Update on Merger with Polymetals - Notice of Meeting

BDO CORPORATE FINANCE (WA) PTY LTD
Polymetals Mining Limited and Southern Cross Goldfields Limited
Technical Specialist's Report
3 POLYMETALS MINING LIMITED
3.1 Mt Boppy Gold Project
3.1.1 Introduction
The Mt Boppy Gold Mine Project (Mt Boppy) is located in the Lachlan Fold Belt centred around Canbelego,
located 46 km east of Cobar in New South Wales (Figure 3.1). The region has produced in excess of 5 Moz
of gold.
Figure 3.1
Mt Boppy Project Location
Note: MLA281 is now ML1681
Mt Boppy itself has historical production of 490 koz gold in the period since 1901. Polymetals acquired the
mine in 1993 and operated an open pit and processing operation on the site between 2002 and 2005. A total
of 500 kt of ore was treated through the existing treatment plant. The plant has been on care and
maintenance since 2005.
Polymetals has identified additional Mineral Resources around and below the existing open pit and has
developed a plan to mine a cutback on the open pit. The ore which is predominantly fresh will be treated in
the existing treatment plant following an upgrade to the flowsheet.
AMC conducted a site visit to Mt Boppy in April 2013.
A formal feasibility document has not yet been developed for the Mt Boppy project. AMC understands that
the majority of the design and analytical work required has been completed, however, the lack of
documentation adds a level of risk to the project with possible consequential approvals and financing delays.
The mine and plant are located on mining leases and gold leases that are surrounded by exploration licence
EL 5852 also held by Polymetals. The deposit was discovered in 1896 and mined by underground methods
up to 1923. Exploration was conducted up to the 1960s and exploration drilling by Polymetals since 2003
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