high grade hematite mineralization

Great Gold Mines N.L
10 October 2007

SUMMARY OF ANNOUNCEMENT

High grade hematite mineralization delineated at Mount Bevan Iron Ore Project.

DETAILS OF ANNOUNCEMENT
High grade hematite mineralisation has been delineated in several areas over at
least 8km at the Mount Bevan Iron Ore Project (formerly known as Four Corners Iron
Ore Project). The project, on exploration licence 29/510, is located approximately
100km west of Leonora in the central Yilgarn of Western Australia (Figure 1).
Two prominent Banded Iron Formations run NNW over 20km of strike length through
the Company’s project area. The outcrops of hematite mineralization are consistently
located within a zone along the eastern margin of the western Banded Iron Formation
ridge. Previous work by an independent consultant has reported iron grades from the
same zone at an average of 61.8% Fe from 6 samples which covered 4km strike
length within the Company’s tenement. Further detailed mapping and sampling is
required to define the subsurface extent of the outcropping hematite.
On the southern margin of the Mt Bevan project, Jupiter Mines Limited yesterday
reported a 2.2 million tonne inferred resource @ 60.6 % Fe, 3.1% Al2O3, 7.7% SiO2,
0.05% P and 2.4% LOI at the Mt Mason project. This inferred resource lies in the
same hematite zone along the margin of the western Banded Iron Formation ridge of
which over 20km strike length lies within the Company’s exploration licence. Notably,
hole MMRC108, which occurs on the southern boundary with the Company’s
tenement recorded one of their best intersections of 18m @ 61.44% Fe which
confirms the deposit thickens to the north.
M:\Documents\Great Gold Mines\Corporate\Announcements\2007\Mt Bevan 101007.doc
An aeromagnetic survey was conducted for the Company by Fugro Survey in
October 2006. The magnetic images clearly show the continuation of the mineralised
package into the Company’s ground (Figure 2). The data confirmed the +20km strike
length of the highly prospective Banded Iron Formation and will be used in conjuction
with detailed mapping and sampling to plan the initial drill program which will be
required to delineate the Mt Bevan hematite iron ore deposit as soon as possible.
Yours faithfully
PETER LEE
Company Secretary