ORE RESOURCES LIMITED — Capital/Financing Update 2013

Market Announcements Platform ASX Limited Exchange Centre 20 Bridge Street Sydney NSW 2000

20 August 2013

Expansion of Manica Gold Project Holding

Highlights

• Joint Venture Agreement entered into with Baobab Resources plc

• 7.9km of additional strike length added to Auroch’s existing 27km of prospective strike

• Auroch to earn up to 80% of contiguous greenstone ground at the 3Moz Manica Gold Project with the expenditure of $1.5 million over 4 years

• Consolidation and first mover advantage in a significant gold camp gives Auroch flexibility and improves critical mass

Mozambique-focused gold explorer Auroch Minerals NL (ASX:AOU) ( Auroch or the Company ) is pleased to advise it has entered into a joint venture ( JV ) agreement with AIM-listed Baobab Resources plc’s ( Baobab ) (AIM:BAO) wholly owned subsidiary Capitol Resources Limitada ( Capitol ).

Pursuant to the JV, Auroch has the ability to earn up to 80% of an area of interest within Prospecting Licence 1022L ( JV Prospecting Licence ), located in the Manica Province by spending $1.5 million over a period of 4 years.

The JV Prospecting Licence is situated adjacent to the western-most limit and part of the southern limit of Auroch’s Mining Concession 3990C ( Mining Concession ) in the Odzi-Mutare-Manica Greenstone Belt (OMM) ( Figure 1 ).

Capitol’s focus to date has been on the Mundonguara copper deposit which is situated immediately to the south of the proposed JV area. The JV area has had soil geochemical mapping and airborne magnetic and spectral gamma surveys completed over it. A very small portion of the southernmost area has limited Induced Potential coverage.

Auroch is confident that the prospective regional shear zones that are present on the Company’s 100% owned Mining Concession continue into the proposed JV area, having been offset to the south by a regional NNE trending fault as indicated on Figure 1.

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Figure 1: Prospecting Licence 1022L and Proposed JV Area

The proposed JV area covers approximately 18km[2] and extends the Company’s Northern Shear by 1.6km and the Southern Shear by 2.2km. Auroch believes there may be an additional 4.1km of regional prospective shears based on the interpretation of satellite imagery. The proposed JV area increases the Manica Gold Project’s existing prospective strike length from 27km to 34.9km.

Farm-in Terms

The Company has an exclusive due diligence period to 30 September 2013 before it may advise Baobab of its intention to proceed with the JV. On successful completion of due diligence and other suspensive conditions the Company will earn an initial 51% interest in the JV with the expenditure of $500,000 on exploration activities at the Prospecting Licence ( First Work Programme ). The First Work Programme will be mutually agreed between Auroch and Baobab.

On completion of the First Work Programme or during the process of completion, Auroch will have the right to withdraw from the JV at its sole discretion at no cost to it. Within 90 days of the successful completion of the First Work Programme the Company must inform Baobab of its decision to proceed to earn a further 29% interest (for a total 80% interest) in the JV by completing a Second Work Programme .

The Second Work Programme will comprise expenditure of $1 million over 3 years from the date the Company advises Baobab of its decision to proceed.

On the successful completion of the Second Work Programme, Auroch will have the exclusive option to purchase the remaining 20% interest in the JV Prospecting Licence held by Baobab for scrip, based upon a mutually agreed third party’s valuation.

Summary

Managing Director Dean Cunningham commented , “The announcement of the Baobab JV represents the Company’s first step in its aim to establish itself as the major gold camp in the Manica Province. Auroch’s “Clear Cut Path to Production Strategy” announced on 3 July 2013, sees an immediate focus on near term production with future material exploration expenditure coming from cash-flows. Gaining access to further potential resources at the JV Prospecting Licence is important to bolster Auroch’s first mover advantage in what is already a significant gold camp. With a resource upgrade forthcoming from the Company’s drilling to date, this JV is intended to provide the company with flexibility and critical mass for the future ”

For further information please visit www.aurochminerals.com

Dean Cunningham Managing Director

Auroch Minerals NL Media enquiries Dean Cunningham - Managing Director Jeremy McManus T: +27 824906429 M :+61 (0)422 000 675 E: [email protected] E: [email protected]

Competent Person Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Gordon Koll who is a registered Professional Natural Scientist (Pr.Sci.Nat.) under the South African Council for Natural Scientific Professions (SACNASP) and a Fellow of the Geological Society of South Africa, which is recognised as a ROPO by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code). Mr Koll is a full‐time employee of the Company. Mr Koll has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of The JORC Code. Mr Koll consents to the inclusion in this presentation of the matters based on the information in the form and context in which it appears.

The information in this report that relates to Mineral Resources is based on information reviewed by Dr W.D. Northrop who is a consultant to ExplorMine and is appointed as Independent Geologist to Auroch Minerals NL project team. He is registered by the South African Council for Natural Scientific Professions as a Professional Natural Scientist in the field of practice of Geological Science, Registration Number 400164/87, and as such is considered to be a Competent Person. Dr Northrop has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Dr Northrop consents to the inclusion in this presentation of the matters based on his information in the form and context in which it appears.

About Auroch Minerals NL

Auroch Minerals NL (ASX:AOU) is developing the multi-million ounce Manica Gold Project, Mozambique. Auroch owns 100% of the Mining Concession which has a granted 25 year Mining Right and is the largest JORC Code compliant gold resource in Mozambique.

Manica Gold Project Sectors

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