Horseshoe Metals Limited provided the results of Phase 2 Reverse Circulation drilling completed at the Company's Horseshoe Lights Copper-Gold Project in Western Australia. The Horseshoe Lights Copper-Gold Project is the original Cu/Au VMS discovery in the Bryah Basin and is located approx. 60 km west of DeGrussa Copper Mine operated by Sandfire Resources.

Past production from Horseshoe Lights includes around 316,000 oz Au & 55 kt Cu metal in two phases of mining, and the deposit contains a current in situ resource 128 kt Cu metal @ 1.0% and 36,000 oz Au Phase 2 drilling completed in May consisted of 21 holes totalling 2966m targeting Motters and a single hole into the north west extension of the Main Zone. The objective was to confirm and extend mineralisation and confidence levels in drilling previously completed by the Company. An additional 70 holes for 778m targeting selected stockpiles and dumps was also completed.

Results from the programme are summarised below and in Table 1 at a 0.3% Cu cut-off, which is considered appropriate given the significant rise in copper price over the last two years. Assays have confirmed the continuity of the Motters structure with typically two coherent lodes and will improve the confidence level for resource classification in future resource modelling. RC1180 was designed to test a gap in the detailed information on this section and to confirm continuity of mineralisation immediately north of the open pit.

An outstanding result was achieved: 72m @ 1.11% Cu from 32m incl. 29m @ 1.65 % Cu from 32m and 12m @ 1.52% Cu from 182m Planning is underway to test the northern strike extension of the Main Zone including an interpreted northern plunge to the mineralisation. Previous geological interpretation and magnetic data suggests the dolerite that cuts the northern end of the Motters structure does not extend far enough west to intersect the Main Zone.

Future drilling will test this interpretation. There remains potential for extensions of mineralisation north of the dolerite and at depth. Results confirm significant widths of mineralisation in the northern half of the Motters structure including significant results of: 16m @ 1.10% Cu from 50m, 37m @ 0.68% Cu from 54m incl.

12m @ 1.02% Cu from 75m, 21m @ 0.61% Cu from 63m incl. 5m @1.45% Cu from 63m 36m @ 0.62% Cu from 50m incl. 13m @ 0.91% Cu from 73m.

Future drill targeting will focus on the sparsely drilled mineralization south along strike from the completed drilling. Results from previous drilling include highlights of: 31m @ 1.81 % Cu from 197m in Hole RC1101, 20m @ 2.11 % Cu from 0m and 12m @ 1.96 from 86m in Hole RC524,9m @ 2.66 % Cu from 49m; considered true width Proposed Work Programmes and Next Steps.thefollowing activities at Horseshoe are planned over the coming months: RC drill testing Main Zone northern extensions RC drill testing of Motters southern extension RC /or auger infill drilling of surface materials in stockpiles and northern waste dump planning for a `Below the Dolerite' Diamond drill hole Additional metallurgical test work on oxide copper stockpiles and targets gravityrecovery test work on Copper Flotation and CIP tailings Ongoing review of scoping study results to incorporate potential oxide heap leach SXEW treatment Horseshoe Lights Copper-Gold Project Existing Resource Base Current in situ resource 128,000 t Cu metal @ 1.0% currentM15 stockpile resource 2650 t Cu metal @ 1.1%Current Flotation tailings resource 6,800 t Cu metal @ 0.48% and 15,300oz Au at 0.34 g/t.