🕐08.04.10 - 04:02 Uhr

Mutiny unveil the Bligh prospect



Mutiny Gold Limited ASX Announcement 8 April 2010 Mutiny unveil the Bligh prospect Key Points - "BLIGH" prospect a new Mutiny discovery within the Bounty Zone, - Mutiny recently conducted Mobile Metal Ion ("MMI") geochemical testing on the lower southern Bounty Zone, within the White Well Gold Project in the Murchison region of Western Australia, - Testing was designed to identify additional gold anomalism and drill targets within the Bounty Zone, a highly prospective mineralisation zone within the prolific Tuckabianna gold belt, - Response ratios calculated from MMI program confirm the potential for additional mineralisation of the Bounty Zone, where grades to date are similar to those achieved at the Genesis and Exodus gold discoveries 5km to the south, this discovery is now named the Bligh Prospect, - With the MMI results now received Mutiny will prepare an exploration program to further test the mineralisation at the Bligh Prospect within the Bounty Zone, Australian diversified resources and exploration company, Mutiny Gold Ltd (ASX: MYG) ("Mutiny" or "the Company"), continues the development of what it believes is becoming a significant gold project in the Murchison region ofWestern Australia (see Figure 1), with recent MMI geochemical testing on the portions of the Bounty Zone confirming a new exploration discovery called "Bligh".

The Bligh prospect adds to the potential for significant mineralisation of the Bounty Zone, where grades to date are similar to those achieved by ASX listed Silver Lake Resources Limited (ASX: SLR) at the Genesis and Exodus gold discoveries 5km to the south. In December 2009, Mutiny undertook a soil program at the Bounty Zone, within the White Well Gold Project, utilising the MMI assaying technique. The purpose of this testing was to identify additional mineralisation and drill targets within the Bounty Zone, identified by Mutiny in late 2009 as having a 400,000 to 750,000 oz gold mineralisation target with grades predicted to be between 2-3 g/t. The MMI soil program consisted of 200m line spacing and 20m sample stations, totalling 190 samples.

It specifically tested three known mineralisation hosts.

Targets included previously untested extensions of granitic porphyries defined by the Bounty Zone phase one drill program and the 4km of interpreted Banded Iron Formations (BIF) that runs north-south along the eastern half of the tenement (see ASX announcement 5 November 2009), along with a series of palaeochannels, known for their near surface high grade gold expressions. MMI response ratios in the southern portion averaged over four (4) times the background results calculated from over 70 samples taken and assayed (see Figure 3).

The highest response ratio was over 17 times the background results in this area and also defined a strike length of over 500m of a greater than 7.5 response ratio anomaly called the Bligh prospect.

The sampling in the south targeted interpreted BIF horizons defined previously from Total Magnetic Intensity (TMI) interpretation.

These BIF units are a significant host to mineralisation throughout the Tuckabianna Belt, a belt that is host to over 1,000,000 oz gold in both resources and historic production. It is also significant that the strike length of the interpreted BIF units extends to the south.

The BIF units in the south appear to be an important factor in the newly discovered Genesis and Exodus prospects defined by Silver Lake Resources Ltd only 5km to the south of the White Well tenement. Grades reported from both these prospects by Silver Lake Resources Ltd included 9m @ 1.8 g/t from Genesis and 6m @ 1.70 g/t from Exodus, it is these grades that Mutiny remains confident of replicating with further testing of the anomalies. Further to the confidence in the Bounty Zone target is that the grades from Mutinys September 2009 drilling campaign are showing a strong similarity with the Genesis and Exodus results.

Mutinys results, including 10m @ 1.20 g/t gold and 7m @ 1.81 g/t which also included 1m @ 9.61 g/t and 1m @ 5.13 g/t have given Mutiny the belief that the Bounty Zone remains a strong exploration target for the company.

It is these grades from Exodus and Genesis coupled with both the grades returned from the first phase of the Bounty Zone drilling and the strong Bligh anomaly from the MMI work that re-affirm Mutinys belief in the Bounty Zone as a exploration target in the order of 400,000 to 750,000 oz gold at a grade of 2-3 g/t. With the MMI results now received, Mutiny will prepare an exploration program to further test the mineralisation within the Bligh prospect. Details of this program will be released to the market once finalised. To view the full ASX announcement use this link. http://esp.gewru.com/download/files/12414/1132253/Mutiny%20unveil%20the%20Bligh%20prospect.pdf For further information please contact: John Greeve Mutiny Gold Ltd Tel: 08 9368 2722 Email: Karen Oswald Professional Public Relations Tel: 61 8 9388 0944 Email:
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