Project Rationalisation

As previously advised, Golden Mile Resources Limited (“Golden Mile”; “the Company”; ASX: “G88”) has been undertaking a detailed review of all projects in its current portfolio. As a part of this strategic review, the Company has now completed its detailed technical assessment of the Marble Bar and Murchison Projects.

Marble Bar

A 120-sample stream sediment programme was carried at the Marble Bar Project to determine the Project’s potential, and whether the geochemical sampling results warranted further exploration activities. The results of this programme indicated only weak metal anomalism, and no further exploration activities are warranted.

Murchison

A review and field evaluation, reported previously, were carried out at the Murchison Project, E20/1005. This included reconnaissance mapping, and rock chip sampling, with a focus on the outcropping granitoids, pegmatitic veins, shear zones, and the local tungsten workings.

Rationalisation

As a result of these project reviews, the Board has made the decision to relinquish the Marble Bar and Murchison tenements. This entails the surrender of granted exploration licences E45/6210, E45/6211 and E20/1005, and the withdrawal of Exploration Licence Application ELA45/6709. These granted Exploration Licences carried minimum annual expenditure commitments of $114,000, and approximately $23,000 in Department of Energy, Mines, Industry Regulation & Safety (DEMIRS) rent and shire rates payments.

This decision allows the Company to focus on its projects which have the greatest potential, including the recent joint venture-acquisition of the highly prospective Pearl Copper Project located in Arizona, USA.

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