ASX ANNOUNCEMENT 26 August 2016 MINERAL RESOURCES AND ORE RESERVES UPDATE COMPANY SUMMARY AT 30 JUNE 2016 Total Mineral Resources are estimated at: 54.8 Mt @ 2.8 g/t Au for 4.92 Moz of contained gold, comprising:

  • Mount Monger Operation: 28.2 Mt @ 3.56 g/t Au for 3.23 Moz of contained gold

  • Murchison Operation: 10.6 Mt @ 2.01 g/t Au for 0.69 Moz of contained gold

  • Great Southern Project: 16.0 Mt @ 1.95 g/t Au for 1.00 Moz of contained gold

    Total Ore Reserves are estimated at: 11.2 Mt @ 2.3 g/t Au for 0.83 Moz of contained gold, comprising:

  • Mount Monger Operation: 3.73 Mt @ 3.24 g/t Au for 0.39 Moz of contained gold

  • Great Southern Project: 7.44 Mt @ 1.85 g/t Au for 0.44 Moz of contained gold

Silver Lake Resources Limited ("Silver Lake" or the "Company") presents its Mineral Resources and Ore Reserves statements for 2016.

MINERAL RESOURCE STATEMENT AS AT 30 JUNE 2016

The Company's total Measured, Indicated and Inferred Mineral Resources as at 30 June 2016 are 54.8 million tonnes (Mt) @ 2.8 grams per tonne of gold (g/t Au) containing 4.92 million ounces of gold (Moz) (refer Tables 1, 2, 3, 4). The previous publicly reported estimate of Mineral Resources was 58.0 Mt @ 2.7 g/t Au containing 5.03 Moz of gold as at 30 June 2015, announced on 28th August 2015. The Mineral Resources as at 30 June 2016 are estimated after allowing for mining depletion from the Mount Monger Operation and the sale of the Comet mining tenements during the 2016 financial year.

June 2015

June 2016

Ore

tonnes

Grade

g/t

Total

Oz Au

Ore

tonnes

Grade

g/t

Total

Oz Au

Measured Resources

939,000

4.8

146,000

1,068,000

3.9

135,000

Indicated Resources

31,749,000

2.4

2,407,000

29,724,000

2.4

2,301,000

Inferred Resources

25,356,000

3.0

2,477,000

23,993,000

3.2

2,482,000

Total Resources

58,044,000

2.7

5,031,000

54,785,000

2.8

4,919,000

Table 1: Total Silver Lake Gold Mineral Resource as of June 2016

Page 1

The key changes to the Mineral Resource statement during the 2016 financial year are:

  • Maxwells - A total of 16,713 metres infill and extensional resource definition drilling at Maxwells led to a 400% Mineral Resource increase to 307,000 oz (see announcement "Maxwells Mineral Resource Increases 400% to 307,000 Ounces" on 29 April 2016). Silver Lake commenced underground development at Maxwells in August 2016.
  • Harry's Hill - During the 2016 financial year updated geological modelling based on drilling completed in FY15 resulted in a reinterpretation of the Harry's Hill deposit and the addition of 29,000 oz to the Mineral Resource.
  • Santa Area, Rumbles and Lucky Bay - Open pit mining activities occurred at Santa Area, Rumbles and Lucky Bay during the 2016 financial year. As a result of mining, the Santa Area Mineral Resource was depleted by 34,000 oz, Rumbles depleted by 29,000 oz, and Lucky Bay depleted by 13,000 oz.
  • Comet - On 4 February 2016 the Company completed the sale of the Comet mining tenements and assets (refer ASX announcement "Murchison Asset Transactions" dated 25 November 2015), resulting in the removal of the Comet Mineral Resources total of 353,000 oz.

Apart from the changes detailed above, there were no other material changes to the Mineral Resource statement for the period 1 July 2015 to 30 June 2016 at Mount Monger Operation.

There were no other material changes to the Mineral Resource statement for the Great Southern Project or Murchison Operation for the period 1 July 2015 to 30 June 2016.

Subsequent to the end of FY16, the Company announced the sale of the Great Southern mining tenements and assets to ACH Minerals Pty Ltd (refer ASX announcement "Sale of Great Southern Project for A$5 million" dated 15 July 2016). When completed, this sale will result in the removal of the Kundip, Trilogy and Queen Sheba Mineral Resources.

Page 2

June 2016

Measured Resources

Indicated Resources

Inferred Resources

Total Resources

Deposit

Ownership

Ore tonnes '000s

Grade g/t

Total Oz Au '000s

Ore tonnes '000s

Grade g/t

Total Oz Au '000s

Ore tonnes '000s

Grade g/t

Total Oz Au '000s

Ore tonnes '000s

Grade g/t

Total Oz Au '000s

Daisy Milano Complex

100%

38

52.5

64

349

16.3

183

1,092

18.2

638

1,479

18.62

885

Majestic

100%

-

-

-

2,301

2.3

168

712

1.4

32

3,013

2.06

200

Imperial

100%

-

-

-

439

3.8

54

340

1.5

16

779

2.79

70

Fingals

100%

-

-

-

131

2.7

11

1,043

2.3

77

1,174

2.33

88

Costello

100%

-

-

-

-

-

-

111

4.0

14

111

4.01

14

Lorna Doone

100%

-

-

-

686

2.0

44

641

3.5

72

1,327

2.72

116

Magic/Mirror

100%

171

2.7

15

313

3.1

32

1,428

4.6

210

1,913

4.18

257

Wombola Pit

100%

-

-

-

47

3.1

5

20

4.0

3

67

3.32

7

Wombola Dam

100%

13

3.2

1

164

2.6

14

120

3.0

12

297

2.81

27

Hammer & Tap

100%

-

-

-

-

-

-

350

2.4

27

350

2.43

27

Total Mount Monger

222

11.2

80

4,429

3.6

510

5,857

5.8

1,101

10,509

5.01

1,692

Stockpiles

100%

410

1.4

18

-

-

-

-

-

-

410

1.38

18

Maxwells

100%

-

-

-

891

6.0

172

794

5.3

135

1,685

5.67

307

Santa Area

100%

-

-

-

3,185

2.3

233

1,696

2.5

136

4,882

2.35

369

Cock-eyed Bob

100%

112

3.1

11

606

2.8

54

1,302

3.8

160

2,021

3.46

225

Lucky Bay

100%

13

4.6

2

34

4.8

5

8

7.2

2

55

5.10

9

Rumbles

100%

-

-

-

351

2.2

24

851

2.2

59

1,202

2.16

83

Anomaly A

100%

-

-

-

158

2.7

14

73

1.7

4

231

2.40

18

Randalls Dam

100%

-

-

-

107

2.1

7

6

1.2

0.2

113

2.05

7

Total Randalls

535

1.8

31

5,333

3.0

509

4,730

3.3

496

10,598

3.04

1,037

Main Zone

100%

-

-

-

1,888

2.4

145

26

2.1

2

1,914

2.39

147

Harry's Hill

100%

-

-

-

1,690

2.5

136

367

2.4

29

2,057

2.49

165

French Kiss

100%

-

-

-

1,906

1.9

116

39

2.1

3

1,945

1.89

118

Spice

100%

-

-

-

-

-

-

104

4.0

14

104

4.05

14

Tank/Atriedes

100%

-

-

-

622

1.9

37

60

1.9

4

682

1.86

41

Italia/Argonaut

100%

-

-

-

409

1.4

19

-

-

-

409

1.43

19

Total Aldiss

-

-

-

6,515

2.2

453

596

2.6

50

7,111

2.20

503

Total Mount Monger Operation

758

4.6

111

16,277

2.8

1,472

11,183

4.6

1,648

28,218

3.56

3,231

Table 2: Mount Monger Operation Gold Mineral Resource as at 30 June 2016

Page 3

June 2016

Measured Resources

Indicated Resources

Inferred Resources

Total Resources

Deposit

Ownership

Ore tonnes '000s

Grade g/t

Total Oz Au '000s

Ore tonnes '000s

Grade g/t

Total Oz Au '000s

Ore tonnes '000s

Grade g/t

Total Oz Au '000s

Ore tonnes '000s

Grade g/t

Total Oz Au '000s

Caustons

100%

-

-

-

886

2.2

63

1,765

2.2

123

2,651

2.18

186

Tuckabianna

100%

-

-

-

1,216

1.9

76

1,487

1.8

85

2,703

1.85

161

TMC/Katies

100%

-

-

-

299

2.5

24

316

2.5

25

615

2.48

49

Jasper Queen

100%

-

-

-

-

-

-

175

2.6

15

175

2.60

15

Gilt Edge

100%

-

-

-

-

-

-

96

3.1

9

96

3.06

9

Sherwood

100%

-

-

-

-

-

-

527

2.1

35

527

2.07

35

Little John

100%

-

-

-

-

-

-

1,201

1.8

69

1,201

1.78

69

Total Tuckabianna

-

-

-

2,400

2.1

162

5,567

2.0

361

7,967

2.04

524

Comet

0%

-

-

-

-

-

-

-

-

-

-

-

-

Lunar/Solar

0%

-

-

-

-

-

-

-

-

-

-

-

-

Pinnacles

0%

-

-

-

-

-

-

-

-

-

-

-

-

Total Comet

-

-

-

-

-

-

-

-

-

-

-

-

Lena

100%

-

-

-

433

2.0

28

839

1.8

49

1,273

1.86

76

Leviticus

100%

-

-

-

-

-

-

42

6.0

8

42

6.00

8

Numbers

100%

-

-

-

-

-

-

278

2.5

22

278

2.46

22

Break of Day

100%

-

-

-

-

-

-

336

1.9

21

336

1.91

21

Total Moyagee

-

433

2.0

28

1,495

2.1

99

1,928

2.05

127

Hollandaire

100%

-

-

-

473

1.4

21

45

1.1

2

518

1.35

22

Rapier South

100%

-

-

-

-

-

-

171

2.2

12

171

2.15

12

Total Eelya

-

473

1.4

21

216

1.9

13

689

1.55

34

Total Murchison Operation

-

-

-

3,307

2.0

211

7,278

2.0

474

10,585

2.01

685

Table 3: Murchison Operation Gold Mineral Resources as at 30 June 2016

June 2016

Measured Resources

Indicated Resources

Inferred Resources

Total Resources

Deposit

Ownership

Ore tonnes '000s

Grade g/t

Total Oz Au '000s

Ore tonnes '000s

Grade g/t

Total Oz Au '000s

Ore tonnes '000s

Grade g/t

Total Oz Au '000s

Ore tonnes '000s

Grade g/t

Total Oz Au '000s

Kundip

100%

-

-

-

4,390

3.4

481

4,550

2.1

307

8,940

2.74

789

Trilogy

100%

310

2.4

24

5,750

0.7

136

180

0.8

4

6,240

0.82

165

Queen Sheba

100%

-

-

-

-

-

-

802

1.9

49

802

1.90

49

Total Great Southern Project

310

2.4

24

10,140

1.9

618

5,532

2.0

361

15,982

1.95

1,002

Table 4: Great Southern Project Gold Mineral Resources as at 30 June 2016

Page 4

Silver Lake Resources Limited published this content on 26 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 26 August 2016 08:19:01 UTC.

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