Last month MacPhersons completed the drilling and commenced resource modelling of the Boorara gold zones to complete the inputs for the Feasibility Study (BFS).

Since October, Mac Phersons has focused drilling extensions of the silver – zinc – gold lenses at Nimbus. Receipt of preliminary assay results on the Nimbus depth and strike extensional drilling have commenced. Highlights of the new drilling are (preliminary list of intersections above cut – off are included in Table 3):

• 7.0m @ 1472 g/t Ag – Eq in NBRC145 from 216m depth;

• Interval averages 755 g/t silver and 21% zinc.

• 10.0m @ 85 2 g/t Ag – Eq in NBRC151 from 206 m depth;

• Interval averages 542 g/t silver and 8.3% zinc.

• 14.0m @ 280 g/t Ag – Eq in NBRC153 from 96m depth;

• Interval averages 258 g/t silver.

• 8.0m @ 518 g/t Ag – Eq in NBRC157 from 70 m depth;

• Interval averages 326 g/t silver and 3.05 g/t gold .

• 1.0m @ 1057 g/t Ag – Eq in NBRC157 from 89m depth;

• Interval averages 761 g/t silver and 6.58 g/t gold.

Drilling at Nimbus will continue for the duration of the December Quarter.

The final diamond drillhole samples from Boorara are in the process of sampling for a variability study to be used for final metallurgical signoff on the gold zones. This testwork will also be completed to BFS level.

The overall project economics of the Nimbus project remain robust despite the metal prices with the falling value of the Australian dollar continuing to offset lower US dollar commodity prices .

Success in growing the Nimbus inventory sufficiently to extend the project’s forecast mine life beyond 5.5 years, along with reductions in mining and processing costs, would in turn deliver significant benefits to the project’s overall economics, including shareholder returns.

Managing Director, Mr Morrie Goodz said " the results continue to support additional mineral isation which will add to the resource and reserve updates and form the final input into the feasibility studies due for completion in Q2 2015 ."

"We continue to identify that the upside at Nimbus is substantial and therefore we remain highly confident that the mine life could be extended significantly beyond the current five – and – a – half – year plan ," he said.

"The recent drilling has emphasised that gold – bearing intersections will continue to deliver additional value to the silver – zinc mi neralisation as evidenced by the NBRC157 intersections up to 6.5g/t gold reported in today’s announcement.