Los Cerros Limited to provide additional information regarding the Ubei Project in the Owen Stanley range of southern PNG (Figure 1). The Company's portfolio review is part of gaining deeper understanding of project prospectivity and potential to attract joint venture partners whilst focussing Company exploration and drilling expenditure on the high grade oxide skarn Kusi Prospect. The Ubei Project is a 4km x 4km surface geochemical anomaly defined by rock chip samples with individual samples frequently grading >2% Cu and >2g/t Au1 (Table 1).

Peripheral epithermal Cu-Au vein corridors including the Puma, Lion, Cheetah and Tiger veins surround an undrilled EM/IP geophysical anomaly, thought to be mapping a buried Cu-Au porphyry. The Ubei geochemical anomaly forms part of a 60km long northwest trending copper-gold corridor (the Liamu Copper Trend) including the Liamu Project 30km to the NW and extending to Veri Veri in the SE. The trend is entirely under Los Cerros tenure and interpreted to be prospective for multiple porphyry and epithermal style copper-gold deposits.

The Puma vein corridor has demonstrated capacity for at-surface bonanza grades including outcrop rock chips of 4.29% copper and 367.7g/t gold1 within zones of silicification and chalcopyrite breccia proximal to the interpreted porphyry centre (Figure 2). Surface geochemistry (soil samples supplemented with outcrop samples) suggests the mineralised corridor could be 60m wide in places with a dip of approximately 60 degrees to the SE and projects to a large, modelled chargeability (IP) geophysical high at mid-depths of approximately 300m, potentially representing a `blow out' of mineralisation (e.g. breccia pipe). Puma vein mineralisation is a similar mineralisation style to veins mined by TSX listed K92 Mining Inc. at the Kainantu mine in PNG.

The Lion, Cheetah and Tiger veins are distal (3km south) from the core of the EM/IP geophysical anomalies. Previous drilling at Cheetah and Tiger veins intercepted low grade mineralisation with best result being 17m @ 0.51% Cu, 0.05g/t Au from 15m in UB21DD003 (Table 2). The narrow alteration envelope associated with both veins and drill results suggest Cheetah and Tiger veins are both distal stringer type veins.

Surface rock chip samples at Lion (Photo 2), returned high grade copper and gold grades including2- PFT001 9.4% Cu, 332 g/t Au, FT0047 9.5% Cu, 156 g/t Au FT0061 9.3% Cu, 100 g/t Au, FT0065 7.95% Cu, 313 g/t Au, FT9007 10.9% Cu, 209.7 g/t Au. Whilst Puma's proximity to a modelled porphyry centre, its geochemical footprint and its expansive, robust alteration envelope makes it the most target for high-grade copper/gold, the Lion vein is also compelling and yet to be drilled.