Highlights

Arizona Project, USA

• Gold-copper exploration project located approximately 250km south-southeast of Las Vegas, Nevada and 200km west of Phoenix, Arizona
• 9km2 tenure comprised of “walk up” drill targets with potential to define a near-surface, open-pittable oxide gold-copper resource
• Reverse circulation (RC) drilling is planned for September 2014
• Carnavale has entered into an Option Agreement and will have the right to earn 100% (subject to third party royalty) in the Arizona Project following its acquisition of Tojo Minerals. Carnavale has the sole right to elect to acquire all shares in Tojo, up to 28 February 2015.

Nevada Project, USA

• Located approximately 400km north of Las Vegas, Nevada
• Highly prospective for large “multi-million ounce” Carlin-style gold-silver mineralisation
• Approximately 10km2 and located along an under-explored portion of the Carlin Trend
• The project has shown encouraging gold and silver results in rock-chip sampling over at least 2km of prospective stratigraphy
• A programme of mapping, geochemical sampling and geophysical surveys is underway and expected to be completed during August 2014, with results expected by September
• Carnavale has entered into an Option Agreement and will have the right to earn 75% interest in the Nevada Project following its acquisition of Tojo Minerals. Carnavale has the sole right to elect to acquire all shares in Tojo, up to 28 February 2015.

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