FROM EXPLORATION TO DISCOVERY

Focused on gold and base metal exploration and project development within Australia…

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Musgrave Minerals Limited Overview

Musgrave Minerals’ initial public offering (IPO) raised $20 million before expenses and listed on the Australian Securities Exchange on 29 April 2011.

Musgrave Minerals has a powerful shareholder base which includes Independence Group NL (ASX: IGO), Silver Lake Resources Limited (ASX: SLR) and Barrick Gold Corporation with Silver Lake and Barrick vending tenements into the Company in return for a stake in the explorer.

Musgrave’s new cornerstone project is the Cue Project, a joint venture with Silver Lake Resources Limited in the Murchison Province of Western Australia. The project has JORC compliant gold and copper resources. Musgrave’s objective is to focus on increasing gold and copper resources through exploration with the near term goal of delivering a viable path to development.  Progress at the Break of Day gold prospect within the Cue Joint Venture has been very positive with high grade gold mineralisation being intersected over a strike extent of approximately 360m and still open at depth.

The Company also has a massive footprint in the Musgrave Province – one of the least explored exploration frontiers in Australia. The Company has tenements covering an area of 25,000km2 – approximately 2.5 per cent of South Australia.

Exploration undertaken across the Company’s Musgrave portfolio identified new gold and base metal mineralisation and delineated new drill targets.

Musgrave also holds a 100% interest in the Corunna project in the Southern Gawler Craton of South Australia where it has identified anomaloussilver-lead-zinc mineralisation through aircore drilling.

Exploration continues across the Company’s portfolio using geological mapping, sampling, aerial surveys, ground geophysical follow-up programs and drilling to further define and test targets.

The Company continues to review new opportunities with a view to identifying additional projects that would complement the Company’s current activities and add value for our Shareholders.

Project Locations

Company Objectives and Strategy

Musgrave Minerals is a focused mineral exploration company applying modern-day exploration techniques and conceptual models to prospective gold and base metal regions of Australia.

Our core objective is to grow shareholder wealth through successful exploration and development of projects in the regions in which we operate.

Musgrave’s methods include early exploration techniques and technologies that aim to delineate targets for drill testing in the near term. The application of airborne and ground geophysical surveys, along with ground based mapping and sampling programs, will be implemented and follow methodologies that have been proven successful in known mineral camps.

Musgrave Minerals has developed an exploration strategy that builds on the experience gained by key personnel exploring for similar deposit styles globally.

At the Cue Project, Musgrave’s objective is to increase the gold and copper resources through discovery and extensional drilling to underpin studies that will demonstrate a viable path to development in the near term.

The work of previous explorers in the Musgrave region, while limited, resulted in the discovery of the large Nebo and Babel nickel-copper deposit in the Western Australian portion of the region in 2000 (WMC Resources Limited). Although these deposits are not part of the Musgrave Minerals’ tenement package, they do demonstrate the potential of the region.

Musgrave also has a nickel-copper sulphide project in the Fraser Range region of Western Australia. The project is located north-east of the large Nova-Bollinger nickel-copper deposit discovered by Sirius Resources in 2012.

Exploration in the southern Gawler Craton has intensified in recent years following the discovery of high grade silver in the district where Musgrave has the wholly owned Corunna project. Corunna is prospective for silver-zinc-lead and copper-gold mineralisation.

We will carry out substantial drilling programs designed to discover and advance mineral deposits along a development timeline. The mineral deposits we seek are of high intrinsic value and, if discovered and proven economic, would have the potential to generate substantial long-term cash flows from operations once developed.