Nowa Nowa

Gulf Mines Limited

Ebagoola Project

Wollogorang Project

Nowa Nowa Project

NOWA NOWA PROJECT (Victoria)

PROJECT LOCATION

Iron Deposits investigated by the Vic Govt in early 1900s and 1950s • Magnetic anomalies discovered in 1950s & investigated by Vic Govt including some diamond drilling

5 mile deposit described as a skarn. However there are no granite intrusions or limestone in the area

Deposits are potentially 50 to 100 million tonnes in size

Grade of 17 surface rock chip samples taken from 3 prospect areas is 50% to 63% iron (Fe)

Sample Number

Project

NITON Fe %

ICP Fe %

NOW001

7 Mile

51.26

57.70

NOW002

7 Mile

62.57

65.90

NOW006

7 Mile

41.63

51.80

NOW017

7 Mile

61.06

62.20

NOW032

5 Mile

55.93

61.00

NOW033

5 Mile

51.01

60.70

NOW038

5 Mile

39.73

52.10

NOW039

5 Mile

47.95

56.30

NOW079

B21

55.44

55.10

NOW091

B3

51.63

52.00

Comparison between Niton field XRF unit and NATA~Assay lab results