The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced May 23, 2012:

Number of shares:  22,641,510 shares

Purchase price:  53 cents per share

Warrants:  11,320,755 share purchase warrants to purchase 11,320,755 shares

Warrant exercise price:  75 cents for a three-year period

Number of placees:  four placees

Insiders:  Resource Capital Fund V LP 11,320,755, Pacific Road Holdings NV 9,072,453

Finders' fees:  $210,000 cash payable to Pacific Road Capital Management Pty. Limited; RCF Management LLC will receive 396,227 shares and 198,113 warrants, which will have the same terms as the private placement warrants