paterson's research note [highlights]

Recent commentary released by Paterson's....no rating.

Highlights:

?h Experienced team.

MRP has an experienced workforce with a
successful track record in bringing projects into production. MD,Morrie Goodz is a mining geologist with 33 years of experience.He has held senior operational roles at the A1, Morning Star,Daisy Milano and Kalgoorlie Consolidated Gold Mines. Mr Goodz was responsible for the discovery of the Daisy Milano shear zone extension where he designed and constructed the current decline
and underground operations.

?h Near-term production potential.

The project, which consists of granted mining titles, has been operated previously and is located near existing mine infrastructure. The remnant resources at the
Macphersons mine are relatively small (2.14Mt at 1.7g/t Au for 115,200oz), however MRP is spending $10.5m in the next 12 months to identify open pittable resources along strike and at depth. A resource upgrade is expected in Q4 2011. We note that there are three processing facilities at Coolgardie available within 8km of the project and another four around Kalgoorlie within
55km.

?h Exploration upside.

The MacPherson, Powell and Bakers Find
open pits have been re-established for mining ($5m spent to date)and remnant mineralisation has been exposed in the pit floors and walls. MRP??s tenure covers 7km of strike length, including eight open pits. Additional mineralisation has been identified over a
strike length of 3km, providing potential for further strike and depth extensions (more than 95% of historical drilling is shallower than 70m). A further 4km of strike length remains untested.

?h New geological model.

Drilling will initially target the depth
extensions to the Bakers Find open cut mine and strike extensions to the high-grade Franks Find discovery. MRP has established a new geological model which incorporates 59 mineralised zones and 79 visible gold bearing vein intersections. In December 2010, the company carried out a 20-hole diamond drilling programme to
expand and rehabilitate the MacPhersons mine (consists of four pits within a 1km strike length). Drilling intersected visible gold in all holes. Highlights included 2.55m at 42.0g/t Au from 30.4m, 5.23m at 12.5g/t Au from 4.2m, 14.48m at 2.86g/t Au from
14.4m.

?h Catalysts.

(1) Positive drilling results as part of an exploration
update expected in late February,

(2) update on potential strike and depth extensions in March,

(3) resource update expected in
Q4 CY11.



News is forthcoming.......