june report

QUARTERLY REPORT
For the 3 Months Ended 30 June 2013
TRIAL MINING & PROCESSING AT THE OLD PIRATE HIGH-GRADE GOLD DEPOSIT
• Camp Infrastructure installed with accommodation units and site offices fully operational.
• Arrival and installation of first components of the Pilot Processing Facility.
• Off-site construction of modular pilot plant mostly complete and being consigned for July installation and commissioning.
• Site Works are progressing and excavation of ore commenced at Golden Hind with main Old Pirate area excavation to follow.
EXPLORATION
• Exploration at the Bermuda Zone exposes multiple quartz veins over an area 50m x 50m with rock sample assays up to 34.9g/t gold.
• Exploration at the Bermuda South Prospect delivers surface sampling results including 21.6g/t gold and 21g/t gold during the Quarter. Subsequent to the end of the Quarter, systematic longitudinal quartz vein sampling reveals mineralisation over a strike length of 35 metres with a peak value of 45.7g/t gold from systematic surface sampling.
• Exploration at the Bandit South Area delivers new rock chip sample results of up to 108g/t gold and surface assay results including 66.2g/t gold and 62.9g/t gold with an average grade of 25.6g/t gold.
CORPORATE
• $8.3M Cash Position at 30 June 2013 with no debt and fully funded through Trial Mining phase.
• Non-Executive Directors purchased shares.
• Progress continues on various aspects of the Mineral Lease Application.