ORE RESOURCES LIMITED — Capital/Financing Update 2013

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

3 July 2013

Manica Gold Project Near Term Route to Production

Highlights

• A new Scoping Study confirms the technical and commercial viability of +40,000 oz per annum mine to provide near term cash flow by developing its existing non-refractory and transitional resources ( Table 1 ).

• A Definitive Feasibility Study ( DFS ) to commence immediately.

“ The development of Manica will give us a first mover advantage and allow us to accelerate our consolidation strategy in the area, giving the company momentum and critical mass. This will provide a stable platform from which the company can create cash flow and operate at the lower end of the total cash cost curve. These are exciting times for all stakeholders as we make the transition from exploration to development.” highlighted Managing Director Dean Cunningham.

Chairman Glenn Whiddon added, “As Auroch has successfully progressed its exploration program, the technical teams’ understanding of the Manica Northern Shear Zone has improved greatly. The Company has considered the results to date and its circumstances to formulate a decisive strategy which provides a path to production and a potential source of near term cash flow. Auroch has every confidence in the robust nature of the Manica Gold Project and we are excited to be moving towards production.”

Mozambique focused gold explorer Auroch Minerals NL (ASX:AOU) ( Auroch or the Company ) is pleased to advise that an independent study (the Study or Scoping Study ) has been completed on its existing non-refractory and Fair Bride transitional resources ( Table 1 ).

Results of Study

The Study, prepared by independent advisers JP Mining Consulting (Pty) Limited, revealed the following as the basis for further studies:

• Viable simple shell open pits for Fair Bride and Dot’s Luck deposits;

• shallow depth underground open stoping for the Guy Fawkes deposit;

• a centralised processing plant on the Mining Concession with a throughput rate of 720,000tpa (60,000tpm);

• an average head grade of 2.23 g/t Au to produce +40,000 oz per annum;

• initial capital expenditure of $31,617,244 in May 2013 constant money terms;

• estimated production of 273,469oz Au over an operating life of mine ( LOM ) of 7 years;

• average total operating cost of $39.29/t milled or US$641.92/oz produced (excludes capex and before tax, depreciation and royalties); and

• the Study has assumed a long term gold price of US$1,200/oz.

The Board has approved a “Near Term Route to Production”. The Company will immediately commission a DFS focused on its existing free-milling, non-refractory and transitional resources within the Fair Bride, Guy Fawkes and Dot’s Luck Project Sectors. This strategy reflects the markets desire for near term production opportunities and ensure an effective use of resources. While the Board believes that the Manica Gold project still has excellent potential for further exploration upside, the focus will be the generation of cash flow to fund these future exploration activities.

Near Term Route to Production

Auroch will now only focus on activities to complete the DFS ( Figure 1 ) from its existing cash resources. To achieve this Auroch will undertake the following:

1. Complete the Environmental License requirements on the Manica Gold Project Mining Concession. This entails collectively finalising and submitting the following by 1 February 2014:

2. a. Environmental Impact Assessment report ( EIA ) – SLR Consulting (Africa) (Pty) Ltd has been appointed by Explorator Limitada, the Company’s wholly owned Mozambican subsidiary. Established in 1994, SLR employs some 900 people across 24 offices in Europe, 25 in North America, 11 in Australia and 2 in Africa. SLR has an excellent reputation in Southern Africa and the Auroch Management team has a sound working relationship with this United Kingdom company.

3. b. DUAT – The DUAT ( “Direito de uso e aproveitamento de Terra”) is a land use licence which allows the holder to use a portion of land with exclusivity in Mozambique.

4. Initiate the DFS:

5. a. Completion of infill drilling at the Guy Fawkes and Dot’s Luck deposits to upgrade the confidence categories of existing resources (cost US$360K); and

6. b. Metallurgical test work at the Fair Bride, Guy Fawkes and Dot’s Luck Project deposits to confirm the amenability of the non-refractory resources to traditional carbon in leach processing (cost US$60K).

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Figure 1: Timeline to Production

Table 1: Non-Refractory resources used in the Mining Study

Definition of non-refractory and refractory resources can be found in Annexure 1.

(1) All the mineralisation at Guy Fawkes is included as there is no evidence to date that the sulphide / unweathered mineralisation at Guy Fawkes is refractory in nature.

(2) Investors are made aware there is a low level of geological confidence associated with inferred mineral resources and there is no certainty that further exploration work will result in the determination of further indicated mineral resources or that the production target itself will be realised.

DFS Grant Funding

In addition, Auroch will submit a Grant Funding application with the Department of Trade and Industry ( DTI ) of South Africa on or before 16 July 2013. The Feasibility Grant funding, if approved, will permit the Company to fund certain DFS expenses up to a maximum of 55% of ZAR15 million ($0.9 million)[1] attributed to completing the DFS. Once approved, the DFS will commence. Approval is expected during Q4 2013.

1 Based on an exchange rate of $1 AUD = 9.05 ZAR

Drilling Program

In addition, the Company has completed its initial scout drilling program at the Guy Fawkes Project Sector, the results of which are imminent.

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 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 Terranova 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.

Professor Jim Porter is a Fellow of the Southern African Institute of Mining and Metallurgy, Director of the Centre for Mechanised Mining Systems at the University of the Witwatersrand and has wide experience in gold deposits and mining methods as envisaged in the Scoping Study; accordingly he is a Competent Person in terms of the JORC code. In terms of the Scoping Study he is responsible for the Mineral Reserve Estimate and has reviewed and approved the Scoping Study section of this press release.

Annexure 1 - Definition of Non-Refractory and Refractory Resources

Exploration and test work completed to date on the Manica Gold Project indicates that there are several mineralisation types occurring over the Mining Concession (3990C) with the type of gold carrier defining the class of gold occurrence.

• Non-refractory ores can be defined as those ores where 90% or more of the contained gold is recoverable by conventional process routes such as gravity concentration, milling, and direct cyanide leaching. Where sulphides are the carrier additional selective grinding may be required dependent on the particle size.

• Refractory ores are defined as those that give gold recoveries of less than 90% when subjected to direct cyanidation or only give acceptable gold recoveries with the use of more complex pre-cyanidation techniques. Techniques commonly associated with recovering gold from refractory material are Bio-oxidation (BIOX), Pressure Oxidation (POX) or Roasting.

Project Sectors

For ease of reference, the JORC compliant resources at the Manica Gold Project are referred to specific as separate project sectors within the Mining Concession as depicted below. Each of the six project sectors have been defined to both improve the management of the exploration and development of the property as well as to increase the quality and transparency of future reporting of project progress and results.

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Manica Gold Project Sectors