Elverdton Copper-Gold Project Ravensthorpe, Western Australia

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1 FOR SALE or JV Elverdton Copper-Gold Project Ravensthorpe, Western Australia Summary: The Elverdton Copper-Gold Project is located approximately 11 kilometres south-east of Ravensthorpe town, which is about 530km south-east from Perth, Western Australia. The town of Esperance is located approximately 190km to the east. Esperance is the major regional service centre with infrastructure and ports suitable for mining and transport. Existing resources, an exciting exploration target (see tables below), an historical drill intercept of 10% Cu, and much untapped potential to be uncovered utilising modern exploration methods. Aeromagnetic image shows the Elverdton lode and additional zones of mineralisation discovered by current owners adjacent to the Elverdton lode. VTEM images show an extensive subtle anomaly surrounding the Elverdton workings for about 5 square kilometres, potentially suggestive of a large sulphide mineralised system.

2 Project Geology and Mineralisation: The Elverdton copper-gold mine produced mill feed from three en-echelon mineralised shear zones or mineralised lodes which are usually 5m to 10m apart where all three overlap. The lodes dip steeply towards the east with workings extending about 800m along strike to a known depth of approximately 220m. The shear zone contains granitic rocks and various types of greenstones. The lodes typically have a central high-grade zone about 1m thick averaging about 6% copper and 2.4g/t gold which is surrounded by lower grade ore. There are four distinct styles of primary mineralisation in the mineralised lodes:- 1. Massive sulphide ore consisting mostly of pyrite or chalcopyrite, or both; 2. Veinlet and disseminated sulphide ore (mostly chalcopyrite) which occurs in a variety of schistose rocks; 3. Breccia ore containing fragments of metamorphic and igneous rocks and quartz veins that have been recemented by material of hydrothermal origin (quartz and phyllosilicates) with inclusions of chalcopyrite, galena and pyrite; 4. Quartz veins which are usually laminated with most sulphides concentrated in the vein walls. Gold distribution in the lodes may be higher in parts of lodes where quartz veining is the dominant mineralisation style. Other metals accompanying the mineralisation include silver and zinc. Exploration and Production History: Previous exploration and production within the project area has been reported from three periods of production from the Elverdton copper-gold mine in the last century. The discovery of the Elverdton copper-gold deposit occurred because part of the deposit outcropped, displaying abundant azurite and malachite. Supergene grade enrichment near surface is recorded. The outcropping zone was about 60m long; however this represented only a small section of the mineralised shear zone. Mining took place along about 800m of overlapping lodes that mostly did not outcrop, although most were close to the surface. Mineralisation was mined over widths of 2m to 3m, followed by hand-sorting of the ore to minimise dilution. Inefficient mining eventually forced mine closure in 1971 although all workings were in mineralisation. Griffin (1972) stated that 487,709 tonnes of mineralisation remained as pillars and uncompleted stopes.

3 Current Exploration: A number of anomalies have been identified. The current owner s initial exploration built on Amoco s discoveries near Elverdton, west of the main road. Geological mapping at 1:5,000 scale revealed extensive zones of deformation within granitoids and xenolithic greenstone remnants. Rock chip sampling of outcropping mineralised lodes about 900m northwest of the Elverdton main shaft returned results requiring further follow-up exploration. Mineralisation also outcrops about 2.5 kilometres north north-west of Elverdton near the historical Resurrection copper-gold mine and about 3 kilometres northwest of Elverdton near the historical Rio Tinto copper-gold mine. Geochemical anomalies in the soils correlate with outcropping mineralisation. Fieldwork was also extended to West Kundip west of Tectonic s Kundip project. Visible secondary copper mineralisation was discovered in a north trending zone at least 550m long containing en-echelon north-west trending quartz veins and shears. Follow-up soil sampling confirmed and extended the mineralised zone. Soil sampling of the Elverdton area was designed to find the southern continuation of the shear zone mined at Elverdton and any shear zones west of this. The results confirmed the presence of these shear zones. Above: Drill targets defined in geophysical survey.

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5 Project Potential and Mineral Resource Estimate: The Elverdton Copper-Gold Project can be classified as an Advanced Exploration Area mineral asset where a Mineral Resource has been estimated (although not formally reported on the ASX). Remaining exploration area would be classified an Exploration Area mineral asset. The commodity item of interest for exploration is primarily structurally-controlled copper-gold mineralisation near-surface and at depth below historical underground development. Exploration Target: Above: Historical Tailings at Elverdton The current owner has also defined an exploration target immediately west of the Elverdton workings and east of the Ravensthorpe-Hopetoun Road (Table 5). The exploration target is well supported from the following geological and exploration information as listed below. A good correlation has also been compiled between geophysical and geochemical information. The target has been derived from weighted grade average methods and includes near-surface supergene grade enrichment (as seen at Elverdton and now mostly mined out as reflected within the Mineral Resource grade estimate). Nearby geological and production information from the Elverdton underground workings to the east; Surface geochemical surveys; Recent aeromagnetic geophysical surveys; Historical IP geophysical surveys (1965); and The historical drill intersection which recorded 1.2m at 10% Cu (Figure 7). MiningTenements.com has gleaned most of the above information from an Independent Valuation of the Elverdton Copper-Gold Project and takes no responsibility for the accuracy of any information presented here on behalf of our client. This valuation may be made available to interested parties upon signing a confidentiality agreement. Please contact Craig Manners at craig.manners@miningtenements.com or Jim Andrusiak at jim.andrusiak@miningtenements.com for further information. Marketing Mining Projects and Equipment