ASX RELEASE Jan, 0 December 0 Quarterly Activities Report Highlights Australian Securities Exchange Information Borborema Gold Project Borborema s indicated and inferred Mineral Resources increased to. million ounces. Mineralisation remains open at depth and along strike. Continued drilling extends the strike length, depth and width with consistent and frequent high grades intersected, better results included; m @.0 g/t Au from m in CRDD00 m @.0 g/t Au from m in CRDD00 m @. g/t Au from m in CRDD00 m @.0 g/t Au from m in CRDD- - Including: m @. g/t from m m @. g/t Au from m in CRRC- - Including: m @. g/t from m m @. g/t Au from 9m in CRRC- - Including: m @. g/t from m Drilling has defined consistent mineralisation up to 00m vertical metres below surface and over.kms of strike. Drilling with five rigs continues with two more rigs being mobilised. Project development continues with geotechnical, metallurgical and environmental studies underway. Greenfields exploration is set to begin following successful soil sampling and mapping defines gold in soil anomalies. Crusader has significantly expanded tenure with more than,00km area under application and exploration license. The December quarter was a very busy period for Crusader Resources Limited ( Crusader ) (ASX:CAS) with progress focussed on the Borborema Gold Project. ASX Code: CAS Ordinary Shares 0,,00 Options,0,000 (exercise prices: $0. to $.0) Market Capitalisation $99M Treasury $ M ( Dec 0) Share price $0.90 ( month range: $0. to $.0) Board of Directors Non-Executive Chairman David Archer Managing Director Rob Smakman Executive Director Paul Stephen Non-Executive Directors Justin Evans David Netherway CAS Investment Opportunity in Brazilian Projects Underexplored and high potential portfolio In-country experienced management (inc. MD, COO and Exploration Manager) Extensive network into new opportunities
ASX RELEASE Jan, 0 Following the completion of the positive Pre-Feasibility Study for the project in September, drilling continued through the quarter with up to six rigs continuing to define the limits and continuity of the growing mineralised envelope. An updated JORC compliant mineral resource estimate was announced with indicated and inferred Mineral Resources surpassing.moz. At the Posse Iron Ore project in Minas Gerais, Crusader remains confident of a positive outcome after submitting complementary information around the proposed mine plan. Production remains deferred until the Mines Department (DNPM) reviews the new mining plan; however Crusader continues to work towards expediting the process. Borborema Gold Project (Brazil- CAS: 00%) The Borborema Gold Project is located in the state of Rio Grande do Norte, 0km west of the state capital, Natal, and 0km east of the regional town, Currais Novos. Crusader has completed >,000m of drilling since purchasing 00% of the project in August of 00. In December 0, an updated mineral resource estimate (Crusader s third resource update) was released with the in-situ resource increasing by % to.moz (including Mt @.g/t for.moz in Indicated and Mt @ 0.9 g/t for.moz in Inferred using a 0.g/t cutoff). The mineral resource estimate was completed by independent consultants to the company and includes all drilling up to September 0. Table Borborema Project Mineral Resource (November 0) Estimate by Ordinary Kriging,.mN x me x mrl Parent Cell Indicated Inferred Total Cut-off Grade Applied (g/t Au) Tonnes (Mt) Average Grade (g/t Au) Contained Gold (koz) Tonnes (Mt) Average Grade (g/t Au) Contained Gold (koz) Tonnes (Mt) Average Grade (g/t Au) Contained Gold (koz) 0...,0.0 0.9,0..0,.0.... 9.., Note: Rounding errors may occur in the table above The Mineral Resource estimate extends down to approximately 0m below surface, a depth considered potentially realistic for open pit mining. The new Mineral Resource remains open in all directions and is only limited by drilling. Since September, drilling using up to six rigs has continued hours a day and further resource updates will be generated during 0. A key target for 0 will be the release of a significant reserve estimate for the project.
ASX RELEASE Jan, 0 Borborema Drill results Drilling results released during the quarter included significant intercepts which have extended the extent of mineralisation along strike and at depth. Results were returned from the Central, Southern and Northern zones, with several broad and high grade results also returned from some of the deepest holes drilled to date- in the central zone deeps. These included; Central Zone m @. g/t Au from m in CRDD-09 m @. g/t Au from m in CRRC- - Including: m @. g/t from m m @. g/t Au from 9m in CRRC- - Including: m @. g/t from m m @. g/t Au from m in CRDD-0 m @.9 g/t Au from m - Including m@.9 g/t Au from m in CRDD-090 m @. g/t Au from m in CRDD-09 m @.0 g/t Au from m in CRDD- - Including: m @. g/t from m Central Zone Deeps 9m @.0 g/t Au from m, m @.0 g/t Au from m, m @.0 g/t Au from 99m and m @. g/t Au from 0m - Including m@. g/t Au from m in CRDD-09 0m @. g/t Au from m - Including m@. g/t Au from m in CRDD-0 m @. g/t Au from m - including m@.0 g/t Au from m in CRDD-0 m @.0 g/t Au from m in CRDD-0 m @.0 g/t Au from m in CRDD-0 - including m@.0 g/t Au from m and; - including m@. g/t Au from m and; m@ 9. g/t Au from m in CRDD-0 m @.0 g/t Au from m and m @. g/t Au from 0m in CRDD-0 m @. g/t Au from m - including m@.0 g/t Au from m and; - including m@.9 g/t Au from 0m in CRDD-0 m @. g/t Au from m in CRDD-
ASX RELEASE Jan, 0 Northern Zone 0m @. g/t Au from 0m in CRRC- m @. g/t Au from m in CRRC- Southern Zone 0m @.9 g/t Au from 0m in CRRC- A full table of significant intercepts is attached as well as a drill plan and several cross sections. Mineralisation remains open at depth with consistent widths and grades, with some holes returning better grades at depth. To the north, at the south, step out drilling has identified the main sheared structure, however it is only weakly mineralised. Drilling is ongoing (there are currently two RC and three diamond rigs drilling at Borborema) and new results will be released as they come to hand. Two further diamond rigs are scheduled to join in February in order to meet the timing of the project development plan. Drilling will initially target increasing the confidence category of the known inferred resources which fall into optimised pit shells. Other programs are being planned for geotechnical measurements, metallurgical sampling and sterilisation. Crusader is also planning to start drilling numerous soil anomalies generated around the near mine areas. Project Development Project development at Borborema has progressed with important studies initiated during the quarter. Geotechnical examination of the existing drill core and mapping of the pit walls was completed and drilling of four dedicated geotechnical drill holes is underway. Complementary metallurgical sampling is also underway following recommendations made in the September 0 Pre-Feasibility Study. This sampling will include additional leaching testwork, comminution testing and filtering tests on tailings samples. Environmental baseline studies are also underway as part of the overall environmental licensing process. A detailed sensitivity and risk analysis into any potential social impact of the project has also commenced. Greenfields Exploration Over the past six months, Crusader has undertaken an extensive soil sampling program covering the along strike extensions and areas immediately around the mine area. Over 00km of lines have been cleared, surveyed and sampled with over,000 samples collected and sent to the lab for analysis. Results for these samples are being continually added to the database and there have been multiple encouraging anomalies defined. These anomalies are being followed-up with closer spaced sampling in order to better target drilling; several of these targets will be drilled during February 0.
ASX RELEASE Jan, 0 Crusader has also continued to expand its landholding in the Seridó region which surrounds the Borborema Gold Project. A further,9km have been applied for during the quarter, bringing the total landholding in the region to >,00km. Crusader is now the biggest landholder in this exciting region and will use its first mover status and in proprietary knowledge of the Borborema Gold Project to fast track exploration in the region. Crusader is now building an exploration team which will drive the project forward through 0. Numerous garimpos and historical gold anomalies have been located and several prospective rock types and structures have already been defined by a combination of geophysical re-interpretation in conjunction with local and regional scale geological mapping. Posse Iron Ore Project (Brazil- CAS: 00%) Crusader continues to attempt to resolve a number of approvals for the Posse Iron Ore project in Minas Gerais state, Brazil. The project is ready to go into production subject to the DNPM s approval of an amended mine plan and SUPRAM approving the environmental license application. The DNPM approval is dependent upon the outcome of a review by the DNPM around further information submitted by Crusader around a proposed amended mine plan. The delays result from a request from DNPM for further studies on the Posse Iron Ore Project as part of their review and approval process in early 0. Crusader became aware of these requirements in late August. The studies included expanded information about treatment rates, pit slope angles and the clarification of neighbouring freehold property ownership. Crusader responded to all of the requirements and is awaiting a response from the DNPM. Assuming this is favourable, the consideration of the environmental licensing conditions for the proposed mine will then go before SUPRAM. Corporate Crusader remains in a strong financial position with a cash balance of A$M at the end of the quarter.
ASX RELEASE Jan, 0 Selected Drill Results November 0 & Jan 0
ASX RELEASE Jan, 0 Cross Section G G Cross Section J J
Cross Section M M ASX RELEASE Jan, 0 Cross Section N N
ASX RELEASE Jan, 0 9
ASX RELEASE Jan, 0 Table Drill Hole Locations SIGNIFICANT INTERSECTIONS ( 0. g/t Au) Easting Northing RL Dip Azimuth 0, 9,,9 CRDD-00 00, 9,,0 9 CRDD-0 0, 9,,9 CRDD-0 0, 9,, CRDD-0 00, 9,, 9 CRDD-0 0, 9,, 9 CRDD-0 0,0 9,,0 CRDD-0 00,0 9,,9 9 CRDD-0 00,0 9,, CRDD-0 00,0 9,, 9 CRDD-09 00,0 9,, CRDD-00 00,9 9,,9 9 CRDD-0 00,9 9,,0 90 CRDD-0 00, 9,, CRDD-0 00, 9,,9 9 CRDD-0 00,9 9,, 9 CRDD-0 00,9 9,,0 9 CRDD-0 00,9 9,, CRDD-0 00, 9,,9 00 CRDD-0 00, 9,,0 9 CRDD-09 00,99 9,, CRDD-090 00,9 9,, 9 CRDD-09 00,0 9,, CRDD-09 00,09 9,, CRDD-09 00, 9,, CRDD-09 00, 9,, 9 CRDD-09 SIGNIFICANT INTERSECTIONS ( 0. g/t Au) Easting Northing RL Dip Azimuth 00, 9,, CRDD-09 00, 9,, CRDD-09 00, 9,,9 9 CRDD-09 00, 9,, 9 CRDD-099 00, 9,, CRDD-00 00,0 9,,9 CRDD-0 00, 9,,0 CRDD-0 00,0 9,, 9 CRDD-0 00, 9,, 0 CRDD-0 00, 9,,9 9 CRDD-0 00, 9,, 0 CRDD-0 00, 9,, 90 CRDD-0 00, 9,,09 9 CRDD-09 0 00,9 9,, CRDD-0 00, 9,, 9 CRDD- 00, 9,, 0 CRDD- 00,9 9,, CRDD- 00, 9,,9 9 CRDD- 00, 9,,9 CRDD- 00, 9,, CRDD- 00, 9,,0 CRRC-9 90 00,0 9,,9 CRRC-9 90 00, 9,, CRRC-9 90 00,0 9,,9 9 CRRC-9 90 00, 9,,9 CRRC-99 00,9 9,, CRRC-00 0
ASX RELEASE Jan, 0 Table cont. SIGNIFICANT INTERSECTIONS ( 0. g/t Au) Easting Northing RL Dip Azimuth 00,0 9,, CRRC-0 00,9 9,, CRRC-0 00, 9,, CRRC-0 00, 9,, 9 CRRC-0 00,9 9,, CRRC-0 00, 9,,0 CRRC-0 00,9 9,, CRRC-0 00,0 9,,9 CRRC-0 CRRC-09 CRRC-0 CRRC- CRRC- CRRC- CRRC- CRRC- CRRC- CRRC- CRRC-9 CRRC-0 CRRC- CRRC- CRRC- CRRC- CRRC- CRRC- CRRC- 00, 9,,9 0 00,0 9,,9 00,0 9,, 00, 9,, 00, 9,, 00,0 9,,9 00,99 9,, 00, 9,,90 00, 9,,9 00, 9,,9 00,9 9,,9 00,0 9,, 00, 9,, 00, 9,,90 00, 9,,0 00,9 9,, 00, 9,, 00,0 9,,9 - SIGNIFICANT INTERSECTIONS ( 0. g/t Au) Easting Northing RL Dip Azimuth 0, 9,, 9 CRRC- 0, 9,, 9 CRRC- 0, 9,, CRRC- 0,9 9,, 9 CRRC- 0,0 9,,0 0 CRRC- 0,0 9,,0 CRRC- 0, 9,, CRRC- 0,9 9,,0 CRRC- 0, 9,,9 CRRC-9 0,9 9,, 0 CRRC-0 0,9 9,,0 CRRC- 00, 9,,9 CRRC- 00, 9,, CRRC- 00, 9,, CRRC- 00,9 9,, CRRC- 00, 9,, CRRC- 00, 9,,0 CRRC- 00, 9,, CRRC- 00,9 9,, CRRC-9 00, 9,, CRRC-0 00,9 9,, CRRC- 00, 9,,0 CRRC- 00, 9,,9 CRRC- 00,9 9,, CRRC- 99,00 9,, 0 CRRC- 99, 9,, 0 CRRC-
ASX RELEASE Jan, 0 Table cont. SIGNIFICANT INTERSECTIONS ( 0. g/t Au) Easting Northing RL Dip Azimuth 00,0 9,,9 CRRC- 00, 9,, CRRC-9 0, 9,, 9 CRRC-0 99,99 9,, CRRC-0 90 99,9 9,, CRRC- 90 99,99 9,, CRRC- 99,999 9,,9 CRRC- 00,009 9,, CRRC- 00,0 9,, CRRC- 00,0 9,, CRRC- 00,00 9,, 0 CRRC- 90 00,0 9,,99 0 CRRC- 00,0 9,, 0 CRRC-9 00, 9,, CRRC-0 00,09 9,, CRRC- 00, 9,, CRRC- 00, 9,,0 CRRC- 00,00 9,, CRRC- 00, 9,,90 CRRC- 00, 9,,0 0 CRRC- SIGNIFICANT INTERSECTIONS ( 0. g/t Au) Easting Northing RL Dip Azimuth 99, 9,, 99 CRRC- 99,99 9,, CRRC- 90 99,9 9,, CRRC-9 90
ASX RELEASE Jan, 0 Table Significant Intersections (Nov 0 & Jan 0) SIGNIFICANT INTERSECTIONS ( 0. g/t Au) SIGNIFICANT INTERSECTIONS ( 0. g/t Au) Av Au Grade (g/t) CRDD-00. 0 CRDD-0 CRDD-0 CRDD-0 CRDD-0 CRDD-0 CRDD-0 CRDD-0 CRDD-0 0.9 0.9. 0. 0.0 0. 9 0. 0. 0. 0. 0.. 0..00.9 CRRC-0 CRRC-0 CRRC-0 Av Au Grade (g/t) 0. 0 0.. 9 0..0 0.90 0..9. 0. 0. 0.9 0.9 0 0..0 0.9.0 0.9.. 9 0.0 0..9. 9 0. 0. 0. 0. 0....09. 0. 9 0.9..00. 0. 0.0. 0.0. 0. 0.0 0.9 0.9 0. 0. 0 0.0. 0. 0. 0.9 0 0. 0. 0.99. CRRC-0 CRRC-0 CRRC-0 CRRC-0 CRRC-0 CRRC-09
ASX RELEASE Jan, 0 Table cont. SIGNIFICANT INTERSECTIONS ( 0. g/t Au) SIGNIFICANT INTERSECTIONS ( 0. g/t Au) Av Au Grade (g/t) CRDD-09 9.0 CRDD-00 CRDD-0 CRDD-0 CRDD-0 CRRC-09 0.9 0. (cont.). 0. CRRC-0 0.9 0 0... 9 0. 9.0 0 0..0. 99.0 9 9 0.9 0.. 0. 0.. 0. 9. 9... 9 0. 0 0. 0.00.. 0. 0.99 9 0.9 0. 0.0 0. 0. 0... 9 0. 0. 9.. 0. 9 0..9.0 0.9 0. 0.0 0.9 0.. 9. 9 0. 0..09 0. 0 0.0 0.9 0.0.0 0. 0....0. 9.0 CRRC-9 0 0.9 0 0. CRRC-0.0 0 0. 0 0. CRRC- CRRC- CRRC- CRRC- CRRC- CRRC- CRRC- Av Au Grade (g/t)
ASX RELEASE Jan, 0 Table cont. SIGNIFICANT INTERSECTIONS ( 0. g/t Au) SIGNIFICANT INTERSECTIONS ( 0. g/t Au) Av Au Grade (g/t) CRDD-0. 0.. CRDD-0 CRDD-0 CRDD-0 CRRC- 0. CRRC-.90. 0.9.00 9.. 0.0.. 0 0.9.0..0 0.9 9 0.. CRRC- CRRC- Av Au Grade (g/t) 0. CRDD-0. CRDD-09 0.9 0. 0.9 0. 0. 0.9 0 9 0.9 9 0.9.9 0.. 0. 99 0.0 9 0.9 0 0.. 0. 0.0. 0.9.. 0. 0..0 0 0. 9 0.. 0.0 0 0. 0. 0..9 0. 0.0.0 0. 0. CRRC- 9.0 CRRC- 0. 0.. CRDD-090 CRDD-09 CRDD-09 CRRC- CRRC- CRRC- CRRC- CRRC-9 CRRC-0 CRRC- 0.9 NSI.00 0.00 CRRC- 0 0. CRRC-. 0. 0. 0.0.
ASX RELEASE Jan, 0 Table cont. SIGNIFICANT INTERSECTIONS ( 0. g/t Au) SIGNIFICANT INTERSECTIONS ( 0. g/t Au) Av Au Grade (g/t) CRDD-09 0. 9 9 CRDD-09 CRDD-09 CRDD-09 CRDD-09 CRDD-09 CRDD-099 CRDD-00 CRDD-0 0....0 0.9 9. 0.9 0.. 0. 0. 0.9. 9.9 0.9 0. 0.90 9.. 0.9 0. 9 0 0. 0 0.. CRRC-0 0 0.0 0.9 CRRC-. CRRC-.9 9.0 9 0. 0. 9 0..0 9. 0. 0. 0 0....00 0 0.0 0 0.. 0.. 0 0. 0.9 0. 0 0. 0. 0..9 9 0.9 0 0.. 0. 9.9 0. 9 0.9 0..9 0.0. 9.0 0. 9 0. 9 0. 0. 9. 0.9.0 9. CRRC- CRRC- CRRC- CRRC-9 CRRC- CRRC- Av Au Grade (g/t) NSI
ASX RELEASE Jan, 0 Table cont. SIGNIFICANT INTERSECTIONS ( 0. g/t Au) SIGNIFICANT INTERSECTIONS ( 0. g/t Au) Av Au Grade (g/t) CRDD-0.9 (cont.) 9 0 CRDD-0 CRDD-0 CRDD-0 CRDD-0 CRDD-0 CRDD-0 CRDD-09 CRRC-.9.0 (Cont.) 0.. CRRC- 0.0 0. 0.90. 0.. 0 0. 0....0 9. 0. 0. 0..0 0 0.9. 0.. CRRC-9.9. CRRC-0. 0. CRRC-.0 CRRC- 9 0. 9. 9 0 CRRC- CRRC- CRRC- Av Au Grade (g/t) NSI 0.0 9 0. 0..09.9..0 0. 0 0.9 9.0. 0 0. 9.0 0.90 9.9 0. 9.0 0 0.9 CRRC-. 0. CRRC-. 0. CRRC- 9 0.90 9. CRRC- CRRC- 0.. 0. 0.0 9 0. 0. 0.0 0. 0. 0.9 0.9 0. 0. CRRC- CRRC-9
ASX RELEASE Jan, 0 Table cont. SIGNIFICANT INTERSECTIONS ( 0. g/t Au) SIGNIFICANT INTERSECTIONS ( 0. g/t Au) Av Au Grade (g/t) CRDD-0 0.00.. 0.0 0. 9 9 CRDD- CRDD- CRDD- CRDD- CRRC-9 0. (Cont.).. 0 0.. 0. 0.. 9.0 0..0.9.0 9. 0.9 9. 0 0.9 00. 0. 0.9 0. 0.9. 0..9 0. 0 0.9 0... 0.9.0. 9.9. 0. 0..0 0..0 9.9. 0. 9. 0 0. 9 0. 0.. 0. 0. 0. 0. 0 0. 0.0. 0. 9 00 CRRC-0 CRRC- CRRC- CRRC- CRRC- CRRC- CRRC- CRRC- Av Au Grade (g/t) 0.0 0.9 0.. 0..99 0 0.. 0. 0.. CRRC- CRRC-9
ASX RELEASE Jan, 0 Table cont. SIGNIFICANT INTERSECTIONS ( 0. g/t Au) SIGNIFICANT INTERSECTIONS ( 0. g/t Au) Av Au Grade (g/t) CRDD- 0.90 0. 0. 0. CRDD- CRRC-9 CRRC-9 0..9 0..0. 0. 9.0.09 0.0 9.. 0. 0.0 0..90 0. 9 0.9 9 0.99 00 0.0 0.. 0....0 0 0... 0.9.9 0.. 0. CRRC-9 CRRC-0 CRRC- CRRC- CRRC- CRRC- CRRC- NSI CRRC-9. CRRC-99 0. CRRC-00 CRRC- Av Au Grade (g/t) 0 0. 9 0.. 0. 0..9.00 9. 0.9 9 0. Note: Coordinates are in datum SAD9 UTM S. Significant intercepts calculated using a 0. g/t lower cut-off, with m min. width, up to m of consecutive internal dilution and no upper cut-off. All intersections reported are down-hole intersections for drill-holes dipping at to these can be considered true-width. Mineralisation is interpreted to dip at ~0. Vertical drilling is not true width. Cross sections presented in this announcement may not match the intercepts in this table as they are for illustration purposes only. CRRC denotes RC drillhole and CRDD denotes diamond (generally NQ size). 9
ASX RELEASE Jan, 0 For further information please contact: Mr. Rob Smakman Managing Director, Brazil Mobile (Brazil): + 0 Email: rob@crusaderdobrasil.com Mr. Paul Stephen Executive Director, Australia Office: + 90 00 Email: paul@crusaderresources.com Mr. Ian Howarth Media Relations, Australia Collins Street Media Mobile: + 0 9 Email: ian@collinsstreetmedia.com.au 0
ASX RELEASE Jan, 0 About Crusader Crusader Resources Limited (ASX:CAS) is a minerals exploration company listed on the Australian Securities Exchange. Its major focus is Brazil, a country Crusader believes is vastly underexplored with high potential for the discovery of world class mineral deposits. Crusader s key asset is the. million ounce Borborema Gold Project in north eastern Brazil, targeting production at a rate of 0-0 koz from 0.The company has 00 km of exploration tenements in the Seridó Belt, a highly prospective geological structure which hosts the Borborema Gold Project. This region is under explored and could provide Crusader with a pipeline of high growth, greenfields gold discoveries. Crusader s Posse Iron Project, near Belo Horizonte, is close to starting production of high-quality iron ore for consumption in the Brazilian domestic iron industry. About Borborema The Borborema Gold Project is in the Seridó Belt of the Borborema province in north eastern Brazil. It is 00% owned by Crusader and consists of three mining leases covering a total area of km² including freehold title to the property over the main prospect area. The Borborema Gold project is enhanced by good on-site facilities and excellent infrastructure, such as buildings, grid power, water, sealed roads and close proximity to major cities. In December 0, Crusader updated the JORC compliant resource estimate at Borborema (at a 0.g/t cut-off) to a combined Indicated and Inferred resource estimate of Mt @.0g/t for.moz. This Mineral Resource remains open in all directions and is limited only by drilling. Crusader completed a Pre-Feasibility Study (PFS) in September 0 into the economic and technical merits of a gold mine development. The study, based on the June 0 Resource, considered an open cut mine development of Mtpa with a conceptual plant design to produce in excess of 0,000ozs of gold per annum. Crusader plans to start a Bankable Feasibility Study (BFS) early in 0. Disclaimer The information in this report that relates to Exploration Results is based on information compiled or reviewed by Mr. Robert Smakman, who is a Fellow of The Australasian Institute of Mining and Metallurgy and is a full-time employee of the company. Mr. Smakman has sufficient experience in the type of deposits under consideration and the activities being undertaken to qualify as a Competent Person as defined in the December 00 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Mr. Smakman accepts responsibility for the accuracy of the statements disclosed in this report. The information in this report that relates to Mineral Resources is based on information compiled by Mr. Lauritz Barnes and Mr. Brett Gossage who are both Members of The Australasian Institute of Mining and Metallurgy. Messrs Barnes and Gossage are both independent consultants to Crusader Resources Limited. Both Messrs Barnes and Gossage and have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being undertaken to qualify as a Competent Person as defined in the 00 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Messrs Barnes and Gossage consent to the inclusion in the report of the matters based on the information in the form and context in which it appears.