Ann: Rio Tinto Devoncourt Project Farm-in Agreement, page-8

The Company’s Managing Director, Rob Watkins commented:“The Devoncourt farm-in with RTX gives Carnaby a unique opportunity for a junior to explore for a Tier 1 sized target within a world class mineral field and jurisdiction. These types of opportunities are rare and while the risks of exploration are evident, the potential rewards are many times the market capitalisation of Carnaby. We believe that in conjunction with the highly successful ongoing exploration and potential development of the Greater Duchess Project, Devoncourt represents a highly accretive addition to the existing exploration targets within the Greater Duchess area.”