HOLE NUM BER

EAST

MGA94 Z51

NORTH

MGA94 Z51

AHD RL (m)

FINAL DEPTH (m)

COLLAR DIP

COLLAR AZIM

FROM (m)

TO (m)

LENGTH (m)

GRADE (Au g/t)

Zoroastrian

KNC140046

335180

6642310

442

35

-60

90

21

27

6

0.50

KNC140047

335185

6642330

442

33

-60

90

6

8

2

s tope

11

15

4

2.88

KNC140048

335158

6642330

440

48

-60

90

30

46

16

2.77

KNC140049

335143

6642330

440

65

-60

90

41

55

14

0.82

incl

51

55

4

1.58

KNC140050

335145

6642410

439

90

-60

90

72

73

1

4.64

KNC140051

335180

6642430

441

60

-60

90

34

40

6

3.33

KNC140052

335160

6642430

440

85

-60

90

0

5

5

7.22

incl

0

1

1

34.2

56

64

8

2.68

KNC140053

335180

6642475

440

55

-60

90

22

24

2

1.02

KNC140054

335153

6642500

439

70

-60

90

47

55

8

3.23

64

66

2

1.12

KNC140055

335170

6642520

439

60

-60

90

30

31

1

1.55

53

54

1

3.62

KNC140056

335130

6642520

439

95

-60

90

78

85

7

6.45

KNC140057

335135

6642540

438

55

-60

90

0

1

1

1.44

28

29

1

1.01

39

42

3

0.74

49

50

1

1.06

KALGOORLIE NORTH

GOLD RESOURCES

MEASURED

INDICATED

INFERRED

TOTAL RESOURCES

Deposit

Cut-Off

(g/t Au)

Tonne s

(,000t)

Grade

(g/t Au)

Ounce s

(,000oz)

Tonne s (,000t)

Grade

(g/t Au)

Ounce s

(,000oz)

Tonne s

(,000t)

Grade (g/t

Au)

Ounce s

(,000oz)

Tonne s

(,000t)

Grade

(g/t Au)

Ounce s

(,000oz)

Excelsior

0.6

5,175

1.40

232.2

3,230

1.20

124.9

2,652

1.16

99.0

11,057

1.28

456.1

Zoroastrian (O/P)

0.6

4,338

2.38

331.6

1,344

1.91

82.5

5,682

2.27

414.0

Zoroastrian (U/G)

3.0

502

4.51

72.8

506

5.80

94.3

1,008

5.16

167.1

Zoroastrian (Total)

4,841

2.60

404.4

1,849

2.97

176.8

6,690

2.70

581.2

Satellite Resources (within 4km radius of Excelsior)

Lochinvar

0.6

448

1.74

25.1

60

1.70

3.3

508

1.74

28.4

Three Star *

0.6

92

2.26

6.7

92

2.26

6.7

Ellen Pearce *

0.6

35

1.75

2.0

35

1.75

2.0

Navan *

0.6

76

1.61

3.9

76

1.61

3.9

Jackorite

0.6

89

2.73

7.8

29

1.79

1.7

118

2.50

9.5

Castlereagh

0.6

149

1.96

9.4

9

1.48

0.4

158

1.94

9.8

Nerrin Nerrin

0.6

74

2.40

5.7

107

2.37

8.1

181

2.38

13.8

Parkerville *

0.6

97

1.90

5.9

52

1.42

2.4

149

1.73

8.3

Big Blow South

0.6

133

3.56

15.3

192

1.99

12.3

325

2.64

27.6

Big Blow North

0.6

120

1.46

5.7

120

1.46

5.7

Ophir

0.6

75

1.94

4.7

75

1.94

4.7

Vettersburg South

0.6

552

1.46

25.9

552

1.46

25.9

Total Satellite Resources

990

2.17

69.2

1398

1.71

77.0

2,388

1.90

146.2

Other Resources (greater than 4km from Excelsior)

Eldorado *

0.6

362

1.61

18.8

31

1.43

1.4

393

1.60

20.2

Leilani

0.6

52

2.33

3.9

67

1.17

2.5

119

1.68

6.4

Talbot North *

0.6

662

1.67

35.6

662

1.67

35.6

Duke South

0.6

226

1.43

10.4

226

1.43

10.4

Duke North

0.6

644

1.30

26.8

350

1.37

15.5

994

1.32

42.3

Bulletin South

0.6

645

2.00

41.5

84

1.83

5.0

730

1.98

46.5

Windanya

0.6

360

1.49

17.3

360

1.49

17.3

Grafters

0.6

261

1.75

14.7

261

1.75

14.7

Total Other Resources

1,703

1.66

91.0

2,041

1.56

102.2

3,744

1.60

193.2

TOTAL RESOURCES

5,175

1.40

232.2

10,764

1.99

689.5

7,940

1.78

455.1

23,879

1.79

1,376.7

Criteria

JORC Code explanation

Commentary

Sampling techniques

• Nature and quality of sampling (e.g. cut • The mineralization was sampled by Reverse Circulation (RC) on channels, random chips, or specific nominal 20m x 20m grid spacing. The holes were generally drilled specialised industry standard towards grid east at -60 degrees to optimally intersect the measurement tools appropriate to the mineralized zones.

minerals under investigation, such as

down hole gamma sondes, or handheld

XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

• Include reference to measures taken to • The drill hole locations were designed to allow for spatial spread of ensure sample representivity and the samples across multiple mineralized zones and different rock types. appropriate calibration of any All RC recovered samples were collected and passed through a measurement tools or systems used. cone splitter. Prior to drilling the drill hole locations were pegged using either contract surveyors or hand held GPS units. After drilling,

all drill hole locations are picked up by contract surveyors using a

RTK system. All drill holes greater than 80m drilled by EXG used in

the Ore Resource calculations were down hole surveyed by contractors using specific non-magnetic tools.

• Aspects of the determination of • All RC drilling was sampled on one metre down hole intervals. The mineralisation that are Material to the recovered samples were passed through a cone splitter and a Public Report. In cases where 'industry nominal 2.5kg - 3.5kg sample was taken to a Kalgoorlie contract standard' work has been done this would laboratory. Samples were oven dried, reduced by riffle splitting to be relatively simple (e.g. 'reverse 3kg as required and pulverized in a single stage process to 85% circulation drilling was used to obtain 1 m passing 75 µm. The sample is then prepared by standard fire assay samples from which 3 kg was pulverised techniques with a 50g charge. Approximately 200g of pulp material is to produce a 30 g charge for fire assay'). returned to Excelsior for storage and potential assay at a later date. In other cases more explanation may be Samples were oven dried, crushed to a nominal 10mm by a jaw required, such as where there is coarse crusher, reduced by riffle splitting to 3kg as required and pulverized gold that has inherent sampling in a single stage process to 85% passing 75 µm. The sample is then problems. Unusual commodities or prepared by standard fire assay techniques with a 50g charge. mineralisation types (e.g. submarine Approximately 200g of pulp material is returned to Excelsior for nodules) may warrant disclosure of storage and potential assay at a later date.

detailed information.

Drilling techniques

• Drill type (e.g. core • All assays reported in this announcement have come from RC reverse circulation, open-hole hammer, drilling using a drilling contractor. The RC drilling system employed rotary air blast, auger, Bangka, sonic, the use of a face sampling hammer and a nominal 146mm diameter etc) and details (e.g. core diameter, triple drill bit.

or standard tube, depth of Diamond tails,

face-sampling bit or other type, whether

core is oriented and if so, by what method, etc).

Drill sample recovery

• Method of recording and assessing core • All RC 1m samples are logged for drilling recovery by a visual and chip sample recoveries and results estimate and this information is recorded and stored in the drilling assessed database. At least every 10th metre is collected in a plastic bag and

these are weighed when they are utilized for the collection of field duplicate samples. The weight of the sample in the plastic bag is recorded and the total sample recovery can be calculated. All samples received by the laboratory are weighed with the data collected and stored in the database. Sample loss or gain is reviewed on an ongoing basis and feedback given to the drillers to enable the best representative sample to always be obtained.

• Measures taken to maximise sample • RC samples are visually logged for moisture content, sample recovery and ensure representative recovery and contamination. This is information is stored in the nature of the samples database. The RC drill system utilizes a face sampling hammer which is industry best practice and the contractor aims to maximize

recovery at all times. RC holes are drilled dry whenever practicable to maximize recovery of sample.

• Whether a relationship exists between • Study of sample recovery vs gold grade does not show any bias sample recovery and grade and whether towards differing sample recoveries or gold grade. The drilling sample bias may have occurred due to contractor uses standard industry drilling techniques to ensure preferential loss/gain of fine/coarse minimal loss of any size fraction. The sample recovery vs gold grade material. is assessed on an ongoing basis throughout the drilling program.

Logging

• Whether core and chip samples have • All RC samples are geologically logged. Specifically, each interval is been geologically and geotechnically visually inspected with a hand lens and the following parameters are logged to a level of detail to support recorded where observed: weathering, regolith, rock type, alteration, appropriate Mineral Resource estimation, mineralization, shearing/foliation and any other features that are mining studies and metallurgical studies. present. This information is transferred electronically from the

geologist to the database.

• Whether logging is qualitative or • Where required the logging records the abundance of specific quantitative in nature. Core (or costean, minerals or the amount of alteration (including weathering) using channel, etc) photography. defined ranges.

• The total length and percentage of the • The entire lengths of RC holes are logged on a 1m interval basis, i.e. relevant intersections logged. 100% of the drilling is logged, and where no sample is returned due to voids (or potentially lost sample) it is logged and recorded as

such.

Sub-sampling techniques and sample preparation

• If core, whether cut or sawn and whether • n/a

quarter, half or all core taken.

• If non-core, whether riffled, tube sampled, • All RC samples are put through a cone splitter and the sample is rotary split, etc and whether sampled wet collected in a unique pre-numbered calico sample bag. The moisture or dry. content of each sample is recorded in the database. The drilling method is designed to maximize sample recovery and representative

splitting of samples. The drilling methods also maximize dry samples as they are designed to keep water out of the hole when possible.

• For all sample types, the nature, quality • The sample preparation technique for all samples follows industry and appropriateness of the sample best practice, by an accredited laboratory. The techniques and preparation technique. practices are appropriate for the type and style of mineralization. The RC samples are sorted, oven dried, the entire sample is pulverized

in a one stage process to 85% passing 75 µm. The bulk pulverized

sample is then bagged and approximately 200g extracted by spatula to a numbered paper bag that is used for the 50g fire assay charge.

• Quality control procedures adopted for all • RC samples submitted to the laboratory are sorted and reconciled sub-sampling stages to maximise against the submission documents. Excelsior inserts blanks and representivity of samples. standards with blanks submitted in sample number sequence at 1 in

50 and standards submitted in sample number sequence at 1 in 20. The laboratory uses their own internal standards of 2 duplicates, 2

replicates, 2 standards, and 1 blank per 50 fire assays. The laboratory also uses barren flushes on the pulveriser.

• Measures taken to ensure that the • In the field every 10th metre from the bulk sample port on the cone sampling is representative of the in situ splitter is bagged and placed in order on the ground with other material collected, including for instance samples. This sample is then used for collection of field duplicates results for field duplicate/second-half via riffle splitting. RC field duplicate samples are collected after sampling. results are received from the original sample assay. Generally, field duplicates are only collected where the original assay result is equal

to or greater than 0.1g/t Au. The field duplicates are submitted to the laboratory for the standard assay process. The laboratory is blind to the original sample number.

• Whether sample sizes are appropriate to • The sample sizes are considered to be appropriate for the type, the grain size of the material being style, thickness and consistency of mineralization located at this sampled. project. The sample size is also appropriate for the sampling

methodology employed and the gold grade ranges returned.

Quality of assay data and laboratory tests

• The nature, quality and appropriateness • The assay method is designed to measure total gold in the sample. of the assaying and laboratory The laboratory procedures are appropriate for the testing of gold at procedures used and whether the this project given its mineralization style. The technique involves technique is considered partial or total. using a 50g sample charge with a lead flux which is decomposed in a furnace with the prill being totally digested by 2 acids (HCl and

HNO3) before measurement of the gold content by an AA machine.

• For geophysical tools, spectrometers, • Not used for reporting or interpretation of gold mineralization.

handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

• Nature of quality control procedures • The QC procedures are industry best practice. The laboratory is adopted (e.g. standards, blanks, accredited and uses its own certified reference material. The duplicates, external laboratory checks) laboratory has 2 duplicates, 2 replicates, 1 standard and 1 blank per and whether acceptable levels of 50 fire assays. At the same time Excelsior submits blanks at the rate accuracy (i.e. lack of bias) and precision of 1 in 50 samples and certified reference material standards at the have been established. rate of 1 in 20 samples in the normal run of sample submission numbers. As part of normal procedures Excelsior examines all

standards and blanks to ensure that they are within tolerances. Additionally, sample size, grind size and field duplicates are examined to ensure no bias to gold grade exists.

Verification of sampling and assaying

• The verification of significant • Consultant geologists, from Cube Consulting and John Harris intersections by either independent or Geological Services, have inspected drill core and RC chips in the alternative company personnel. field to verify the correlation of mineralized zones between assay

results and lithology/alteration/mineralization.

• The use of twinned holes. • A number of Diamond core holes were drilled throughout the deposit to twin RC holes. These twinned holes returned results comparable to the original holes and were also used to collect geological information and material for metallurgical assessment. A number of RC holes have also been drilled that confirmed results obtained from historical drillholes.

• Documentation of primary data, data • Primary data is sent digitally every 2-3 days from the field to entry procedures, data verification, data Excelsior's Database Administrator (DBA). The DBA imports the storage (physical and electronic) data into the commercially available and industry accepted protocols. DataShed database software. Assay results are merged when received electronically from the laboratory. The responsible geologist

reviews the data in the database to ensure that it is correct and has merged properly and that all data has been received and entered.

Any variations that are required are recorded permanently in the database.

• Discuss any adjustment to assay data. • No adjustments or calibrations were made to any assay data used in this report.

Location of data points

• Accuracy and quality of surveys used to • All drill holes have their collar location recorded from a hand held locate drill holes (collar and down-hole GPS unit. Holes that may be in a future resource estimate area have surveys), trenches, mine workings and their collar position picked up by licensed contract surveyors using a other locations used in Mineral Resource RTK system. Downhole surveys are completed every 30m estimation downhole.

• Specification of the grid system used • All drill holes and resource estimation use the MGA94, Zone 51 grid system.

• Quality and adequacy of topographic • The topographic data used was obtained from consultant surveyors control. and is based on a LiDAR survey flown in 2012. It is adequate for the reporting of Exploration Results and subsequent Mineral Resource

estimates.

Data spacing and distribution

• Data spacing for reporting of Exploration • The nominal drill spacing is 40m x 40m with some cross-sections in-

Results. filled to 20m across strike. This spacing includes data that has been verified from previous exploration activities on the project.

• Whether the data spacing and distribution • This report is for the reporting of exploration results. The drill is sufficient to establish the degree of spacing, spatial distribution and quality of assay results is sufficient geological and grade continuity to support the current JORC classification of material contained appropriate for the Mineral Resource and within this report and is appropriate for the nature and style of Ore Reserve estimation procedure(s) and mineralisation being reported.

classifications applied.

• Whether sample compositing has been • Compositing has not been applied to reporting of exploration results.

applied.

Orientation of data in relation to geological structure

• Whether the orientation of sampling • The majority of drilling is to grid east. The bulk of the mineralized achieves unbiased sampling of possible zones are perpendicular to the drilling direction. Structural logging of structures and the extent to which this is orientated drill core supports the drilling direction and sampling known, considering the deposit type. method.

• If the relationship between the drilling • No drilling orientation and sampling bias has been recognized at this

orientation and the orientation of key time.

mineralised structures is considered to

have introduced a sampling bias, this should be assessed and reported if material.

Sample security

• The measures taken to ensure sample • Sample security is part of Excelsior's QAQC and sampling security. procedures. RC samples are delivered directly from the field to the Kalgoorlie laboratory by Excelsior personnel on a daily basis with no

detours, the laboratory then checks the physically received samples against an Excelsior generated sample submission list and reports

back any discrepancies

• Drill core is transported daily directly from the drill site to Excelsior's secure core processing facility by Excelsior personnel with no detours. The core is then placed on racks within a secure shed and processed until it requires cutting. Core is then transported directly by Excelsior's staff to the Kalgoorlie laboratory where it is cut in half by laboratory staff and then sampled by Excelsior staff. The core is then prepared for assay in Kalgoorlie to the pulverizing stage whereupon the laboratory transports it using a contractor directly to their Perth based assay facility.

Audits or reviews

The results of any audits or reviews of • An internal review of sampling techniques and procedures was

sampling techniques and data. completed in March 2013. No external or third party audits or reviews have been completed.

Criteria

JORC Code explanation

Commentary

Mineral

tenement and land tenure status

• Type, reference name/number, location • The results reported in this Announcement are on granted Mining and ownership including agreements or Leases held by GPM Resources Pty Ltd, a wholly owned subsidiary material issues with third parties such as of Excelsior Gold Limited.

joint ventures, partnerships, overriding

royalties, native title interests, historical sites, wilderness or national park and environmental settings.

• The security of the tenure held at the time • At this time the tenements are believed to be in good standing. of reporting along with any known There are no known impediments to obtaining a license to operate, impediments to obtaining a licence to other than those set out by statutory requirements which have not operate in the area. yet been applied for.

Exploration done by other parties

• Acknowledgment and appraisal of • Exploration by other parties has been reviewed and is used as a exploration by other parties. guide to Excelsior's exploration activities. Previous parties have completed both open pit and underground mining, geophysical data

collection and interpretation, soil sampling and drilling. This report

comments on only exploration results collected by Excelsior.

Geology

• Deposit type, geological setting and style • The mineralisation in the Zoroastrian area is predominately of mineralisation. associated with a complex array of multiple dimensional and variable orientated quartz veins and stock works within the differentiated

Zoroastrian Dolerite. In places a surficial 1-2m thick calcrete/lateritic gold bearing horizon and small near surface supergene pods exist. Recent open pits, historical workings and shafts exist within this unit throughout the Company's tenements and beyond. Detailed mapping and sampling of these workings and structural measurements from orientated Diamond core drilling forms the basis of the geological interpretation.

Drill hole

Information

• A summary of all information material to • The drill holes reported in this Announcement have the following the understanding of the exploration parameters applied. All drill holes completed, including holes with no results including a tabulation of the significant gold intersections are reported in this announcement. following information for all Material drill

holes:

o easting and northing of the drill hole • Easting and northing are in MGA94 Zone 51

collar

o elevation or RL (Reduced Level - • RL is AHD

elevation above sea level in metres)

of the drill hole collar

o dip and azimuth of the hole • Dip is the inclination of the hole from the horizontal (i.e. a vertically down drilled hole from the surface is -90°). Azimuth is reported in

magnetic degrees as the direction toward which the hole is drilled. MGA94 and magnetic degrees vary by approximately 1° in this project area

o down hole length and interception • Down hole length of the hole is the distance from the surface to the depth end of the hole, as measured along the drill trace. Interception depth is the distance down the hole as measured along the drill trace.

Intersection width is the downhole distance of an intersection as measured along the drill trace

o hole length. • Hole length is the distance from the surface to the end of the hole, as

measured along the drill trace.

• If the exclusion of this information is • No results from previous exploration are the subject of this

justified on the basis that the information Announcement.

is not Material and this exclusion does

not detract from the understanding of the

report, the Competent Person should clearly explain why this is the case.

Data aggregation methods

• In reporting Exploration Results, • No high grade cuts have been applied to assay results. RC assay

weighting averaging techniques, results are distance weighted using 1m for each assay.

maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material

and should be stated.

• Intersections are reported if the interval is at least 1m wide at 1g/t Au

• Where aggregate intercepts incorporate grade. Intersections greater than 1m in downhole distance can

short lengths of high grade results and contain up to 2m of low grade or barren material.

longer lengths of low grade results, the

procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

• The assumptions used for any reporting • No metal equivalent reporting is used or applied.

of metal equivalent values should be

clearly stated.

Relationship between mineralisation widths and intercept lengths

• These relationships are particularly • The intersection width is measured down the hole trace, it is not important in the reporting of Exploration usually the true width. Cross sections in previous Announcements Results. allow the relationship between true and down hole width to be

viewed.

• If the geometry of the mineralisation with • Data collected from orientated drill core and from the open pit, respect to the drill hole angle is known, confirm that the drilling direction is optimal for the mineralized zones its nature should be reported. at Zoroastrian. The multiple mineralized zones have a northerly strike and dip steeply to the west with some minor local overturning

of lodes.

• If it is not known and only the down hole • All drill results within this announcement are downhole intervals only lengths are reported, there should be a and due to variable mineralisation and style true widths are not able clear statement to this effect (e.g. 'down to be calculated until modelling of the mineralisation.

hole length, true width not known').

Diagrams

• Appropriate maps and sections (with • A plan and cross sectional views are contained within this

scales) and tabulations of intercepts announcement

should be included for any significant

discovery being reported These should

include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

Balanced reporting

• Where comprehensive reporting of all • All drill holes completed are included in the results Table in the

Exploration Results is not practicable, Announcement.

representative reporting of both low and

high grades and/or widths should be

practiced to avoid misleading reporting of

Exploration Results.

Other substantive exploration data

• Other exploration data, if meaningful and • No other exploration data is considered meaningful and material to

material, should be reported including this announcement.

(but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples

- size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

Further work

• The nature and scale of planned further • Drilling is continuing as described in the body text.

work (e.g. tests for lateral extensions or

depth extensions or large-scale step-out • Future drilling location are highlighted in Figure 1:

drilling).

• Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.