Drilling Update for Mkuju Project

Gladiator Resources Ltd (ASX: GLA) (Gladiator or the Company) is pleased to announce that drilling at the Mkuju Project is progressing well. Highly mineralized intervals are observed in the core close to surface in 2 holes of the 4 completed. After the 5th hole the rig will commence drilling at the nearby Mtonya area to follow-up on the excellent historical intersections along the northwest side of the deposit which appears to be ‘open’. At the Likuyu North deposit, a 370 line-km ground magnetic survey is nearing completion – the data will guide the drill targeting aimed at identifying potential extensions or new zones.

• Drilling is well underway, with over 400m drilled to date.
  
• At SWC target highly mineralised intervals in 2 of the 4 holes completed to date.
• The rig will move to the Mtonya target.
• Ground magnetic survey for Likuyu North is nearing completion.

Downhole radiometric logging gives grades high grades in two holes with vertical intervals¹:

• SWDD001: 2.32m @ 0.30% eU3O8 from 0.3m depth.
  
• SWDD002: 2.13m @ 0.33% eU3O8 from surface.

Holes SWDD003 and SWDD004 do not contain a significant mineralized interval. Work at hole SWD005 is in progress. Mineralisaton is within the upper 7 metres from surface, hosted in coarse sandstones typically with clay clasts (Figure 1) and the dip is gentle to horizontal. The distribution of the mineralisation is approximately indicated on Figure 2. The grade and thickness over this extent is expected to be variable – it is likely that the mineralisation has been affected by supergene processes leading to enrichment and movement of the uranium by groundwaters. It is interpreted that the mineralisation is either:

a) At the base of a layer that has been eroded except on topographic highs in which case holes SWDD003 and SWDD004 started ‘below’ this level.

b) Remobilised uranium from a primary layer lower in the stratigraphy, that has concentrated near surface; a feature observed at the nearby Mtonya deposit where in many cases the primary layers are below and lateral to the surface radiometric anomalies, typically within structurally down-thrown blocks.

Surface work is underway to firm up on the above, focusing on the ‘Bullseye’ and ‘East zone’. The drilling rig may be brought back to SWC to test targets arising

Mtonya Update

The drilling rig will move over to the Mtonya deposit 6km southwest of SWC. Here drilling will test the potential northwestward extension of the excellent historical intersections in diamond core holes drilled in 2011-213 by previous operator Uranium Resources plc (URA). These intersections include²:

• 7.0m @ 549 ppm U3O8 in hole URAMT_241 from 49.3m depth
• 8.5m @ 515 ppm U3O8 in hole URAMT_106 from 155.9m depth
• 5.0m @ 341 ppm U3O8 in hole URAMT_110 from 126.2m depth
• 2.9m @ 1172 ppm U3O8 in hole URAMT_087 from 171.3m depth
• 8.0m @ 400 ppm U3O8 in hole URAMT_300 from 157.5m depth

Likuku North magnetic survey

At Likuyu North, the 370 line-km high resolution ground magnetic survey is nearing completion. It covers an area of approximately 9 by 1.7 kms. The deposit is interpreted to be within a fluvial sequence developed along the north (down-thrown) side of a fault bounding a graben structure which has an approximate NE-SW orientation.

It is anticipated that the magnetic data will guide the ‘on-strike’ targeting for drilling and may help identify possible secondary faults imparting control on the deposit formation. Targets identified will then be tested after the drilling at SWC and Mtonya is complete. The objective is to test the potential to expand the existing deposit (4.6 Mlbs U3O8, Table 3)³. Likuyu North is 25km north of SWC/Mtonya and the main access roads have been completed ready for drilling.

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