Old Pirate Extends High Grade

Hi All,

The opening up of the surface veins at the high grade Old Pirate Prospect, in what is not too dissimilar to a vein based grade control program, has once again extended the system. With a further 102 metres of high grade vein averaging 32.62g/t gold including a remarkable 18 metre strike length averaging 104.9g/t gold added, we are now up to 726 metres of combined vein strike length averaging over 24g/t gold. This program has exposed nearly 800 square metres of quartz veins.

This program has been so successful at deciphering the code of this high statistical nugget effect system that we have decided to continue the program in this coming year as we are only just beginning to get a sense of the possible magnitude here. The Old Pirate South vein, the Eastern Limb Lodes and the Western Limb Lodes are still open to the north where the overall surface anomalism (from soil and shallow geochemistry drilling) indicates a further 4 kilometres of gold anomalism. We also know that there are several veins that have been drilled previously with high grade intercepts that don’t even outcrop in the surface sampling to date.

We anticipate further news flow soon with more drill results from Buccaneer, Old Pirate and Hyperion still to be finalised. Once these results are returned, the resource estimation update work can begin in earnest.

Regards,
Darren

Publication date: 8th February 2012