Whispering Ridge (MDL 298) and Sunday Creek (EPM 15896) Mining Project Exploration Update to June 2014 Queensland Australia

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Whispering Ridge (MDL 298) and Sunday Creek (EPM 15896)

Exploration Update To June 2014

Pre-feasibility Information Brief January 2012

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WHISPERING RIDGE MAGNETITE

PROJECT MDL 298

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Whispering Ridge Magnetite Project MDL 298 Far North Queensland

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Whilst earlier Gap Geophysics SAM’s (Sub-Audio Magnetics) works indicates magnetic anomaly to the southwest of MDL298, earlier (1980) Shell Aerial Anomalies 6 and 7 lay in the adjoining sub-blocks from Zone B for some 3 kilometres along Snake Ridge towards Sandy Yards (see SKETCH 1 below). Their interpretation at depth was calculated as 160 and 170 metres. The Shell drilling indicated the highest levels of magnetic susceptibility they recorded (see SKETCH 2 below).

Since that time BHPB did aerial survey in 2005 (see FIGURE 4 [Shell/BHP] below). VOXI’s are also currently being prepared from the airborne survey data from Shell in 1980 and BHP in 2005 in order to compare, identify new anomalies/targets and measure volumes. Earlier concentrations of magnetite within MDL298, EPM15896 and EPM18361 are calculated to depth as 9,304, 695,000m³ of which 772,281,500m³ was computed between 200m and surface.

Figure 4 - An overlay of MDL298, EPM15896 and EPM18361 being the 45 sub-blocks over the joint TMI_RTP Images of aerial survey data results as flown by both Shell (1980) and BHP (2005) with Snowmist/Core Skills targets in July 2009

Sketch 2 – Extract from Shell Geological Plan, QDEX File #CR11601 (Sheet 1 Figure 11) and (Sheet 2 Figure 12) show large areas from North/NW of MDL298 known as the Central Quadrant area of EPM15896 being sub-blocks Y, Z (town 1601) and D, E, K (town 1673) to A, F (town 1674) [noted "S-Dm" highlighted in yellow] as "Mt Garnet Formation Greywacke, Limestone and Arkose Formation”. This second Shell limestone Geological Boundary area covers the Central Quadrant (covering Boeing and Conical Hills, Jurassic Park, etc.) and is divided by Sunday Creek in the South East to join Whispering Ridge and Sunday Creek.

Independent auditing and review of the geological earth model generated for all Sunday Creek project areas is under review of the 278, 125,000m³ concentration of magnetite in the Northern Quadrant of EPM15896 above 200m depth and the surface.

Sketch 3 – Extract from Shell Geological Plan, QDEX File #CR11601 (Sheet 1 Figure 11) shows a large area from North/NW of the Central Quadrant known as the Northern Quadrant area of EPM15896/EPM18361 being sub-blocks G, H, J, M, N, O, R, S, T (town 1601) [noted "S-Dm" highlighted in yellow] as "Mt Garnet Formation Greywacke, Limestone and Arkose Formation”. This third Shell limestone Geological Boundary area covers the Northern Quadrant and is divided by Oakey Creek and its tributaries running to the South to join Sunday Creek to the East of Sunday Creek Yards.

Sketch 1 - Extract of Shell Targets 6 and 7 surrounding the Whispering Ridge area from the Shell Company of Australia Limited, Metals Division from QDEX records 11601 Sheet No. 2 detailing

Geology [noted "S-Dm" highlighted in yellow] as "Mt Garnet Formation Greywacke, Limestone and Arkose Formation”of Sunday Creek including location of RAB drilling holes completed in 1982 showing MDL298 and the surrounding Whispering Ridge/Snake Ridge areas through sub-blocks F, L, Q (town 1674) and sub-blocks K, P (town 1673)

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