GENESIS RESOURCES LIMITED 
By
The Board of Genesis Resources Limited (Genesis or the Company) is pleased to advise that the Company has raised $1,800,000 through a placement of shares (Placement) to number of sophisticated investors (Investors).
Under the Placement, the Investors, who are not related parties of the Company, subscribed for a total of 18,000,000 fully paid ordinary Genesis shares, representing 14.76% of the Company's current issued share capital, at an issue price of $0.10 per share.
The issue price of $0.10 represents a 6.9% discount to the volume weighted average price of
Genesis shares during the 30 trading days up to and including 6 December 2012.
The Company will apply to ASX for quotation of the Placement shares in an Appendix 3B to follow shortly.
As notified to the market, the Company has commenced a drilling program at one out of seven concession licence areas over the Plavica Project; this single concession licence area represents, in the Board's opinion, a key area with the most geologically valuable potential within the overall concession area of the Plavica Project.
The seven concession licences over the Plavica Project have been granted to the Company's
joint venture partner for a term of 4 years to April 2014.
With regard to the expiration date of the seven concession licences in April 2014, the Board has decided to expedite the Company's drilling programs at the Plavica Project in 2013, in order to meet the minimum drilling requirements for the six other concession licences. The Company intends to commence drilling programs at all seven concession licences from February 2013, and will undertake a total of 44,000m of reverse circulation drilling and 22,000m of diamond core drilling in 2013. These drilling programs will be designed to progress the Plavica Project through to a final feasibility study.
The Board has reviewed the Company's cash flow position and budgeted expenditure for 2013, and has determined that the Company will require additional funds to commence expedited drilling programs at all seven concession licences over the Plavica Project in February 2013.
GENESIS RESOURCES LIMITED ACN 114 787 469
Level 1, 61 Spring Street, Melbourne, Victoria 3000, Australia
T + 61 3 9286 7500 | F + 61 3 9662 1472 | www.genesisresourcesltd.com.au
The funds of $1,800,000 raised under the Placement will be used to pay for costs of the Offer and fund the proposed expedited drilling programs at the Plavica Project. The Board notes that whilst the funds raised under the Placement will be sufficient to fund the initial stages of the proposed drilling programs, the Company will require further capital over the next few months to sustain these aggressive and expedited drilling programs. The Company continues to explore other capital raising opportunities to equip the Company with the financial capacity to implement a significant and sustained drilling program in early 2013.
The Board recognises the dilutionary effect of equity capital raisings on shareholders, and continues to seek to reconcile this with the Company's need for capital to fund exploration activity which the Board hopes will unlock the potential of its projects and generate shareholder value.
The Board is committed to striking an appropriate balance between preventing unnecessary dilution of existing shareholders and raising an appropriate amount of funds as the need arises, in the best interests of all shareholders.
For further information, please contact:
Sophie Karzis Company Secretary Genesis Resources Limited T: +61 3 9286 7501
M: 0409 540 827
E: sk@ccounsel.com.au
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