significant new potential in copper / gold

Significant NEW potential in Copper / Gold results

Gulf Mines Limited is pleased to announce that it has currently under development a new conceptual model for known Copper / Gold mineralization at Nowa Nowa, Victoria:

A review of previous GLM drilling [2008], that resulted in Copper mineralization occurring over significant intervals including 33.5 m averaging 1.89% Cu downhole and Gold values of 1.0 m averaging 2.41 g/t Au downhole, now
takes on major significance relative to GLMs new mineralization model

Additional geological, geochemical and geophysical data recently acquired by GLMs new geological team has
resulted in development of a significant Iron Oxide / Copper / Gold [IOCG] conceptual model warranting immediate
testing

The gross structural setting is similar to that associated with known IOCG deposits with existing ironstone bodies now appearing clustered around the margin of a major gravity low feature that could represent a buried intrusive
body

A follow‐up gravity survey was completed in February 2010 resulting in a model favouring IOCG in a mineralised
horst / graben system over the previous porphyry system concept. The original and new gravity surveys, combined
with other additional work, already completed, indicates where the hydrothermal mineralization occurs

An immediate easily drilled target in the quarry just north of Nowa Nowa village will be tested by an inexpensive
percussion drilling program

This evolving model has also predicated further work underway to intensively re-analyze previous drill data and other fieldwork from prospects in the north of the tenement