VANADIUM RESOURCES LIMITED — Regulatory Filings 2018

Mar 14, 2018

==> picture [561 x 120] intentionally omitted <==

15 March 2018

UPDATE - MT VERNON PROJECT

• Review of historical geophysical data identifies airborne EM anomalies within the Mt Vernon Project, located 50km NW of the Abra Pb-Zn-Ag Deposit (G1A).

• Anomalous zinc mineralisation has been intersected in historical drilling along strike from the geophysical anomalies.

• Targets to be refined by geological mapping and geochemical surveys to be commenced following negotiation of access agreement.

Tando Resources (“ Tando ” or “ the Company ”) is pleased to update the market on activities at its 100% owned Mt Vernon Project, in the Pilbara region of Western Australia. The Mt Vernon project is underlain by sediments of the Edmund and Collier Groups adjacent to the regional scale Mt Vernon Fault, in a similar geological setting to Galena Mining’s Abra Deposit located 50km to the south-east.

Mt Vernon – Geophysical Data

The Company’s geophysical consultants Southern Geoscience have completed a review of available data for the project, which included reprocessing of open file aeromagnetic, radiometric and gravity data sourced from the Geological Survey of Western Australia (GSWA) and review of historical EM and IP surveys completed by other exploration companies which are now in the public domain.

Features observed in the reprocessed magnetic data (Figure 1) include:

• E-W trending major structures such as the Mount Vernon Fault (MVF).

• NW- and NE-trending secondary faults inferred from breaks in the E-W-trending magnetic units.

• Magnetic zones characterised by a “chattery” texture that correlate with mapped outcrop of mafic sills that intrude the Edmund Group sediments. These sills are denoted in Figure 1 by a hatched blue polygon.

• E-W trending linear magnetic trends that correlate with mapped chert units south of the MVF (denoted by dashed blue trend lines, Figure 1). These units also delineate the mapped Mount Vernon Syncline.

Due to the coarse station spacing over the project area, the gravity data only shows long wavelength features (Figure 1). In general, the area north of the MVF is characterised by a broad gravity high. This may be caused by the flat lying mafic sills. More discrete gravity highs are observed south of the MVF, especially in residual gravity images, that also correlate with mapped mafic sills. Structures observed in geological mapping and inferred from the magnetic data can also be traced in the gravity data.

The three historical Cu-Pb-Zn mineral occurrences (as recorded in the GSWA Minedex database) are located south of the Mount Vernon Fault and do not show a district magnetic or radiometric signature. However, the the prospective unit can be seen clearly in radiometric images due to its low radiometric response (Figure 1).

6559 1792

==> picture [562 x 100] intentionally omitted <==

==> picture [455 x 92] intentionally omitted <==

==> picture [455 x 91] intentionally omitted <==

==> picture [455 x 91] intentionally omitted <==

==> picture [455 x 91] intentionally omitted <==

Figure 1 . Image showing compiled geophysical data from the Mt Vernon Project.

In 1997 BHP Minerals completed an airborne EM survey in the Pilbara region using the Geotem system. The survey covers the southern portion of Tando’s tenement as shown in Figure 2. The survey was flown along N-S lines 500m apart with a 25 Hz transmitter pulse. The EM data was effective at mapping conductive sediments of the Edmund Group delineating the Mount Vernon Syncline; adding detail to the lithostratigraphical information observed in the magnetic data.

The Geotem data was assessed on a line by line basis to check for discrete anomalies that may be related to base metal mineralisation. Four anomalies have been identified and named MV_Geotem_01-04. Target MV_Geotem_01 has the strongest late time response and is considered the highest priority target for follow up. MV_Geotem_02 and 03 are also interesting; however, they could be related to a shorter strike length stratigraphic unit. MV_Geotem_04 is the weakest of the targets.

In 1998 Rio Tinto Exploration completed two blocks of reconnaissance IP surveys (also known as Vector IP) on the northwestern part of the tenement. This type of IP survey uses widely spaced receiver stations (~1km) and is used as a regional scale exploration tool to locate chargeable disseminated sulphides and/or

==> picture [446 x 62] intentionally omitted <==

2

==> picture [562 x 100] intentionally omitted <==

large scale resistive silica alteration. Only hardcopy maps of these surveys are available and the scale of the survey makes it difficult to draw any firm conclusions.

==> picture [456 x 351] intentionally omitted <==

Figure 2 . Image showing historical airborne EM data from the Mt Vernon Project (GEOTEM Ch20) along with detected anomalies (labelled GEOTEM_01 to GEOTEM_04).

Mt Vernon – Geochemical Data

All available open file geochemical data has been reviewed for the project area. The Mt Vernon Project has seen a large amount of rockchip sampling and mapping but only a single systematic geochemical surveys and little drilling has been completed.

In the northwest of the tenement area CRA Exploration Pty Ltd (CRAE) carried out soil and rock chip sampling between 1996 and 1997. While soil sampling defined a greater than 200ppm zinc anomaly along a strike length of 16km and width of 100 to 500m, this area was subsequently drill tested with no significant results returned in assays (Appendix 1).

==> picture [446 x 62] intentionally omitted <==

3

==> picture [562 x 100] intentionally omitted <==

Stream sediment sampling was completed to the south of the MVF by Westfield Minerals and analysed for Cu and Zn, however no QA/QC or original assay data is present in the report (WAMEX A000571) and therefore only the locations have been shown on Figure 3. A single drillhole was drilled in this area by BHP Minerals which returned results of 18m at 0.99%Zn (Appendix 1). Diamond drilling was also completed by Westfield and anomalous assays were reported in the annual report however these results are also not detailed at this time as the location and assay data is still being verified. Given the identified base metal mineralisation from drilling and the presence of EM anomalies in this area the Company plans to carry out sampling programmes to confirm the Westfield Minerals results and identify whether there are any geochemical characteristics coincident with the EM anomalies.

==> picture [455 x 29] intentionally omitted <==

==> picture [455 x 30] intentionally omitted <==

==> picture [455 x 30] intentionally omitted <==

==> picture [455 x 30] intentionally omitted <==

==> picture [455 x 30] intentionally omitted <==

==> picture [455 x 29] intentionally omitted <==

==> picture [455 x 30] intentionally omitted <==

==> picture [455 x 30] intentionally omitted <==

==> picture [455 x 30] intentionally omitted <==

==> picture [455 x 30] intentionally omitted <==

==> picture [455 x 29] intentionally omitted <==

Figure 3 . Image showing drillhole and stream sediment sample locations over geology.

Future Work

E52/3560 lies wholly within the Nharnuwangga Wadjarri Ngarlawangga ( NWN ) Indigenous Land Use Agreement area and therefore access to the area of E52/3560 is not permitted until an agreement has been entered into with the NWN. The Company has commenced negotiations over a heritage agreement with the legal representatives of the Jidi Jidi Aboriginal Corporation (JJAC), which is the registered native title body corporate for the NWN determination area. Tando is keen to create a positive and mutually beneficial working relationship with the JJAC and the NWN and is approaching these negotiations with that aim.

==> picture [446 x 62] intentionally omitted <==

4

==> picture [562 x 100] intentionally omitted <==

For and on behalf of the board:

Mauro Piccini Company Secretary

Competent Persons Statement

The information in this announcement that relates to Exploration Results complies with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ( JORC Code ) and has been compiled and assessed under the supervision of Mr Bill Oliver, the Managing Director of Tando Resources Ltd. Mr Oliver is a Member of the Australasian Institute of Mining and Metallurgy and the Australasian Institute of Geoscientists. He has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Mr Oliver consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. The Exploration Results are based on standard industry practises for drilling, logging, sampling, assay methods including quality assurance and quality control measures as detailed in Appendix 2.

Disclaimer

Some of the statements appearing in this announcement may be in the nature of forward looking statements. You should be aware that such statements are only predictions and are subject to inherent risks and uncertainties. Those risks and uncertainties include factors and risks specific to the industries in which Tando operates and proposes to operate as well as general economic conditions, prevailing exchange rates and interest rates and conditions in the financial markets, among other things. Actual events or results may differ materially from the events or results expressed or implied in any forward looking statement. No forward looking statement is a guarantee or representation as to future performance or any other future matters, which will be influenced by a number of factors and subject to various uncertainties and contingencies, many of which will be outside Tando’s control.

Tando does not undertake any obligation to update publicly or release any revisions to these forward looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in this announcement. To the maximum extent permitted by law, none of Tando, its Directors, employees, advisors or agents, nor any other person, accepts any liability for any loss arising from the use of the information contained in this announcement. You are cautioned not to place undue reliance on any forward looking statement. The forward looking statements in this announcement reflect views held only as at the date of this announcement.

This announcement is not an offer, invitation or recommendation to subscribe for, or purchase securities by Tando. Nor does this announcement constitute investment or financial product advice (nor tax, accounting or legal advice) and is not intended to be used for the basis of making an investment decision. Investors should obtain their own advice before making any investment decision.

==> picture [446 x 62] intentionally omitted <==

5

==> picture [562 x 100] intentionally omitted <==

APPENDIX 1: Significant Drillhole Intercepts from the Mt Vernon Project

HOLE ID	EAST	NORTH	RL	EOH	Drill	DIP	AZI	INTERSECTION	INTERSECTION
				(m)	**Type **			From	Width	Zn %	Cu %	Ag
97JW31	622500	7311100	-	138	RC	-90	000	84	18	0.99	0.13	12
RC97TM01	607836	7322534	420	142	RC	-80	000	42	3	0.05	0.02	1.5
RC97TM02	606517	7322879	402	160	RC	-80	000	10	8	0.08	0.03	1
							incl	16	2	0.18	0.02	1
								28	5	0.06	0.02	-
								49	6	0.05	0.02	1
RC97TM03	605292	7323578	393	94	RC	-80	000	17	8	0.06	0.02	1
RC97TM04	604699	7323680	423	161	RC	-90	000	17	2	0.08	0.03	2
								25	5	0.05	0.02	1
								41	7	0.06	0.02	1
RC97TM05	602243	7321722	398	155	RC	-90	000	33	15	0.06	0.02	1.5
								61	5	0.05	0.02	1
RC97TM06	601845	7321197	400	135	RC	-60	010	33	2	0.06	0.02	-
RC97TM07	603365	7321391	399	99	RC	-90	000	14	16	0.07	0.02	1.5
								45	2	0.06	0.02	1
RC97TM08	609646	7321241	416	171	RC	-90	000	87	17	0.05	0.03	1.5
								115	9	0.05	0.02	1
RC97TM09	604738	7318848	406	65	RC	-90	000	22	5	0.05	0.02	1
RC97TM10	602523	7317667	400	47	RC	-90	000	7	11	0.06	0.03	1.5
								32	2	0.06	0.02	1
RC97TM11	606925	7320931	400	173	RC	-90	000	107	2	0.06	0.02	1
								116	8	0.06	0.02	1.5
								134	6	0.06	0.02	1
RC97TM12	602489	7317662	404	107	RC	-90	000	7	10	0.05	0.02	1
								31	2	0.06	0.02	1
RC97TM13	602579	7323347	389	82	RC	-90	000	26	2	0.05	0.03	1
								31	3	0.06	0.02	1.5

Notes:

• All coordinates are in MGA94 Zone 50.

• Results should be read in conjunction with the data provided in Appendix 2.

==> picture [446 x 62] intentionally omitted <==

6

==> picture [562 x 100] intentionally omitted <==

APPENDIX 2.

The following Tables are provided to ensure compliance with the JORC Code (2012 Edition) requirements for the reporting of Exploration Results at the Mt Vernon Project.

Section 1: Sampling Techniques and Data

(Criteria in this section applies to all succeeding sections)

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.	Several generations of sampling have been undertaken on the Mt Vernon Project. Publicly available annual reports indicate that the main exploration activities included a combination of surface geochemical sampling, diamond drilling (DD) and two Reverse Circulation (RC) drilling programs. Airborne EM survey carried out at 500 metre line spacing using GEOTEM system.
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	Drillhole locations appear to have predominantly been picked up by handheld GPS. Soil samples were taken at a consistent depth below the surface and sieved GEOTEM sensor routinely calibrated.
	Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	RC drilling was used to obtain 6m composite samples (BHP Minerals Pty Ltd) and 1m samples. All of the drill samples were sent to a commercial laboratory for crushing, pulverising and chemical analysis by industry standard practises. VTEM survey has detected targets prospective for mineralisation, the presence of mineralisation is yet to be determined. VTEM surveys are an industry standard practise in early stage exploration for base metals.
Drilling techniques	Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic etc) and details (e.g. core diameter, triple of standard tube, depth of diamond tails, face-sampling bit or other type, whether core is orientated and if so, by what method, etc).	Drilling methods included Diamond Drilling (DD) and Reverse Circulation (RC). RC drilling used an industry standard 5.5 inch face sampling hammer.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	Westfield diamond drilling; except for a few hundred feet in DDH3, core recovery in the black shale was 85% and better. Core recovery was measured is noted in the geological logs for each interval. CRAE recovery is noted in logging sheets, the method of assessing chip sample recovery is not documented. BHP do not document recovery in Open File reports.
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	Wesfield utilised a BX triple tube core barrel when drilling the black shale to maximise sample recovery. There is no documentation in the BHP nor CRAE historical reports of the historical drilling practices that were employed to maximise recoveries. The reports

==> picture [446 x 62] intentionally omitted <==

7

==> picture [562 x 100] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
		make no mention of sample recovery being an issue and therefore the absence of this information is not deemed to be material to ongoing exploration. CRAE Open File reports include the notation of damp and wet samples.
	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	No complete drilling data information was available to confirm recoveries or grade.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	The Westfield diamond drill holes were geologically logged at geological boundaries for the total length of the hole using the company standard logging legend. The logs were recorded on company standard paper logging sheets.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	The CRAE holes were geologically logged at 1m intervals for the length of the hole and the BHP holes were geologically logged at 2m intervals for the length of the hole.
	The total length and percentage of the relevant intersections logged.	Logging is appropriate for this stage of exploration, there is insufficient data to support a Mineral Resource Estimation.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	Logging of chips and diamond core is both qualitative (eg. colour) and quantitative (eg. minerals percentages).
	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	100% of all core and RC samples which included all mineralised intervals was logged.
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	Not applicable. Core intercepts are not included in the report.
	Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples.	BHP holes were composited into 6m samples and CRAE holes were 1m samples.
	Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second- half sampling.	The compositing method is not documented in Open File reports.
	Whether sample sizes are appropriate to the grain size of the material being sampled.	Soil samples collected by CRAE Pty Ltd comprised the - 2mm soil fraction, collected at a depth of 20 to 30cm below the surface.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	The analytic methods for the programs with assay results which have been included in this announcement are outlined below. The RC program completed by BHP involved the collection of 6m composites. The sample laboratory and methods are not stated in the Open File report. Elements assayed included Ag, Al, As, Au, Ba, Ce, Co, Cr, Cu, Fe, Mg, Mn, Mo, Na, Ni, P, Pb, S, Sr, Ti, Zn. The soil geochemistry program completed by CRAE involved the collection of soil samples. The samples were sent to Ultratrace Pty Ltd in Perth for sample preparation and assay analysis. The samples were dried, crushed and pulverised in a single stage process. Samples were digested with a mixed acid includingHF.

==> picture [446 x 62] intentionally omitted <==

8

==> picture [562 x 100] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
		The following elements were analysed by an ICPMS finish Ag, As, Bi, Cd, Mo, U, Pb. Samples were analysed for Au, Pt & Pd by fire assay with a 30g charge. The RC program completed by CRAE involved the collection of 1m samples. The samples were sent to Ultratrace Pty Ltd in Perth for sample preparation and assay analysis. The samples were dried, crushed and pulverised in a single stage process. Samples were digested with a mixed acid including HF. The following elements were analysed by an ICPMS finish Ag, As, Ba, Bi, Cd, Co, Cu, Fe, Mo, Mn, Ni, P, U, Pb. Zn. Samples were analysed for Au, Pt & Pd by fire assay with a 30g charge. EM measurements taken using GEOTEM system. Calibration and data verification appears to follow industry practise. Images presented are reprocessed from data submitted in statutory reporting.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	No verification of sampling and assaying has been undertaken by Tando for the historical drilling.
	The use of twinned holes.	No specific twinned holes have been drilled.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Detailed procedures for drilling, sampling and geological logging are not comprehensively including in Open File reports, although summaries of the processes employed are provided in various drilling reports. The EM data was sourced from open file statutory reports.
	Discuss any adjustment to assay data.	The assay data shows no indication of any adjustment being performed.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	CRAE drillholes and soil samples were surveyed using a Garmin handheld global positioning system (GPS) connected to a Racal MkIII Landstar unit. Measurements by CRAE indicated that around 95% of readings collected by this equipment have an accuracy of 10m or less. The surveying of the BHP drillhole is unknown.
	Specification of the grid system used.	The grid system for the Mt Vernon Project is Map Grid of Australia GDA 94, Zone 50.
	Quality and adequacy of topographic control.	CRAE reported that the vertical accuracy obtained by the GPS was similar in magnitude to the horizontal accuracy. Topographic data was obtained from public download of the relevant 1:250,000 scale map sheets.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	Historical drillholes are exploratory only, designed to test geochemical anomalies over a limited extent. No systematic drilling has been completed. Line spacing is 500 metres and believed to be sufficient to identify anomalies for follow up work.
	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and	Data spacing is deemed insufficient to establish geological and grade continuity to establish a mineral resource estimate.

==> picture [446 x 62] intentionally omitted <==

9

==> picture [562 x 100] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
	classifications applied.
	Whether sample compositing has been applied.	No sample compositing has been applied.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	Not relevant to soil geochemistry samples. Drillholes are predominantly vertical given the exploratory nature of the Project the orientation of possible mineralisation at the Project is yet to be determined. EM survey oriented perpendicular to major structural features, lithological trends and/or other features of interest to ensure maximum resolution
	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	Not relevant to soil results nor early stage exploration drill results.
Sample security	The measures taken to ensure sample security.	There is no documentation on sample security available in historical reports.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	No independent audits have been undertaken.

Section 2: Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	The Mt Vernon Project comprises a single granted Exploration Licence, namely E52/3560 covering a land area of 463 km2. The tenement is within land where native title has been determined. The traditional owners of the land are the Nharnuwangga Wajarri and Ngarlawangga People. Access to the tenement requires the negotiation of a Land Access Agreement which is ongoing.
	The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	The licence is currently pending and is held by Tando Resources Ltd. There are no known impediments to operate in the area.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	All data presented in this announcement is of historical nature.
Geology	Deposit type, geological setting and style of mineralisation.	Unknown deposit style, current assessment, data collection and subsequent exploration will aid in determining style.
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:  easting and northing of the drill hole collar  elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar  dipand azimuth of the hole	All drill hole location data that contains exploration results is included in Appendix 1.

==> picture [446 x 62] intentionally omitted <==

10

==> picture [562 x 100] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
	 down hole length and interception depth  hole length.
	If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	Assay data from the Westfield diamond drillholes and stream sediment sampling is not included in the exploration results within the Report due to the uncertainty of the location, assaying and the selective sampling that was carried out.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.	Reported intersections are downhole, length- weighted averages that were calculated using a nominal ≥0.05% Zn lower cut-off, 2m minimum reported length and up to 2m of internal waste for CRAE drillholes and a 0.5% Zn lower cut-off for BHP drillholes. Geochemical sampling presented is single point data.
	Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	No top cuts have been considered in reporting of grade results, nor was it deemed necessary for the reporting of significant intersections.
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	No metal equivalent values are currently being used for reporting exploration results.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	All intersections are reported as downhole lengths. Drillholes were predominantly drilled perpendicular to the interpreted strike of the geological terrain so that downhole lengths approximate true widths as close as possible. Additional drill holes are required to confirm the relationship between downhole lengths and true widths.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Refer to Figures in body of text.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	All assay data verified from Open File reports has been included in the report.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	All relevant exploration data is shown on figures, in text and in Appendix 1. Data collection and validation is still in progress.
Further work	The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	A follow up exploration work program is being designed and the broad scope is outlined in the announcement. All relevant diagrams and inferences have been illustrated in this report.

==> picture [446 x 62] intentionally omitted <==

11