Ground Floor 17 Ord Street West Perth WA 6005 Australia. PO Box 117 West Perth WA 6872 Australia. T: +61 (0) 8 9216 9011 F: +61 (0) 8 9481 0288 E: [email protected]W: www.millenniumminerals.com.au 4 May 2011 Manager Company Announcements Company Announcements Office Australian Securities Exchange Limited Level 4, 20 Bridge Street SYDNEY NSW 2000 Via Electronic Lodgement Dear Sir/Madam RC Drilling Confirms Strike Extensions at Golden Eagle Millennium Minerals Limited (“Millennium” or “the Company”) is pleased to report the latest assay results from 2011 RC drilling at the Company’s Nullagine Gold Project. The holes were designed to infill and step out on 2010 RC drilling, both on strike and at depth to locate additional Mineral Resources at Golden Eagle. The drill results confirm the on strike potential of the southwest zone approximately 250 metres beyond the current pit design. Significant gold intercepts include: • 5 metres at 6.8 g/t Au from 38 metres, including 2 metres at 16 g/t Au from 40 metres; • 22 metres at 1.23 g/t Au from surface; • 16 metres at 1.13 g/t Au from 46 metres; • 17 metres at 0.99 g/t Au from 3 metres; • 3 metres at 5.65 g/t Au from 71 metres, including 2 metres at 7.24 g/t Au from 72 metres; • 2 metres at 20 g/t Au from 59 metres, including 1 metre at 39 g/t Au from 59 metres. • A shallow, coherent zone of 0.5 g/t Au ‐2.0 g/t Au mineralisation that extends 250 metres to the southwest of the current Ore Reserve has been defined. Pending results may extend the SW zone further. • There is now a strong probability of increasing Golden Eagle Mineral Resource which should flow through to an expanded Ore Reserve at Golden Eagle. • An additional 2,000 metres infill drilling is planned. ABN 85 003 257 556 For personal use only
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Ground Floor 17 Ord Street West Perth WA 6005 Australia. PO Box 117 West Perth WA 6872 Australia.
4 May 2011 Manager Company Announcements Company Announcements Office Australian Securities Exchange Limited Level 4, 20 Bridge Street SYDNEY NSW 2000
Via Electronic Lodgement
Dear Sir/Madam
RC Drilling Confirms Strike Extensions at Golden Eagle
Millennium Minerals Limited (“Millennium” or “the Company”) is pleased to report the latest assay results from 2011 RC drilling at the Company’s Nullagine Gold Project. The holes were designed to infill and step out on 2010 RC drilling, both on strike and at depth to locate additional Mineral Resources at Golden Eagle. The drill results confirm the on strike potential of the southwest zone approximately 250 metres beyond the current pit design. Significant gold intercepts include:
• 5 metres at 6.8 g/t Au from 38 metres, including 2 metres at 16 g/t Au from 40 metres;
• 22 metres at 1.23 g/t Au from surface;
• 16 metres at 1.13 g/t Au from 46 metres;
• 17 metres at 0.99 g/t Au from 3 metres;
• 3 metres at 5.65 g/t Au from 71 metres, including 2 metres at 7.24 g/t Au from 72 metres;
• 2 metres at 20 g/t Au from 59 metres, including 1 metre at 39 g/t Au from 59 metres.
• A shallow, coherent zone of 0.5 g/t Au ‐2.0 g/t Au mineralisation that extends 250 metres to the southwest of the current Ore Reserve has been defined. Pending results may extend the SW zone further.
• There is now a strong probability of increasing Golden Eagle Mineral Resource which
should flow through to an expanded Ore Reserve at Golden Eagle.
• An additional 2,000 metres infill drilling is planned.
ABN 85 003 257 556
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Introduction Millennium is pleased to announce the latest results from 2011 RC drilling at its Nullagine Gold Project, in the East Pilbara District of Western Australia (Figure 1). A total of 48 Phase 1 Reverse Circulation (RC) holes were recently completed at the Golden Eagle deposit; results have been received for the first 27 holes. The Phase 1 drilling programme was primarily designed to infill and test along strike of extensions to mineralisation at the immediate southwest margins of the current proposed pit design. Secondary targets were central areas beneath the current pit design, where previous drilling may not have fully tested higher grade zones. Figure 1: Nullagine Project Location Plan
Results Final fire assay results have been received from Ultra Trace in Perth for the first 27 holes completed during Phase 1 RC drilling at Golden Eagle in 2011. All results to date have been collated in conjunction with QAQC results (Certified Reference Material standards, field and laboratory duplicates), which demonstrated acceptable performance. Significant results include:
• GEX044: 7 metres at 1.33 g/t Au from surface;
• GEX062: 2 metres at 20 g/t Au from 59 metres, including 1 metre at 39 g/t Au from 59
metres;
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• GEX064: 7 metres at 1.48 g/t Au from 96 metres;
• GEX065: 3 metres at 5.65 g/t Au from 71 metres, including 2 metres at 7.24 g/t Au from
72 metres;
• GEX067: 5 metres at 6.8 g/t Au from 38 metres, including 2 metres at 16 g/t Au from 40
metres;
• GEX078: 17 metres at 0.99 g/t Au from 3 metres;
• GEX079: 22 metres at 1.23 g/t Au from 0 metres;
• GEX080: 5 metres at 1.89 g/t Au from 10 metres;
• GEX081: 13 metres at 0.97 g/t Au from 11 metres;
• GEX083: 9 metres at 1.35 g/t Au from 25 metres;
• GEX085: 10 metres at 1.36 g/t Au from 3 metres;
• GEX085: 16 metres at 0.94 g/t Au from 22 metres; and
• GEX086: 16 metres at 1.13 g/t Au from 46 metres.
The full table of results from the drilling is presented in Table 2. Figure 2 details collar locations, including previous drilling, locations of cross sections, and the current overall Golden Eagle proposed pit design. The results at the southwest strike extension of the proposed Golden Eagle pit design confirm that robust, shallow 0.5 g/t Au ‐ 2.0 g/t Au zone of gold mineralisation has been delineated over 250 metres of strike (Figures 2, 3, 4 and 5). This zone, initially recognised from the results of the 2010 RC drilling, is considered highly significant due to the widths of mineralisation, shallow depths and proximity to the current pit design. This zone may be extended further to the SW once the remaining 14 Phase 1 drill hole results have been received. Almost all the new intersections in this area fall outside the limits of the proposed Golden Eagle pit design, and there is a reasonable expectation that the results, along with further infill RC drilling, will lead to additional increases to the Golden Eagle Mineral Resource. There is also a reasonable expectation that this will flow through to an increased Ore Reserve, via design of a satellite pit or extension of the current proposed pit design. Results from the central part of Golden Eagle indicate medium to high grade gold mineralisation below the currently proposed pit. Assay results from a further 5 holes are pending (Figure 6). A 2,000 metre infill resource definition RC drilling programme is currently being planned at Golden Eagle. Gold mineralisation at Golden Eagle is hosted by bedding conformable, thin quartz stringers within both the weakly metamorphosed siltstone and sandstone units of the Mosquito Creek Formation and dips between 30 degrees and 50 degrees to the northwest. Mineralisation remains open along strike.
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Figure 2: Golden Eagle Deposit Drill Hole Layout (Plan)
Figure 3: SW Golden Eagle Inset (Plan)
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Figure 4: Cross Section GEX084-086
Figure 5: Cross Section GEX082-083
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Figure 6: Central Golden Eagle Inset (Plan)
Background The Nullagine Gold Project is a 1.24 million ounce gold resource contained within 7 deposit locations on granted mining leases. The largest deposit is Golden Eagle located approximately 10 kilometres south of the township of Nullagine and containing 70% of the total Mineral Resource inventory. Permitting and design work for a 1,5 million tonne per annum Carbon‐In‐Leach (CIL) processing facility and associated infrastructure on the Golden Eagle mining lease has been completed ahead of start to construction on completion of funding. Brian Rear Chief Executive Officer ENQUIRIES: Brian Rear
1. Cut‐off grades for reported results are: minimum 2 metres at ≥0.5 g/t Au, or 1 metre ≥ 1.0 g/t Au. 2. All holes drilled with Reverse Circulation with face sampling hammer. 3. Easting and Northing is based on the GDA 94 datum. 4. Collar co‐ordinates are accurate to ≤5 metres (multipoint averages with handheld GPS), or
licensed surveyor (accurate to ≤0.1 metres but rounded in tables; 5. Azimuths are expressed as magnetic. 6. Intervals are expressed as metres downhole. 7. Assay method is 40 g fire assay, AAS finish.
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Table 1: Nullagine Gold Project Mineral Resource Estimate September 2010 Measured Indicated Inferred Total
Notes: 1 Figures in Table may not sum due to rounding. 2 The Golden Eagle, Shearers, Otways, Little Wonder and Golden Gate satellite deposits namely Falcon, Harrier, Crow, G‐Reef and Condor were estimated using Ordinary Kriging methodology for grade
estimation by CSA Global. 3 The Mineral Resources at Bartons, All Nations and Golden Gate (ABCD reef) were estimated using Multiple Indicator Kriging methodology for grade estimation by Hellman and Schofield Pty Ltd. 4 The Golden Gate and Bartons deposits are the subject of a mining licence agreement whereby Millennium has the sole and exclusive right to explore and mine gold and other minerals. Millennium then is
required to pay 25% of the net proceeds to the tenement owners (Livestock Marketing Pty Ltd, Duncan Thomas Young, Simba Holdings Pty Ltd and Ronald Lane Swinney) after mining and processing cost deductions. F
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Qualifying Statement This release may include forward‐looking statements. These forward‐looking statements are based on Millennium’s expectations and beliefs concerning future events. Forward‐looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Millennium, which could cause actual results to differ materially from such statements. Millennium makes no undertaking to subsequently update or revise the forward‐looking statements made in this release, to reflect the circumstances or events after the date of this release. Competent Persons Statements – Exploration Results Mr Irvine Hay (MAIG), a geologist employed full‐time by Millennium Minerals Limited, compiled the technical aspects of this Report. Mr Hay is a member of the Australian Institute of Geoscientists and has sufficient experience that is relevant to this style of mineralization and type of deposit under consideration and to the activity that is being reported on to qualify as a Competent Person as defined in the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Hay consents to the inclusion in the report of the matters in the form and context in which it appears. Competent Persons Statements – Mineral Resources The information in this Report, which relates to the Golden Eagle Mineral Resource estimate accurately reflect information prepared by competent persons (as defined by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves). The Golden Eagle deposit Mineral Resource estimate has been compiled and prepared by Dr Bielin Shi, (MAusIMM) of CSA Global Pty. Ltd. who is a Competent Person as defined by the Australasian Code for the reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2004 Edition and who consents to the inclusion in this report of the matters based on the information in the form and context in which it appears. The information in this Report, which relates to the Shearers Mineral Resource estimate accurately reflect information prepared by competent persons (as defined by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves). The Shearers deposit Mineral Resource estimate has been compiled and prepared by Mr. David Williams (MAusIMM, MAIG) of CSA Global Pty. Ltd. who is a Competent Person as defined by the Australasian Code for the reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2004 Edition and who consents to the inclusion in this report of the matters based on the information in the form and context in which it appears. The information in this Report, which relates to the Otways Mineral Resource estimate accurately reflect information prepared by competent persons (as defined by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves). The Otways deposit Mineral Resource estimate has been compiled and prepared by Mr. Shane Fieldgate (MAusIMM, MAIG) of CSA Global Pty. Ltd. who is a Competent Person as defined by the Australasian Code for the reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2004 Edition and who consents to the inclusion in this report of the matters based on the information in the form and context in which it appears. The information in this Report, which relates to the Little Wonder and Golden Gate Satellite Mineral Resource estimates accurately reflects information prepared by competent persons (as defined by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves). The Little Wonder and Golden Gate satellite deposits Mineral Resource estimate has been compiled and prepared by Steven Hodgson, (MAIG) of CSA Global Pty. Ltd. who is a Competent Person as defined by
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the Australasian Code for the reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2004 Edition and who consents to the inclusion in this report of the matters based on the information in the form and context in which it appears. The information in this Report, which relates to the Bartons, All Nations and Golden Gate ABCD reef Mineral Resource estimates accurately reflects information prepared by competent persons (as defined by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves). The reported Mineral Resource as it relates to Bartons, All Nations, and Golden Gate ABCD reef has been compiled by Mr Nic Johnson. Mr Johnson is a Member of the Australian Institute of Geoscientists and an employee of Hellman & Schofield Pty Ltd. He has sufficient experience, relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking, to qualify as a Competent Person as defined in the ‘Australasian Code for Reporting of Mineral Resources and Ore Reserves’ of December 2004 (“JORC Code”) as prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists and the Minerals Council of Australia. The Competent Persons listed consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.