Ann: Field Progress Update-GPH.AX, page-2

Nice to see some update & like it :
MC $20m with $6m in Bank. That brings EV of $14m. Will be around $40-$60m MC once the flow rate is out in next couple of months.

• First two of four planned test production bores successfully installed • Next two test production bores will be installed over coming weeks
• Production flow-test work on track to commence early November, providing key information on SOP brine flow rates from both aquifers
• Cash at bank of circa $6 million sees Goldphyre well-funded to advance development of the Lake Wells Potash Project.

Goldphyre Resources (ASX: GPH) is pleased to advise that it is making strong progress at its Lake Wells Potash Project in WA, with the first two of four planned test production bores successfully installed. The next two bores will be installed over the coming weeks, with the key production flow-tests to commence at the beginning of November 2016.

The specialist production test-pumping contractor has allowed 35 - 45 days to complete the flow-test program, which will include comprehensive step and full flow tests on each test production bore. It is important that all four bores are installed prior to the flow-test work being conducted. This will provide a strong understanding of the properties of the aquifers under a production scenario and enable an accurate hydrogeological model to be developed.

Goldphyre will then upgrade the Inferred mineral resource estimate to the Indicated category (see ASX release dated June 29, 2016).

10.5c is the first resistance to break on Daily.