Magnum Mining and Exploration Limited provided an update in relation to the drilling programme completed in December 2017 at its Cloncurry East Project. Magnum's Cloncurry East Project consists of two tenement groups and is located between 10-20 kilometres east of Cloncurry in North West Queensland. The Project lies within the highly mineralised Mt Isa Eastern succession with nearby mining operations and advanced projects including Ernest Henry (Cu-Au), Monakoff (Cu-Au-Pb-U), Great Australia (Cu-Au), Rocklands (Cu-Au) and Dugald River (Zn-Pb-Ag). The Cloncurry East project area is at an advanced stage of exploration and is considered by the Company to be highly prospective for iron oxide copper gold ("IOCG") +/- cobalt mineralisation and variants of this style of mineralisation. A 2004 metre reverse circulation drilling programme was completed within the project area in December 2017. Three prospects ­ Notlor, Salebury and King Edward were drill tested. All drill samples have been presented to the laboratory and receipt of results has commenced. Initial results from the two holes drilled at the King Edward prospect are highly encouraging. Two reverse circulation drill holes were completed at King Edward, both along structural lineaments and targeting coincident surface geochemistry and magnetic anomalies. The King Edward prospect area occurs within dolerite /gabbro adjacent to a granitic intrusive, and is surrounded by laminated and brecciated calc-silicate rocks of the Corrella Formation. Historical small scale mining is evident with small shallow pits developed on copper oxide and copper carbonate occurrences. MNRC014 (total depth 100m) was drilled beneath the main area of historical workings and intersected two 2 discrete zones of copper (Cu) -gold (Au) mineralisation. These zones were 6m @ 5.0% Cu and 14.4 g/t Au from 42m downhole depth and 6m @ 0.48% Cu and 1.0 g/t Au from 72-78m. A zone of semi massive chalcopyrite is present from 42-44 metres. MNRC015 (total depth 84m) was drilled beneath a line of small pits located on a separate structure approximately 170 metres from MNRC 014 and also intersected Cu and Au mineralisation. The intersection in MNRC015 was of a broader lower grade zone of 24m @ 0.26% Cu and 0.11 g/t Au from 24-48m, including 6m @ 0.55% Cu and 0.19 g/t Au from 24-30m. These intersections are highly encouraging from the first pass drilling of King Edward and demonstrate the potential to significantly upgrade this prospect. The mineralisation intersected in both holes has been field logged as dominantly chalcopyrite with some traces of bornite and minor amounts of pyrite. Magnetite occurs throughout both drill holes and zones of carbonate and quartz are also present.