Quarterly Activities Report

September 2014

ASX ANNOUNCEMENT 31 October 2014

Highlights

Hansen/Taylor Ranch Uranium Project

 Completed the fourth (of five required) quarterly sampling program from recently installed water monitoring wells, essential for the baseline environmental monitoring program, in advance of submitting applications

for mine permits

 Continued to advance other mine permitting activities

Ablation

 Continued to undertake extensive Ablation testwork, with recent work validated by independent engineer oversight; as well as by undertaking chemical analysis at an independent laboratory

 Very encouraging results continue to be returned from the 5tph Unit, with uranium recoveries of up to 93%

into the finest size fractions achieved

 Considerable progress made in discussions with multiple parties interested in deploying the 5tph Unit for field trials

Mine Permitting Activities

Hansen/Taylor Ranch Uranium Project

During the September quarter Black Range Minerals Limited (ASX:BLR; "Black Range" or the "Company") completed a fourth water sampling program to determine baseline characteristics of water from five water monitoring wells installed during October/November 2013 immediately adjacent to its Hansen Uranium Deposit in Colorado, USA. Acquisition of baseline data from these wells is essential for streamlining the mine permit application and approval process.
Water quality data must be acquired from these wells during five successive quarterly periods before applications for mine permits can be submitted. The fifth such quarterly sampling program is scheduled to be completed during the December 2014 quarter. The Company is targeting submitting mine permit applications shortly thereafter during the first half of 2015.
Additional baseline environmental data monitoring activities continued throughout the quarter, in conjunction with preparatory mine permit application work.

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Black Range Minerals Limited (ASX:BLR)

Suite 9  5 Centro Ave  Subiaco, Western Australia 6008  Tel: +61 8 9481 4920  Fax: +61 8 9226 2027 [email protected]  www.blackrangeminerals.com

Ablation Joint Venture

During the quarter the Ablation JV (Mineral Ablation, LLC), of which Black Range owns 50%, undertook further key testwork with the semi‐commercial scale Ablation Unit it has constructed in Casper, Wyoming, which has nominal capacity of 5tph ("5tph Unit"). Recent tests have predominantly been undertaken with ore from the "October stockpile" - ore that is typical of many deposits in the Colorado Plateau Province. This province encompasses the four corners region of Colorado, New Mexico, Utah and Arizona, and hosts a large proportion of the uranium resources in the USA. Multiple operational parameters have been varied during several iterative series of tests, to help establish the optimal operating parameters for different ore types.
To validate the veracity of the testwork and indeed the performance of the Ablation system as a whole, independent engineers have been overseeing recent tests. In line with this, multiple samples have been analysed by an independent laboratory, rather than undertaking such analysis in‐house.
As observed during previous testwork, uranium recoveries of up to 93% into the finest size fractions have been consistently achieved. These results reaffirm that it is highly likely that recoveries of >90% can be achieved at commercial scales.
In addition to the extensive testwork undertaken in the 5tph Unit, tests have been undertaken for several new potential clients utilising Mineral Ablation's smaller pilot plant. Extremely encouraging results have been returned from such tests, and discussions with these third parties regarding undertaking more advanced testwork continue. This continues to provide the Company confidence that Ablation can be commercialised in the near term.
During the quarter discussions were advanced with several third parties whom own uranium resources around the world and whom have expressed keen interest in deploying the 5tph Unit to their projects for advanced field trials. It is significant that that new parties have recently been expressing interest in Ablation as uranium prices improve.
While agreements to undertake such work are yet to be formalised, the Company remains extremely confident that there is a substantial market for Ablation on a commercial basis, and that a unit will be deployed to the field in the near term.

Corporate

The Company's Annual General Meeting is scheduled to be held on Friday 28 November at 11:30am (Perth time). The Notice of Meeting was circulated recently.

For further information please contact: Mike Haynes

Managing Director Phone: +61 8 9481 4920 [email protected] Competent Person's Statement

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Black Range Minerals Limited (ASX:BLR)

Suite 9  5 Centro Ave  Subiaco, Western Australia 6008  Tel: +61 8 9481 4920  Fax: +61 8 9226 2027 [email protected]  www.blackrangeminerals.com

Caution Regarding Forward Looking Statements

This announcement contains forward looking statements which involve a number of risks and uncertainties. These forward looking statements are expressed in good faith and believed to have a reasonable basis. These statements reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available information. Should one or more risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this announcement. The forward looking statements are made as at the date of this announcement and the Company disclaims any intent or obligation to update publicly such forward looking statements, whether as the result of new information, future events or results or otherwise.

Further information on Black Range can be sourced from www.blackrangeminerals.com

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Black Range Minerals Limited (ASX:BLR)

Suite 9  5 Centro Ave  Subiaco, Western Australia 6008  Tel: +61 8 9481 4920  Fax: +61 8 9226 2027 [email protected]  www.blackrangeminerals.com