SABRE RESOURCES LIMITED — Capital/Financing Update 2013

Aug 13, 2013

ASX ANNOUNCEMENT 14 August 2013

GUCHAB & SCHLANGENTAL UPDATE

Figure 1 - Breccia-hosted copper carbonate & sulphide mineralisation from the High Valley at Guchab.

HIGHLIGHTS

• High-grade drill results continue to be received from drilling in the Guchab Canyon, and now also at nearby Schlangental,
• Diamond drilling is now underway in the High Valley area of the Guchab Canyon with Sabre having now placed an 'Initial Exploration Target' on the deposit of:

5-10 million Tonnes @ 1-3% Copper & 10-30 gpt Silver*

*The potential quantity and grade of the Guchab deposits is conceptual in nature, as Sabre has determined that insufficient work has been undertaken to define a mineral resource and it is uncertain if further exploration will result in the determination of a mineral resource. The 'exploration target' is based upon the success of the drilling program to date and the mapped extents of copper mineralisation in the Guchab Canyon.

Guchab diamond drill results from Pads 1 & 5 include:

GCDD0026	15.82 metres @ 2.80% Copper & 24.61 gpt Silver from 14.63 metres
GCDD0027	17.64 metres @ 1.24% Copper & 5.50 gpt Silver from Surface
GCDD0032	9.96 metres @ 1.85% Copper & 13.69 gpt Silver from 1.04 metres
GCDD0033	10.91 metres @ 1.38% Copper & 8.61 gpt Silver from Surface

Schlangental reverse circulation drilling results include:

SCRC0035 3.00 metres @ 4.24% Copper & 11.63 gpt Silver from 28.00 metres SCRC0042 8.00 metres @ 4.57% Copper & 55.88 apt Silver from 50.00 metres

• A short program of diamond drilling has also been completed at Schlangental,
• Further results from both Guchab & Schlangental are expected in the coming weeks.

1. Drilling at Guchab

The drilling program at Guchab continues to return broad intercepts of copper mineralisation through the Guchab Canyon area, which takes in the area from the Eastern Adits through to the High Valley, including Pads 1,4,5 and 14.

1.1 Pad 5 Drilling

The results from the final drill hole on Pad 5 have now been received and include (see also Appendix 1):

GCDD0026	15.82 metres @ 2.80% Copper & 24.61 gpt Silver from 14.63 metres
and	7.92 metres @ 1.12% Copper & 12.14 gpt Silver from 50.50 metres
and	4.20 metres @ 1.90% Copper & 41.55 gpt Silver from 75.80 metres

The drilling from Pad 5 has proven highly successful, giving Sabre geochemical & geological data that is playing a key role in understanding the mineralised system in the Guchab Canyon.

Figure 2 - Location map of the Guchab Canyon deposit, including the High Valley workings, and the drill pads presently being used.

1.2 Pad 1 Drilling

An additional program of diamond drilling has been completed on Pad 1 to test the area to the north of the drill pad, towards Pad 4 in the High Valley. Previous drilling only tested the area to the south towards Pad 5. A total of ten drill holes (GCDD0027-36) were completed on this site, and continue to intersect copper mineralisation.

Initial results from GCDD27-33 include (Appendix 1):

GCDD0027				17.64 metres @ 1.24% Copper & 5.50 gpt Silver from Surface
-----------------	--	--	--	------------------------------------------------------------

• GCDD0028 28.72 metres @ 0.64% Copper & 8.83 gpt Silver from 1.00 metre including 2.56 metres @ 2.04% Copper & 14.45 gpt Silver from 5.90 metres
• GCDD0029 24.00 metres @ 0.60% Copper & 6.66 gpt Silver from Surface including 4.81 metres @ 1.10% Copper & 8.81 gpt Silver from Surface
• GCDD0030 15.00 metres @ 0.81% Copper & 13.24 gpt Silver from Surface including 7.28 metres @ 1.36% Copper & 19.16 gpt Silver from Surface
• GCDD0031 10.52 metres @ 1.10% Copper & 11.29 gpt Silver from Surface including 4.60 metres @ 1.93% Copper & 21.20 gpt Silver from Surface
• GCDD0032 9.96 metres @ 1.85% Copper & 13.69 gpt Silver from 1.04 metres

GCDD0033 10.91 metres @ 1.38% Copper & 8.61 gpt Silver from Surface

Results from drill holes GCDD0034-36 are pending.

1.3 High Valley Drilling

The diamond drilling rig has completed its move from the Eastern Adits up into the High Valley. A number of drill pads are now being utilised to infill drill the area between Pads 1 and 4. Initial results from this drilling are anticipated in the coming weeks.

1.4 An Initial Exploration Target for Guchab

The ongoing drill program at Guchab was designed with a number of aims, including:

• To define the full extent of mineralisation in the Guchab Canyon area (approximately 400 metres strike length),
• To explore the depth extensions of the mineralised system, and
• To define a JORC resource.

The zone of near surface mineralisation around Pads 1 and 5 has now been defined over 130 metres of strike. is 30-40 metres wide and is continuous to 70 metres depth but remains open in all directions. These dimensions are expected to substantially increase as drilling proceeds and results are received. A study of the geology & mineralisation combined with ongoing drilling success has prompted the company to place an 'Initial Exploration Target' on the prospect area.

Sabre's Phase 1 "Initial Exploration Target" for the Guchab Canyon & its surrounds is:

5-10 million Tonnes @ 1-3% Copper & 10-30 gpt Silver*

*The potential quantity and grade of the Guchab deposits is conceptual in nature, as Sabre has determined that insufficient work has been undertaken to define a mineral resource and it is uncertain if further exploration will result in the determination of a mineral resource. The 'exploration target' is based upon the success of the drilling program to date and the mapped extents of copper mineralisation in the Guchab Canyon.

Sabr The 5. re's XT600 d rig has com diamond dril mmenced dril l rig joined o ling deeper our contracto holes below or's rig in the w the delineat e Guchab Ca ted mineralis anyon late la sation from P ast week. Pads 1 &

2. S Schlangen ntal Drilling g

Sabr two s re has now c sections: completed its s initial drillin ng program a at Schlangen tal. The prog gram was div vided into

2 2.1 Shallow w Percuss sion Drillin ng

S w w In May-June Schlangenta which lies o were drilled e 2013 Sab al area. The ver the mine across the v re complete drilling was eralisation a alley, with an ed a program s designed t nd masks its n average de m of shallow to penetrate s geochemic epth of 18 me w percussio below the cal signature etres. on drilling ac soil and sa e. A total of cross the nd cover 86 holes

T t These holes targeting the s were assa e deeper RC ayed using a drilling. a hand-held XRF, with the data the en used to assist in

c Modelling of continuing ex f the shallow xploration pr w percussion rogram. n drilling is o ongoing and will assist in n better targ geting the

2 2.2 Deep R RC Drilling g

A t A program o targets gene including inte of RC drilling erated by th ercepts of: was comple e shallow d eted below th drilling progra he old workin am. A total ngs at Schlan of 8 RC ho ngental, as w oles were co well as on ompleted,

S SCRC0035 16.00 m including metres @ 0.8 3.00 metres 88% Copper @ 4.24% Cop r & 9.47 gpt pper & 11.63 t Silver from gpt Silver fro m 25.00 met om 28.00 met tres res

S SCRC0042 8.00 me including etres @ 4.57 2.00 metres 7% Copper & @ 16.14% Co & 55.88 gpt opper & 195.2 t Silver from 25 gpt Silver f m 50.00 met from 52.00 m tres metres

T r The assays reported in th from a num he coming w mber of drill weeks. holes from S Schlangenta l remain out tstanding an nd will be

A A further sho holes and s initiated to fu ort program everal 'stand urther investi of diamond d alone' dia gate the geo drilling, com mond holes ology and str mprised of dia was recent ructure of the amond tails o ly completed e Schlangent on several o d. This prog tal prospect. of the RC gram was

3. N New Sabre e Resource es Website e

Sabr featu re has devot ures: ted a signific cant amount t of time to c completely re ebuilding our r website, w hich now

• Summarie es and analy ysis of key pr roject areas and minerali sed trends,
• Detailed r reviews of ea ach prospect t area,
• Summarie es of explora ation results and work pro ograms,
• Constant ly updated n ews and info ormation sec ctions.

The rebuilt webs site will becom me live short tly and can b be found at w www.sabreso ources.com.

Sabre's look forw Guchab exploration p ward to pres Canyon (Hig programs at senting furth gh Valley). both Guchab er drill resul b and Schlan lts from both ngental conti h prospects nue to meet as operation with succes ns now focu s and we us on the

Tim Putt Chief Executive Officer Sabre Resources Ltd

For further information regarding the Company's activities, please contact:

Mr Timothy Putt Chief Executive Officer Phone (08) 9481 7833 Dr Matthew Painter General Manager - Exploration Phone (08) 9481 7833

Or consult our website:

www.sabresources.com

SABRE'S OTAVI MOUNTAIN LAND COPPER PROJECT

The Otavi Mountain Land Copper Project ('OML') is located in northern Namibia, lying within the triangle created by the mining towns of Tsumeb, Otavi and Grootfontein.

The entire region is well served by sealed roads, rail to port, high voltage power, telephone and water, and is close to major towns and mining processing facilities, including the Kombat copper concentrator and Tsumeb Smelter complex (one of only five operating smelters in Africa).

Sabre's OML project consists of two Exclusive Prospecting Licences (EPL 3540 & 3542), which cover more than 800 km2 of highly prospective base metal stratigraphy. Sabre has identified two key copper trends within its project area, each covering more than 25 km of strike, defined by surface geochemistry and historical workings. These extensive copper trends, namely the Lucas Post and Kombat Trends, are the present focus of exploration.

The region hosts a number of Copper, Zinc, Lead, Silver and Vanadium mines, including the Tsumeb & Kombat Copper mines. The Otavi Valley tenement (EPL 3540) surrounds the Kombat Copper mine on all sides and covers the strike extensions of the mine stratigraphy. To date, the Kombat Mine has produced over 8.7 Mt @ 3.1% Cu, 1.1% Pb and 26 gpt Ag, with owners, Kombat Copper (TSX-V), presently undertaking a drilling to define further NI 43-101 compliant resources within the mine area.

Competent Person Declaration

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr T. Putt of Sabre Resources Ltd. who is a member of The Australian Institute of Geoscientists. Mr Putt has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves". Dr Painter consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Forward-Looking Statements

This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Sabre Resources Ltd's planned exploration program and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may", "potential," "should," and similar expressions are forward-looking statements. Although Sabre Resources Ltd believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.

Appendix 1 - Guchab Diamond Drilling

* Copper (Cu) & Silver (Ag) values were determined at the accredited 'Bureau Veritas' Laboratory in Swakopmund, Namibia.

Pad No	Hole No	ingNorth	stiEang	RL	Fin(m)alDethp	o)Dip(	oTrim(ue)Azuth	(m)From	(m)To	t (m)Dohole Intewnrcep	Grade
1	GCDD0001	7818105	796081	1781	111.39	-40	191	0.60	108.35	.75107	5%Cu&t A1.16.93 gpg
							Including	17.90	20.25	2.35	13.24%Cu&70.84t Agpg
							And	29.80	52.15	22.35	2.08%Cu&10.11t Agpg
							And	96.90	100.05	3.15	Cu2.85%&22.90t Agpg
1	GCDD0002	7818105	796081	1781	101.13	-60	182	1.42	27.98	26.56	1.06%Cu&6.25 gt Apg
							Including	1.42	85.5	4.16	2.36%Cu&7.93 gt Apg
							And	8.19	12.76	4.57	Cu2.18%&21.44t Agpg
1	GCDD0003	7818105	796081	1781	53.43	-80	191	1.00	19.90	18.90	Cu1.54%&9.66 gt Apg
							Including	1.00	8.00	7.00	2.52%Cu&10.12t Agpg
1	GCDD0004	7818105	796081	1781	60.63	-55	224	0.00	24.05	24.05	1.29%Cu&10.91t Agpg
							Including	7.18	9.54	2.36	Cu3.47%&35.34 gt Apg
							And	23.05	24.05	1.00	8.55%Cu&38.38t Agpg
1	GCDD0005	7818105	796081	1781	53.32	-55	161	0.00	22.2	22.20	3.45%Cu&29.67t Agpg
							Including	20.05	22.2	2.15	Cu17.60%&247.70t Agpg
2	GCDD0006	795610	795610	1837	48.35	-45	291	0.90	15.00	14.10	Cu1.31%&10.50t Agpg
							Including	7.00	9.65	2.65	5.10%Cu&50.94t Agpg
2	GCDD0007	795610	795610	1837	48.55	-60	280	5.48	13.85	8.37	0.54%Cu&7.43 gt Apg
							Including	5.48	6.67	1.19	Cu1.41%&25.40t Agpg
2	GCDD0008	795610	795610	1837	72.89	-45	350	NA	NA	NA	@Hole Abandoned72.89m
2	GCDD0009	795610	795610	1837	17.63	-70	170	NA	NA	NA	@Hole Abandoned17.63m
2	GCDD0010	795610	795610	1837	13.62	-70	170	NA	NA	NA	Redrill of GCDD0009- Abandoned
4	GCDD0011	7818246	795918	1832	103.45	-41.5	100	42.22	61.07	18.85	1.06%Cu&15.05t Agpg
							Including	57.44	61.07	3.63	Cu&t A4.08%61.92gpg
4	GCDD0012	7818246	795918	1832	115.73	-40	131	NA	NA	NA	@Hole Abandoned115.73 m
											duedrill rifailurtoge
5	GCDD0013	7818054	796066	1774	80.10	-40	41	0.00	31.50	31.50	0.29%Cu&2.30 gt Apg
							Including	0.00	2.00	2.00	Cu&5.4t A1.03%0 gpg
5	GCDD0014	7818054	796066	1774	86.89	-60	41	0.00	53.10	53.10	Cu1.23%&11.20t Agpg
							Including	0.00	6.55	6.55	Cu&9.5t A2.17%0 gpg
							And	12.00	21.00	9.00	2.95%Cu&19.10t Agpg
5	GCDD0015	7818054	796066	1774	90.39	-80	41	0.31	52.16	51.85	Cu1.35%&15.45t Agpg
							Including	17.72	33.00	15.28	2.81%Cu&28.66t Agpg

Pad No	Hole No	Northing	Easting	RL	(m)FinalDethp	o)(Dip	oTr(ue)Azimuth	(m)From	(m)To	t (m)Dohole Intewnrcep	Grade
5	GCDD0016	7818054	796066	1774	110.96	-49	165	20.00	32.22	12.22	Cu0.67%&5.87 gt Apg
							Including	25.75	26.87	1.12	Cu&t A2.14%4.10 gpg
								57.37	86.64	29.27	0.80%Cu&10.86t Agpg
							Including	63.73	66.31	2.58	Cu2.49%&27.03t Agpg
							And	71.44	78.10	6.66	1.06%Cu&15.09t Agpg
5	GCDD0017	7818054	796066	1774	159.36	-65	161	12.00	39.00	27.00	0.53%Cu&6.77 gt Apg
							Including	24.00	29.12	5.12	Cu1.58%&18.21t Agpg
								50.00	78.40	28.40	0.61%Cu&11.99t Agpg
							Including	66.20	78.40	12.20	0.87%Cu&15.77t Agpg
								93.44	131.00	37.56	0.92%Cu&12.43t Agpg
							Including	93.44	99.11	5.67	2.28%Cu&20.02t Agpg
								126.00	131.00	5.00	1.82%Cu&33.76t Agpg
5	GCDD0018	7818054	796066	1774	132.47	-80	165	15.00	23.59	8.59	1.00%Cu&12.15t Agpg
								36.40	50.50	14.10	0.89%Cu&7.16 gt Apg
							Including	48.00	50.50	2.50	Cu1.70%&7.74 gt Apg
								59.00	76.00	17.00	1.00%Cu&23.70t A
											gpg
5	GCDD0019	7818054	796066	1774	153.21	-55	180	23.04	38.45	15.41	Cu1.08%&5.24 gt Apg
							Including	37.37	38.45	1.08	6.45%Cu&42.26t A
											gpg
								58.35	104.00	45.65	Cu1.04%&12.27t A
							Including	58.35	73.25	14.90	gpgCu&t A1.30%16.20
							And	73.25	81.10	7.85	gpgVoid -MiWorkin?ne
							And	81.10	104.00	22.90	g1.22%Cu&15.88t A
											gpg
5	GCDD0020	7818054	796066	1774	149.99	-45	186	29.00	45.00	16.00	Cu&t A1.19%8.26 g
											pg
								78.00	82.55	4.55	0.53%Cu&3.07 gt A
											pg
5	GCDD0021	7818054	796066	1774	120.34	-60	339	0.00	47.27	47.27	Cu&5.3t A0.64%3 gp
							Includ	0.00	4.17	4.17	g1.52%Cu&11.52t A
							ingAnd	11.68	13.00	1.32	gpg3.66%Cu&20.41t A
							An			2.14	gpgCu2.2t A
							d	21.46	23.60		7%&19.03gpg
5	GCDD0022	7818054	796066	1774	120.09	-30	339	0.00	5.00	5.00	1.38%Cu&7.82 gt Apg
5	GCDD0023	7818054	796066	1774	120.39	-80	339	0.00	40.81	40.81	Cu1.34%&11.63t Agpg
							And	55.60	64.34	8.74	Cu&65t A0.80%21.gpg

Pad No	Hole No	Northing	Easting	RL	FinalDeth(m)p	o)Dip(	oTrAzimuth(ue)	Fro(m)m	To(m)	Dohole It (m)ntewnrcep	Grade
5	GCDD0024	7818054	796066	1774	59.09	-40	210	NA	NA	NSR	NoSiificResulanttsgn(>1%Cor)ppe
5	GCDD0025	7818054	796066	1774	144.33	-60	210	36.00	39.10	3.10	Cu3.04%&22.17t Agpg
							And	65.38	124.00	58.62	1.38%Cu&28.27t Agpg
							Including	116.00	124.00	8.74	3.04%Cu&59.08t Agpg
5	GCDD0026	7818054	796066	1774	129.45	-80	210	14.63	30.45	15.82	Cu2.80%&24.61t Agpg
							And	50.50	58.42	7.92	1.12%Cu&12.14t Agpg
							And	8075.	80.00	4.20	1.90%Cu&41.55t Agpg
1	GCDD0027	7818107	796083	1781	38.64	-40	120	0.00	17.64	17.64	Cu1.24%&5.50 gt Apg
1	GCDD0028	7818110	796084	1781	50.84	-40	60	1.00	29.72	28.72	0.64%Cu&8.83 gt Apg
							Including	5.90	8.46	2.56	2.04%Cu&14.45t Agpg
1	GCDD0029	7818111	796082	1781	41.69	-40	30	0.00	24.00	24.00	0.60%Cu&6.66 gt Apg
							Including	0.00	4.81	4.81	1.10%Cu&8.81 gt Apg
1	GCDD0030	7818112	796080	1781	44.79	-40	360	0.00	15.00	15.00	Cu0.81%&13.24t Agpg
							Including	0.00	7.28	7.28	1.36%Cu&19.16t Agpg
1	GCDD0031	7818113	796077	1781	59.76	-40	325	0.00	10.52	10.52	1.10%Cu&11.29t Agpg
							Including	0.00	4.60	4.60	Cu1.93%&21.20t Agpg
1	GCDD0032	7818110	796077	1781	62.93	-40	303	1.04	11.00	9.96	1.85%Cu&13.69t Agpg
1	GCDD0033	7818107	796080	1781	30.45	-40	240	0.00	10.91	10.91	Cu1.38%&8.61 gt Apg
1	GCDD0034	7818110	796081	1781	80.84	-81.1	71.4	NA	NA	NA	ResulPendintsg
1	GCDD0035	7818110	796080	1781	50.00	-70.5	9.5	NA	NA	NA	dinResultsPeng
1	GCDD0036	7818109	796080	1781	93.39	-75	310.83	NA	NA	NA	ResulPendintsg
14	GCDD0037	7818222	795946	1839	62.75	-40	70.83	NA	NA	NA	ResultsPending
14	GCDD0038	7818221	795946	1839	81.42	-60	60	NA	NA	NA	ResulPendintsg

Appendix 2 – Guchab Diamond Drilling, JORC Tables

Section 1 - Sampling Techniques and Data
------------------------------------------	--

Criteria	Explanation
Samplingtechniques	Exploration results are based on industry best practices, including sampling, assay methods, andappropriate quality assurance quality control (QAQC) measures. Core samples are taken as half NQcore and sampled on nominal 1m intervals, with sampling breaks adjusted to geological boundarieswhere appropriate. Each sample is analysed with a handheld XRF analyser. Anomalous samples aresubmitted to Bureau Veritas Laboratory in Swakopmund for more precise analysis.
	All drill samples submitted to the laboratory are crushed and pulverised followed by a four acid totaldigest and multi-element analysis by inductively coupled plasma optical emission spectrometry (ICPOES) and inductively coupled plasma mass spectrometry (ICP-MS). Gold and precious metalanalysis is completed by a 50g fire assay collection and Atomic Absorption Spectrometer analysis(AAS). Sample preparation and analysis are undertaken at Bureau Veritas Laboratory inSwakopmund, Namibia.
Drillingtechniques	Diamond drill holes are collared using HQ2 and switch to NQ2 when the formation becomes solid.All coordinates are quoted in WGS84 datum unless otherwise stated.
Drill SampleRecovery	The quality of diamond core samples is monitored by the logging of various geotechnical parameters,and logging of core recovery and competency.
	The quality of analytical results is monitored by the use of internal laboratory procedures together withcertified standards, duplicates and blanks and statistical analysis on a monthly basis to ensure thatresults are representative and within acceptable ranges of accuracy and precision.
Logging	All logging is completed according to industry best practice. Diamond core is stored in clearly labelledcore trays. Logging is completed using a standard Maxwell logging template. The resulting data isuploaded to a Datashed database and validated. Once validated, the data is exported to 3Dmodelling software for visual validation and interpretation.
	Detailed information on lithology, sample quality, structure, geotechnical information, alteration andmineralisation are collected in a series of detailed self-validating logging templates.
Sub- samplingtechniques and	Core is cut using a brick saw fitted with a special blade designed for cutting core. Half core is takenfor sampling.
samplepreparation	For all sample types, the nature, quality and appropriateness of the sample preparation technique isconsidered adequate as per industry best practice.
	Field duplicates are taken every 20 samples to ensure the samples are representative. Qualitycontrol reports are undertaken routinely to monitor the performance of field standards and duplicates.
	Sample sizes are appropriate to the grain size of the material being sampled
Quality of assaydata andlaboratory tests	The samples have been sorted, dried, crushed and pulverised. Primary preparation has been bycrushing the whole sample. The samples have been split with a riffle splitter, if required, to obtain a3kg sub-fraction which has then been pulverised in a vibrating pulveriser.
	The sample(s) have been digested with a mixture of four Acids including Hydrofluoric, Nitric,Hydrochloric and Perchloric Acids for a total digest.
	Ag, As, Cd, Co, Ga, In, Mo, Sn, W have been determined by Inductively Coupled Plasma (ICP) MassSpectrometry.
	Al, Ca, Cu, Fe, K, Mg, Mn, Na, Pb, S, V, Zn have been determined by Inductively Coupled Plasma(ICP) Optical Emission Spectrometry.
	Au and PGEs are determined by a 40g fire assay collection with Inductively Coupled Plasma (ICP)Optical Emission Spectrometry finish.
	Field Standards and Blanks are inserted every 10 samples , Laboratory inserts its own standards andblanks at random intervals, but several are inserted per batch regardless of the size of the batch.

Verification ofsampling andassaying	All significant intercepts are reviewed and confirmed by at least three senior personnel before releaseto the market.No adjustments are made to the raw assay data. Data is imported directly to Datashed in raw originalformat.All data is validated using the QAQC reporter validation tool with Datashed. Visual validations arethen carried out by senior staff members.
Location of datapoints	Holes are set out using a handheld 12 channel GPS. Collars are picked up by a licenced surveyor oncompletion of the hole.
Data spacing anddistribution	Data spacing and distribution used to determine geological continuity is dependent on the deposittype and style under consideration. Where a mineral resource is estimated, the appropriate dataspacing and density is decided and reported by the competent person.
	For mineral resource estimations, grades are estimated on composited assay data. The compositelength is chosen based on the statistical average, usually 1m. Sample compositing is never applied tointerval calculations reported to market. A sample length weighted interval is calculated as perindustry best practice.
Orientation ofdata in relation to	Orientation of sampling is as unbiased as possible based on the dominating mineralised structuresand interpretation of the deposit geometry.
geologicalstructure	If structure and geometry is not well understood, sampling is orientated to be perpendicular to thegeneral strike of stratigraphy and/or regional structure.
	If the relationship between the drilling orientation and the orientation of key mineralised structures isconsidered to have introduced a sampling bias, this would be assessed and reported if consideredmaterial.
	Generally drilling should be undertaken at an angle to surface and drilled to maximise perpendicularintersection with the known interpretation of the strike of previously intersected mineralisation. Thisoften proves difficult at Guchab due to the topography of the prospect area and has resulted in 'fans'being drilled from individual pads to allow testing of the mineralised zones.
Sample security	All samples remain in the custody of company geologists, and are fully supervised from point of fieldcollection to laboratory drop-off.
Audits andreviews	None yet undertaken for this dataset

Section 2 - Reporting of Exploration Results

JORC Criteria	Explanation
Mineraltenement andland tenure	Sabre controls two Exclusive Prospecting Licences (EPL's) in the Otavi Mountain Land, namelyEPL3540 & 3542. All tenure was in good standing at the time of reporting. There are no knownimpediments with respect to obtaining a licence to operate in the area.
status	The Company maintains an 80% interest in the aforementioned EPL's, and a 3% government royaltyis in place on any base metal production. There are no known native title interests, historical sites,and wilderness or national park areas or environments impediments.
Exploration doneby previousparties	Several other parties have undertaken exploration in the area between the early 1900's through to1997. These parties include South West Africa Company, Goldfields Namibia and TsumebCorporation.
	Appraisal of previous work has been limited to high level review of historical reports as very limiteddata is available in either digital or hardcopy format. In most cases Sabre Resources Ltd hasdeveloped its datasets solely from its own work.
Geology	At Guchab, on the Kombat Trend, the target is structurally hosted epithermal copper-silvermineralisation, associated with faulting and zones of brecciation.
Drill holeInformation	All relevant drillhole information is supplied in Appendix 1 of the announcement
Dataaggregation	All exploration results are reported by a length weighted average. This ensures that short lengths ofhigh-grade material receive less weighting than longer lengths of low grade material.
methods	No high-grade cut-offs are applied. A nominal low grade cut-off of 0.25% Cu is used with a maximuminternal dilution of 5m.
Relationshipbetweenmineralisation	Mineralisation at Guchab is interpreted to be hosted by dilational & breccia zones associated with030-045 degree striking cross faults intersecting the interpreted east-west striking sedimentarybedding.
widths andintercept lengths	The drilling at Guchab is being undertaken from a number of pads due to the topography of theprospect. At this stage in the exploration programme it is too early to determine the true thickness ofthe intercept lengths.
Diagrams	A set of relevant diagrams are included in the body of the announcement.
Balancedreporting	Information relating to geophysical and geochemical test work is included in the announcement
Further work	Plans for further work are outlined in the body of the announcement