Orbis Gold Ltd : Orbis Completes $10m Share Placement

24 February 2014

Highlights:

• Orbis Gold raises A$10m through placement of 30.35 million shares at $0.33 per share.

• Placement made to a range of new and existing institutions and sophisticated investors and includes strong support from key Australian and North American‐based resource sector funds.

• Capital raising provides capacity to:

o expand exploration activities around the highly prospective Natougou Gold Project targeting the discovery of additional Mineral Resources.

o commence exploration drilling programs over the Company's highly prospective Bantou Project, which holds advanced‐stage exploration targets with potential for multiple large‐scale gold discoveries.

Orbis Gold Limited (Orbis) is pleased to announce that it has raised $10.02 million (before costs) via a placement of shares to Australian and North‐American‐based institutions and sophisticated investors (Placement).
The Placement was heavily oversubscribed and received strong support from new and existing institutional shareholders including significant Australian and North‐American resource funds.
The funds raised, together with existing cash reserves, will primarily be used to advance the Company's highly prospective portfolio of gold projects in Burkina Faso, West Africa.
The Placement was jointly managed by Bell Potter Securities Limited and Clarus Securities Inc..
The Placement of securities (30,350,000 ordinary shares) represent 12.1% of the issued capital of the Company (post Placement). Shareholder approval of the issue is not required as the Placement was completed within the Company's 15% placement capacity under ASX listing rule 7.1.

1 Comprises Indicated Mineral Resource 1.2Mt @ 5.2g/t for 0.20Mozs and Inferred Mineral Resource 14Mt @ 3.5g/t for 1.6Mozs reported above a 0.5g/t Au cut‐off grade, and reported in accordance with The JORC Code, 2004 edition.

ASX Code: OBS 1 www.orbisgold.com

The new ordinary shares issued will rank equally with all other fully paid ordinary shares on issue.

The highly successful Placement provides the Company with the capacity to rapidly advance its exploration and development work programs over its portfolio of highly prospective gold projects in Burkina Faso, West Africa (Figure 1).
The Placement funds will facilitate:
• completion of resource drilling at Natougou with the aim of updating the current Inferred Mineral Resources to Indicated Mineral Resources, allowing for update of pit shells and re‐optimisation of mining schedules
• exploration for extensions to the high grade Natougou deposit
• acceleration of development studies at Natougou focussed on a large‐scale open pit gold mine
• exploration drilling on advanced‐stage exploration targets at the Bantou Project, western Burkina
Faso, where there is potential for multiple large‐scale gold discoveries
The Company looks forward to providing updates on these activities over coming months.

ASX Code: OBS 2 www.orbisgold.com

About Orbis Gold

Orbis Gold Limited (ASX: OBS) is an Australian‐based resource company focussed on the discovery and development of large‐scale gold deposits in the world's premier mineral provinces.
The Company holds a substantial tenement position in the Birimian Gold Province of West Africa ‐ a world‐class gold province with more than seventy +1Moz gold deposits discovered to date.
The Company's gold projects are located in Burkina Faso, a country that is highly supportive of modern mine development and is experiencing a rapid growth in gold production. Seven new large‐scale gold mines have been developed in Burkina Faso over the past seven years.
Orbis commenced exploration activities in Burkina Faso in 2010 and has achieved substantial exploration success. To date the Company has announced multiple gold discoveries that include two of the highest‐ grade undeveloped deposits in West Africa ‐ Natougou and Nabanga. Orbis has also established an additional portfolio of highly prospective exploration projects across the country.
Orbis is currently progressing development studies on its Natougou Gold Project where a high grade Mineral Resource of 15Mt @ 3.7g/t Au for 1.8Mozs of contained gold has been defined ( 2 ). Scoping studies completed for the Natougou Project indicate potential for development of a large‐scale open pit gold mine ( 3 ).
In January 2014 Orbis was awarded the "Explorer of the Year" by the Gold Mining Journal.

Competent Persons Statements The information in this report that relates to Exploration Results is based on information compiled by Mr Peter Spiers, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Spiers is a full‐time employee of the company. Mr Spiers has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Spiers consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this announcement that relates to Mineral Resources has been compiled and prepared by Mr Phillip Micale, under the guidance of Mr Roderick Carlson, a Competent Person who is a Member of the Australian Institute of Geoscientists (AIG) and certified by that organisation as a Registered Professional Geologist (RPGeo). Mr Micale and Mr Carlson are employed by Snowden Mining Industry Consultants Pty Ltd. Mr Carlson has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Carlson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information (in relation to Mineral Resources) is extracted from the report entitled 'Natougou Gold Deposit ‐ Maiden Resource 1.8 Mozs @ 3.7gt Au' created on 05 August

2013 and is available to view on www.asx.com.au. The Mineral Resource was reported using the guidance of The JORC Code, 2004 Edition. The company confirms that it is not

aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

2 Comprises Indicated Mineral Resource 1.2Mt @ 5.2g/t for 0.20Mozs and Inferred Mineral Resource 14Mt @ 3.5g/t for 1.6Mozs reported above a 0.5g/t Au cut‐off grade, and reported in accordance with The JORC Code, 2004 edition.

3 Subject to completion of positive feasibility studies currently in progress.

ASX Code: OBS 3 www.orbisgold.com

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