31 July in the. Mine (Cu-Ag) Mapping results. Confirmatory drilling resourcee. Khusib Springs. Environmental mine.

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1 31 July 2012 Quarterly Activities Report t for the period endedd 30 Junee 2012 KEY POINTS On 29 June 2012 Golden Deeps finalised the acquisitionn of an 80% interest Grootfontein Base Metals Project and Huab Uranium Project inn Namibia. in the Several high priority targets were identified on the Grootfonteinn Project including: Deblin Copper Mine (Cu-Au) Historic data compilation and field mapping results in new n interpretation Mapping and channel samplingg programmes underway with very encouragingg visual results Confirmatory drilling programme planned with the aim of estimating a JORC mineral resourcee Abenab West Mine (V-Pb-Zn) Safe entry to the upper levels of the Abenab West Minee established Surface and underground surveying, sampling and mapping programmes underway after strong remnant mineralisation was identified Confirmatory shallow drilling programme planned with the aim of estimating a JORC mineral resource Khusib Springs Mine (Cu-Ag) High grade copper deposit withh excellent exploration upside Data compilation revealed several potentially un-tested electromagnetic anomalies for high priority follow-up Victorian Gold Projects Environmental impact assessments for the dewatering of thee Rose Thistle and Shamrock mine continued during the quarter. Golden Deeps Ltd (ABN ) 1 st Floor, 8 Parliament Place, West Perth, WA 6005 PO Box 1618, West Perth, WA 6872 t: t f: e: ged@ goldendeeps.com

2 1 GROOTFONTEIN BASE METAL PROJECT On 29 June 2012 the Company obtained shareholder approval to finalise the acquisition of the Grootfontein Base Metal Project. The project is located in the Otavi Mountain Land (OML), north east Namibia. The OML is a globally significant base metal province with production coming from several mines, including Tsumeb, which produced 5.5% Cu, 11.8% Pb and 171 g/t Ag. The Grootfontein Project land holding is over 1,100km 2. There are four recognised base metal trends with extensive strike lengths located within the tenement package, namely the Askevold, Khusib, Pavian and Abenab trends. Each base metal trend excluding the Pavian contains at least one high priority advanced project, such as a historically drilledd mineral deposit or an abandoned mine with remnant resource potential. These advanced projects will be the main focus of The Company s immediate exploration efforts. Figure 1 Location of the Company s Namibian projects. 1.1 Askevold Trend The Askevold trend is marked by a series of copper occurrences and geochemical anomalies located around the contactt between the Askevoldd Volcanics and the overlying Abenab Dolomites. A 30km strike length of this highly prospective contact position lies within The Company s EPL3743. Thee target type is copper rich VMS deposits, similar in style to those at Golden Grove and Doolgunna in Western Australia. There are threee very high priority targets on the Askevold Trend where previous explorers have documented significant drill intercepts and in somee cases estimated a mineral resource. They are the Deblin, Askevold South and Hartbeespoort Southh prospects. Better drill intercepts included 3.06% Cu at Deblin and 1.98% Cu at Askevold South. Based on the historic mineral resource estimates and likely potential of the Askevold trend the exploration target is 1 to 2 to 4% Cu from the three high priority targets. Systematic soil geochemistry and field mapping has defined several copper anomalies. progressing rapidly. The soil geochemical sampling programmes other high priority are ongoing and 2

3 Figure 2 The Askevold VMS Trend and prospect locations. Note that Harbeespoort South is south of the main trend due to folding and structural repetition of the host rocks Deblin By far the most advanced prospect onn the Askevold Trend is the Deblinn Copper Mine. A mineral deposit of 2.6% Cu was estimated by Falconbridge in the early 1970s. A shaft and cross cut were developed at Deblin from 1973 to Theree are no production records available from the mine but it was closed early in due to flooding from a severe rain event. It is likely that the copper mineralisation was not reached by the cross cutt before the flooding event and thatt the depositt remains in situ. It appears that very little work has been undertaken at Deblin since the late 1970s. Dataa compilation and detailed mapping has revealed a compelling story at Deblin and laid the foundation for rapid advancement of the prospect. A new 3D target model has been developed which suggestss that some of the historic drilling was ineffective at testing an interpreted shallow easterly plunge (Figure 3). Mapping has defined an extensive area of outcropping copper sulphide mineralisation and gossanous material about 350m Northh West of the Deblin Shaft, which is interpreted to be the surface expression of an easterly plunging mineralisedd system att Deblin. Several historic trenches are located in the area. Channel sampling of the historic trenches and outcropping copper mineralisation has returned encouraging visual results. The samples have been submittedd to the laboratory and assay results will be reported as they are received. 3

4 Figure 3 Interpreted longitudinal projection of Deblin looking north. Note that drill intercepts and tracess have been digitised from historic interpreted sections. Several drill collar locationss have been confirmed in the field but hard h copy assays and drill core are not available. Figure 4 Geological Map of Deblin showing the channel sample locations and drillhole collars. 4

5 Drilling is planned to confirm the historic drill intercepts and too test the new target model. If the new model is correct, and the drilling is successful, there would be a broad area of untested potential between the outcropping gossans and the Deblin Shaft. With a relatively small amount of further drilling, the Deblin Copper Mine could be rapidly advanced to a JORC mineral resource status. Figure 5 Interpreted geological cross section through the Deblin Mine showing historic drillholes N12 and N17 and planned drillholes DBRC0001 and DBRC Abenab Trend The Abenab Trend is marked by a series of V-Pb-Zn occurrences located near the contact between the Auros Shale and Maiebergg Dolomites. The Abenab West and Okurunduu mines are located on this contact position andd represent the highest priority targets. Approximately 40km strike extent of this highly prospective trend lies within The Company s EPL3543. Numerous untested soil geochemical anomalies have been generated along the contact through systematic soil sampling and field mapping. Those programmes are continuing with the aim of full coverage of the t 40km strike by the end of Abenabb West Mine Abenab West is the largestt mine in thee Grootfontein Base Metal Project. The Abenab area historically produced over 100,000t of Vanadium concentrates. Production figures from Abenab West itself are not known but the workings extend over 800m of strike and to a depth of at least 380m below surface, making it a relatively large operationn in any context. Fieldwork has shown that much of the upper two levels l of thee mine can be easily accessed and safely sampled and mapped. Broad zones of mineralisation remain inn situ and unmined in many places. It appears that extensive level development t was carried out but it seems that only the very high grade and/or easily processed material was mined.. Underground mapping and channel programmes are currently underway. Preliminary handheld XRF results show high gradee zinc with associated vanadium andd lead. Laboratory results will be reported as they come too hand. 5

6 Mapping and sampling will continue until all of the accessible workings have been sampled. This will allow our geological team to estimate a potential remnant grade and tonnage and to determine the geometry of the mineralised system. If an economic remnant resource appears likely, a short drilling programme will be undertaken followed f by the estimation of a JORC compliant mineral resource. Figure 6 Simplified geology of the Abenab Trend. T Okurundu Mine Two small V-Pb-Zn breccia pipes were mined via open pits p and shafts historically at Okurundu. No production records r are presently available. The mineralisation style appears to be similar to that of the Abenab Breccia Pipe which is located just off the tenement some 2.6km to the east. Channel sampling and mapping around the pit wall on thee southern pipe at Okurundu returned 1.25% Pb+Zn and 0.37% V2O5. With diameters d less than 20m and modest grades, the Okurundu pipes aree a relatively low priorityy at this stage when compared with Abenab West Mine. One of the shafts is yet to be entered.. It will be mapped andd channel sampled once it can be safely entered. 1.3 Khusib Trend The Khusib Trend is an east west trending zone of copper anomalies and prospects associated with a contact zone between Maieberg dolomites and a limestones. This is known as the T2/T3 contact position. Over six strike kilometres off the T2/T3 contact is located within The Company s EPLs. The portion of the Khusib Trend located within The Company s EPLs is bounded by the Pickaxe Prospect in the west w and continues north east for over six kilometres, with the Khusib Springs copper mine located near the centre, 3km north east of Pickaxe. The Khusib Trend is located in a similar structural and stratigraphic position to the lead zinc Pavian Trend to the south (Figure 7). 6

7 Khusib Springs Copper Mine The Khusib Springs mine is by far thee most advanced prospect on the Khusib Trend. It is the highest priority target on the trend. Khusib Springs was w discovered and mined by Goldfields Namibia during the 1990s. Approximately 10% Cu, 1.8% Pb and 584g/t Ag was mined from Khusib Springs before its closure inn Goldfields actively explored the areaa around Khusib Springs during the 1990s using predominantly electrical geophysics. Records show that many anomalies were generated from this work but not all of the conductors were effectively drill tested. Golden Deeps is in the process of collating and interpreting all available data fromm the Goldfields reports before planning an aggressive exploration programme. With the use of modern geophysical techniques and well-targeted drilling, we believe there is a very good chance of finding extensions and repetitions too the Khusibb Springs ore body. Given that the Khusib Springs Deposit pinches out, and showss very little surface expression, there is good potential for additional blind copper deposits in the area. The possibility of a lower grade remnant disseminated sulphide halo around thee Khusib Springs Deposit will also be investigated. Figure 7 Simplified geology of the Khusib Springs area 1.4 Pavian Trend The Pavian Trend is marked by a high amplitude lead zinc geochemical anomaly directly along strike to the east of Sabre Resources Southridge Prospect and Deposit. located Border The most advanced prospect on the Golden Deeps portion off the trend is Southridge East. A single channel sample returned the following very encouraging intercept: 7

8 SRCS % Pb+Zn (0.71% Zn, 2.74% Pb) and 13.97g/t Agg The Company will continue to explore Southridge East and the Pavian Trend by systematic field mapping and surface sampling followed by RC drilling of the t targets generated. Figure 8 Simplified geologyy of the Paviann Trend showing the Southridge East channel sample location 8

9 2 EASTERN VICTORIAN GOLD PROJECTS The company currently holds three granted exploration licences and one pending in eastern Victoria. The granted exploration licences are Burwang (EL5235), Twist Creek (EL5239),( and Mudlark (EL5272). The Grant-Dargo (EL5240) licence is still proceeding through the application process. These licences are all for low impact gold exploration over a number of historic gold mining areas that have received limited exploration using modern techniques. Government records show that over 730,000 oz of gold was historically produced from the Burwang project areaa (EL5235). The Rose, Thistle and Shamrock (RTS) gold mine and the nearby Landtax gold mine is an areaa of significant potential. Government records show that over 80,000 oz of gold was produced g/t. at an average grade of Figure 9 Locations of the Company s three exploration towns and A second work plan to remove the bund areas (black outlines) in eastern Victoria. Major wall from the main adit entrance at RTS cities of the region are shown. has been submitted. The Victorian Department of Primary Industries (DPI) raised several pointss requiring clarification on the first work plan and requested that environmental impactt and hydrology studies be completed. Water testing and hydrology studies were completed duringg the quarter and weree included in the second work plan. The bund is low, holding back around 1.5 m depth of water within the entrancee to the adit, and currently allows flow-throughf h of water from the mine and into the local river system. Removal of the bund will drain the level and allow access to most of the workings for geological assessment and sampling. The Hillsborough gold mine was a small producer from shallow s workings. Just under 10,000 oz of gold was produced at an averagee grade of 23.8 g/t. Significant potential exists between the various adits, at depth and along strike from the existing workings. This potential will be assessed by mapping and sampling followed by b possible drill testing. Several other mining areas are also being assessed for further work, in particular the Reliance, Buckeye and Red Parrot mines. At the Twist Creek project (EL5239( & EL5272) government production records are poor, but from the Excelsior Mine just under 2,500 oz of gold was produced at an average grade of g/t. The Company is currently assessing the potential for intervening lower-grade zones, as well as high-grade potential at depth and along strike. Historical research continued on the Twist Creek and Burwangg licences during the quarter. 9

10 3 HUAB URANIUM PROJECTT The Huab Uranium project is located in the Ugab region, in the western portion of Damaraland in Namibia, south-wester rn Africa (Figure 10). The T project covers more than 2,000 km2 of prospective uraniferous stratigraphy, includingg Karoo-equivalent sediments, and hosts a number of untested uranium anomalies, as well as two known uranium occurrences at Auris and Doros. The Huab Project shows extensive radiometric anomalies throughout the project area, a large number of which are associated with the Karoo sediments. The regional high resolution radiometrics show uraniumm anomalismm throughout the project area associated not only with the Karoo Sediments but also with the Damaraa basement sediments, Salem Granites. The radiometrics show the uranium mineralisation associated with thee various different stratigraphic units. An airborne radiometric survey conductedd by the Namibian Ministry of Mines and Energy (NMME) in the 1990s spot ested manyy of these stratigraphic units, encountering uranium counts of up to 255 ppm U3O8. Historical samplingg by Gencorr in the Doros area shows a strong correlation between the radiometric data and the rock chip sampling assays. The NMME radiometric survey has been an important exploration tool, highlighting a number of areas for follow up work. The tenementt holder has undertaken a number of work programmes over the project area, thatt include: A detailed dataa compilation & review, Sedimentological studies (undertakenn by UNAM), ASTER hyperspectral study (undertaken by Coffey Mining Ltd). The Huab project is prospective for uranium mineralisation n, with the potential to host economically significant uranium deposits. GED will review all a of the previous exploration prior to recommencing on ground exploration. Figure 10 Map off the Ugab Basin, with the Huab Uranium Project licences shown. 10

11 4 4.1 WESTERN AUSTRALIAN GOLD PROJECTS Twin Hills (M 29/21), Western Australiaa The Twin Hills project is located 27 km north of Menzies Township in the Eastern Goldfields. The historic Twin Hills mine is located in a shear zonee within a narrow greenstone belt located between two granitoids. Recorded production from the belt totalled t 1,100 t of ore at an averagee grade of 23.6 g/t Au. A Measured Resource of 17,541 beneath surface g/t Au has beenn defined to a depth of 100 m Figure 11 Thee location of the Twin Hills Project. The drill programme outlined in the March quarterly was pegged out by a licenced surveyor in June with drilling scheduled to commence in July. Unfortunately the RC rig selected for the programme was delayed. Drilling is now expected to start during Q , unless an alternative rig can be secured. 11

12 Figure 12 Longitudinall projection of the t Twin Hills mineralisation. m Figure 13 Cross section through the Twin Hills mineralisation. Five drillholes for 284m are planned at Twin Hills. The holes will confirm the position, geometry and grade of the mineralisation and provide material for metallurgical testt work. The drilling will also aim to confirm the structural andd geological setting of the mineralisation. 12

13 Figure 14 Geology and drill status plan of Twin Hills. Largee red dots indicate the locations of the quoted significant drill intercepts. With the success of the drill programme, a scoping study will w be initiated to assess the various options available for development of the Twin Hills Project. Tribute mining is being discussed with third parties to mine thee Twin Hills deposit. The Company believes that there is significant potential for further mineralisation along strike and at depth to the Twin Hills orebody. Licence M29/ /21 containss at least a 1.5km strike length of highly prospective geology which has seen minimal drill testing, particularly below 50m depth. Several isolated drill intercepts, which are yet to be followed up (figure 4), include: TH g/t Au from 16m, including 31.1 g/t Au from 20m LPB g/t Au fromm 32m TD g/t Au from 107m Follow-up drilling of these isolated drillhole intersectionss will be considered confirmatory drill programme of the Twin Hills orebody is successful. if the 13

14 For further information please contact: Norman Grafton, Company Secretary Or consult our website: Phone (08)) Competent Person Declaration The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based b on information compiled by Luke Marshall, who is a member of The Australasian Institute of Geoscientists. Mr Marshall has sufficient experiencee that is relevant to the style of mineralisation and type of deposit d under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2004 Edition off the Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves. Mr Marshall M consents to the inclusion in the report of the matters based on his information in thee form and context in which it appears. a Forward-Looking Statements This document may include forward-looking statements. Forward-looking statements include,, but are not limited to, statements concerning Golden Deeps Limited s planned exploration programme and other statements thatt are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may, "potential," "should,"" and similar expressions are forward-looking statements. Although Golden Deeps Limited believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks r and uncertainties and no assurance cann be given that actual results will be consistent with these forward-looking statements. 14