QUARTERLY REPORT DECEMBER 2014

Key Points:
Management Changes

  • Ken Hellsten appointed as Interim CEO

Copper Hill

  • A further 1345.5m of drilling completed in 3 holes; GCHD472-474, with each hole returning significant intercepts at targeted mining grades.
    • GCHD472 50m at 0.56% copper and 0.83g/t gold
    • GCHD473 58m at 0.64% copper and 0.68g/t gold
    • GCHD474 40m at 0.81% copper and 2.04g/t gold
  • Drilling was completed in November 2014 and a Resource Update commenced.
  • Detailed geological, geochemical and structural analysis providing enhanced understanding of mineralisation as a control on resource estimation.
  • Financial evaluation commenced focussing on shallow higher grade mineralisation of the style intersected in the 2014 drilling program.

Management Changes
Following the very positive results achieved in the 2014 Copper Hill drilling program, the Company is committed to progressing Copper Hill towards development as a mining operation. As a first step this will require the move from an exploration focus to multi-disciplinary studies to determine the optimum project configuration.

Mr Ken Hellsten has been appointed as the interim CEO to lead the Company, and manage the next phase of the Copper Hill project development.

Ken has brought several resource projects, including some much larger and more complex than Copper Hill, from the exploration stage through the development into operations. He also has a track record of delivering value for shareholders, most recently successfully bringing the Polaris Metals NL Carina Iron Ore Project to feasibility study and achieving an eight-fold increase in the Polaris share price with Polaris’ takeover.

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