RAMELIUS RESOURCES LIMITED — Interim / Quarterly Report 2014

Apr 16, 2014

For Immediate Release 17 April 2014

Quarterly Activities Report for the Period Ending 31 March 2014

HIGHLIGHTS – OPERATIONS & DEVELOPMENT

• Record Group quarterly production of 27,653 fine ounces of gold at a total cash cost of A$1,213 per ounce (Dec Qtr: A$1,450).

• Mt Magnet gold production reached a new record of 19,767 fine ounces of gold refined at a total cash cost of A$1,428 per ounce (Dec Qtr: A$1,531). Mining completed at the high grade Western Queen South deposit with a further 71,608 tonnes of high grade ore mined and 88,657 tonnes delivered to Mt Magnet.

• Mining completed at the Coogee open pit, with the Burbanks Mill achieving gold production of 7,365 fine ounces of gold refined at a total cash cost of A$636 per ounce (Dec Qtr: A$1,180).

• A new JORC mineral resource of 185,000 ounces of gold was estimated for the Vivien Gold Project during the Quarter and work also commenced on a mine feasibility study and statutory approvals.

PRODUCTION GUIDANCE – JUNE 2014 QUARTER

• Mt Magnet (inclusive of Western Queen South) is expected to produce 19,000-20,000 ounces of gold in the June 2014 quarter.

• Burbanks is expected to produce 6,000 ounces of gold in the June 2014 quarter.

HIGHLIGHTS – CORPORATE

• Mark Zeptner appointed as the Company’s CEO effective in June 2014 when Managing Director Ian Gordon steps down.

• Quarterly gold sales of A$38M at an average sale price of A$1,423 / oz

• 4,476 ounces of gold repaid to Deutsche Bank under existing finance facility

• Cash and gold on hand of A$28.3M at the end of the quarter

Tel 08 9202 1127

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Figure 1: Ramelius Project Locations - Western Australia

Ramelius has active gold mining operations at Mt Magnet and Coogee / Burbanks. The Company is also purchasing the high grade Vivien gold deposit near Agnew. All of these projects are located in Western Australia.

PRODUCTION SUMMARY

Table 1: Gold Production December 2013 quarter

Operation	Mine Production ROM (t)	Milled Tonnes (t)	Head Grade (g/t Au)	Gold Recovery (%)	Production (recovered ounces)	Fine Gold Production (ounces)	Cash Cost (A$/oz)
Mt Magnet*	320,454	372,133	1.81	90	19,526	19,767	1,428
Burbanks	82,861	42,261	5.50	97	7,235	7,365	636
Total	403,315	414,394	2.19	91	26,761	27,132	1,213

*includes Western Queen South

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MT MAGNET GOLD MINE

The refurbished 1,650kW ball mill motor was re-installed in early February 2014. A smaller capacity 1,200kW motor was utilised while the original motor was being repaired. The re-installation of the ball mill motor during the quarter resulted in Mt Magnet returning to full production for the rest of the quarter. With the addition of Western Queen South ore, Mt Magnet mill production reached a record total of 19,526 ounces of recovered gold and 19,767 fine ounces of gold poured.

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----- Start of picture text -----

Mt Magnet Gold Mine
Production by Quarter
800,000 2.00
700,000
1.75
600,000
1.50
500,000
400,000 1.25
300,000
1.00
200,000
0.75
100,000
0 0.50
Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14
Milled Tonnes Recovered Gold Head Grade
grade (g/t)
tonnes and gold (grams)
----- End of picture text -----

Figure 2: Mt Magnet Quarterly Production

The Checkers mill processed 372,133 dry tonnes of ore at a head grade of 1.81 g/t Au for the quarter. This mill feed grade was the highest achieved to date.

Mining continued to focus on the Saturn pit within the Galaxy project area. The cutback of the pit is expected to fully expose the base of the existing pit in the June 2014 quarter. RC grade control drilling during March was highly encouraging, with significant high-grade BIF intersections occurring in the areas beneath and adjacent to the previous pit.

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Figure 3: Saturn Pit with previous pit in centre

WESTERN QUEEN SOUTH OPEN PIT

Mining at Western Queen South was completed on the 12[th] of March 2014. Decommissioning of site infrastructure and site rehabilitation has largely been completed. Estimated ore production for the quarter was 71,608 t @ 4.12 g/t for 9,476 oz. Total pit production was 165,067 t @ 3.94 g/t for 20,897 oz.

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Figure 4: Mining at Western Queen South – completed pit 12[th] March 2014

Haulage tonnes increased significantly during the quarter with a switch to double trailer road trains. Consequently the Western Queen South ore blend was increased at Mt Magnet improving mill grade. Haulage and milling of stockpiled Western Queen South pit ore will be completed in the June 2014 quarter.

COOGEE OPEN PIT

The Coogee pit was completed on the 23[rd] of February 2014. The project has performed extremely well, completed on time within budget and produced an estimated 147,400 dry ore tonnes. This is at least 30% more gold ore than planned and milled grade to date is also slightly above forecast. By mid-March all infrastructure had been removed from site and the Coogee site rehabilitated to a high standard, with the exception of the ROM and main access road which is yet to be completed. At the end of the quarter, 43,816 t of gold ore remained at the pit stockpile. Haulage to the Burbanks mill will be completed during the June 2014 quarter.

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Figure 5: Coogee pit - looking south - final ore mining 22[nd] February 2014

BURBANKS MILL

Milling of Coogee gold ore continued steadily throughout the quarter. Grades have reconciled above forecast and mill production for the quarter was 42,261 t @ 5.50 g/t for 7,235 ounces of recovered gold, whilst fine gold poured was 7,365 ounces.

PROJECT DEVELOPMENT

Vivien Gold Project

Ramelius completed a new mineral resource estimate and quoted an increased total resource of 805,000 t @ 7.1 g/t for 185,000 contained ounces. Resource details are shown in Table 2 below. The resource was reviewed by external consultants.

Table 2. Vivien Mineral Resource at 31[st] March 2014

Indicated	Inferred	Total Resource
t g/t oz	t g/t oz	t g/t oz
499,000 8.8 141,000	306,000 4.4 43,000	805,000 7.1 185,000

Notes:

• Figures are rounded to nearest 10,000 tonnes, 0.1 g/t and 1,000 ounces. Rounding errors may occur.

• For Resource details refer to ASX Release: ‘Resource boost for Vivien high grade gold project’ 01/04/2014

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Detailed mine planning, evaluation and regulatory approval work was in progress at the end of the quarter.

Ramelius expects to finalise the acquisition of the Vivien project in the June 2014 quarter.

EXPLORATION SUMMARY

Exploration drilling recommenced at Vivien during the quarter.

AUSTRALIAN PROJECTS

Vivien Deeps

The Company embarked upon a series of RC drill holes designed to test for up-dip continuity and shallow plunging repetitions to the high grade mineralisation intersected during the Company’s 2013 drilling campaign at Vivien (refer ASX Release dated 19[th] December 2013). Approximately 1,600m of drilling is planned, highlighted by the red triangle pierce points on Figure 6. By the end of the quarter an aggregate 1,215m had been drilled from four RC holes. Available assay results are attached in Appendix 1.

The drilling aims to scope for possible extensions to the new hangingwall lode intersected in VVDD1005 (6.7m @ 8.29 g/t Au) and an untested, potentially shallower plunge projection of the Main Lode intersections including 6.5m at 30.4 g/t Au recorded in drill hole VVDD1005 (refer ASX Release dated 13[th] November 2013).

Upon completion of the Vivien drilling the RC drill rig will move to test Vivien Gem, located 2km to the north of the Vivien pit (refer ASX Release dated 21[st] February 2014). Assay results will be reported as they become available.

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Figure 6: Longitudinal section – Vivien gold project

Coogee Extensions

The Company plans to follow-up low order gold and copper anomalism returned from drilling at Coogee. Intersections up to 16m at 0.54 g/t Au and 0.12% Cu remain open with depth and appear associated with a broad circular magnetic feature (Figure 7). A strong gold-copper-magnetite association is observed in the drilling to date and the deeper magnetic feature is interpreted as a buried pipe-like intrusive body amenable to hosting significant gold plus copper mineralisation.

Drilling is now scheduled to commence in June 2014 quarter. Assay results will be reported as they are received.

During the March 2014 quarter a Sale and Purchase Option Agreement was signed between Ramelius and Mr F. C. Saunders providing Ramelius with an option to acquire three Exploration Licences (EL26/131, 134 and 150) and one Prospecting Licence (PL26/3689) abutting the Company’s Coogee Mining Lease, east of Kambalda.

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Figure 7: Plan view – Coogee gold project

CORPORATE & FINANCE

As announced on 17 March, 2014, Mr Mark Zeptner will succeed Mr Ian Gordon as the Company’s CEO in June 2014. Mr Zeptner is a Mining Engineer with over 20 years’ experience in gold and nickel mining in Western Australia and has been the Company’s COO since March, 2012.

Gold sales for the March 2014 quarter were A$38M at an average price of A$1,423 / ounce.

At 31 March, 2014 the Company held A$23.3M in cash and A$5M in gold bullion.

During the quarter, the Company repaid 4,476 ounces of gold under its Pre-Pay finance facility with Deutsche Bank.

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The Information in this report that relates to Exploration Results is based on information compiled by Kevin Seymour. Mr Seymour is a full time employee of Ramelius Resources Ltd and is a Member of the Australasian Institute of Mining and Metallurgy. Mr Seymour has sufficient experience that is relevant to the styles of mineralisation and type of deposits under consideration, and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Kevin Seymour consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The Information in this report that relates Mineral Resources and Ore Reserves is based on information compiled by Rob Hutchison. Mr Hutchison is a full time employee of Ramelius Resources Ltd and is a Member of the Australasian Institute of Mining and Metallurgy. Mr Hutchison has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Rob Hutchison consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Appendix 1: Significant (>1.0 g/t Au) RC drilling results for the Vivien Gold Project – Leinster WA

Hole Id	Easting	Northing	Az/Dip	F/Depth (m)	From (m)	To (m)	Intersection (g/t Au)
VVRC1000	261097	6903266	299/-56	186 Incl.	127 127 Main	137 128 Lode	7m @ 3.75 1m @ 10.65 Assays Awaited
VVRC1001	261222	6903329	297/-61	115			Hole Abandoned
VVRC1002	261221	6903329	291/-56	325			Assays Awaited
VVRC1003	261204	6903311	293/-47	300			Assays Awaited
VVRC1004	261203	6903284	295/-51	289			Assays Awaited

Reported significant gold assay intersections (using a 0.50 g/t Au lower cut) are calculated over a minimum down hole interval of 1m at plus 1.0 g/t gold and may contain up to 1m of internal dilution. NSR denotes no anomalous assays above 1.0g/t Au. BLD denotes below analytical detection Gold determination was by standard Fire Assay techniques using a 50 gram charge and AAS finish with a lower limit of detection of 0.01 g/t Au. True widths are estimated to represent 55-60% of the reported Main Lode down hole intersections. HW denotes hangingwall lodes where true thickness is 90-95% of reported downhole intersection.

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JORC Code, 2012 Edition – Table 1 report for Vivien RC Drilling

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (eg cut	•The mineralisation was systematically sampled
techniques	channels, random chips, or specific	using industry standard 1m intervals, collected
	specialised industry standard	from reverse circulation (RC) drill holes.
	measurement tools appropriate to the	•Drill hole locations were designed to allow for
	minerals under investigation, such as	spatial spread across the interpreted mineralised
	down hole gamma sondes, or	zone. All RC samples were riffle split to 3-4kg
	handheld XRF instruments, etc).	samples on 1m metre intervals.
	These examples should not be taken	•Standard fire assaying was employed using a
	as limiting the broad meaning of	50gm charge with an AAS finish. Trace element
	sampling.	determination was undertaken using a multi (4)
	• Include reference to measures taken	acid digest and ICP- AES finish.
	to ensure sample representivity and
	the appropriate calibration of any
	measurement tools or systems used.
	• Aspects of the determination of
	mineralisation that are Material to the
	Public Report.
	• In cases where ‘industry standard’
	work has been done this would be
	relatively simple (eg ‘reverse
	circulation drilling was used to obtain
	1 m samples from which 3 kg was
	pulverised to produce a 30 g charge
	for fire assay’). In other cases more
	explanation may be required, such as
	where there is coarse gold that has
	inherent sampling problems. Unusual
	commodities or mineralisation types
	(eg submarine nodules) may warrant
	disclosure of detailed information.
Drilling	• Drill type (eg core, reverse circulation,	•Drilling was completed using best practice 5 ¾”
techniques	open-hole hammer, rotary air blast,	face sampling RC drilling hammers.
	auger, Bangka, sonic, etc) and details
	(eg core diameter, triple or standard
	tube, depth of diamond tails, face-
	sampling bit or other type, whether
	core is oriented and if so, by what
	_method, etc). _
Drill sample	• Method of recording and assessing	•Bulk RC drill holes samples were visually
recovery	core and chip sample recoveries and	inspected by the supervising geologist to ensure
	results assessed.	adequate clean sample recoveries were
	• Measures taken to maximise sample	achieved. Any wet, contaminated or poor
	recovery and ensure representative	sample returns were flagged and recorded in the
	nature of the samples.	database to ensure no sampling bias was
	• Whether a relationship exists between	introduced.
	sample recovery and grade and	•Zones of poor sample return are recorded in the
	whether sample bias may have	database and cross checked once assay results
	occurred due to preferential loss/gain	are received from the laboratory to ensure no
	of fine/coarse material.	misrepresentation of sampling intervals has
		occurred. Of note,excellent RC drill recoveryis

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Criteria	JORC Code explanation	Commentary
		reported from all RC holes.
Logging	• Whether core and chip samples have	•All RC drill samples are geologically logged on
	been geologically and geotechnically	site by professional geologists. Details on the
	logged to a level of detail to support	host lithologies, deformation, dominant minerals
	appropriate Mineral Resource	including sulphide species and alteration
	estimation, mining studies and	minerals plus veining are recorded relationally
	metallurgical studies.	(separately) so the logging is interactive and not
	• Whether logging is qualitative or	biased to lithology.
	quantitative in nature. Core (or	•Drill hole logging of RC chips is qualitative on
	costean, channel, etc) photography.	visual recordings of rock forming minerals and
	• The total length and percentage of the	quantitative on estimates of mineral abundance.
	relevant intersections logged.	•The entire length of the RC drill holes are
		geologicallylogged.
Sub-	• If core, whether cut or sawn and	•Duplicate samples are collected every 25th
sampling	whether quarter, half or all core taken.	sample from the RC precollar chips.
techniques	• If non-core, whether riffled, tube	•Dry RC 1m samples are riffle split to 3-4kg as
and sample	sampled, rotary split, etc and whether	drilled and dispatched to the laboratory. Any
preparation	sampled wet or dry.	wet samples are recorded in the database as
	• For all sample types, the nature,	such and allowed to dry before splitting and
	quality and appropriateness of the	dispatching to the laboratory.
	sample preparation technique.	•All samples are pulverized prior to splitting in the
	• Quality control procedures adopted for	laboratory to ensure homogenous samples with
	all sub-sampling stages to maximise	85% passing 75um. 200gm is extracted by
	representivity of samples.	spatula that is used for the 50gm charge on
	• Measures taken to ensure that the	standard fire assays.
	sampling is representative of the in	•RC samples submitted to the laboratory are
	situ material collected, including for	sorted and reconciled against the submission
	instance results for field	documents. In addition to duplicates a high
	duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being	grade or low grade standard is included every 25thsample, a controlled blank is inserted every 100thsample. The laboratory uses barren
	sampled.	flushes to clean their pulveriser and their own
		internal standards and duplicates to ensure
		industry best practice quality control is
		maintained.
		•The sample size is considered appropriate for
		the type, style, thickness and consistency of
		mineralization.
Quality of	• The nature, quality and	•The fire assay method is designed to measure
assay data	appropriateness of the assaying and	the total gold in the sample. The technique
and	laboratory procedures used and	involves standard fire assays using a 50gm
laboratory	whether the technique is considered	sample charge with a lead flux (decomposed in
tests	partial or total.	the furnace). The prill is totally digested by HCl
	• For geophysical tools, spectrometers, handheld XRF instruments, etc, the	and HNO3acids before measurement of the gold determination by AAS.
	parameters used in determining the	•No field analyses of gold grades are completed.
	analysis including instrument make	Quantitative analysis of the gold content and
	and model, reading times, calibrations	trace elements is undertaken in a controlled
	factors applied and their derivation,	laboratory environment.
	etc.	•Industry best practice is employed with the
	• Nature of quality control procedures	inclusion of duplicates and standards as
	adopted (eg standards, blanks,	discussed above, and used by Ramelius as well
	duplicates, external laboratory checks)	as the laboratory. All Ramelius standards and
	and whether acceptable levels of	blanks are interrogated to ensure they lie within
	accuracy (ie lack of bias) and	acceptable tolerances. Additionally, sample
	precision have been established.	size, grind size and field duplicates are
		examined to ensure no bias to gold grades
		exists.

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Criteria	JORC Code explanation	Commentary
Verification	• The verification of significant	•Alternative Ramelius personnel have inspected
of sampling	intersections by either independent or	the RC chips in the field to verify the correlation
and	alternative company personnel.	of mineralized zones between assay results and
assaying	• The use of twinned holes.	lithology, alteration and mineralization.
	• Documentation of primary data, data	•All holes are digitally logged in the field and all
	entry procedures, data verification,	primary data is forwarded to Ramelius’
	data storage (physical and electronic)	Database Administrator (DBA) in Perth where it
	protocols.	is imported into Datashed, a commercially
	• Discuss any adjustment to assay data.	available and industry accepted database
		software package. Assay data is electronically
		merged when received from the laboratory. The
		responsible project geologist reviews the data in
		the database to ensure that it is correct and has
		merged properly and that all the drill data
		collected in the field has been captured and
		entered into the database correctly.
		•The responsible geologist makes the DBA
		aware of any errors and/or omissions to the
		database and the corrections (if required) are
		corrected in the database immediately.
		•No adjustments or calibrations are made to any
		of the assay data recorded in the database.
		•No new mineral resource estimate is included in
		this report.
Location of	• Accuracy and quality of surveys used	•All drill hole collars are picked up using accurate
data points	to locate drill holes (collar and down-	RTK-GPS survey control. All down hole surveys
	hole surveys), trenches, mine	are collected using non-magnetic gyro surveying
	workings and other locations used in	techniques from recognized industry surveying
	Mineral Resource estimation.	service providers.
	• Specification of the grid system used.	•All holes are picked up in MGA94 – Zone 51 grid
	• Quality and adequacy of topographic	coordinates.
	control.	•Topographic control is established from DTMs
		generated from mine surveyors’ total station final
		pickups of the surroundinglandforms.
Data spacing	• Data spacing for reporting of	•Deeper exploration drill holes were planned on
and	Exploration Results.	nominal 50m x 50m partings.
distribution	• Whether the data spacing and	•Given the detailed understanding of the target
	distribution is sufficient to establish the	horizon within the pit where it has been intensely
	degree of geological and grade	drilled down to 10m partings in places this
	continuity appropriate for the Mineral	broader spacing is considered adequate as a
	Resource and Ore Reserve estimation	first pass to define the continuity of
	procedure(s) and classifications	mineralisation, ahead of any infill as required for
	applied.	future resource estimation work.
	• Whether sample compositing has	•No sampling compositing has been applied
	been applied.	within keymineralised intervals.
Orientation of data in	• Whether the orientation of sampling achieves unbiased sampling of	•The drilling is drilled to 270 degrees, being orthogonal to the strike of the target horizon.
relation to	possible structures and the extent to	Structural logging of available diamond core
geological	which this is known, considering the	supports the drilling direction and sampling
structure	deposit type.	method.
	• If the relationship between the drilling	•No drilling orientation and/or sampling bias has
	orientation and the orientation of key	been recognized at this time.
	mineralised structures is considered to
	have introduced a sampling bias, this
	should be assessed and reported if
	material.

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Criteria	JORC Code explanation	Commentary
Sample	• The measures taken to ensure sample	•Sample security is integral to Ramelius’
security	security.	sampling procedures. All bagged RC samples
		are delivered directly from the field to the assay
		laboratory in Kalgoorlie, whereupon the
		laboratory checks the physically received
		samples against Ramelius’ sample
		submission/dispatch notes.
Audits or	• The results of any audits or reviews of	•Sampling techniques and procedures are
reviews	sampling techniques and data.	reviewed prior to the commencement of new
		work programmes to ensure adequate
		procedures are in place to maximize the sample
		collection and sample quality on new projects.
		No external audits have been completed to date.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number,	• The results reported in this report are on
tenement	location and ownership including	granted Mining Leases (ML) 36/34 being
and land	agreements or material issues with	acquired by Ramelius Resources Limited under
tenure status	third parties such as joint ventures,	Sale Agreement with Gold Fileds. The mining
	partnerships, overriding royalties,	lease is located on pastoral leases. Heritage
	native title interests, historical sites,	surveys are completed prior to any ground
	wilderness or national park and	disturbing activities in accordance with
	environmental settings.	Ramelius’ responsibilities under the Aboriginal
	• The security of the tenure held at the	Heritage Act.
	time of reporting along with any	• At this time the tenements are in good
	known impediments to obtaining a	standing. There are no known impediments to
	licence to operate in the area.	obtaininga licence to operate in the area.
Exploration	• Acknowledgment and appraisal of	• Exploration by other parties has been reviewed
done by	exploration by other parties.	and is used as a guide to Ramelius’ exploration
other parties		activities. Previous parties have completed
		shallow RAB, Aircore and RC drilling,
		geophysical data collection and interpretation.
		This report concerns only exploration results
		generated byRamelius.
Geology	• Deposit type, geological setting and	• The mineralisation at Vivien is a typical orogenic
	style of mineralisation.	structurally controlled Archaean gold lode
		system. The mineralisation is controlled by a
		NE trending anastomosing shear zone passing
		through the Vivien Dolerite Sill. The Vivien
		deposit extends over 400m strike (where it has
		been mined historically) and dips around 700to
		the southeast. High grade gold mineralization
		plunges around 300to the southeast.
Drill hole	• A summary of all information	• All the drill holes reported in this report have
Information	material to the understanding of the	the following parameters applied. All drill holes
	exploration results including a	completed, including holes with no significant
	tabulation ofthefollowing	results(>1.0g/t Au)are reported in this

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Criteria	JORC Code explanation	Commentary
	information for all Material drill holes:	announcement.
	o easting and northing of the drill	• Easting and northing are given in MGA94 – Zone
	hole collar	51 coordinates
	o elevation or RL (Reduced Level –	• RL is AHD
	elevation above sea level in	• Dip is the inclination of the hole from the
	metres) of the drill hole collar	horizontal. Azimuth is reported in magnetic
	o dip and azimuth of the hole	degrees as the direction the hole is drilled.
	o down hole length and interception	MGA94 and magnetic degrees vary by <10in the
	depth	project area.
	o hole length.	• Down hole length is the distance measured
	• If the exclusion of this information is	along the drill hole trace. Intersection length is
	justified on the basis that the	the thickness of an anomalous gold intersection
	information is not Material and this	measured along the drill hole trace.
	exclusion does not detract from the	• Hole length is the distance from the surface to
	understanding of the report, the	the end of the hole measured along the drill
	Competent Person should clearly	hole trace.
	explain why this is the case.	• No results currently available from the
		exploration drilling are excluded from this
		report. Only gold grade intersections >1.0 g/t
		Au with up to 1m of internal dilution are
		considered significant and are reported in this
		report. Gold grades less than 1.0 g/t Au are not
		considered material for an underground drill
		target due to their lowgrade.
Data	• In reporting Exploration Results,	• The first gold assay result received from each
aggregation	weighting averaging techniques,	sample reported by the laboratory is tabled in
methods	maximum and/or minimum grade	the list of significant assays. Subsequent repeat
	truncations (eg cutting of high	analyses when performed by the laboratory are
	grades) and cut-off grades are usually	checked against the original to ensure
	Material and should be stated.	repeatability of the assay results.
	• Where aggregate intercepts	• Weighted average techniques are applied to
	incorporate short lengths of high	determine the grade of the anomalous interval
	grade results and longer lengths of	when geological intervals less than 1m have
	low grade results, the procedure used	been sampled.
	for such aggregation should be stated	• Results are reported using a 1.0 g/t Au lower
	and some typical examples of such	cut-off and may include up to 1m of internal
	aggregations should be shown in	dilution. Significant assays greater than 8.0 g/t
	detail.	Au are reported separately as contained within
	• The assumptions used for any	the broader lower grade intervals. For example
	reporting of metal equivalent values	the broader plus 1.0 g/t Au intersection of 6.5m
	should be clearly stated.	@ 30.5 g/t Au contains a higher grade zone
		running plus 8 g/t Au and is included as 4m @
		48.5 g/t Au. Where extremely high gold
		intersections are encountered as in this
		example, the highest grade sample interval (eg
		1.0m @ 150 g/t Au) is also reported. All assay
		results are reported to 3 significant figures in
		line with the analytical precision of the
		laboratory techniques employed.
		• No metal equivalent reportingis used or

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Criteria	JORC Code explanation	Commentary
		applied.
Relationship	• These relationships are particularly	• The intersection length is measured down the
between	important in the reporting of	length of the hole and is not usually the true
mineralisatio	Exploration Results.	width. When sufficient knowledge on the
n widths and	• If the geometry of the mineralisation	thickness of the intersection is known an
intercept	with respect to the drill hole angle is	estimate of the true thickness is provided.
lengths	known, its nature should be reported.	• The geometry of the mineralization with
	• If it is not known and only the down	respect to the drill holes reported in this report
	hole lengths are reported, there	is well constrained from historical mining and
	should be a clear statement to this	previous drill hole intersections.
	effect (eg ‘down hole length, true
	width not known’).
Diagrams	• Appropriate maps and sections (with	• A longitudinal view is provided in this report to
	scales) and tabulations of intercepts	enable the reader to see the intersections
	should be included for any significant	relative to previous mining and previous drill
	discovery being reported These should	hole intersections plus the current
	include, but not be limited to a plan	interpretation of the overall lode geometry.
	view of drill hole collar locations and	Given the steep dip of the mineralization at
	appropriate sectional views.	Vivien the longitudinal view presentation is
		currently considered the best 2-D
		representation of the known spatial extent of
		the mineralization intersected to date. Cross
		sections will be prepared for future releases
		when additional holes are drilled up and down
		dipof the new holes reported.
Balanced	• Where comprehensive reporting of all	• All RC drill holes completed to date are
reporting	Exploration Results is not practicable,	reported in this report and all material
	representative reporting of both low	intersections (>1.0 g/t Au) are reported.
	and high grades and/or widths should
	be practiced to avoid misleading
	reportingofExploration Results.
Other	• Other exploration data, if meaningful	• No other exploration data that has been
substantive	and material, should be reported	collected is considered meaningful and material
exploration	including (but not limited to):	to this report.
data	geological observations; geophysical
	survey results; geochemical survey
	results; bulk samples – size and
	method of treatment; metallurgical
	test results; bulk density,
	groundwater, geotechnical and rock
	characteristics; potential deleterious
	or contaminatingsubstances.
Further work	• The nature and scale of planned	• Future exploration includes step out drilling
	further work (eg tests for lateral	away from the reported intersections to better
	extensions or depth extensions or	define the extent of the mineralisation.
	large-scale step-out drilling).	• The attached longitudinal view highlights the
	• Diagrams clearly highlighting the	interpreted plunge extensions to the known
	areas of possible extensions, including	mineralisation.
	the main geological interpretations
	andfuture drillingareas, provided this

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Criteria	JORC Code explanation	Commentary
	information is not commercially
	sensitive.

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