2 June 2011 Manager Company Announcements Company Announcements Office Australian Securities Exchange Limited Level 4, 20 Bridge Street SYDNEY NSW 2000 ABN 85 003 257 556
Via Electronic Lodgement Dear Sir/Madam Golden Eagle Drill Results confirm and Extend South‐Western Zone Millennium Minerals Limited (“Millennium” or “the Company”) is pleased to report the latest assay results from 2011 RC drilling at the Company’s Nullagine Gold Project. The holes were designed to infill and step out on recent and historical RC drilling, both on strike and at depth, to locate additional Mineral Resources at Golden Eagle. The drill results confirm, and further extend, the on‐strike potential of the southwest zone to approximately 275 metres beyond the currently proposed pit design. Highlights  Significant gold intercepts include:  9 metres at 1.65 g/t Au from 55 metres;  3 metres at 4.70 g/t Au from 73 metres;  7 metres at 2.00 g/t Au from 26 metres;  15 metres at 0.89 g/t Au from 33 metres;  10 metres at 1.31 g/t Au from 20 metres;  8 metres at 1.20 g/t Au from 26 metres; 


 10 metres at 0.95 g/t Au from 8 metres. The results confirm continuity of the shallow zone of gold mineralisation for 275 metres to the southwest from the currently proposed pit design limits. It is considered likely that this zone will increase the Mineral Resource inventory at Golden Eagle. A review of the immediate surrounding area shows excellent support for further extensions, and new comparable targets. The highly anomalous Golden Eagle mineralised corridor extends over 2 kilometres south west from the current RC‐drill tested zone. A 5,100 metre infill RAB and follow up 1,500 metres RC drilling programmes are planned for this area. Importantly the Joint Venture entered into with the Creasy Group extends coverage of the mineralised corridor by several kilometres. Results also confirm continuity of mineralisation in the central proposed pit area. Ground Floor 17 Ord Street West Perth WA 6005 Australia. PO Box 117 West Perth WA 6872 Australia.
T: +61 (0) 8 9216 9011 F: +61 (0) 8 9481 0288 E: [email protected] W: www.millenniumminerals.com.au
Introducttion Millennium is pleased to announce the latest reesults from 2
2011 RC drilling at its Nu llagine Gold Project, in the East Pillbara Districtt of Western
n Australia ((Figure 1). A A total of 48
8 Phase 1 Reeverse Circulation (RC) holes were recently co
ompleted at the Goldenn Eagle depo
osit. The firsst 27 holes were reportted in ASX Release of 44 May 2011. Results have
e now been received for the last 21 h
holes (Table 1). The Phase 1 drilling prrogramme was w primarilyy designed to t infill and test along sstrike of extensions to mineralisatiion at the im
mmediate southwest m
margins of th
he current proposed p
Goolden Eagle pit design. Secondary ttargets weree central are
eas beneath the currentt proposed pit p design, w
where previo
ous drilling may not havve fully testeed higher gra
ade zones. Figure 1: N
Nullagine Project Loca
ation Plan
n Eagle gold
d deposit forms part of f the Nullagiine Gold Pro
oject, and iss located im
mmediately The Golden
adjacent to
o the propossed 1.5Mt per annum CCIL gold proccessing facility. To date, drilling hass defined a JORC reportted Measureed, Indicated
d and Inferreed Resource o
of 24.91Mt a
at 1.01 g/t foor 805,000 gold ounces at Golden EEagle (Table 2
2) within a global Mineraal Resource o
of 34.28 Mt a
at 1.13 g/t foor 1.24M gold ounces. ults Golden EEagle Resu
Final fire asssay results h
have been re
eceived from
m ALS in Perth for the lastt 21 holes coompleted du
uring Phase 1 RC drillingg at Golden Eagle in 2011. All resuults to date have been collated c
in coonjunction with w QAQC results (Cerrtified Referrence Materrial standardds, field and
d laboratory duplicates),, which dem
monstrated acceptable performancee. Pag
ge 2 of 11
Significant results include:  9 metres at 1.65 g/t Au from 55 metres (GEX102);  3 metres at 4.70 g/t Au from 73 metres (GEX092);  7 metres at 2.00 g/t Au from 26 metres (GEX100);  15 metres at 0.89 g/t Au from 33 metres (GEX095);  10 metres at 1.31 g/t Au from 20 metres (GEX092);  8 metres at 1.20 g/t Au from 26 metres (GEX105);  10 metres at 0.95 g/t Au from 8 metres (GEX094);  8 metres at 0.78 g/t Au from 24 metres (GEX099);  7 metres at 0.86 g/t Au from 8 metres (GEX094). The full table of results from the drilling is presented in Table 1. Figures 2 ‐ 4 detail collar locations, including previous drilling, and show the currently proposed pit design. South‐western Zone The results confirm the continuity and extend the robust, shallow 0.5 g/t Au ‐ 2.0 g/t Au zone of gold mineralisation that has now been delineated over 275 metres of strike (Figures 2 & 3). Once a small number of infill holes are completed on this zone in mid 2011, a new Mineral Resource estimate will be commissioned. It is anticipated that a significant proportion of this mineralisation will report to additional increases to the Golden Eagle Mineral Resource. In light of the results, a review was instigated in the immediately adjacent areas within the Golden eagle mineralised corridor for similar, modest‐grade and shallow mineralisation. The Golden Eagle mineralised corridor extends for over 2 kilometres to the south west from the current Golden Eagle proposed pit (Figure 2). This corridor, locally up to 600 metres wide, is defined by strongly anomalous rock chips, soil sampling and wide‐spaced RAB drilling traverses. The review has delineated multiple targets in the immediate vicinity of the south‐western zone in the mineralised corridor (Figure 2). Support includes highly anomalous, shallow historical RAB drilling intersections; these demonstrate excellent potential for both further on‐strike extensions, and additional parallel target zones. Examples of these historical intersections include:  12 metres at 1.00 g/t Au;  5 metres at 1.78 g/t Au;  7 metres at 1.09 g/t Au (to EOH);  4 metres at 0.83 g/t Au;  4 metres at 0.81 g/t Au. A 5,100 metre RAB drilling programme has been planned to infill between the historical RAB drilling, with the aim of providing targets for follow up RC drilling. Currently 1,500 metres RC of drilling is budgeted for the first phase of follow up. Page 3 of 11
Figure 2: G
Golden Eag
gle Deposit Drill Hole L
Layout (Plan
n)
Figure 3: S
SW Golden Eagle Insett (Plan)
Pag
ge 4 of 11
ne Central Zon
Assays conffirm continuity of minera
alisation withhin the curre
ent proposed
d pit shell, a nd may loca
ally provide increments to the propo
osed pit desiign depth. FFigure 4 show
ws the location of signifi cant results.. A number of follow up
p RC holes arre also planned for this a rea. Gold mineralisation at G
Golden Eagle
e is hosted bby bedding cconformable
e, thin quartzz stringers w
within both the weakly metamorph
hosed siltsto
one and san dstone units of the Mo
osquito Creeek Formation
n and dips between 300 degrees and 50 degreess to the nortthwest. Mineralisation re
emains openn along strike
e. Figure 4: C
Central Gold
den Eagle Inset
I
(Plan))
Backgrou
und The Nullagine Gold Project is a 1.24
4 million ounnce gold ressource contained within 7 deposit lo
ocations on granted min
ning leases ((Table 2). The largest de posit is Gold
den Eagle loccated approxximately 10 kilometres south of th
he township
p of Nullagine and conntaining 70%
% of the to
otal Minera l Resource inventory. Permitting and design work for a 1.5 1 million ttonne per an
nnum Carbon‐In‐Leach ( CIL) processsing facility ucture on the
e Golden Eaggle mining le
ease has been completedd. and associated infrastru
In May 20111, Millenniu
um announced the ordeering of longg lead items for project construction
n including camp, offices, buildingss, workshop,, stores and facilities, ass well as a 4MW 4
semi‐aautogenous (SAG) mill. These itemss define the critical path for the consstruction phase of the prroject and thhe timing of the orders will ensure the 14 montth development period iss achievable as planned.
Brian Rear Chief Execu
utive Officer ENQUIRIES:: Brian Reear Telepho
one: +61 (8) 9
9216 9011 Pag
ge 5 of 11
Table 1. Significant Golden Eagle RC Assay Results Nullagine Gold Project Golden Eagle RC Drilling Programme Significant Intercepts Hole ID GDA East GDA North RL Azm Dip Depth From To Length
(mE) (mN) (m) (deg) (deg)
(m) (m) (m) (m) GEX088 202562 7567984 416 155 ‐60 78 6 11 5 13 15 2 37 39 2 75 76 1 GEX089 202547 7567971 409 155 ‐60 54 24 28 4 GEX090 202537 7567962 418 155 ‐60 54 3 5 2 12 13 1 31 32 1 47 48 1 GEX091 202528 7567986 400 155 ‐60 78 24 27 3 53 55 2 72 77 5 GEX092 202467 7567931 405 155 ‐60 102 15 17 2 20 30 10 40 41 1 46 47 1 54 57 3 66 67 1 73 76 3 incl
73 74 1 79 82 3 87 94 7 99 102 3 GEX093 202472 7567883 415 155 ‐60 96 3 8 5 19 21 2 61 64 3 69 71 2 76 77 1 80 81 1 92 93 1 GEX094 202463 7567898 406 155 ‐60 108 8 18 10 99 103 4 GEX095 201986 7567528 422 155 ‐60 84 15 17 2 20 24 4 33 48 15 GEX096 201965 7567513 421 155 ‐60 48 27 29 2 43 48 5 GEX097 210961 7567527 421 155 ‐60 66 NSA GEX098 201948 7567502 416 155 ‐60 48 13 18 5 Au g/t 0.71 0.60 1.48 1.62 0.93 0.75 3.74 1.03 2.25 0.88 0.57 0.77 1.27 1.31 3.23 1.63 1.69 3.84 4.70 9.73 1.93 0.77 1.54 0.99 0.76 1.05 1.01 4.98 1.55 2.10 0.95 1.08 0.86 0.79 0.89 1.17 0.85 0.71 Page 6 of 11
Nullagine Gold Project Golden Eagle RC Drilling Programme Significant Intercepts Hole ID GEX099 GEX099 GEX100 GEX101 GEX102 GEX103 GEX104 GEX105 GEX106 GEX107 GEX108 GDA East (mE) 201935 202057 202080 202083 202009 201946 202095 202193 202173 202055 GDA North (mN) 7567518 7567558 7567564 7567614 7567495 7567548 7567600 7567655 7567670 7567672 RL Azm Dip Depth From To Length
(m) (deg) (deg)
(m) (m) (m) (m) 44 47 3 416 155 ‐60 78 24 31 7 75 78 3 432
0 ‐90 60 7 13 6 17 19 2 26 33 7 incl
27 28 1 46 48 2 425
0 ‐90 48 6 11 5 15 22 7 25 27 2 33 35 2 36 38 2 46 48 2 435 155 ‐70 102 42 45 3 48 50 2 55 64 9 67 71 4 438 155 ‐60 54 8 9 1 23 25 2 416 155 ‐60 102 3 5 2 20 21 1 62 65 3 98 100 2 427 155 ‐60 72 6 7 1 26 34 8 44 46 2 62 63 1 413 155 ‐80 78 10 13 3 18 20 2 30 31 1 404 155 ‐60 84 10 11 1 14 21 7 26 28 2 38 40 2 56 62 6 69 70 1 400 155 ‐55 108 38 46 8 49 50 1 53 54 1 Au g/t 0.78 0.86 0.88 0.90 0.61 2.00 6.49 2.22 0.87 0.84 0.72 0.52 0.55 0.73 0.66 0.80 1.65 0.63 3.89 0.60 1.49 3.97 0.72 1.21 1.00 1.20 1.12 1.04 1.20 0.89 1.34 1.68 0.75 0.74 0.68 0.74 1.29 0.78 1.22 1.68 Page 7 of 11
Notes: 1.
2.
3.
4.
Cut‐off grades for reported results are: minimum 2 metres at ≥0.5 g/t Au, or 1 metre ≥ 1.0 g/t Au. All holes drilled with Reverse Circulation with face sampling hammer. Easting and Northing is based on the GDA 94 datum. Nominal collar co‐ordinates are accurate to ≤5 metres (multipoint averages with handheld GPS); all RC & Core holes are subsequently picked up by licensed surveyor (accurate to ≤0.1 metres but rounded in tables). 5. Azimuths are expressed as magnetic. 6. Intervals are expressed as metres downhole. 7. Assay method is 50 g fire assay, AAS finish. Page 8 of 11
Table 2: Nullagine Gold Project Mineral Resource Estimate September 2010 Deposit
Measured
Indicated
Inferred
Total
Mt
Mt
Mt
Mt
Golden Eagle
Cutoff
Grade
g/t Au
0.5
Grade
Ounces
g/t Au
Au
14.84
1.06
5.44
0.93
4.64
0.92
24.91
1.01
805,600
Shearers
0.5
0.26
1.4
1.43
1.2
0.04
1.1
1.73
1.2
67,700
Bartons
0.5
1.33
1.47
0.85
1.48
0.37
1.7
2.55
1.51
125,000
All Nations
0.5
1.11
1.3
0.19
1.04
0.14
1.1
1.45
1.25
58,000
0.5
0.58
3.24
0.11
2.6
0.68
3.12
69,000
Golden Gate Satellites
0.5
0.33
3
0.13
3.4
0.46
3.1
45,000
Otways
0.5
1.14
0.85
0.91
0.79
2.05
0.82
54,000
Little Wonder
0.5
0.45
1.22
-
-
0.45
1.22
17,300
Totals
0.5
10.41
1.21
6.33
1.03
34.28
1.13
1,241,600
Golden
Reef)
Gate
(ABCD
Grade
g/t Au
17.54
1.11
Grade
g/t Au
Grade
g/t Au
Notes: 1 2 3 4 Figures in Table may not sum due to rounding. The Golden Eagle, Shearers, Otways, Little Wonder and Golden Gate satellite deposits namely Falcon, Harrier, Crow, G‐Reef and Condor were estimated using Ordinary Kriging methodology for grade estimation by CSA Global. The Mineral Resources at Bartons, All Nations and Golden Gate (ABCD reef) were estimated using Multiple Indicator Kriging methodology for grade estimation by Hellman and Schofield Pty Ltd. The Golden Gate and Barton deposits are the subject of a mining licence agreement whereby Millennium has the sole and exclusive right to explore and mine gold and other minerals. Millennium then is required to pay 25% of the net proceeds to the tenement owners (Livestock Marketing Pty Ltd, Duncan Thomas Young, Simba Holdings Pty Ltd and Ronald Lane Swinney) after mining and processing cost deductions. Page 9 of 11
Qualifying Statement
This release may include forward‐looking statements. These forward‐looking statements are based on Millennium’s expectations and beliefs concerning future events. Forward‐looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Millennium, which could cause actual results to differ materially from such statements. Millennium makes no undertaking to subsequently update or revise the forward‐looking statements made in this release, to reflect the circumstances or events after the date of this release. Competent Persons Statements – Exploration Results Mr Irvine Hay (MAIG), a geologist employed full‐time by Millennium Minerals Limited, compiled the technical aspects of this Report. Mr Hay is a member of the Australian Institute of Geoscientists and has sufficient experience that is relevant to this style of mineralization and type of deposit under consideration and to the activity that is being reported on to qualify as a Competent Person as defined in the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Hay consents to the inclusion in the report of the matters in the form and context in which it appears. Competent Persons Statements – Mineral Resources The information in this Report, which relates to the Golden Eagle Mineral Resource estimate accurately reflect information prepared by competent persons (as defined by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves). The Golden Eagle deposit Mineral Resource estimate has been compiled and prepared by Dr Bielin Shi, (MAusIMM) of CSA Global Pty. Ltd. who is a Competent Person as defined by the Australasian Code for the reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2004 Edition and who consents to the inclusion in this report of the matters based on the information in the form and context in which it appears. The information in this Report, which relates to the Shearers Mineral Resource estimate accurately reflect information prepared by competent persons (as defined by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves). The Shearers deposit Mineral Resource estimate has been compiled and prepared by Mr. David Williams (MAusIMM, MAIG) of CSA Global Pty. Ltd. who is a Competent Person as defined by the Australasian Code for the reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2004 Edition and who consents to the inclusion in this report of the matters based on the information in the form and context in which it appears. The information in this Report, which relates to the Otways Mineral Resource estimate accurately reflect information prepared by competent persons (as defined by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves). The Otways deposit Mineral Resource estimate has been compiled and prepared by Mr. Shane Fieldgate (MAusIMM, MAIG) of CSA Global Pty. Ltd. who is a Competent Person as defined by the Australasian Code for the reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2004 Edition and who consents to the inclusion in this report of the matters based on the information in the form and context in which it appears. The information in this Report, which relates to the Little Wonder and Golden Gate Satellite Mineral Resource estimates accurately reflects information prepared by competent persons (as defined by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves). The Little Wonder and Golden Gate satellite deposits Mineral Resource estimate has been compiled and prepared by Steven Hodgson, (MAIG) of CSA Global Pty. Ltd. who is a Competent Person as defined by Page 10 of 11
the Australasian Code for the reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2004 Edition and who consents to the inclusion in this report of the matters based on the information in the form and context in which it appears. The information in this Report, which relates to the Bartons, All Nations and Golden Gate ABCD reef Mineral Resource estimates accurately reflects information prepared by competent persons (as defined by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves). The reported Mineral Resource as it relates to Bartons, All Nations, and Golden Gate ABCD reef has been compiled by Mr Nic Johnson. Mr Johnson is a Member of the Australian Institute of Geoscientists and an employee of Hellman & Schofield Pty Ltd. He has sufficient experience, relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking, to qualify as a Competent Person as defined in the ‘Australasian Code for Reporting of Mineral Resources and Ore Reserves’ of December 2004 (“JORC Code”) as prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists and the Minerals Council of Australia. The Competent Persons listed consent to the inclusion in the report of the matters based on their information in the form and context in which it appears. Page 11 of 11