SUREFIRE RESOURCES NL — Interim / Quarterly Report 2013

Apr 30, 2013

30 APRIL 2013

BLACK RIDGE MINING

QUARTERLY ACTIVITIES REPORT – MARCH 2013

Mutnovskaya Gold -Silver Project, Far Eastern Russia

Last quarter Black Ridge Mining NL (ASX:BRD or "the Company") announced it had secured the rights to and had commenced due diligence studies into the Mutnovskaya epithermal gold-silver project in southern Kamchatka (see ASX announcement 18 Dec 2012). The project has a number of prospective features including excellent infrastructure with access to the port city of Petropavlovsk-Kamchatsky, just 90km away by all-weather road, and 2km from an underutilized geothermal power station.

The Kamchatka Peninsula forms part of the Pacific 'Ring of Fire', a volcanically and seismically active zone that rings the Pacific Ocean. The geology of Kamchatka is dominated by subduction zone related volcanism with the peninsula being formed by a number of superimposed volcanic arcs, some of which are still active. This active geological environment is highly conducive to the formation of large epithermal mineralized systems which are known to host hydrothermal Au-Ag deposits.

The Mutnovskaya Gold Silver Project occurs in a corridor of rifting structures known as the Vilyuchinskoye-Golsovskoye Zone. This zone hosts many occurrences of epithermal gold-silver minerisation associated with veining and hydrothermal brecciation understood to be related to regional scale rifting causing dilational structures between two strike slip fault zones. Within the project, a mineralized shear has been identified that is 3-5m in thickness and traceable over 5km in strike length. Historical drilling of over 32 diamond drill holes has tested the continuity of the structure to a depth of 400m.

The Company is awaiting approval of an Extension of Term application on the 17km² concession to extend the life of the tenure by a further 15 years.

Technical Appraisal of Northern Malaysia Iron Project

During the quarter, the Company identified a prospective iron ore opportunity in northern Malaysia close to the Thailand border. A local geological consultancy was commissioned to conduct an appraisal of the project including a site visit and desktop study of the local geology of the project area. The project is centred over an iron rich sedimentary unit which forms a distinct linear topographic and magnetic anomaly. The area is easy to access, has a good infrastructure network including a town 15km away and is less than 70km from the nearest port at Tok Bali.

The sedimentary units consist of arenaceous rocks which include iron rich quartzites and sandstones. A historic study by McDonald (1960) on behalf of the West Malaysia Geological Survey revealed that a series of test pits in the local area indicated that samples of limonitic boulders and iron rich quartzite graded up to 58% Fe and 2.02% Mn. As part of the appraisal a total of thirteen rock chip and iron sand samples were taken by the geological consultant and at The Company's request, were sent to Ultra Trace Laboratories in Canning Vale for Analysis. Seven samples were taken from iron sands and averaged 45.24% iron, while six hard rock metasediment samples achieved an average grade of 48.84% iron.

Estimates made of the width of the iron rich unit and potential tonnage of the deposit revealed that further concessions in the area would be required to justify an operation of significance. In its current state, greater width, strike length and therefore potential tonnage would need to be targeted by magnetic surveying and follow-up exploratory drilling of the area to improve the economic viability of the project.

Unaly Hill (E57/420), Western Australia – Vanadium, Magnetite.

The Company has previously announced its maiden Vanadium–Magnetite inferred mineral resource which includes over 86mt @ 0.42% V₂O₅ with a 0.30% cut-off grade (see BRD ASX announcement 21 November 2011). The deposit consists of two separate high grade zones which remain open both along strike and at depth. The lease is adjacent to Quest Minerals Limited's (ASX: QNL) Victory Bore Deposit and is metalogenically similar.

The Company has continued to investigate opportunities to maximize on its return given the project already hosts substantial tonnages. Consultants have been engaged to examine processing options of fine size fractions by densimetric beneficiation involving jig and spirals, or heavy-media, rather than fine grind and magnetic concentration enabling the transitional oxide zone, along with the primary BIF to be commercialized. Further metallurgical test work validating the densimetric process is still under review.

Gold Prospectivity at Unaly Hill

The Unaly Hill Project is not only highly prospective for magmatic vanadiferous titano-magnetite, but also covers over 13 strike kilometers of the prospective and regional scale Youanmi Fault. This large NNE trending listric structure hosts the +1Moz gold deposit at Youanmi to the south and is

related to gold mineralization further NE at Sandstone Mining Center where which includes the +1Moz Bulchina Gold Deposit within the +2Moz cluster of deposits at Sandstone.

In the vicinity of Sandstone, at the Two Mile Hill deposit, Troy Resources reported in 2009, interstions of significant significant mineralization associated with quartz stockwork veining within BIF and tonalite lithologies include:

• · 25.9m @ 16.56 g/t Au from 240.1m in TRCD733
• · 13.7m @ 25.98 g/t Au from 251m also in TRCD733

Drilling by Battle Mountain Gold during the 1990's identified strong gold mineralization at Victory Bore immediately north of Unaly Hill, and also revealed the presence of not just banded iron formations, but intermediate Tonalite intrusions. The presence of these litologies in the vicinity of gold mineralization provide an important model and target for future drilling campaigns for gold which may be concentrated at the contact between the volcanics and BIF units of the greenstone belt and cross cutting tonalite intrusions. At Two Mile Hill, this setting has created a conceptual target for high grade gold shoots and may be applicable at Unaly Hill. In light of this finding, during the quarter a geological consultant was commissioned to compile all previous drill records reviewing the potential for mineralised gold bearing veins and shear zones at the project hosting economic gold.

Durminskoe Gold-Silver Project, Far East Russia

In 2011, The Company announced that it had entered into a Heads of Agreement with local vendors to carry out a due diligence study on the Durminskoe gold and silver project located in Kharbarovski Krai in Far East Russia. The project consists of epithermal gold-silver deposits situated in the Durmin Auriferous field in the West Sikhote-Alin Volcanic Zone where quartz stockworks host hydrothermal gold-silver-adularia-quartz subtype.

The Company has decided not to further proceed with this project at this time although may further review it in future where circumstances permit.

Corporate

The Company continues to assess numerous new project opportunities seeking high quality exploration assets.

The Company has negotiated terms for a funding facility of $500,000 to meet its short term operational requirements.

STUART THIRD Company Secretary

QUALIFYING STATEMENTS

JORC compliance

The information in this report that relates to the drilling data and geological interpretations is based on information compiled by Mr V Trashliev who is a member of the South African Council for Natural Scientific Professions ("SACNASP"). Mr Trashliev is responsible for the Mineral Resource modelling and reporting and is an employee of Gemcom Pty Ltd. The Competent Person responsible for the Independent Audit of the Mineral Resource is Mr Andrew Bewsher from BM Geological Services Pty Ltd and is a member of the Australian Institute of Geoscientists (MAIG). Both persons have sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that they are undertaking to qualify as a Competent Persons as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" and do consent to the inclusion in the report of the matters based on information in the form and context in which it appears.

Information in this report relating to exploration results is based on information compiled by consultant geologist Mr Martin Dormer, who is a member of the Australian Institute of Mining and Metallurgy. Mr Dormer has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person under the 2004 Edition of the 'Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Dormer consents to the inclusion of such information in this report and the context in which it appears.

Disclaimer

The initial documents and geological records relating to the Mutnovskaya Project were originally recorded in the Russian language, written in the Cyrillic alphabet and translated to English by Mr Vladislav Trashliev who is a member of the South African Council for Natural Scientific Professions ("SACNASP"). Mr Vladislav Trashliev is an employee of Gemcom Pty Ltd. He has sufficient experience that is relevant to the project under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Vladislav Trashliev has consented to the inclusion of this information in the form and context in which it appears.

The reports from the Russian authorities were prepared by informed individuals, who may or may not be considered qualified persons under the definition of JORC.

Appendix 5B

Rule 5.3

Mining exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10

Name of entity

BLACK RIDGE MINING NL

48 083 274 024 31 MARCH 2013

ABN Quarter ended ("current quarter")

Year to date (9 months)

Current quarter $A'000

Consolidated statement of cash flows

Cash flows related to operating activities

			$A'000
1.1	Receipts from product sales and related debtors	-	-
1.2	Payments for(a) exploration & evaluation	(13)	(126)
	(b) development	-	-
	(c) production	-	-
	(d) administration	(96)	(443)
1.3	Dividends received	-	-
1.4	Interest and other items of a similar naturereceived	1	6
1.5	Interest and other costs of finance paid	-	-
1.6	Income taxes paid	-	-
1.7	Other (provide details if material)	16	71
	Net Operating Cash Flows	(92)	(492)
1.8	Cash flows related to investing activitiesPayment for purchases of:(a) prospects	-	-
	(b) equity investments	-	(50)
	(c) other fixed assets	-	-
1.9	Proceeds from sale of:(a) prospects	-	-
	(b) equity investments	-	-
	(c) other fixed assets	-	-
1.10	Loans to other entities	-	-
1.11	Loans repaid by other entities	-	-
1.12	Other (provide details if material)	-	-
	Net investing cash flows	-	(50)
1.13	Total operating and investing cash flows
	(carried forward)	(92)	(542)

+ See chapter 19 for defined terms.

1.13	Total operating and investing cash flows
	(brought forward)	(92)	(542)
	Cash flows related to financing activities
1.14	Proceeds from issues of shares, options, etc.	-	1
1.15	Proceeds from sale of forfeited shares	-	-
1.16	Proceeds from borrowings	192	192
1.17	Repayment of borrowings	-	-
1.18	Dividends paid	-	-
1.19	Other (Placement fees)	-	-
	Net financing cash flows	192	193
	Net increase (decrease) in cash held	100	(349)
1.20	Cash at beginning of quarter/year to date	132	581
1.21	Exchange rate adjustments to item 1.20	-	-
1.22		232	232
	Cash at end of quarter

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

		Current quarter$A'000
1.23	Aggregate amount of payments to the parties included in item 1.2	95
1.24	Aggregate amount of loans to the parties included in item 1.10	-

1.25 Explanation necessary for an understanding of the transactions Directors and Consulting Fees

Non-cash financing and investing activities

2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

+ See chapter 19 for defined terms.

Financing facilities available

Add notes as necessary for an understanding of the position.

		Amount available$A'000	Amount used$A'000
3.1	Loan facilities	500	192
3.2	Credit standby arrangements	-	-

Estimated cash outflows for next quarter

		$A'000
4.1	Exploration and evaluation	80
4.2	Development	-
4.3	Production	-
4.4	Administration	105
	Total	185

Reconciliation of cash

Reconciliation of cash at the end of the quarter (asshown in the consolidated statement of cash flows) tothe related items in the accounts is as follows.		Current quarter$A'000	Previous quarter$A'000
5.1	Cash on hand and at bank	7	2
5.2	Deposits at call	225	130
5.3	Bank overdraft	-	-
5.4	Other (provide details)	-	-
	Total: cash at end of quarter (item 1.22)	232	132

Changes in interests in mining tenements

		Tenementreference	Nature of interest(note (2))	Interest atbeginningof quarter	Interest atend ofquarter
6.1	Interests in miningtenements relinquished,reduced or lapsed	N/A
6.2	Interests in miningtenements acquired orincreased	N/A

+ See chapter 19 for defined terms.

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

		Total number	Number quoted	Issue price persecurity (see note3) (cents)	Amount paid up persecurity (see note 3)(cents)
7.1	Preference+securities(description)
7.2	Changes duringquarter(a) Increasesthrough issues(b) Decreasesthrough returnsof capital, buybacks,redemptions
7.3	+Ordinarysecurities	754,560,658	754,560,658
7.4	Changes duringquarter(a) Increasesthrough issues(b) Decreasesthrough returnsof capital, buybacks
7.5	+Convertibledebt securities(description)
7.6	Changes duringquarter(a) Increasesthrough issues(b) Decreasesthroughsecuritiesmatured,converted
7.7	Options(description andconversionfactor)
7.8	Issued duringquarter
7.9	Exercised duringquarter
7.10	Expired duringquarter			Exercise price	Expiry date
7.11	Debentures(totals only)
7.12	Unsecurednotes (totalsonly)

+ See chapter 19 for defined terms.

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).
• 2 This statement does give a true and fair view of the matters disclosed.

Sign here: ............................................................ Date: 30 April 2013

Company Secretary

Print name: STUART THIRD

Notes

• 1 The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
• 2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities*.*
• 4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.
• 5 Accounting Standards ASX will accept, for example, the use of International Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

== == == == ==

+ See chapter 19 for defined terms.