SABRE RESOURCES LIMITED - Capital/Financing Update 2013

e x plore exten d ext r act

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ASX ANNOUNCEMENT 17 April 2013

COPPER SULPHIDES INTERSECTED AT GUCHAB

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Figure 1 – Weathered malachite (gre e n) & sulphide b ornite (blue) copper mineralis a tion in drill hol e GCDD0021 at Guchab.

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HIGH L IGHTS

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Drilling on Pad 5, in the High Valley at Guchab, continues to intersect copper mineralisation including:

G CDD001 5 51.85 m @ 1.35 % Copper & 15.45 gp t Silver fr o m 0.31 m , Including 15.28 m @ 2.81 % Copper & 28.66 gp t Silver fr o m 17.72 m .

Eight diamond drill holes have now been completed on Pad 5 at Guchab, with visual mineralisation in all of the holes, including primary copper sulphide in hole GCDD0021,
Drilling at Guchab continues to intercept epithermal copper mineralisation, with the results of drill holes GCDD0017-21 currently outstanding.

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GUCH A B EXPLO R ATION P R OGRAM

A. Drilling on Pa d 5

Diamon d drilling continues at Pa d 5 at Guch a b, south of P ad 1,. The d rill team ha s now completed eight dri l l holes (GC D D0013-0020) from this p ad, with hole (GCDD0021) in progr e ss - all holes have intersec t ed copper m ineralisatio n (Figure 2).

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Figure 2 – P l an view of Pad s 1 & 5 from G u chab (viewed o bliquely from t h e east) showin g drillhole and re p orted copper m ineralisation.

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The res u lts of drill h o les GCDD0 0 15 & 0016, are reporte d below:

G CDD001 5

T his drill hol e was targe t ed below h o le GCDD0014 (53.10m @ 1.23% Cu & 11.20 gpt Ag), at a steeper angle (-80°) t owards the northeast. The hole i n tersected a broad zon e of >1% c opper min e ralisation:

G CDD0015 51.85 m etres @ 1. 3 5% Coppe r & 15.45 g p t Silver fr o m 0.31 me t res Including 15.28 m etres @ 2. 8 1% Coppe r & 28.66 g p t Silver fr o m 17.72 m e tres

G CDD001 6 T his drill hole was targeted at - 4 9° to the southeast, extending t he zone o f known mineralisati o n and intersected two distinct zones of copper mineralisatio n :

G CDD0016	12.22	m etres @	0.6 7% Copper &	5.87 gpt Silver from 20.00 met res
Including	1.12	m etres @	2.1 4% Copper &	4.10 gpt Silver from 25.75 met res
	29.27	m etres @	0.8 0% Copper &	10.86 g pt Silver fro m 57.37m etres
Including	2.58	m etres @	2.4 9% Copper &	27.03 gp t Silver fro m 63.73 me tres
A nd	6.66	m etres @	1.0 6% Copper &	15.09 gp t Silver fro m 71.44 me tres

* See Appendix 1 for a full list o f drill results fr o** m Guchab.

The ev o lving mod e l for the e p ithermal c o pper mineralisation at Guchab in d icates that it is an extensi v e, structural l y-controlled zone of min e ralisation, r equiring systematic drill t esting.

B. Styl e s of Cop p er Miner a lisation a t Guchab

The majority of the m ineralisatio n identified a t Guchab t o date is fro m the upper, weathered p ortion of the dep o sit, down t o a vertical e xtent of less than 100 metres. We a thering ap p ears to be d eep and penetrative, which i s common amongst the major mine r al deposits of the Otavi Mountain Land. The main mi n erals obser v ed to date t o be associ a ted with mi n eralisation a t Guchab i n clude the fo l lowing:

Table 1 – Major minerals of Guchab copper deposit

*Miner* al	*Form* *ula*	De *scription*		*Occurren* *ce at Gucha* b
Malach ite	Cu2C O3(OH)2	A green-colo ured	miner al	Most com mon copper mineral
		co mmon in theo xidised	portion s	at Guchab , to date.
		of copper deposi ts
Chalco cite	Cu2S	Ab lue-grey copp er-rich sulphid e		Secondm ost common copper
		co mmon in theo xidised	portion s	mineral at Guchab to da te.
		of copper deposi ts.
Hemat ite	Fe2O 3	Iro n oxide		Commonl y associated with
				malachite and/or shattuc kite,
				Common within the ore bodies
				at Komba t.
Diopta se	CuS iO3·H2O	A green seco ndary	coppe r	Less com mon, usually in late
		mi neral common in the oxidise d		stage vein s and veinlets
		po rtions of copp er deposits in
		dry climates
Shattu ckite	Cu5( SiO3)4(OH)2	An uncommon,s ky blue coppe r		Earthy shattuckite	is
		sec ondary miner al		associated with hema tite	in
				stronglyw eathered zone s

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A suite of other mi n erals are a lso directly associated w ith minera l isation at G uchab, but in lesser proporti o ns. Notable trace and a c cessory mi n erals include:

Table 2 – Trace and accessory minerals of Guchab copper deposit

*Miner* al	*Form* *ula*	De *scription*	*Occurren* *ce at Gucha* b	*Occurren* *ce at Gucha* b
Chalco pyrite	CuF eS2	Me tallic yellowp rimary sulphid e	Grains of chalcopyr ite		in
		of copper and iro n	isolatedz ones unaffec ted		by
			weatherin g
Bornite	Cu5F eS4	Me tallic grey to peacoc k-	Grains of bornite	in i solated
		co loured prima ry sulphide of	zones unaffected		by
		co pper and iron	weatherin g
Native	Cu	Me tallic elem ental coppe r,	Present in some	high -grade
Coppe r		loc ated in theo xidised portion s	zones
		of copper deposi ts
Azurite	Cu3( CO3)2(OH)2	A blue-colou red miner al	Accessory mineral	ass ociated
		co mmon in theo xidised portion s	with mala chite
		of copper deposi ts
Chryso colla	(Cu, Al)2H2Si2O5(OH )4·_n_H2O	A light blue se condary copp er	Trace a mounts	in some
		mi neral	weathered zones.
Cuprite	Cu2O	Ar ed secondary copper minera l	Rare cry stals in	wea thered
			zones
Tenori te	CuO	A black colou red seconda ry	Present in some	wea thered
		co pper mineral	high-grad e zones
Pyrolu site	MnO 2	A common black-coloure d	Associate d with	wea thered
		ma nganese mine ral	copper m ineralisation
Sphale rite	(Zn,F e)S	Pr imary ore mine ral of zinc	Accessory mineral	ass ociated
			with copp er mineralizati on

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Primary c h alcopyrite (G C DD0005, 12.1 m ), largest grain 1mm long. B ornite with c h alcocite and m alachite, mine r alised clot around 50 m m long, (GC D D0021, ~37m)

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Importa n tly, the mineralisation a t Guchab shows textur e s evident i n fresh min e ralisation a t Kombat copper mine, 10km to the we s t. Sabre c a n therefore confidently state that t he mineralisation at Guchab is the weat h ered portion of an epith e rmal coppe r deposit.

The ma i n copper minerals within the weathered (oxidis e d) zone ar e common o re minerals in major copper m ines. Sabr e will assess the metallu r gy of both the weather e d and fresh mineralisati o n in due course.

Sabre l o oks forward to updating shareholder s as the res u lts from the ongoing dril l ing progra m at Guchab are receive d .

Tim Putt Chief Executive Officer Sabre Resources Ltd

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

Mr Timothy Putt Chief E x ecutive Offi c er Phone (08) 9481 7 8 33

Dr M atthew Pai n ter Ge n eral Manag e r – Explora t ion Phone (08) 94 8 1 7833

Or consult our website:

www.sabr e sources.co m

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SABR E ’S OTAVI MOUNTAIN LAN D COPPE R PROJE C T

The Ot a vi Mountai n Land Cop p er Project ( ‘OML’) is l o cated in n o rthern Na m ibia, lying w ithin the triangle c reated by t h e mining to w ns of Tsu m eb, Otavi a n d Grootfont e in.

The entire region is w ell served b y sealed ro a ds, rail to p ort, high vol t age power, t elephone a n d water, and is close to majo r towns and m ining proc e ssing facilities, includin g the Komba t copper co n centrator and Tsumeb Smelte r complex (one of only fi v e operating smelters in A frica).

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Sabre’s OML projec t consists of two Exclusi v e Prospecting Licences (EPL 3540 & 3542), which cover more th a n 800 km[2] o f highly pro s pective ba s e metal stratigraphy. Sabre has ide n tified two k e y copper trends w ithin its p r oject area, each cov e ring more than 25 k m of strike, defined b y surface geoche m istry and historical wo r kings.Thes e extensive c opper tren d s, namely t he Lucas Post and Kombat Trends, are the present focus of exploration.

The region hosts a n umber of C o pper, Zinc, Lead, Silve r and Vanadium mines, i n cluding the Tsumeb & Kombat Copper mines. The Otavi Valle y tenement (EPL 3540) surrounds t he Kombat Copper mine on all sides an d covers the strike exte n sions of the mine stratigraphy. To d a te, the Ko m bat Mine has pro d uced over 8 .7 Mt @ 3.1% Cu, 1.1% Pb and 26 g pt Ag, with o wners, Ko m bat Copper (TSX-V), presentl y undertaking a drilling t o define furt h er NI 43-10 1 compliant r esources w i thin the min e area.

Competent Person Declaration

The inform a tion in this report that relates to Exploration Res u lts, Mineral Re s ources or Ore R eserves is basedd on information compiled by Dr Matthew Painter of Sabre Resources Ltd, w ho is a membe r of The Australian Institute of Ge o scientists. Dr Paiinter has sufficie n t experience that is rele v ant to the style o f mineralisation and type of dep o sit under consid e ration and to th e activity that he is undertaking to qualify as a Competent Person as defin e d in the 2004 E dition of the “A u stralian Code for Reporting of E x ploration Resultss, Mineral Reso u rce and Ore Reserves”. D r Painter conse n ts to the inclusio n in the report of t h e matters based on his informatio n in the form and ccontext in which i t appears.

Forward-Looking Statements

This document may include f orward-looking statements. Forwa r d-looking statem e nts include, but a re not limited to, statements concerning Sabre Resources L td’s planned ex p loration program and other state m ents that are not historical facts. W hen used in this document, the words such as "could," "pl a n," "estimate," "e x pect," "intend," "may”, "potential," "should," and si m ilar expressions a re forward-lookinng statements. Although Sabre Resources Ltd believes that its expectations reflected in thes e forward-looking statements are r easonable, such statements invo l ve risks and uncertaintie s and no assuran c e can be given t h at actual results w ill be consistent with these forward-looking statemeents.

Appendix 1 - Guchab Diamond Drilling

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

** No estimate of 'true width' is practical at this early stage of the exploration program.

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Pad No	Hole No	Northing	Easting	RL	Final Depth(m)	Dip(o)	Azimuth (oTrue)	From(m)	To(m)	Downhole Intercept (m)**	Grade
1	GCDD0001	7818105	796081	1781	111.39	-40	191 Including And And	0.60 17.90 29.80 96.90	108.35 20.25 52.15 100.05	107.75 2.35 22.35 3.15	1.15% Cu & 6.93 gpt Ag 13.24% Cu & 70.84 gpt Ag 2.08% Cu & 10.11 gpt Ag 2.85% Cu & 22.90 gpt Ag
1	GCDD0002	7818105	796081	1781	101.13	-60	182 Including And	1.42 1.42 8.19	27.98 5.58 12.76	26.56 4.16 4.57	1.06% Cu & 6.25 gpt Ag 2.36% Cu & 7.93 gpt Ag 2.18% Cu & 21.44 gpt Ag
1	GCDD0003	7818105	796081	1781	53.43	-80	191 Including	1.00 1.00	19.90 8.00	18.90 7.00	1.54% Cu & 9.66 gpt Ag 2.52% Cu & 10.12 gpt Ag
1	GCDD0004	7818105	796081	1781	60.63	-55	224 Including And	0.00 7.18 23.05	24.05 9.54 24.05	24.05 2.36 1.00	1.29% Cu & 10.91 gpt Ag 3.47% Cu &35.34 gpt Ag 8.55% Cu & 38.38 gpt Ag
1	GCDD0005	7818105	796081	1781	53.32	-55	161 Including	0.00 20.05	22.2 22.2	22.20 2.15	3.45% Cu & 29.67 gpt Ag 17.60% Cu & 247.70 gpt Ag
2	GCDD0006	795610	795610	1837	48.35	-45	291 Including	0.90 7.00	15.00 9.65	14.10 2.65	1.31% Cu & 10.50 gpt Ag 5.10% Cu & 50.94 gpt Ag
2	GCDD0007	795610	795610	1837	48.55	-60	280 Including	5.48 5.48	13.85 6.67	8.37 1.19	0.54% Cu & 7.43 gpt Ag 1.41% Cu & 25.40 gpt Ag
2	GCDD0008	795610	795610	1837	72.89	-45	350	NA	NA	NA	Hole Abandoned @ 72.89 m
2	GCDD0009	795610	795610	1837	17.63	-70	170	NA	NA	NA	Hole Abandoned @ 17.63 m
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 Including	42.22 57.44	61.07 61.07	18.85 3.63	1.06% Cu & 15.05 gpt Ag 4.08% Cu & 61.92 gpt Ag
4	GCDD0012	7818246	795918	1832	115.73	-40	131	NA	NA	NA	Hole Abandoned @ 115.73 m due to drill rig failure

5	GCDD0013	7818054	796066	1774	80.1	-40	41 Including	0.00 0.00	31.50 2.00	31.50 2.00	0.29% Cu & 2.30 gpt Ag 1.03% Cu & 5.40 gpt Ag
5	GCDD0014	7818054	796066	1774	86.89	-60	41 Including And	0.00 0.00 12.00	53.10 6.55 21.00	53.10 6.55 9.00	1.23% Cu & 11.20 gpt Ag 2.17% Cu & 9.50 gpt Ag 2.95% Cu & 19.10 gpt Ag
5	GCDD0015	7818054	796066	1774	90.39	-80	41 Including	0.31 17.72	52.16 33.00	51.85 15.28	1.35% Cu & 15.45 gpt Ag 2.81% Cu & 28.66 gpt Ag
5	GCDD0016	7818054	796066	1774	110.96	-49	165 Including Including And	20.00 25.75 57.37 63.73 71.44	32.22 26.87 86.64 66.31 78.10	12.22 1.12 29.27 2.58 6.66	0.67% Cu & 5.87 gpt Ag 2.14% Cu & 4.10 gpt Ag 0.80% Cu & 10.86 gpt Ag 2.49% Cu & 27.03 gpt Ag 1.06% Cu & 15.09 gpt Ag
5	GCDD0017	7818054	796066	1774	159.36	-65	161	NA	NA	NA	Results Pending
5	GCDD0018	7818054	796066	1774	132.47	-80	165	NA	NA	NA	Results Pending
5	GCDD0019	7818054	796066	1774	153.21	-55	180	NA	NA	NA	Results Pending
5	GCDD0020	7818054	796066	1774	149.99	-45	186	NA	NA	NA	Results Pending
5	GCDD0021	7818054	796066	1774	NA	-60	330	NA	NA	NA	In Progress

Appendix 2 – Guchab Diamond Drilling, JORC Tables

Section 1 - Sampling Techniques and Data

*Criteria*	*Explanation*
Sampling techniques	Exploration results are based on industry best practices, including sampling, assay methods, and appropriate quality assurance quality control (QAQC) measures. Core samples are taken as half NQ core and sampled on nominal 1m intervals, with sampling breaks adjusted to geological boundaries where appropriate. Each sample is analysed with a handheld XRF analyser. Anomalous samples are submitted 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 total digest and multi-element analysis by inductively coupled plasma optical emission spectrometry (ICP- OES) and inductively coupled plasma mass spectrometry (ICP-MS). Gold and precious metal analysis is completed by a 50g fire assay collection and Atomic Absorption Spectrometer analysis (AAS). Sample preparation and analysis are undertaken at Bureau Veritas Laboratory in Swakopmund, Namibia.
Drilling techniques	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 Sample Recovery	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 with certified standards, duplicates and blanks and statistical analysis on a monthly basis to ensure that results 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 labelled core trays. Logging is completed using a standard Maxwell logging template. The resulting data is uploaded to a Datashed database and validated. Once validated, the data is exported to 3D modelling software for visual validation and interpretation. Detailed information on lithology, sample quality, structure, geotechnical information, alteration and mineralisation are collected in a series of detailed self-validating logging templates.
Sub- sampling techniques and sample preparation	Core is cut using a brick saw fitted with a special blade designed for cutting core. Half core is taken for sampling. For all sample types, the nature, quality and appropriateness of the sample preparation technique is considered adequate as per industry best practice. Field duplicates are taken every 20 samples to ensure the samples are representative. Quality control 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 assay data and laboratory tests	The samples have been sorted, dried, crushed and pulverised. Primary preparation has been by crushing the whole sample. The samples have been split with a riffle splitter, if required, to obtain a 3kg 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) Mass Spectrometry. 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 and blanks at random intervals, but several are inserted per batch regardless of the size of the batch.
Verification of sampling and assaying	All significant intercepts are reviewed and confirmed by at least three senior personnel before release to the market_._ No adjustments are made to the raw assay data. Data is imported directly to Datashed in raw original format.

	All data is validated using the QAQC reporter validation tool with Datashed. Visual validations are then carried out by senior staff members.
Location of data points	Holes are set out using a handheld 12 channel GPS. Collars are picked up by a licenced surveyor on completion of the hole.
Data spacing and distribution	Data spacing and distribution used to determine geological continuity is dependent on the deposit type and style under consideration. Where a mineral resource is estimated, the appropriate data spacing and density is decided and reported by the competent person. For mineral resource estimations, grades are estimated on composited assay data. The composite length is chosen based on the statistical average, usually 1m. Sample compositing is never applied to interval calculations reported to market. A sample length weighted interval is calculated as per industry best practice.
Orientation of data in relation to geological structure	Orientation of sampling is as unbiased as possible based on the dominating mineralised structures and interpretation of the deposit geometry. If structure and geometry is not well understood, sampling is orientated to be perpendicular to the general strike of stratigraphy and/or regional structure. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this would be assessed and reported if considered material. Generally drilling should be undertaken at an angle to surface and drilled to maximise perpendicular intersection with the known interpretation of the strike of previously intersected mineralisation. This often 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 field collection to laboratory drop-off.
Audits and reviews	None yet undertaken for this dataset

Section 2 - Reporting of Exploration Results

JORC Criteria	Explanation
Mineral tenement and land tenure status	Sabre controls two Exclusive Prospecting Licences (EPLs) in the Otavi Mountain Land, namely EPL3540 & 3542. All tenure was in good standing at the time of reporting. There are no known impediments with respect to obtaining a licence to operate in the area. The Company maintains an 80% interest in EPL 3540 and 70% in EPL 3542, and a 3% government royalty is 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 done by previous parties	Several other parties have undertaken exploration in the area between the early 1900s through to 1997. These parties include South West Africa Company, Goldfields Namibia and Tsumeb Corporation. Appraisal of previous work has been limited to high level review of historical reports as very limited data is available in either digital or hardcopy format. In most cases Sabre Resources Ltd has developed its datasets solely from its own work.
Geology	At Guchab, on the Kombat Trend, the target is structurally hosted epithermal copper-silver mineralisation, associated with faulting and zones of brecciation.
Drill hole Information	All relevant drillhole information is supplied in Appendix 1 of the announcement
Data aggregation methods	All exploration results are reported by a length weighted average. This ensures that short lengths of high-grade material receive less weighting than longer lengths of low grade material. No high-grade cut-offs are applied. A nominal low grade cut-off of 0.25% Cu is used with a maximum internal dilution of 4m.
Relationship between mineralisation widths and intercept lengths	Mineralisation at Guchab is interpreted to be hosted by dilational & breccia zones associated with 030-045 degree striking cross faults intersecting the interpreted east-west striking sedimentary bedding. The drilling at Guchab is being undertaken from a number of pads due to the topography of the prospect. At this stage in the exploration programme it is too early to determine the true thickness of the intercept lengths.
Diagrams	A set of relevant diagrams are included in the body of the announcement.
Balanced reporting	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

AI assistant

SABRE RESOURCES LIMITED Capital/Financing Update 2013

65750_rns_2013-04-16_f58ec3ed-e26b-4463-9233-31bf678b1da6.pdf

COPPER SULPHIDES INTERSECTED AT GUCHAB

HIGH L IGHTS

GUCH A B EXPLO R ATION P R OGRAM

A. Drilling on Pa d 5

G CDD001 5

B. Styl e s of Cop p er Miner a lisation a t Guchab

Tim Putt Chief Executive Officer Sabre Resources Ltd

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

Or consult our website:

SABR E ’S OTAVI MOUNTAIN LAN D COPPE R PROJE C T

Appendix 1 - Guchab Diamond Drilling

Appendix 2 – Guchab Diamond Drilling, JORC Tables

Section 1 - Sampling Techniques and Data

Section 2 - Reporting of Exploration Results

AI assistant

SABRE RESOURCES LIMITED — Capital/Financing Update 2013

65750_rns_2013-04-16_f58ec3ed-e26b-4463-9233-31bf678b1da6.pdf

COPPER SULPHIDES INTERSECTED AT GUCHAB

HIGH L IGHTS

GUCH A B EXPLO R ATION P R OGRAM

A. Drilling on Pa d 5

G CDD001 5

B. Styl e s of Cop p er Miner a lisation a t Guchab

Tim Putt Chief Executive Officer Sabre Resources Ltd

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

Or consult our website:

SABR E ’S OTAVI MOUNTAIN LAN D COPPE R PROJE C T

Appendix 1 - Guchab Diamond Drilling

Appendix 2 – Guchab Diamond Drilling, JORC Tables

Section 1 - Sampling Techniques and Data

Section 2 - Reporting of Exploration Results

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SABRE RESOURCES LIMITED Capital/Financing Update 2013