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Announcement 15 May 2012

Tenders Invited for Pernatty Lagoon Copper-Gold-Uranium Project  

Red Metal is pleased to announce the appointment of Fortis Agō Pty Ltd as retained advisors to facilitate the joint venture of Red Metal’s share of the exciting Pernatty Lagoon project in the Gawler Craton, South Australia.

Fortis Agō is a South Australia based corporate advisory firm that recently facilitated the sale of Minotaur Exploration Ltd’s Gawler Craton assets to BHP Billiton for $10 million.

The highly prospective Olympic Domain of the Gawler Craton is receiving strong exploration interest from major global copper companies which share a positive long term view on the copper price. These companies include BHP Billiton, Rio Tinto, Xstrata Copper, Oz Minerals Limited, Antafogasta Minerals amongst others.

Red Metal welcome offers for joint venture (or sale) from companies wishing to advance this exciting "Tier 1" exploration asset.

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March 2012 Quarterly Report

Mount Isa Inlier, Qld, Base Metals

  •  Drilling to focus on the Maronan project following the intersection of significant high-grade silver-lead mineralisation of a similar style and tenor to the nearby Cannington deposit. Rig secured for start in the June quarter.
  • Drill tests on the two kilometre long copper and gold anomaly on the Sandy Creek project have intersected wide zones of pyrite mineralisation considered prospective for gold and silver. Assay results pending.  
  • Xstrata Copper scheduling to recommence drill tests on Corkwood joint venture testing the Jimmy’s Creek copper-gold-silver breccia in the June quarter.

Curnamona Craton, SA, Uranium

  •  Cameco to initiate drilling on the Lakes joint venture in the June quarter backed by a $3 million budget allocation.

Gawler Carton, SA, Copper-Gold

  • Geological review highlights siderite-magnetite ±hematite association with copper mineralisation on the Pernatty Lagoon joint venture project. Significant untested magnetic targets identified for follow-up drilling.

Paradox Basin, Colorado, Potash

  •  Environmental assessment for prospecting permit authorisation in progress.

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Announcement 7 March 2012

High-grade Silver-Lead Drill Intercepts on Maronan Project, Northwest Queensland

Drilling on the Maronan silver-lead project has intersected significant high-grade silver-lead mineralisation of a similar style and tenor to the nearby Cannington deposit which is one of the world’s largest silver and lead producing operations.

The drilling was designed to test Red Metal’s new geological model that predicts a northerly plunge to the mineralisation that is at odds with earlier interpretations. It has confirmed the continuity of the high grade silver-lead mineralisation in both the Lower and Upper BIF horizons.

The results include the highest lead and silver grades intersected on the project to date. Intercepts include 14.5% lead and 371 grams per tonne silver over a true width of 2.58 metres with a nearby parallel zone averaging 11% lead, 245 grams per tonne silver and over a similar width.

The combined true thickness of the separate high-grade silver-lead intervals in both BIF horizons total over 8 metres. Each zone is considered to be potentially ore grade and of potential mineable width.

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