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Exterra Resources Limited
AUSTRALIA EXC.AX 0,04 AU$ -10,42%

Update on Joint Development of Second Fortune Gold Mine

Publié le 17 mai 2016

505eda47-3aaf-4ff3-8a62-d08e2ddd3b37.pdf

UPDATE ON JOINT DEVELOPMENT OF THE SECOND FORTUNE GOLD MINE

Exterra Resources Limited

ACN 138 222 705

ASX Code: EXC

www.exterraresources.com.au Issued Capital:

Ordinary Shares: 237.5m Options: 24.4m

Directors and Management: John Davis

Managing Director

Justin Brown

Non-Executive Director

Peter Cole

Non-Executive Director

Dennis Wilkins

Company Secretary

17 May 2016

Exterra Resources Limited (ASX:EXC) ("Exterra") is pleased to advise that documentation and finalisation of the Profit Share Agreement (PSA) and the Mining Services Agreement (MSA) under the Binding Term Sheet ("Agreement", executed on the 18 April 2016) with Pybar Mining Services Pty Ltd ("Pybar"), for a joint, profit share based development of the Second Fortune Gold Mine, is progressing well.

It is expected that the PSA and technical and legal due diligence will be finalised within the next 2 weeks under the current exclusivity, and that Conditions Precedent to the Agreement, including finalising the MSA and the Toll Treating Agreement will be completed, as agreed, within 3 months from execution of the Binding Term Sheet (18 April 2016).

Refer to Exterra's ASX announcement of 20 April 2016 for details of the Agreement.

Exterra will keep the market updated as various aspects of the Agreement are finalised.

Figure 1: Second Fortune Main Lode long section showing mineralised zones, Resource and Probable Reserve1 outlines and schematic decline design from existing Feasibility Study.

1http://www.exterraresources.com.au/images/uploads/Second_Fortune_PFS_ASX_Release_July_2014.pdf

"Mining Area"

Second Fortune Gold mine

Figure 2: Linden Project Tenement Plan.

About Exterra Resources Limited

Exterra Resources Limited (ASX:EXC) is a gold exploration and development company based in Perth, Western Australia, with a focus on high grade, high margin gold projects with near term production potential to fund the future growth of the Company.

The Company's projects are all located in the Archaean Yilgarn Craton in WA, a world class gold province which has been a prolific producer of gold since the late 1880's and includes the Kalgoorlie "Golden Mile" deposit which has produced over 50 million ounces of gold since discovery in 1893.

About PYBAR Mining Services Pty Ltd

www.pybar.com.au

PYBAR Mining Services Pty Ltd (PYBAR) is a nation-wide provider with core competencies in metalliferous underground hard rock mining. Founded in 1993, PYBAR's success to date is based on safe, rapid underground infrastructure development and consistent reliable production, delivering on projects from large established mining operations to greenfield developments.

Headquartered in Orange, Central New South Wales, and privately owned, PYBAR has established infrastructure, offices and operations in New South Wales, Queensland, Western Australia, Victoria, South Australia and Tasmania.

For further information:

Mr John Davis Managing Director T +61 8 6315 1411

E [email protected]

Competent Persons Statement

The information in this report that relates to database compilation, sampling processes, geological interpretation and mineralisation, project parameters and costs and overall supervision and direction of Mineral Resource is based on and fairly represents, information and supporting documentation compiled under the overall supervision and direction of John Davis (Member of the Australasian Institute of Mining and Metallurgy and the AIG). Mr Davis has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activities undertaken to qualify as Competent Persons as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Davis consents to the inclusion in the release of the statements based on their information in the form and context in which they appear.

Information in this report that relates to estimation, depletion and reporting of Mineral Resources is based on and fairly represents, information and supporting documentation compiled by Mike Job who is a Member of the Australasian Institute of Mining and Metallurgy and a full time employee of QG Consulting Pty Ltd. Mike Job has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mike Job consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

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