Ann: Results Show Potential for Extensive Cobalt Mineralisation, page-2

Ophara Results Indicate Potential for Extensive Cobalt Mineralisation  Results received from the final 9 holes of a 12 hole infill and extension drilling program at the Great Goulburn Prospect.  Drilling returns more strong mineralisation:  AORC002 ‐ 8 metres @ 0.14% Cobalt and 0.43 g/t Gold, from within 15m @ 0.12% Co and 0.30 g/t Au.  AORC008 ‐ 3 metres @ 0.13% Cobalt and 0.37 g/t Gold, from within 8m @ 0.11% Co and 0.27 g/t Au, and a further 3 metres @ 0.12% Cobalt and 0.36 g/t Au.  Mineralisation in new geological areas associated with quartz veining and associated pyrite which has similarities to the nearby Mutooroo deposit.  Historical geophysical data indicates high probability of numerous and stronger sulphide conductors in the area.  Exploration to focus on target definition around Great Goulburn, with planned aerial EM surveying and follow up drill testing of priority areas. Summary Alloy Resources Limited (ASX: AYR, Alloy or the Company) is pleased to advise results from the recently completed RC drill program at the Ophara Project located 50 kilometres west of Broken Hill in New South Wales. A 12 hole RC drill program on lines 100 metres apart for a total of 1,208 metres was designed to define the strike and depth potential of the known cobalt‐gold mineralisation at the Great Goulburn prospect. Results continue to indicate the potential for widespread gold‐cobalt mineralisation within the Great Goulbourn Project area. Drilling has shown that mineralisation is strongest where a quartz magnetite unit is intersected by sulphide rich fluids, however there also appears to be quartz vein related mineralisation away from these units. A continuing review of historical data has recently yielded aerial electromagnetic survey data from 1991 completed by BHP Minerals. The Great Goulburn prospect is only one anomaly amongst numerous within the area. There has been little or no drill testing of these other EM anomalies offering excellent targets for future exploration.