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ST GEORGE MINING LIMITED

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OUTSTANDING INTERSECTION OF NICKEL-COPPER SULPHIDES AT MT ALEXANDER

Highlights:
  • 17 metre interval of nickel-copper sulphide mineralisation intersected from 37.5 metres downhole in MAD71
  • Over 10 cumulative metres of massive nickel-copper sulphides with XRF readings averaging 5.5%Ni and 2.1%Cu*
  • Large associated SAMSON EM anomaly indicates mineralisation is open to the north and west
* Laboratory assays are pending and are required to confirm the nickel and copper grades which have been estimated using portable XRF analysis

St George Mining Limited (ASX: SGQ) (‘St George Mining’ or ‘the Company’) is pleased to announce an outstanding intersection of nickel-copper sulphide mineralisation at the Mt Alexander Project.

Drill hole MAD71 at the Stricklands Prospect has intersected:
  • 17m of nickel-copper sulphide mineralisation from 37.5m downhole comprising massive, matrix, stringer, brecciated and disseminated nickel sulphides, with
  • massive nickel-copper sulphides comprising a total of 10.1m of the overall intersection
MAD71 was drilled within a large SAMSON EM anomaly (200m x 150m) at Stricklands. The mineralisation is open to the north and west, where much of the EM anomaly remains untested; see Figure 1.

A downhole EM (DHEM) survey will be completed in MAD71 later this week, and further drilling at Stricklands will be prioritised after review of the survey data.

St George Mining Executive Chairman, John Prineas said:
“The results in MAD71 are outstanding with thick widths of high grade mineralisation at shallow depths. This is very favourable for the economics of a potential mining operation at Mt Alexander. “We have already established recurrent high grade mineralisation over a 3.5km strike length in the Cathedrals Belt. Now, with the exceptional intersection in MAD71, the confidence in the resource potential at Mt Alexander continues to build.”


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St George Mining Limited is a mining exploration company focused on creating shareholder value through the discovery of world class deposits.

Our projects comprise dominant landholdings in underexplored and strategically important districts of Western Australia. These projects have the potential to deliver high multiplier returns on shareholder investment.


The Mt Alexander Project was established by St George in January 2016 following the acquisition of two key tenements from BHP Billiton Nickel West. Active exploration at the Project by St George in 2016 delivered outstanding success with:
  • all electromagnetic conductors drilled being confirmed as nickel-copper sulphides;
  • the discovery of high grade nickel-copper sulphides at the new Stricklands and Investigators prospects; and
  • the confirmation of recurrent nickel-copper sulphides in the Cathedrals Belt over a strike of 3.5km.
Preliminary metallurgical tests of the massive sulphides at Mt Alexander produced concentrate with 18% nickel and 32% copper with high values for cobalt and PGEs.

The excellent exploration results at Mt Alexander support this Project emerging as a major new nickel sulphide camp in Western Australia.
At our other projects – the East Laverton and Hawaii Projects - St George has established a large pipeline of gold and nickel sulphide prospects that provide considerable further exploration upside for the company.


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With multiple intersections of high grade nickel-copper sulphides over a broad area and favourable project economics, Mt Alexander is emerging as a major new nickel sulphide camp in Western Australia.

ABOUT THE MT ALEXANDER PROJECT

The Mt Alexander Project is located 120km south-southwest of the Agnew-Wiluna belt which hosts numerous world class nickel deposits. The Project comprises four granted exploration licences – E29/638, E29/548, E29/962 and E29/954.

The Cathedrals, Stricklands and Investigators nickel-copper discoveries are located on E29/638, which is held in joint venture by Western Areas Limited (25%) and St George (75%). St George is the Manager of the Project with Western Areas retaining a 25% non-contributing interest in the Project (in regard to E29/638 only) until there is a decision to mine.

The other three granted exploration licences are owned 100% by St George. One further exploration licence, also 100% St George, is in the application phase – ELA29/972.

St George acquired 100% of E29/954 and its 75% interest in E29/638 from BHP Billiton Nickel West in October 2015 and January 2016 respectively.

BHP Billiton Nickel West made the first discovery of high grade nickel-copper sulphides at Mt Alexander with drill hole MAD12 which intersected 3.95m @ 5.05%Ni, 1.55%Cu, 0.11%Co and 4.44g/t total PGEs from 91.4m.

St George continued this exploration success in 2016 with 19 drill holes intersecting more nickel-copper sulphides, including the exceptional discovery of massive nickel-copper sulphides at shallow depths of 25m from surface.

Preliminary metallurgical testwork confirmed that Mt Alexander will produce a high value saleable concentrate that will be sought after by smelters. Grades achieved in this test were 18% nickel and 32% copper plus high values for cobalt and PGEs that will provide valuable smelter credits.

The location of the Project near the world class nickel sulphide mines in the Agnew-Wiluna belt provides St George with access to existing roads and infrastructure, as well as opportunities to utilise existing processing plants.
With multiple intersections of high grade nickel-copper sulphides over a broad area and favourable project economics, Mt Alexander is emerging as a major new nickel sulphide camp in Western Australia.


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St George acquired 100% of the Hawaii Project from BHP Billiton Nickel West in October 2015.

ABOUT THE HAWAII PROJECT

The Hawaii Project is located approximately 50km west of the Sinclair Nickel Project, owned by Talisman Mining Limited, and 90km southwest of Cosmos, owned by Western Areas Limited. Both of these projects were only recently acquired by their current owners and are undergoing major exploration programmes, reflecting the increased focus on nickel sulphide exploration in this area of the Agnew-Wiluna belt.

St George acquired 100% of the Hawaii Project from BHP Billiton Nickel West in October 2015. The Project is located along the Ida Fault, a significant Craton-scale structure that marks the boundary between the Eastern Goldfields Superterrane to the east and the Youanmi Terrane to the west.

The Mt Goode Rift that hosts the Cosmos nickel complex (“Cosmos”) to the north is interpreted to be a splay off the Ida Fault. The geology at Hawaii could be contiguous with the stratigraphy that hosts Cosmos, one of the highest grade nickel mines ever discovered with a resource over 500,000 tonnes of contained nickel.

Reconnaissance shallow aircore drilling completed by BHP Billiton at the Hawaii Project in 2012 discovered over 5km of moderate to high MgO ultramafics adjacent to the Ida Fault. This area was previously interpreted as granite, and the discovery of prospective ultramafics was a significant exploration milestone.

St George is escalating on-ground exploration at Hawaii with drill ready targets for nickel sulphide and gold mineralisation.
The figure below illustrates the attractive regional location of the Hawaii Project with major nickel sulphide and gold deposits in this area.


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This large and strategically dominant landholding is comprised of a tenement package extending over 2,000 sq km.

ABOUT THE EAST LAVERTON PROJECT

The East Laverton Project is located 230 km north-east of Kalgoorlie, in the under-explored and highly prospective eastern margin of the Yilgarn Craton.

This large and strategically dominant landholding is comprised of a tenement package extending over 2,000 sq km.
This is a frontier exploration location with tremendous potential to host new and significant nickel sulphide, gold and VMS-style base metal deposits.


The map below indicates the regional setting of the East Laverton Project.

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The Board of St George Mining is a highly experienced team possessing a broad range of technical, corporate and financial skills as well as a deep understanding of the Australian and global resources industry. The Board is ideally qualified to expertly manage the Company through its strategic establishment and growth phases. As the projects of the Company advance, the Board intends to consider the recruitment of additional management as required.

John Prineas B.Ec LL.B F Fin (Executive Chairman)
John is a founding shareholder and director of the Company. He has over 25 years experience in the banking and legal sectors, including a period as the head of a financial institution in Australia. He commenced his career as a lawyer at Allen, Allen & Hemsley, gaining extensive experience in commercial transactions and corporate advice in both Australia and Asia-Pacific. In 1994, he joined Dresdner Bank AG in Sydney and over the next 10 years occupied the roles of General Counsel, Chief Operating Officer and Country Head with a focus on project and acquisition finance for resources and infrastructure projects as well as associated capital markets and treasury products, including commodities trading. John has a diverse range of high level experience in finance, mining and corporate governance.


Tim Hronsky B.Eng (Geology) Mausimm, MSEG (Executive Director)
Tim is a geologist with over twenty years international experience in the mineral exploration and mining industry, including 15 years with Placer Dome Inc. After graduating from the West Australian School of Mines, Tim began his career in a number of operational roles before shifting to exploration where he was the Exploration Manager (Asia) for Placer Dome. Subsequently he undertook a number of corporate roles related to business improvement, risk management and assurance. More recently, he has been providing consulting services to a range of clients in the global exploration and mining industry.
Formerly, Tim was a founding director of Emmerson Resources (ASX: ERM) and a non-executive director of A1 Minerals Ltd (ASX: AAM).


Sarah Shipway B.Com, CA (Non Executive Director)
Sarah is a Chartered Accountant with extensive experience in advising on ASX company listings, financial reporting, corporate planning and equity and debt funding. Sarah has a Bachelor of Commerce from the Murdoch University and is a member of the Institute of Chartered Accountants.
She was appointed Non‐Executive Director on 11 June 2015 and has been Company Secretary of the Company since 22 March 2012.


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The executive directors of St George Mining - John Prineas on right, and Tim Hronsky on left
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