WPG Resources : 2017-05-29 gold drilling at Challenger Deeps continues at depth

WPG Resources Ltd (ASX:WPG) has received further exciting gold assays from the next four holes in its Challenger Deeps drilling program announced on 3 April 2017. Results for the four holes drilled to test structures on the 115m RL level were announced on 11 April and 17 May 2017.

Highlights for the latest four holes drilled are summarised below. These holes were designed to test the M1, M2, Aminus and Challenger West lodes on the 95m RL, which is 40 metres or two levels below the deepest mine workings.

The assay results received for these holes (17CUD2075 to 17CUD2078) range from

• M1: 7.62m (true width) @ 42.89 g/t Au from 45.36m including 1.29m @

  240.33 g/t Au from 45.36m in drill hole 17CUD2077;

• M1: 0.98m (true width) @ 22.66 g/t Au from 48.00m and 0.66m (true width)

  @ 23.38 g/t Au from 65.33m in drill hole 17CUD2078;

• Aminus: 0.80m (true width) @ 6.65 g/t Au from 132.87m in drill hole 17CUD2075; and

• Challenger West: 1.99m (true width) @ 27.22 g/t Au from 125.00m in hole 17CUD2076.

The drilling results are summarised in more detail in Appendix 1.

WPG's Executive Chairman Bob Duffin said "The results announced on 11 April and 17 May and again today clearly show the main Challenger lodes extend at depth well below the limit of current mine development, and that the structures are heavily mineralised. We will continue this drilling program with the objective of testing the lodes to even deeper levels. The results to date are highly encouraging and we have decided to extend the drilling program in an aggressive way to test those

same structures along strike to the north east and south west. The drilling gives us further encouragement that the M1, M2, Aminus and Challenger West structures below the 215 shear will form part of our future mining activities at Challenger".

None of the data reported on herein has been used for resource or reserve estimation.

ASX Announcement - 29 May 2017

The results from Phase 1 of this systematic drilling program totalling 14 holes, which is anticipated to take approximately 8 weeks to complete, will be used to plan initial mining activities at Challenger Deeps and identify other structures that may

increase the gold endowment below the shear. These holes will test the structures down to the 60m RL level. The newly-approved additional five holes will be drilled from the current drill site on the 135m RL level and will test extensions of the M1, Aminus and Challenger West structures along strike.

For further information please contact WPG's Executive Chairman, Bob Duffin or CEO Wayne Rossiter on (02) 9251 1044.

This document may include forward-looking statements. Forward-looking statements include, but are not limited to statements concerning WPG's planned activities, including but not limited to mining and exploration programs, and other statements that are not historical facts. When used in this document, the words such as "could", "plan", "estimate", "expect", "intend", "may", "potential", "should" and similar expressions are forward-looking statements. In addition, summaries of Exploration Results and estimates of Mineral Resources and Ore Reserves could also be forward looking statements. Although WPG believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.

ASX Announcement - 29 May 2017

The Challenger exploration activities and results contained in this report are based on information compiled by Mr Kurt Crameri.

Kurt Crameri is a Member of the Australasian Institute of Mining and Metallurgy. He is a Senior Project Geologist and Mining Engineer and a full time employee of WPG Resources Ltd. He has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he

is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code & Guidelines). Kurt Crameri has consented in writing to the inclusion in this report of the matters based on his information in the form and context in which it appears.

ASX Announcement - 29 May 2017