New High Grade Gold-Copper Extensions At Mutiny s Deflector Deposit Highlight Project s Significant Growth Potential

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1 ASX/Media Release P. (08) F. (08) E. 18 March 2011 New High Grade Gold-Copper Extensions At Mutiny s Deflector Deposit Highlight Project s Significant Growth Potential Key Points 50% increase in mineralised length of Deflector Significant high-grade gold-copper intersections along strike from Mutiny s Deflector Deposit in WA include: 15.9g/t Au and 2.6% Cu; 5.1g/t Au and 2.6% Cu; 14.5g/t Au and 5.4% Cu; 7.3g/t Au and 3.20% Cu; 53.5g/t Au and 0.2% Cu; and 5.9g/t Au and 10.9% Cu. Drilling planned for Q to further test mineralised extensions; Diamond drill program to be carried out at Deflector Deposit to upgrade existing resources within planned underground mine; Initial drill-hole into nearby Spanish Galleon Prospect intersects high-grade gold mineralisation; Further potential at Spanish Galleon and Pieces of Eight Prospects to be investigated. Australian gold-copper resources company, Mutiny Gold Ltd (ASX:MYG) ( Mutiny or the Company ), is pleased to announce that exciting new results received from its recent drilling program have highlighted the potential to significantly add to the resources at the Deflector Gold- Copper Deposit, the main deposit within its Gullewa Project in Western Australia. The aim of the program was to test the along strike extensions of the deposit s main lodes, both to the north and south of the deposit. These latest results are excellent. They show that the high-grade lodes extend at least 160m south and 100m north of the already delineated Measured and Indicated Resources that are currently the subject of a Feasibility Study into both open pit and underground mining at Deflector. This represents a 50% increase in the mineralised length of Deflector., Mutiny Gold Managing Director, John Greeve, said.

2 Deflector Extension Drill Results Mutiny has received the assay results from its recently completed Reverse Circulation (RC) program. The drilling was carried out to delineate near-surface extensions to the main mineralised lodes within the Deflector Deposit. The results are presented in Tables 2 and 3 for all intersections greater than 0.5g/t Au or 0.5% Cu. Drill-hole locations are shown on Figure 1 and listed in Table 5. Cross-sections of the southern-most and northern-most lines drilled in the recent program are shown in Figures 2 and 3. Results to the south of the existing Deflector resources include:: 14.5g/t Au and 5.4% Cu in 11DRC001; 7.3g/t Au and 3.20% Cu in 11DRC020; 53.5g/t Au and 0.2% Cu in 11DRC021; 5.1g/t Au and 2.6% Cu in 11DRC024; 15.9g/t Au and 2.6% Cu in 11DRC025; and 7.4g/t Au and 2.9% Cu in 11DRC026. To the north of the Deflector Deposit, the results include: 5.9g/t Au and 10.9% Cu in 11DRC029; and 2.1g/t Au and 0.25% Cu. Importantly, the recent high-grade intersections are within the depth of the planned Deflector-Pit and encourage the Company to believe that it will be extended to both the north and south. Benefits of an extended pit or of multiple open-pits include: Longer open-pit mine life; Potential increase in rate of production; Earlier pay-back of project development costs; and Improvement in the overall project economics.. Spanish Galleon Prospect Following a review of exploration by previous companies in the vicinity of the Deflector Deposit, Mutiny has recognised two areas of mineralisation to the west of the Deflector Deposit, named the Spanish Galleon and Pieces of Eight Prospects (See Figure 4). The Company recently drilled two RC holes at the Spanish Galleon Prospect that were targeted to scissor an intersection of 34m of 1.9g/t Au and 0.44% Cu made two years previously in hole 9DEF013. The intersection included 3m at 6.6g/t Au and 0.37% Cu. The holes were sited to ascertain the orientation of the mineralised structure and to test ground conditions within the structure in both the weathered and the fresh zones. Both holes intersected gold-copper mineralisation, with a best assay of 1m of 20.4g/t Au and 0.3% Cu. Assay results are given in Table 4. A cross-section showing the drill-holes is provided in Figure 5. The holes achieved their objectives and verified the presence of high-grade mineralisation within the easternmost structure at Spanish Galleon. Continuing Exploration Next Steps Mutiny will now undertake another RC drill program, planned for April this year, which will follow up recent results by drilling further north and south along the main line of the Deflector Deposit mineralisation. Following this drilling, Mutiny expects to carry out a re-estimation of the open-pitable resources of the Deflector Deposit. Historical intersections within the Spanish Galleon and Pieces of Eight Prospects will also be followed up in a systematic staged manner. In addition, Mutiny is preparing an infill diamond drill program in order to upgrade the existing underground resources.

3 Background The Company plans to commence production with an open pit mining operation at the Gullewa Deflector Deposit, followed by underground mining after two years. The Deflector Gold-Copper Deposit contains total Mineral Resources of 5.4g/t Gold and 0.8% Copper for 590,000oz Gold and 25,500t Copper of which Measured and Indicated Resources total 4.8g/t Gold and 1.1% Copper for 235,000oz of Gold and 16,500t of Copper. (see Table 1 below). For further information, please contact: Table 1 Deflector Deposit Total Resources Au Cu Cu Ag Classification Tonnes Au (g/t) (oz) (%) (t) Ag (g/t) (oz) Measured 930, , , ,000 Indicated 570, , , ,000 Inferred 1,900, , , ,000 Totals* 3,400, , , ,000 * Note: Totals may appear incorrect due to appropriate rounding John Greeve David Brook Managing Director Professional Public Relations Mutiny Gold Limited Tel: +61 (0) Tel: +61 (0) Mob: Em: mgl@mutinygold.com.au Em: david.brook@ppr.com.au

4 Figure 1

5 Figure 2

6 Figure 3

7 Figure 4

8 Figure 5

9 Table 2 Drill-hole Assay Results for Southern Extension HOLE FROM TO INTERVAL Au Cu INCLUDING (m) (m) (m) (g/t) (%) 11DRC and and m: 25.4g/t Au, 6.6% Cu and DRC DRC and and and DRC and DRC and DRC and DRC and and DRC m: 10.3g/t Au, 1.1% Cu and DRC and DRC DRC DRC and and and and DRC DRC and DRC DRC and DRC DRC m: 10.1g/t Au, 4.1% Cu and DRC and and DRC and DRC and and m: 6.5g/t Au, 3.2% Cu 11DRC and m: 59.9g/t Au, 4.5% Cu 11DRC and m: 14.1g/t Au, 5.2% Cu

10 Table 3 Drill-hole Assay Results for Northern Extension HOLE FROM TO INTERVAL Au Cu INCLUDING (m) (m) (m) (g/t) (%) 11DRC and and DRC m: 7.90g/t Au, 15.1% Cu 11DRC DRC Table 4 Drill-hole Assay Results for Pieces of Eight Prospect HOLE FROM TO INTERVAL Au Cu INCLUDING (m) (m) (m) (g/t) (%) 11PERC m: 20.4g/t Au, 0.3% Cu 11PERC Table 5 Drill-hole Details NORTH EAST NORTH RL (LOCAL) (GDA94) (GDA94) (m) HOLE EAST (LOCAL) DEPTH (m) DIP ( o ) AZIMUTH (LOCAL) 1 11DRC DRC DRC DRC DRC DRC DRC DRC DRC DRC DRC DRC DRC DRC DRC DRC DRC DRC DRC DRC DRC DRC DRC DRC DRC DRC DRC DRC DRC DRC DRC PERC PERC : Local azimuth is 38 o less than UTM azimuth

11 Competent Persons Statement: The geological information in this report which relates to Exploration Results and Mineral Resources is based upon information compiled by Mr J.J.G. Doepel, B.Sc (Hons), GradDipForSc, Dip Teach, Principal Geologist of Continental Resource Management Pty Ltd. Mr Doepel is a member of the Australasian Institute of Mining and Metallurgy and has sufficient expertise and experience which is relevant to the style of mineralisation and to the type of deposit under consideration 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. Mr Doepel consents to the inclusion in the report of the matters based on his information in the form and context in which they appear. Forward Looking Statements All statements other than statements of historical fact included in this announcement including, without limitation, statements regarding future plans and objectives of Mutiny Gold Limited (Mutiny) are forward-looking statements. When used in this announcement, forward-looking statements can be identified by words such as may, could, believes, estimates, targets, expects or intends and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this announcement, are expected to take place. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the company, its directors and management of Mutiny, that could cause Mutiny s actual results to differ materially from the results expressed or anticipated in these statements. The company cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. Mutiny does not undertake to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this announcement, except where required by applicable law and stock exchange listing requirements.