De Grey Mining Ltd A.B.N. 65 094 206 292

The Bold Explorer

11 January 2012

ASX/MEDIA RELEASE DRILL TARGET DEFINED AT PACHI PROJECT, ARGENTINA

De Grey Mining Ltd (De Grey or the Company) is pleased to announce that geological mapping and surface sampling has defined a structure hosting silver- gold mineralisation over 400 metres strike length at the Pachi Project, located in Santa Cruz Province, Argentina.
Surface rock chip samples returned assays of up to 60.7g/t Ag and 123ppb Au, significant in the context of exploring for subtle surface expressions of low- sulphidation epithermal gold-silver mineralisation. Mineralisation may extend along strike, where extensions of the structure are obscured by colluvium.
Textural features in outcrop exposures are consistent with the surface expressions documented at other examples of low-sulphidation epithermal gold-silver mineralisation in the region that in some instances have, when drilled to depth, yielded very high precious metals grades.

De Grey is now progressing plans to test the Pachi target as part of its drill campaign proposed for completion during the current Argentina field season. For further information: Gary Brabham

De Grey Mining Limited
Ph: +61 8 9285 7500

Suite 4, 100 Hay Street, Subiaco, WA 6008