RIEDEL RESOURCES LIMITED — Interim / Quarterly Report 2012

Jan 30, 2013

31 January 2013

Quarterly Activities Report for the Period Ended 31 December 2012

Riedel Resources Limited ("Riedel" or "the Company", ASX: RIE) is pleased to present its December Quarter 2012 Activities Report:

EXPLORATION HIGHLIGHTS

Marymia

• First pass 6,826 metre RAB/aircore drilling programme over copper, gold and nickel targets completed.
• Significant gold intercepts close to surface returned from initial RAB/aircore drilling.
• Wide intervals with elevated gold results recorded 10m @ 1.19g/t Au (including 5m @ 2.23 g/t Au from surface).
• Initial drilling to define prospective "basal" komatiitic stratigraphic boundary has confirmed the presence of thick komatiite volcanic rocks over more than 25 kilometres which are highly prospective for the discovery of primary Kambalda-type massive sulphide nickel deposits.
• Historic shallow drilling (c1995) returned significant intersections for nickel including 8m @ 1.05% Ni from 28m.
• Elevated assay results for copper in 29 of 47 holes drilled within targets 12, 13 and 16.
• Highly prospective Proterozoic-age Yerrida Group geology extended over the majority of the southern and eastern portions of E52/2394.

CORPORATE HIGHLIGHTS

• 29,094,050 (RIEO) Listed Options, exercisable at 20c, expired 30 November 2012.
• Appointment of Ed Turner as Technical Director.
• Issue of 9.33 million shares at an issue price of $0.075 per share and free attaching unlisted option on a 1:1 basis exercisable at 15¢ per share on or before 31 January 2016 to Sophisticated and Professional Investors to raise $0.7M.
• Annual General Meeting of Shareholders held on 12 November, 2012.
• Cash at 31 December 2012 $0.7M*.*

COMPANY DIRECTORS Mr Ian Tchacos Non-Executive Chairman

Mr Jeffrey Moore Managing Director

Mr Ed Turner Technical Director

Mr Bruce Franzen Non-Executive Director

Mr Andrew Childs Non-Executive Director

COMPANY SECRETARY Mr Bruce Franzen

CONTACT DETAILS Principal & Registered Office Suite 1 45 Ord Street West Perth Western Australia 6005

Postal Address PO Box 1559 West Perth Western Australia 6872

Website www.riedelresources.com.au

Email admin@riedelresources.com.au

Phone +61 8 9226 0866

Facsimile +61 8 9486 7375

ABN: 91 143 042 022 ASX CODE: RIE

Riedel's assets include a portfolio of gold, copper and nickel projects and significant land holdings in prospective Archaean- and Proterozoic-age terranes of Western Australia and the rights to acquire five Permits in Burkina Faso with high prospectivity for Proterozoic-age gold mineralisation (see Figure 1).

The Company has a mixture of advanced and early stage prospects, with an initial focus on four core Projects:

• Marymia (copper, gold, nickel and base metals);
• Burkina Faso (gold and copper);
• Cheritons Find (gold 1 Inferred Resources of 1.4Mt @ 2.4g/t Au for 108,000 oz);
• Millrose (gold Inferred Resources of 4.0Mt @ 2.4g/t Au for 309,000 oz).

Furthermore, the Western Australian Projects are augmented with a number of additional prospects, including existing joint ventures, royalty agreements and free carried interests.

Figure 1: Western Australia and Burkina Faso (West Africa) Project Locations

1 Sons of Gwalia – 29 November 2000

WESTERN AUSTRALIA

MARYMIA PROJECT

Exploration Activities

During the Quarter Riedel completed a first-pass drilling programme consisting of 6,826 metres of RAB and aircore at Marymia. Drilling tested Targets 12, 13, 14, 16, 17, 18, 19, 24 and 25 (see Figure 2 for project location, Figure 3 and Table 1 for summary of drilling completed). Subsequent to the Quarter, all of the assay results from the drilling programme were received and are tabled and discussed below.

Figure 2: Marymia Project - Location Map

Results Summary

Significant gold (Au) intercepts have been returned from shallow RAB/aircore drilling at Target 25 at the Marymia Project (see Figure 3).

Highlights of the gold drilling programme include:

• 10m @ 1.19 g/t Au from surface in MMRB039,
  • including 5m @ 2.23 g/t Au from surface;
• 30m @ 0.33 g/t Au from surface in MMRB040,
  • including 5m @ 0.86 g/t Au from 10m, and
  • including 4m @ 0.90 g/t Au from 24m, and
  • including 1m @ 2.57 g/t Au from 24m;
• 5m @ 0.52 g/t Au from 45m in MMRB040.

Due to these encouraging results the Company will now expedite additional follow-up drilling to confirm the prospectivity of Target 25 and other high priority gold targets at depth.

To confirm the nickel (Ni) potential in Targets 17-19 six stratigraphic holes were drilled to define the boundary between the prospective ultramafic komatiitic volcanic rocks and underlying mafic tholeiitic basalts. Recognition of the komatiite/tholeiite contact is important in the search for Kambalda style nickel-sulphide deposits that typically lie at the base of the komatiitic lava package, in contact with footwall tholeiitic basalt.

Nickel prospectivity confirmed by:

• Fertile geochemical signature and prospective geological setting for "Kambalda-type" nickel mineralisation;
• Many significant historic nickel drilling intersections noted, including;
  • 8m @ 1.05% Ni from 28m in K5-6;
  • 22m @ 0.58% Ni from 22m in NKB0724 (including 4m @ 1.07% Ni from 28m);
  • 13m @ 0.74% Ni from 28m in K5-7, and;
  • 24m @ 0.58% Ni from 12m in K5-8.

An airborne electromagnetic survey is now planned to identify primary nickel sulphide deposits within the prospective stratigraphy known to exist over more than 25 kilometres.

Numerous significantly elevated assay results for copper (Cu) and associated minerals (silver (Ag), molybdenum (Mo) and lead (Pb)), underlying or near large previously identified surface geochemical anomalies, were returned from four targets in the south-west and eastern portions of the project area (see Figure 3).

Highlights of the copper drilling programme include:

• Elevated assay results for copper in 29 of 47 holes drilled within targets 12, 13 and 16.
• Highly prospective Proterozoic-age Yerrida Group geology extended at least 15 kilometres to the north and east, covering the majority of the southern and eastern portions of E52/2394.
• Target 12:
  • 30m @ 228 ppm Cu from 5m in MMAC002 (including 5m @ 589 ppm Cu);
  • 29m @ 143 ppm Cu from 10m to end of hole in MMAC009 (including 5m @ 5.31 g/t Ag);
  • 25m @ 264 ppm Cu from 10m in MMAC015 (including 5m @ 534 ppm Cu).
• Target 13:
  • 15m @ 108 ppm Cu from 55m to end of hole in MMAC022 (including 7m @ 18.2 ppm Mo, 1.64 g/t Ag to end of hole);
  • 4m @ 125 ppm Cu, 23.0 ppm Mo, 1.14 g/t Ag from 130m to end of hole in MMAC024;
  • 25m @ 141 ppm Cu from 125m to end of hole in MMAC027.

Target 16:

• 35m @ 125 ppm Cu from 55m in MMAC070;
• 18m @ 151 ppm Cu from 30m to end of hole in MMAC074;
• 20m @ 132 ppm Cu from surface and 10m @ 209 ppm Cu from 80m to end of hole in MMAC075.

Figure 3: Marymia Project - RAB/aircore drilling completed

Discussion of Results

Gold Targets

Target 25 was initially tested with 20 angled overlapping RAB drill holes for a total of 814 metres (MMRB025-044). The holes were drilled at -60° towards 130° and each hole was drilled until blade refusal, which was usually when semi-fresh or fresh rock was intersected.

Significant gold assay results were received from drill holes MMRB039 and MMRB040 (see Table 2) where weathered ultramafic and gabbro rock types were logged. Samples were typically collected as 5 metre composite samples with approximately 0.5 kg of sample material scooped from each consecutive single metre sample to make up the composite. Depending upon the final depth, the last sample interval at the end of the hole (EOH) may have been less than 5 metres. Some single metre scoop samples were taken at the time of drilling if they were logged as having geological significance and gold potential.

The results of this drilling programme, which targeted favourable structural positions identified from recent field mapping and geophysical interpretation of aeromagneitic data, are highly encouraging. Wide intervals with elevated gold results were recorded in both MMRB039 and MMRB040, for example, composite sample intercepts recorded 10m @ 1.19 g/t Au from surface in MMRB039, (including 5m @ 2.23 g/t Au from surface) and 30m @ 0.33 g/t Au from surface in MMRB040, (including 5m @ 0.86 g/t Au from 10m), and single metre intercepts include 4m @ 0.90 g/t Au from 24m, and 1m @ 2.57 g/t Au from 24m.

The best single metre assay was 1m @ 2.57 g/t Au from 24m in MMRB040 despite the corresponding composite sample assaying only 0.11 g/t Au.This demonstrates the high variability of the gold content within this target area and reinforces the need to sample every metre individually where any significant (> 0.10 g/t Au) composite assays are received. This suggests there may be other significant single metre intervals that are yet to be recognised.

Drill holes from Target 24 (MMRB022-024, MMAC043-067) have not returned any significant intersections.

Nickel Targets

Six aircore holes (MMAC080 – 085) were drilled for 331 metres within Targets 17-19. The objective for these holes was to better define the stratigraphic boundary between ultramafic komatiitic and mafic tholeiitic volcanics. The location of the komatiite/tholeiite contact is important in the search for Kambalda-type nickel sulphide deposits because massive sulphide deposits typically occur at the base of komatiitic lava flows, in contact with footwall tholeiitic basalt rocks. Sulphidic and carbonaceous sediments typically flank this zone and provide a source of sulphur for nickel sulphide mineralisation.

This contact has previously been partly mapped in the field at surface and by analysing bottom of hole drill chips using multi-element geochemistry. Outcropping rocks are rare within this project area so downhole geochemistry is heavily relied upon, along with interpretation of aeromagnetic data, to determine the underlying geology. The high magnetic response of the komatiite volcanic rocks is also useful to interpret the underlying stratigraphy in the absence of outcrop.

Within the Archaean Baumgarten Greenstone Belt in the Marymia Inlier, Riedel has identified thick komatiite volcanic rocks over an extensive area. This geology includes serpentinised dunitic rocks with distinctive orthocumulate, mesocumulate and adcumulate textures which are typical of prospective magnesian-rich olivine-rich basal flow facies. Shallow historic drilling has returned significant intersections for nickel, including 8m @ 1.05% Ni from 28m in K5-6 and 22m @ 0.58% Ni from 22m in NKB0724 (including 4m @ 1.07% Ni from 28m), see Table 3 for all historic drill intersections >0.3% Ni and Figure 4 for location of targets and historic drilling intercepts.

Figure 4: Marymia Project – Nickel targets and historic drilling results on magnetic image

These highly encouraging historic drilling results warrant substantial follow-up exploration work for primary nickel sulphide mineralisation and Riedel intends to accelerate its work programmes with extensive geophysical surveys and drilling programmes over the highestorder targets.

Furthermore, Riedel's geochemical analysis of the regolith and primary rocks from target areas outside of those with significant historic drill intersections suggests equally high potential for the discovery of nickel mineralisation. Several of these target areas exhibit high nickel and copper, and depleted chrome and zinc geochemistry. Analysis of the nickel:chrome/copper:zinc elemental ratios show numerous results at about unity or greater than one, which is a strong indicator of "fertile komatiites". These rocks host numerous economically important nickel deposits and mines at locations including the worldclass Kambalda nickel camp in Western Australia.

To further reinforce the nickel sulphide potential in the Marymia Project area, the Company compared its highest order nickel-in-soil anomalies with those areas indicative of fertile komatiite anomalies. From 4,809 soil samples collected by Riedel in 2012, 24 extensive nickel anomalies were delineated from soil geochemical assay results which fall within the top 3% of results (greater than the 97th percentile which is equivalent to 68.8ppm Ni). Significantly, five of these anomalies have a coincident fertile signature (see Figure 4 for Ni

soil anomalies, fertile signature soil anomalies, Ni target areas, drill holes with significant Ni intersections on a grey scale aeromagnetic background).

In summary, Riedel has determined that there are numerous high priority nickel targets within the Marymia Project area, including Targets 17-19. These targets are located over a large part of the project area and an aerial electromagnetic survey is planned to cover the entire Baumgarten Greenstone Belt in search of primary nickel sulphide deposits. The survey will also cover Proterozoic-age sedimentary rocks to delineate copper sulphide deposits.

Copper Targets

Composite sample results for the four copper targets (12, 13, 14 and 16) returned many significant intersections averaging greater than 5 metres @ 100ppm Cu (see Figure 5). All of the significant intersections in Targets 12, 13 and 16 are hosted by Proterozoic-aged sediments. The host rocks in Target 14 are Archaean-aged felsic volcanics (See Table 4 for a summary of significant intersections).

Drilling also intersected Proterozoic-age sedimentary rocks belonging to the Yerrida Group over a far greater area within E52/2394 than was previously interpreted. This is particularly important as this geological sequence hosts the copper deposits and advanced prospects, located immediately to the south west of the tenement, currently the focus of successful exploration by Ventnor Resources Limited, Sipa Resources Limited and Lodestar Minerals Limited. Significantly, it has also been demonstrated that Yerrida Group sediments on-lap or are in faulted contact with Archaean basement highs in several locations within Riedel's tenement, further enhancing the potential for the discovery of economic copper mineralisation.

Figure 5: Marymia Project drill holes with significant Cu intersections and their relative position compared to other Cu prospects and deposits.

Discussion of the drilling results from the target areas which returned significant copper assay values follows.

Target 12

Drilling intersected significant copper mineralisation in 9 of the 21 holes drilled. All drill holes were drilled vertically and the host rocks comprised clays, dolomites and chert. Hard chert bands limited the depth penetration of the drilling equipment to an average of only 38 metres at this target and future follow-up reverse circulation (RC) drilling will be required to test this target at greater depth.

Promising copper results include 30 metres @ 227.6ppm Cu from 5 metres in MMAC002 (including 5 metres @ 589.0ppm Cu from 10 metres) and 25 metres @ 264.1ppm Cu from 10 metres in MMAC015 (including 5 metres @ 534.0ppm Cu from 15 metres).

Significant lead intercepts were also recorded in five holes. The best intersections include 25 metres @ 542ppm Pb from 35 metres in MMAC016 and 18 metres @ 269.6ppm Pb from 25 metres in MMAC017.

Other significant results showing evidence of hydrothermal fluid flow and mineralisation include 5 metres @ 5.31ppm Ag from 10 metres in MMAC009 and 20 metres @ 4.98ppm Mo from surface in MMAC015. Drill holes that return significant silver and molybdenum values may indicate proximity to primary copper deposits.

Target 13

Drilling returned significant copper assay results from 13 of the 14 holes completed. All drill holes were drilled vertically and mineralisation is hosted within shales which are interpreted as belonging to the Juderina Formation or Johnsons Cairn Formation within the Yerrida Basin. Recent nearby copper discoveries, including Ventnor Resources' Thaduna and Green Dragon copper deposits, Sipa Resources' Enigma deposit and Lodestar Minerals' McDonald Well prospect are hosted in similar Yerrida Basin geology to that recognised at Target 13.

The anomalous copper intervals are typically detected at or near to the contact between haematitic and carbonaceous shale units. Faulting has been interpreted to exist between several of the drill holes, close to these significant intersections and these faults may have acted as conduits for mineralised fluid flow.

In one instance a vertical fault offset of approximately 60 metres is apparent between drill traverses and elevated molybdenum values coincident with significant copper intercepts occur in several drill holes proximal to such interpreted faults. Examples include 10 metres @ 13.03ppm Mo from 60 metres in MMAC022 and 10 metres @ 17.56ppm Mo from 125 metres in MMAC024.

Anomalous copper results include 25 metres @ 140.7ppm Cu from 125 metres in MMAC027 and 20 metres @ 144.1ppm Cu from 30 metres in MMAC034.

These anomalous initial results, prospective stratigraphy and proximity to interpreted structures provide strong encouragement and reinforce the potential for the discovery of nearby primary copper mineralisation and deposits.

Target 14

Significant copper mineralisation was intersected in 2 of the 28 shallow drill holes within Target 14. Unlike Targets 12, 13 and 16, this area is underlain by felsic volcanic rocks belonging to the Archaean-age Baumgarten Greenstone Belt ("BGB"). The host rock is sheared and chloritised in places and significant copper intercepts coincide with these shear zones.

The best copper results include 5 metres @ 101.5ppm Cu from 5 metres in MMRB014 and 15 metres @ 171.0ppm Cu from 5 metres in MMRB017. A significant gold intersection of 5 metres @ 0.14 ppm Au from 20 metres in MMRB003 is also coincident with sheared felsic volcanic rocks.

Target 16

Significant copper mineralisation was intersected in 7 of the 12 vertical holes drilled in shaledominant, occasionally chlorite-altered rocks. Promising assay results for copper include 18 metres @ 150.6ppm Cu from 30 metres in MMAC074 and 20 metres @ 132.5ppm Cu from surface in MMAC075.

Significantly, the shale host rocks are interpreted as belonging to the Yerrida Group rather than the Yelma Group, as has been previously interpreted by the Geological Survey of Western Australia. This implies that highly prospective Yerrida Basin sediments extend over a far greater area than previously mapped, including the total extent of Target 16.

In this area, the basin sediments on-lap or are in faulted contact with the BGB basement, which is an ideal setting for large sediment-hosted base metal deposits. Basin sediments logged at depths of greater than 150 metres in drill holes completed in relatively close proximity to the BGB strongly implies significant fault bounded contacts exist between the sedimentary package and the BGB. Faults in this area may have provided conduits and traps for mineralising hydrothermal fluid flow.

These first-pass drilling results are considered to be very promising and clearly validate the geochemical "pathfinder" sampling methodology previously adopted by the Company. The targets were identified by ranking numerous multi-element soil geochemical pathfinder anomalies and tested by first-pass, mostly shallow RAB and aircore blade drilling. These results strongly imply that the surface geochemical target areas are indicative of subsurface alteration systems, probably due to the circulation of metalliferous hydrothermal fluids.

The Company is also encouraged to note that many of the most promising intercepts for copper, molybdenum, silver and lead are open-ended and limited at depth only by the refusal of the blade drilling technique to penetrate hard rock bands or fresh rock. Follow-up exploration work, including electromagnetic geophysical surveys and deep RC drilling is now warranted to accurately define structural trends and primary mineralised conductors which may indicate the presence of significant, proximal precious/base metals mineral deposits.

WEST AFRICA

BURKINA FASO PROJECTS

Exploration Activities

There were no field exploration activities completed during the Quarter.

Planned Activities for Next Quarter

Marymia

• ─ Airborne electromagnetic survey covering all areas prospective for nickel and copper.
• ─ Further aircore drilling.

Burkina Faso

• ─ RAB and/or aircore drilling of highest priority geochemical auger targets at Gonsin.
• ─ Follow-up geochemical soil sampling at the Tagou, Keri and Moaga Projects.
• ─ Complete first pass geochemical soil sampling and geological mapping programmes at the Galgouli South Project.

TENEMENTS

On 12 November 2012 exploration licence E36/215 (Bronzewing/Kara) was surrendered.

CORPORATE

The Annual General Meeting of Shareholders was held at 8:30am on 12 November 2012, at The Celtic Club, 48 Ord Street, West Perth. All resolutions put to the meeting were passed on a show of hands. Resolution 3 (Approval of a 10% Placement Facility) was passed as a special resolution with at least 75% of votes cast by Shareholders voting in favour of the resolution.

On 4 December 2012 the Company advised that the listed options (RIEO) which were not exercised by 5.00pm WST on 30 November 2012 had expired, totalling 29,094,050 options.

On 5 December 2012, the Directors advised that Mr Ed Turner has been appointed as an Executive Director of the Company, effective immediately.

In July 2011, soon after the listing of Riedel on ASX, Ed joined the Company as Exploration Manager. Prior to this appointment Ed had accumulated 25 years of experience as a geologist in Australia and overseas, with primary focus on gold, nickel, uranium and base metals exploration and underground gold mining. He has extensive experience in project review, due diligence and acquisition.

More specifically, Ed has established exploration teams and managed exploration programmes in Romania, The Ukraine, Brazil and The Democratic Republic of Congo for companies including RSG Global (now Coffey Mining), Anvil Mining and Cougar Metals. In Romania Ed led the exploration team that added 5 million ounces of gold to the Rosia

Montana gold project in a twelve month period. The Directors of Riedel look forward to Mr Turner's contribution to the Board as Technical Director. His strategic insights and operational experience will be a substantial benefit to Riedel's shareholders.

The Company advised that on 23 November 2012 it had completed a Share Placement offered to sophisticated and professional investor clients of Oracle Securities in Australia and the UK.

The placement will raise up to $0.7 million before costs, with the issue of 9.33 million ordinary shares at an issue price of $0.075 per share and free attaching unlisted option on a 1:1 basis exercisable at 15¢ per share on or before 31 January 2016 ("Options") as follows;

• ─ Up to 9.33 million new shares at 7.5¢ per share to raise circa $0.70 million to be issued within the Company's 10% placement capacity under Listing Rule 7.1A.
• ─ Up to 9.33 million Options to be issued within the Company's 15% placement capacity under Listing Rule 7.1.

The free attaching unlisted options to be issued on a 1:1 basis, being up to 9.33 million options, are to be issued under ASX Listing Rule 7.1, and will subsequently be put to shareholders for ratification and approval at a General Meeting to be held in February 2013.

The placement has subsequently settled in two parts with Part 1 representing approximately $0.533 million announced on 7 December 2012. The balance being Part 2 of the placement of approximately $0.167 million, settled on 7 January 2013.

The Company held Cash Reserves at 31 December 2012 of $0.7M.

For further information please contact:

Ed Turner Jeffrey Moore Executive Director Managing Director Riedel Resources Limited Riedel Resources Limited Tel: +61 8 9226 0866 Tel: +61 8 9226 0866

Email: ed.turner@riedelresources.com.au Email: j.moore@riedelresources.com.au

About Riedel Resources Limited

Riedel Resources Limited is an Australian-based exploration company established to explore for and develop mineral deposits. Since listing on ASX on 31 January 2011 the Company has successfully secured the services of a core team of experienced corporate and technical professionals, experienced in all facets of exploring and developing minerals deposits in Australia and overseas.

Further information can be found at the Company's website www.riedelresources.com.au

Competent Person's Statement

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Ed Turner, who is a Member of The Australian Institute of Geoscientists. Mr Turner is a full time employee of Riedel Resources Limited. Mr Turner has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activities undertaken to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves'. Mr Turner consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Table 1: Summary of drilling completed at Marymia
Target ID	No of Holes	Hole ID's	Metres drilled	Planned drillmetres
12	21	MMAC001 - MMAC021	799	1,000
13	14	MMAC022 – MMAC035	1,530	700
14	28	MMAC036 – MMAC042MMRB001 – MMRB021	659	1,000
16	12	MMAC068 – MMAC079	977	1200
17	2	MMAC080 – MMAC081	105	100
18	2	MMAC082 – MMAC083	101	100
19	2	MMAC084- MMAC085	125	100
24	28	MMRB022 – MMRB024MMAC043 – MMAC067	1,716	1,000
25	20	MMRB025 – MMRB044	814	800
Total =	129		6,826	6,000

Table 2: Significant Gold intersections - Target 25 (Composite assays >0.1 g/t Au and single metre assays >0.4 g/t Au)*

Hole ID	Sample Type	From(m)	To(m)	Width(m)	Assay Result(g/t Au)
MMRB039	composite	0	10	10	1.19
MMRB039	composite		inc.	5	2.23
MMRB039	composite	45	50	5	0.17
MMRB040	composite	0	30	30	0.33
			inc.	5	0.86
MMRB040	composite	45	50	5	0.52
MMRB039	single metre	46	47	1	0.46
MMRB040	single metre	24	28	4	0.90
MMRB040	single metre		inc.	1	2.57

* All samples were assayed for gold at ALS Laboratories in Perth by trace level method TL-43. If any gold results exceeded the 1.0 g/t upper limit then they were re-assayed by the ore grade method OG-43 and the ore grade method OG-43 values replaced the TL-43 results. Method Au-TL43 is applied to a totally pulverised 25g pulp which undergoes an aqua regia extraction with an ICPMS finish. It has a 0.001 ppm Au lower level of detection. Au-OG43 undergoes the same assaying procedure but is designed for ore grade analysis and so has a lower level of detection of 0.01 ppm Au.

Table 3: Significant Historic (c1995) Nickel Intersections at Marymia >0.3% Ni
Drill holeID	Riedel Target ID	Nickel Intercept	Eastingm(E)	Northingm(N)
A6-511	Target 10	4m@0.32%Ni from 20m	791306	7204168
A6-515	Target 10	12m@0.65%Ni from 8m	791565	7203968
A6-516	Target 10	16m@0.48%Ni from 20m	791563	7204003
A6-517	Target 10	20m@0.52%Ni from 20m	791561	7204039
A6-520	Target 10	4m@0.49%Ni from 8m	791555	7204145
NKB0657	Target 10	3m@0.36%Ni from 10m	792993	7204972
NKB0718	Target 8	11m@0.45%Ni from 3m	790691	7207868
NKB0723	Target 8	16m@0.67%Ni from 8m	790823	7208019
NKB0724	Target 8	22m@0.58%Ni from 22m	790849	7208049
NKB0724	Target 8	4m@1.07%Ni from 28m	790849	7208049
NKB0751	Target 8	7m@0.30%Ni from 4m	790153	7207861
NKB0753	Target 8	4m@0.30%Ni from 24m	790206	7207922
NKB0756	Target 8	2m@0.36%Ni from 18m	790285	7208012
NKB0757	Target 8	14m@0.40%Ni from 17m	790311	7208042
NKB0758	Target 8	3m@0.34%Ni from 33m	790338	7208072
NKB0759	Target 8	5m@0.30%Ni from 40m	790364	7208102
NKB0907	Target 8	15m@0.36%Ni from 12m	792913	7200786
NKB0908	Target 8	4m@0.39%Ni from 18m	792883	7200812
NKB0937	Target 8	2m@0.31%Ni from 20m	793477	7200823
NKB0943	Target 8	4m@0.36%Ni from 16m	793297	7200981
NKB0946	Target 8	9m@0.40%Ni from 16m	793207	7201060
NKB0948	Target 8	8m@0.54%Ni from 16m	793147	7201113
NKB0995	Target 30	4m@0.31%Ni from 20m	793800	7200008
NKB1000	Target 30	4m@0.32%Ni from 20m	793650	7200140
NKRC015	Target 7	28m@0.26%Ni from 20m	792081	7208640
K5-6	Target 7	8m@1.05%Ni from 28m	792037	7208922
K5-7	Target 7	13m@0.74%Ni from 28m	792067	7208951
K5-8	Target 7	24m@0.58%Ni from 12m	792102	7208997
K5-9	Target 7	8m@0.53%Ni from 24m	792137	7209037
K6-1	Target 7	4m@0.37%Ni from 4m	791813	7207957

Table 4: *Significant Cu intersections in Marymia RAB/aircore drilling
Target	Hole ID	DepthFrom (m)	Depth To(m)	Width(m)	Cu ppm	Ag ppm	Mo ppm	Pb ppm
12	MMAC001	30	35	5	110.5	0.12	1.03	595.0
12	MMAC002	5	35	30	227.6	0.50	2.26	77.7
	inc.	10	15	5	589.0	0.50	4.48	124.5
12	MMAC004	60	65	5	348.0	0.91	5.20	31.0
12	MMAC009	10	39	29	142.8	1.00	2.80	13.6
12	MMAC011	40	50	10	103.0	0.18	0.39	11.9
12	MMAC012	5	15	10	134.5	0.08	2.19	6.7
12	MMAC012	40	45	5	112.0	0.16	0.30	345.0
12	MMAC012	55	60	5	101.5	0.13	0.60	177.0
12	MMAC013	55	60	5	109.0	0.03	1.20	9.0
12	MMAC015	10	35	25	264.1	0.25	2.46	12.5
	inc.	15	20	5	534.0	0.40	4.99	7.6
12	MMAC016	15	20	5	107.5	0.13	4.99	16.2
13	MMAC022	55	70 (EOH)	15	107.8	0.75	9.08	31.6
13	MMAC024	100	105	5	106.5	0.02	0.31	6.4
13	MMAC024	130	134 (EOH)	4	125.0	1.14	23.02	28.6
13	MMAC025	65	70	5	159.0	0.14	0.12	5.2
13	MMAC025	145	150 (EOH)	5	101.5	0.43	1.76	205.0
13	MMAC026	130	138 (EOH)	8	136.0	0.05	2.01	89.4
13	MMAC027	125	150 (EOH)	25	140.7	0.39	2.98	11.0
13	MMAC028	60	65	5	212.0	0.04	0.52	11.7
13	MMAC029	5	10	5	117.0	0.07	3.38	22.8
13	MMAC029	50	55	5	293.0	0.27	1.84	9.8
13	MMAC029	80	85	5	107.5	0.08	2.99	12.7
13	MMAC030	45	50	5	150.0	0.17	0.91	8.1
13	MMAC030	70	75	5	109.0	0.62	8.19	38.3
13	MMAC030	85	90	5	241.0	0.06	0.47	15.8
13	MMAC031	65	75	10	191.3	0.14	1.74	20.8
13	MMAC031	85	110	25	116.0	0.05	0.68	13.4
13	MMAC032	115	125	10	110.8	0.03	0.71	7.5
13	MMAC033	5	10	5	157.0	0.02	0.29	7.1
13	MMAC033	25	35	10	130.0	0.05	3.85	9.7
13	MMAC034	30	50	20	144.1	0.07	1.48	9.4
13	MMAC034	75	95	20	108.5	0.06	3.02	28.6
13	MMAC035	45	65	20	121.4	0.45	3.76	18.8
13	MMAC035	75	80	5	167.0	0.04	0.30	4.4
14	MMRB014	5	10	5	101.5	0.02	0.54	3.0
14	MMRB014	25	30	5	101.5	0.02	0.92	2.8

Table 4: *Significant Cu intersections in Marymia RAB/aircore drilling
Target	Hole ID	DepthFrom (m)	Depth To(m)	Width(m)	Cu ppm	Ag ppm	Mo ppm	Pb ppm
14	MMRB014	45	50	5	102.0	0.02	0.85	6.8
14	MMRB017	5	20	15	171.0	0.05	1.96	6.2
16	MMAC068	60	65	5	165.5	0.07	0.07	2.6
16	MMAC068	70	75	5	104.0	0.04	0.07	5.1
16	MMAC069	40	45	5	118.5	0.05	0.08	2.1
16	MMAC069	90	99 (EOH)	9	156.3	0.16	0.22	2.5
16	MMAC070	35	45	10	125.3	0.08	0.13	1.3
16	MMAC070	55	90	35	125.0	0.08	0.06	2.0
16	MMAC073	0	15	15	101.8	0.04	0.42	2.6
16	MMAC073	40	45	5	172.5	0.04	0.74	5.9
16	MMAC074	15	20	5	112.0	0.04	0.25	10.4
16	MMAC074	30	48 (EOH)	18	150.6	0.05	0.74	12.8
16	MMAC075	0	20	20	132.5	0.05	0.28	4.3
16	MMAC075	40	50 (EOH)	10	106.0	0.08	0.19	4.9
16	MMAC075	80	90	10	208.5	0.03	0.07	7.7
16	MMAC076	40	50	10	138.5	0.09	0.36	47.1

* Significant copper intersections average greater than 5 metres @ 100ppm Cu.

All samples were taken as composite scoop samples from intervals up to 5 metres in width. If the mineralised interval finished at the end of hole (EOH) and the last composite was less than 5 metres then the grade was calculated as a weighted mean. Where assay results were less than detection limit a value equal to half the detection limit was used in calculations. All samples were initially assayed for Ag, As, Bi, Mo, Cu and Pb at ALS Laboratories in Perth by method ME-MS42. If Cu or Pb assays exceeded the 250ppm upper assay limit then they were re-assayed by method ME-MS41 and these values replaced the ME-MS42 assays. The As and Bi results were not significant and therefore not tabulated here.