EQUATOR RESOURCES LTD 
By • 3200m RC drilling program planned for Bukon Jedah to commence in March 2013 following an extensive review of 2012 drilling
• Three (3) anomalies identified for further work from soil sampling in Maryland MEL
• $740,000 received from converting loan agreements
Bukon Jedeh Mining Concession Agreement
The first phase of RC drilling (4,417m) was suspended early in the September quarter due to the onset of seasonal rains and significant results from that programme were reported in the September
2012 Quarterly Activities Report. Highlights included:
• 10m @ 6.20g/t from 11m (BRC037)
• 7m @ 5.69g/t from 10m (BRC019)
• 2m @ 61.8g/t from 74m (BRC050)
The interpretation shows both an enriched weathered zone to an average depth of 7m together with intercepts within the primary zone associated with chlorite and sulphide alteration of the quartz biotite gneiss host. Low grade (>0.1ppm) envelopes around the primary zone intercepts indicate a shallow dip to the north, while a lithological interpretation shows a steeper dip to the north with a well-defined, garnetiferous, footwall zone. A further 600m drilling program in planned to follow up the results from the 2012 drilling.
The focus of the planned 3200m second phase RC drill program will be the eastern half of the same anomaly that could not be accessed earlier.
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Figure 1: High priority drill targets on the Bukon Jedeh anomaly east of Government Camp will target trenching intersections and artisanal saprolite workings
This target includes several trenches that returned broad zones of anomalous gold up to 150m wide together with areas of artisanal mining collectively known as the '99 Steps' target. The area will be drill tested with angled holes at an initial spacing of 80 x 160m (16 holes for 1300m) with the potential for additional holes depending on results.
A third target zone is Bela Camp, approximately 6km NE of 99 Steps.
Figure 2: Bela Camp gold in soil geochemical anomaly and artisanal saprolite workings
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1300m of RC drilling is planned to test a robust 1km soil anomaly trending ENE coincident with significant artisanal mine workings. The access routes to Bela Camp were reconnoitred for the required access road construction. The initial drill holes will be located at the three main target zones.
A small number of infill soil samples (44) were also collected at Bela Camp to help optimize drill locations at that target.
In addition to the RC drill programme, a geochemical soil survey is planned for this quarter to test the remaining 70% of the MCA licence that has not yet been covered. Initial sampling at a broad space of 200 x 1600m will be in-filled to 100 x 400m in anomalous areas. Access has been greatly facilitated by a new logging road in to the permit area.
Results from the Maryland MEL geochemical soil survey were received and three anomalies defined; one structural target within the Dube shear zone and two anomalies coincident with a mapped iron formation, probably related to lithology.
Results of low level analysis (ppb Au) of 873 soil samples collected in the previous quarter were received and three anomalies defined - one structural target within the Dube shear zone and two anomalies coincident with a mapped iron formation, probably related to lithology.
Sampling was generally undertaken at 200 x 800m over a cumulative area of 140 km², approximately 25% of the total permit area. More detailed, orientation sampling at 100 x 400m was completed at Swe Central where artisanal workings appeared to be located on quartz veining within a regional iron formation unit.
Although modest in terms of tenor with a maximum value of 56ppb, the anomalies are spatially well-defined over strike lengths of between 4 and 8km. In-fill sampling and reconnaissance mapping is required to better understand the significance of these anomalies.
The initial three year term of the MEL expires on April 1st 2013 and a two year extension application will be submitted during the March 2013 quarter.
No active exploration was undertaken during the reporting period.
As the Licence shares the same anniversary date as the Maryland MEL, the same extension application is required.
Funding
During the quarter $740,000 was raised through converting loan agreements to existing shareholders. The key terms of the agreement is conversion at 5c per share with 2 attaching options (one option exercisable at 6c within 18 months from the date of issue and one option exercisable at 7c within 30 months from the date of issue).
If there is no conversion before 31 December 2013 they accrue 1% pa interest and are repayable. Shareholder approval is required for the conversion of 28% of the convertible holdings.
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Board
During the quarter Lyndon Hopkins the Chief Executive Officer and Ross Kestel Non-Executive Director both resigned. Mr Kestel was replaced by Robert Marusco, Charles Waterman and Daniel Arnold.
On 14 January 2013 Rhod Grivas resigned from the board and was replaced by Duncan McBain and Niles Helmboldt was elected chairman of the board.
The board wishes to thank Mr Hopkins, Mr Kestel and Mr Grivas for their contributions.
The information in this report that relates to exploration results or mineral resources is based on information compiled by Mr Rhoderick Grivas, a consultant to the Company, who is a Member of the Australian Institute of Mining and Metallurgy and Australian Institute of Geoscientists. Mr Grivas has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that is being reported on to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Mineral Resources and Ore Reserves. Mr Grivas consents to the inclusion in the report of the matters in the form and context in which it appears.
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