South America s Emerging Gold Explorer ASX Release 22 November 2012 OUTSTANDING GEOPHYSICS RESULTS FROM ALUMBRE AND QUINUAL CONCESSIONS HIGHLIGHTS Independent review of the Alumbre and Quinual concessions provides strategic direction and focus. Outstanding results from IP Geophysical Surveys on Alumbre- Magdalena and Quinual concessions are providing direction for future exploration. Level 28, 140 St Georges Terrace, PERTH WA 6000 PO Box 994, SUBIACO WA 6904 Initial focus will be on both the high sulphidation oxide deposit at Alumbre and an outcropping porphyry system located on the boundary between the Alumbre and Magdalena concessions. Work at Quinual is ongoing following receipt of geochemical and geophysical results. P: +61 8 9278 2766 F: +61 8 9278 2525 W: www.promesa.com.au ABN 36 124 541 466 ASX Code: PRA ALUMBRE CONCESSION The Alumbre concession was reviewed by two Australian qualified and Peruvian based experienced senior geologists from Andes Mining Services as part of an independent review. The review confirms previous findings that the top of the Alumbre deposit (Alumbre Hill) is a high sulphidation epithermal system (Figure 1), and that the results are promising and require follow up drill testing. A field review has also documented pockets of mineralised porphyry at the base of the Alumbre concession (Figure 2). The porphyry is a quartz tonalite and has abundant pyrite and molybdenum, particularly in areas of fracturing, micro-faulting, and stockwork veining. The alteration is typically quartz-sericite. There are localized strong copper oxides exposed in some areas. Contact Ananda Kathiravelu Executive Director ananda@promesa.com.au Michael Sebbag Executive Technical Director michael@promesa.com.au There are well mineralised exposures of this style of mineralisation on the Alumbre and Magdalena concession boundary, particularly within the creek bed at the base of the Alumbre Hill area. The porphyry was not targeted in historical work on the prospect.
Figure 1 Alumbre Hill High Sulphidation Geochemical Gold Assay Results of Note Figure 2 Mineralisation Porphyry at the base of Alumbre Hill. The porphyry is the likely source of a large historical chargeability anomaly, at low to moderate depth, that is open to the south-east, and lies both within the Alumbre concession and the newly acquired Magdalena concession (Figure 3). Promesa is actioning a large and extensional geophysical survey over this area in December 2012. The survey is 22 line kilometres and will facilitate follow up geological work including a drilling program in first half of 2013 (H1 2013), pending the results of a routine Environmental Impact Assessment (EIA) survey. Promesa Ltd South America s Emerging Gold Explorer Page 2
Figure 3 Historical Chargeability Anomaly with Planned Check and Extensional Geophysical Survey. The drill program will be designed to test, where possible, both the epithermal and porphyritic sections of this mineralised system. The anomaly is large and open to the south east and is potentially the top of a very large mineralised system. Updated geochemical results on the Alumbre, Chupon and Magdalena concessions show strong gold, copper and molybdenum results and indicate that there is potential for a significant porphyry target on the concessions. An extensional surface geochemical program, moving from known results on the Alumbre concession into the Magdalena concession, has commenced. Surface mapping of this area is ongoing. Promesa Ltd South America s Emerging Gold Explorer Page 3
Figure 4 Alumbre, Chupon and Magdalena Concession Rock Sample of Au(ppm) Figure 5 Alumbre, Chupon and Magdalena Concession Rock Sample of Cu(ppm) Promesa Ltd South America s Emerging Gold Explorer Page 4
Figure 6 Alumbre, Chupon and Magdalena Concession Rock Sample of Mo(ppm) MAGDALENA CONCESSION The Magdalena Concession (Figure 7) has been added to the Company s portfolio recently and represents an opportunity to extend the known Alumbre prospect to the south east and also to provide a potential source of other targets. A farm-in agreement exists with OBAN S.A.C (OBAN) for exploration on the concessions. A comprehensive field program is planned for 2013 to review this concession in detail. This is a major opportunity for Promesa to rapidly expand its base position and to discover larger epithermal and concealed deposits. Promesa Ltd South America s Emerging Gold Explorer Page 5
Figure 7 Magdalena Concession QUINUAL CONCESSION Geochemical and geophysical results have been received on this concession since the last market update. The results are, in general, low for Au (Figure 9) however they improve to the southern end of the prospect. Promesa is planning a small drill program in H1 2013 to test the current area due to it prospective alteration. The IP chargeability anomaly at 200m depth (Figure 10) demonstrates the prospectivity of this deposit at depth. It may be indicative of a large concealed mineralised zone. Promesa Ltd South America s Emerging Gold Explorer Page 6
Figure 8 Panoramic View of the Quinual Project looking North-West Figure 9 Au geochemical results for the Quinual Project Promesa Ltd South America s Emerging Gold Explorer Page 7
Figure 10 Quinual - Chargeability Response at 200m depth The Chorobal concession is being reviewed geologically and strategically in light of recent field work in and around the surrounding concessions. The current terms of the acquisition are under review due to the current understanding of the economic viability of the concession based on recent technical review completed by the company. Negotiations will continue with the concession holder in order to agree terms that reflect its economic potential. In the meantime, Promesa focussing on opportunities at Alumbre and Quinual that have an equal or better chance of becoming substantial mining projects in the future. Ananda Kathiravelu Executive Director Promesa Ltd Promesa Ltd South America s Emerging Gold Explorer Page 8
About Promesa Ltd (ASX:PRA) Promesa Ltd ( Promesa, the Company ) is a Perth based ASX listed Company, with a portfolio of exploration properties in Peru focused on precious and base metal commodities. The Company s projects are situated in the gold and copper rich Western Cordillera region in Peru. The concessions are considered prospective for Au, Ag, Cu and associated minerals. The concessions total 7 prospect locations with a total area of 39,436.5 ha. Promesa provides investors access to an exciting and growing portfolio of exploration projects at discovery stage, including seven projects in Peru, each offering a unique path way to discovery. The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr. Ian Dreyer, a Member and Chartered Professional of The Australasian Institute of Mining and Metallurgy. Mr. Dreyer is Principal Geologist for Andes Mining Services and serves as a consultant to Promesa Limited. Mr. Dreyer has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activity he is undertaking 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. Dreyer consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. Promesa Ltd South America s Emerging Gold Explorer Page 9