hot off the press

Execution of the Pine Valley Exploration Joint Venture
Australian Zircon ‘The Company’ is pleased to advise that it has executed an agreement with
Goldfields Australia Pty Ltd ‘GFA’ in relation to The Company’s 100% owned Exploration License
numbers 3539 and 3627 at Pine Valley in the north western Murray Basin in South Australia.
Australian Zircon is the holder of these tenements as part of its zircon and titanium mineral sand
portfolio, in support of the longer term ore feed requirements of its mine and processing facilities
near Mindarie Township approximately 115 kilometres to the south.
The company will continue to own 100% of the rights to zircon and titanium minerals.
Under the terms of its Agreement with Australian Zircon, GFA is entitled to earn an 80%
participating interest in gold resources in the Joint Venture tenements by the expenditure of no
less than $2.0 million in exploration funds on these tenements within the next 5 years. GFA will
operate gold exploration activities on behalf of the Pine Valley Joint Venture.
Australian Zircon will continue to operate exploration for zircon, titanium minerals and for all
minerals other than gold in the Pine Valley Joint Venture area.