Musgrave Minerals : Resource Capital Research Report

ASX RELEASE ASX: MGV

12 December 2017

Resource Capital Research Report

Musgrave Minerals Limited (ASX: MGV) (Musgrave or the Company) advises that Resource Capital Research (RCR) has published a research report on the Company's high‐grade gold project at Cue.

A copy of the report is available to view under the Investor Centre section of the Company's websitewww.musgraveminerals.com.au

RCR provides equity research for junior and developing resource companies in the metals and mining sectors. RCR have written up over 210 resource companies from the exploration stage, through to development and production. As disclosed in the report, the equity research report was commissioned by Musgrave.

For further information, please contact the Company.

Robert Waugh

Managing Director Musgrave Minerals Limited.

About Musgrave Minerals

Musgrave Minerals Limited is an active Australian gold and base metals explorer. The Cue Project in the Murchison region of Western Australia is an advanced gold and copper project. Musgrave's focus is to increase gold and copper resources through discovery and extensional drilling to underpin studies that will demonstrate a viable path to development in the near term. Musgrave also holds an active epithermal Ag-Pb-Zn-Cu project in the prospective silver and base metals province of the southern Gawler Craton of South Australia and a large exploration footprint in the Musgrave Province in South Australia.

28 Richardson Street, West Perth WA 6005

Telephone: (61 8) 9324 1061 Fax: (61 8) 9324 1014

Web:www.musgraveminerals.com.au Email: info@musgraveminerals.com.au

ABN: 12 143 890 671