ASX / Media Release 18 November 2010 Gap Creek Mineral Resource potentially to Increase the Lennard Shelf Project NPV by a further A$28M Highlights On 16 September 2010, a new Mineral Resource of 2.52Mt @ 3.4% Zn, 6.2% Pb and 9.7g/t Ag, above a combined 3% zinc plus lead grade cutoff, was announced for the Gap Creek Prospect and classified as Inferred under the JORC Code (2004); Xstract Mining Consultants Pty Ltd have completed an assessment of the economic potential of Gap Creek, concluding that Gap Creek has the potential to deliver a A$28M increase to the Net Present Value of the Lennard Shelf Project; A review of historical drilling has indicated that with continued exploration considerable scope exists to increase the high grade (13% Pb+Zn) central core of the Mineral Resource at Gap Creek, which would further increase the value of Gap Creek to the overall Project; Utilising production from Gap Creek to augment production from the Mineral Resources located at the Emanuel Range (Kapok, Kapok West, Cadjebut Splay), will allow production from the Lennard Shelf Project to be increased to 750,000 tpa from 650,000 tpa; The room and pillar mining method should be able to be applied at Gap Creek thereby decreasing the overall mining costs for the Project; Life of Mine Capital Costs for Gap Creek have been estimated at A$45.4M.
Australian resources company Meridian Minerals Limited (Meridian or Company) (ASX: MII) announced on 16 September 2010 that Xstract Mining Consultants Pty Ltd ("Xstract") had reported in accordance with the guidelines outlined in the JORC Code (2004) an Inferred Mineral Resource at the Gap Creek Prospect, of 2.5Mt @ 3.4% Zn, 6.2% Pb and 9.7g/t Ag, above a combined 3% zinc plus lead grade cutoff (Figure 1).

Further to the definition of the Mineral Resource, Xstract have completed a high level conceptual economic evaluation of the Gap Creek Prospect and have determined that Gap Creek has the potential to add A$28M to the overall Net Present Value (NPV) of the Lennard Shelf Project (Project). Meridians Managing Director, Jeremy Read, said that the outcomes from the Gap Creek conceptual economic evaluation study suggest some greater flexibility as to how the Lennard Shelf Project can potentially be developed. "The key outcome from the Gap Creek economic study is that Gap Creek can add significant value to the overall Project and it provides some new options as to how the Project could be developed," Mr Read said. "Bringing Gap Creek into the production schedule will allow the annual production rate to be increased from 650,000 tpa to 750,000 tpa and lower the overall cost of production, given that Gap Creek should be able to be mined using the lower cost room and pillar underground mining method." "One of the exciting aspects about Gap Creek is that it has a core of higher grade mineralisation, around 13% Pb+Zn, with the potential to expand this high grade mineralisation with further drilling.

Defining more high grade tonnes at Gap Creek will further add to the value of the Mineral Resource," Mr Read said. The Gap Creek prospect is located approximately 23km northwest of the current focus of Meridians activities at the Emanuel Range.

An all weather tarmac road runs from the Emanuel Range to within 4km of the Gap Creek prospect. To download the full announcement click here: http://www.stocknessmonster.com/news-item?S=MII&E=ASX&N=515878 For further information please visit www.meridianminerals.com.au or contact: Mr Jeremy Read Managing Director Meridian Minerals Limited Tel: 07 3225 0400 Mob: 0409 484 322 Mr James Harris Professional Public Relations Tel: 08 9388 0944 Mob: 0400 296 547 Em:
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