Combined Annual Report EL 24541, EL 24989, EL 25427, EL 25511 and EL 27039 Rover Project 8 March 2011 to 7 March 2012

Abstract

Exploration activities for the year ending 7 March 2012 composed of three distinct program components consisting of: Resource Drilling and mine development Studies at the Rover 1 Prospect; Geophysics acquisition and target generation within the Rover Field; and Regional Exploration Drilling utilising both Diamond and RC drill rigs. As well as this Castile Resources also completed a new Heritage Clearance Agreement with the Central Land Council over EL 24541 and completed a structural control study on mineralisation controls at the Explorer 108 Pb-Zn deposit within EL 27039. A resource upgrade at Rover 1 was also released during the reporting period overall increasing the resource by 28% in tonnage, decreasing the gold equivalent grade by 8.7% and increasing the gold equivalent ounces by 18%. The upgraded resource at Rover 1 now stands at: 6.8 Mt at 5.57g/t AuEq for 1,220,300 AuEq ounces.