LITHIUM MINERALISATION IDENTIFIED IN PEGMATITES AT PIONEER DOME PROJECT

Perth Western Australia, 29 April 2016: Pioneer Resources Limited ("Company" or "Pioneer") (ASX: PIO) is pleased to announce that it has discovered pegmatite-hosted lithium mineralisation at its 100%-held Pioneer Dome Project, near Norseman in Western Australia.

• Outcropping pegmatite-hosted lithium mineralisation identified in rock chip samples at the Pioneer Dome Project - confirms the presence of LCT pegmatites

• Tenements cover 13 pegmatite clusters that have been identified over a 20km strike length

• 4,000 sample soil geochemistry program underway - to be completed in May, 2016 with drilling likely in the September 2016 quarter.

The Company has identified at least thirteen clusters of pegmatites along the 20km strike length of the eastern periphery of the Pioneer Dome (see Figure 1). On-site reconnaissance by Pioneer of five of the clusters has confirmed the presence of pegmatites of the Lithium-Caesium-Tantalum (LCT) geochemical family, including pegmatites with lepidolite, a lithium mica. Based on the highly encouraging prospectivity, the Company has commenced a 4,000 sample soil geochemistry program. This is expected to be completed in May, with drilling of resultant priority targets to follow.

LITHIUM TARGETS IDENTIFIED AND EXPLORATION COMMENCES

Pioneer's Managing Director, David Crook, with lepidolite-bearing pegmatite samples at the Pioneer Dome Project.

A specimen of LCT pegmatite with fluorescent megacrystals from PEG004. (see Spodumene definition) Top: plain light

Bottom: UV light

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ABOUT THE PIONEER DOME LITHIUM PROJECT

The Pioneer Dome Project was recognised as having potential for lithium mineralisation following a review of historic exploration reports which recorded numerous pegmatite intersections in nickel or gold-focussed drilling completed since the 1960s. The prospectivity model was further enhanced by colloquial records of lepidolite, tantalite and tourmaline in prospector scale workings, which are some of the characteristic minerals of a zoned pegmatites complex.

The Company had earlier commissioned a detailed geological interpretation of the Pioneer Dome (Jones

M.G. 2005), and this has been supplemented by MERIWA granitoid mapping, (Whittaker and Cassidy, 2002). Together, these maps show at least thirteen clusters of pegmatites occurring along the eastern periphery of the Pioneer Dome (see Figure 1).

The Company has now accumulated approximately 300 km2 of tenements that cover peripheral units to the Pioneer Dome. LCT pegmatites, thought to be late stage intrusions related to, but outboard of, parent S- type granite intrusions, exhibit a characteristic zonation pattern of a range of economically important rare- element minerals such as lithium (in spodumene or lepidolite), tantalum, niobium, tourmaline and tin (see Figure 2).

PEG009

lepidolite pegmatite

PEG009 is an example of a complex LCT pegmatite. Lepidolite, a lithium mica, and tourmaline is evident in two parallel outcropping pegmatite dykes over a 200m strike length.

The Project is well located being approximately 130km south of Kalgoorlie, and 200km north of the Port of Esperance. Access is excellent with the Goldfields Highway and Esperance railway, and water and gas pipelines passing through the Project.

Figure 1. The Pioneer Dome Lithium Project tenements showing mapped pegmatites. Lithium mineralisation has been located in outcrop at PEG009.

PROJECT OUTLOOK

Pioneer's initial evaluation will consist of soil geochemistry programs, with priority orientation samples taken over targets PEG004, PEG006, PEG009 and PEG012 to provide base-line information. This will establish thresholds for lithium by chemical analysis, plus rubidium and niobium (pathfinder elements likely to be detectable using a pXRF). Concurrently, old drill holes will have pegmatite intervals re-sampled and assayed for lithium.

The proposed soil geochemistry program will see 4,000 samples taken, with initial assays expected before the end of May 2016.

With excellent year-round access to the Project, drilling can commence as targets are defined.

ABOUT PIONEER RESOURCES LIMITED

Pioneer is an active exploration company focused on key global demand-driven commodities. This includes a portfolio of strategically located gold and other commodity projects in mining regions in Western Australia, plus a portfolio of high quality lithium assets, in Canada and WA.

The Company is focused on delivering shareholder value by actively strengthening its project portfolio through acquiring, pegging and reviewing new opportunities, and targeted exploration programs to enable the discovery and commercialisation of high value mineral resources.

Lithium has been classed as a 'critical metal' meaning it has a number of important uses across various parts of the modern, globalised economy including communication, electronic, digital, mobile and battery technologies; and transportation, particularly aerospace and automotive emissions reduction. Critical metals seem likely to play an important role in the nascent green economy, particularly solar and wind power; electric vehicle and rechargeable batteries; and energy-efficient lighting.

The Mavis Lithium Project is located in south western Ontario, Canada, covering an area of 2624 hectares. Pioneer may earn an initial 51% interest in the Mavis Lithium Project through expending C$1.5 million within 3 years. Twenty pegmatites have been identified to date in outcrop within the Mavis Lithium Project properties.

Drilling by earlier explorers intersected complex spodumene-pegmatites. The most recent drilling was undertaken by International Lithium Corporation (ILC - TSX-V) during 2011 and 2012, which returned resultsincluding 6m at 2.53% Li2Ofrom 6m and 26.25m at 1.55% Li2Ofrom 152m (Fairservice Prospect) and 5.35m at 1.51% Li2O (Mavis Lake Prospect). Further drilling is scheduled for June 2016.

The Phillips River Lithium Project, in southern Western Australia, was pegged by the Company and announced to the market on 6 April 2016. Geochemistry sourced from a Geoscience Australia publication, and roadside sampling by an earlier explorer has indicated 2 standout lithium anomalies supported by modified pegmatite PEG-4 index values, and a number of other lithium anomalies which warrant further investigation.

The Donnelly Lithium Project is prospective for LCT pegmatites, and extends between 12 and 60km from the world class Greenbushes Lithium Mine, in southwest Western Australia, with tenements covering approximately 220 km2. Pioneer can elect to acquire a 90% interest in the Project. Existing geochemistry anomalies provide initial lithium targets.

The Company's commitment to other projects, including its 100%-held Acra Gold Project, and the Blair Dome and Fairwater Nickel Projects remains unchanged and it will provide details of the next phase of planned exploration initiatives in due course.

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