Resources and Reserves

Resources and Reserves

The Company has a regional inventory of over 900koz gold and 95kt of copper and nearly 10Moz of silver.

The Company’s global Resource.

Note: *Based on wire-framing to drill holes on a 1.0g/t Au cut-off for shallow resource and 3.0g/t Au. for deeper mineralisation, and reporting to a 1.0g/t Au cut-off. Includes revised Resource for Queen Sheba announced February 2011.

**-Based on wire-framing to drill holes on a 0.5% Cu equivalent cut-off and reporting to a 1% Cu equivalent cut-off.

Oxide Cu eq. =(Au ppm * 9775)+(Ag ppm * 150.4) +(Cu ppm):

Sulphide Cu eq. = (Au ppm *4720)+(Ag ppm * 75.5)+(Cu ppm)+(Pb ppm * 0.2384) + (Zn ppm * 0.1925)

In February 2011 Phillips River released its DFS including a Reserve demonstrating 10 years of production. The Kundip gold / copper deposit produces substantial gold ore and high value copper/silver precipitate

The Trilogy deposit is a significant copper and gold rich poly-metallic resource producing gold/silver ore, copper concentrate and bulk sulphide concentrate.

The Kundip gold copper deposit producing substantial gold ore and high value copper/silver precipitate.

The Ravensthorpe / Hopetoun region hosts considerable mineralisation that has been sporadically mined since 1920's. Through various farm-in arrangements and tenement acquisitions Phillips River now controls much of the potentially mineralized area. Initial exploration of know targets within the area has provided encouraging results.

Competent Person's Statement

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Bruce Armstrong who is a Member of the Australasian Institute of Geoscientists. Mr Armstrong is a full time employee of Phillips River Mining Ltd, and has sufficient experience which is relevant to the style of mineralisation under consideration to qualify as a Competent Person as defined in the 2004 edition of the JORC Code. Mr Armstrong has given his consent to the inclusion in the report of the matters based on the information in the form and context in which it appears. Information that relates to exploration targets refers to targets that are conceptual in nature, where there has been has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource.

The information in this Ore Reserve statement that relates to Ore Reserve estimates is based on information compiled by Mr Geoff Davidson, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Davidson is a Principal Consultant and Director of Mining and Cost Engineering Pty Ltd and has sufficient relevant experience 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’.

The Competent Persons have consented to the inclusion in the report of the matters based on their information in the form and context in which it appears.