Ann: Drilling commences at Yunt Dag , page-2

What we know so far?

Director Arnett resigns in December 2011.

The Directors Everett, Finnis and Casson (The 3 Amigos) all worked together for Solomons Gold.

The Directors Everett, Finnis and Casson all worked together for Cloncurry Metals (Pre GRM).

September 2011 capital raising of 200 million shares at 0.8 cents.

A 10 hole drilling program was planned for Aktarma (Turkey).

First assays reported to be due by mid January (still no mention of them as of 9 Feb, 2012).

Drilling program commenced 25 Nov, 2011.

Hole 1 completed by 9 Dec, 2011.
Samples despatched to ALS lab in Izmir, results expected mid January 2012 (not reported yet, 9 Feb, 2012).

Hole 2 commenced 11 Dec, 2011, and was designed to test the Highest Grade outcrop from surface sampling. Unfortunately, stopped before reaching depth, due to difficult drilling conditions (broken ground, and ground water).

Hole 3 drilled successfully.

Hole 4 and 4a.
Stopped before reaching depth, due to difficult drilling conditions (unexpected major fault zone).

Hole 5 to 8 drilled successfully to depth.

It was decided to cease the drilling program after hole 8, because of difficult drilling conditions and slow assay turnarounds.

31 Jan, 2012 - Preliminary drilling at Aktarma almost complete (8 holes for 1,050 metres), assays imminent.

Drill moved to Yunt Dag for a 3 hole preliminary drilling program.

Yunt Dag drilling commenced 8 Feb, 2012.

Yunt Dag drilling to take 6 weeks (2 weeks per hole).

After Yunt Dag drilling there will probably be a need to raise capital.

Unlike Chesser Resources, GRM are not currently listed as a member of the Turkish Gold Miners Association (as per the TGMA's web site).

http://turkishgoldminersassociation.com/mining-in-turkey/members

Competent Persons Statement on releases based on information compiled by Dr Alex Calderon, member of AusIMM who has in excess of five (5) years experience relevant to the deposits under consideration.

Next steps
1. Yunt Dag drilling.
2. Prepare and lodge bids for Ulutas tenements to the South (Turkey), in March 2012.
3. Field work at Ispir in April 2012.

Gw