40
GFDMT01	DD	Guy Fawkes							103.55	105.61	2.06	0.59
These result * All Au valu	s include all intersection es less than 0.2g/t		s with an accu	mulation of gold greater than or equal to 0.20g/t

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.

==> picture [596 x 75] intentionally omitted <==

==> picture [596 x 142] intentionally omitted <==

Interest in Mining Tenements

Mozambique

				Interest acquired or disposed
			Interest at beginning of quarter		Interest at end of quarter
	Tenement ID
Tenement		Status
Manica Gold Project	3990C	Granted	100%	-	100%

				Farm-in Interest acquired or disposed
					Farm-in Interest at end of quarter
			Farmin Interest at beginning of quarter
	Tenement ID
Tenement		Status
Baobab Farm-in	1022L	Granted	-	-	-

Western Australia

				Interest acquired or disposed
			Interest at beginning of quarter		Interest at end of quarter
	Tenement ID
Tenement		Status
Crawford	E09/1899	Granted	100%	-	100%
Beete	P63/1646	Granted	100%	-	100%
Peninsula	P63/1694	Granted	100%	-	100%

==> picture [596 x 75] intentionally omitted <==