8 November 2013

ASX/Media Announcement

High-Grade Gold Hits at Kalpini South, Acra Gold Project.

Pioneer Resources Limited ("Pioneer" or the "Company" (ASX: PIO)) is pleased to provide an update of its recent drilling activities.
Seven RC holes for 1,027m were recently completed at the Kalpini South Prospect and results have now been received. The new drill holes were completed to test along strike from high-grade gold drill hits announced in April this year.
Of the new drill holes, two holes (KSRC007 and KSRC010) encountered strong gold mineralisation, and have been used to interpret the strike and dip of mineralisation. Others (KSRC009 and KSRC011) encountered the right stratigraphy and anomalous, but sub-grade gold - and are interpreted as near misses to the principal gold structures.
High-grade gold intersections have now been delineated over 100 metres of strike - with mineralisation remaining open in all directions.
Results included:
• KSRC007: 11m at 3.77g/t, from 94 metres within a strong overall intersection of 15m at 2.93g/t;
and
• KSRC010: 3m at 5.44g/t from 128 metres interpreted as a gold lode intersection - and also 8m at
1.41g/t from 85m interpreted as flank mineralisation to the principal gold-bearing structure. Key points from drilling to date:
• These latest high grade hits complement earlier drill holes (KSRC004: 10m at 6.38g/t from 61m, and
KSRC005: 9m at 5.31g/t from 36m) - KSRC007 is located 50m to the southeast, and KSRC010 50m to the northwest along strike.
• A spread of high tenor gold intersections is very encouraging, especially as they occur at a range of depths, including:

o KSRC004: 5m at 12.06g/t from 61m, and 2 m at 6.66 g/t from 101m;

o KSRC005: 8 m at 5.76g/t from 36m;

o KSRC007: 6 m at 6.01 g/t from 99m; and

o KSRC010: 3 m at 5.44 g/t from 128m

• Significant intersections of gold mineralisation within fresh rock, (i.e. KSRC007: 11m at 3.77g/t from
94m) bodes well for the identification of potentially commercial tonnages of gold ore at depth.
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Significant results from the current round of drilling are included in Table 1 below:

o Drill hole coordinates GDA94: Zone 51, Collar positions determined by DGPS.

o Drilling (hole prefix KSRC) by reverse circulation face sampling hammer, then 1 metre samples split and bagged.

o 3-5kg sample preparation by pulp mill to nominal P80/75um.

o Au assays by 50g Fire Assay (Intertek analysis code FA50/SAA). 1ppb lower detection limit.

o Certified Reference Standards were inserted at regular intervals to provide assay quality checks. The standards reported within acceptable limits.

o Intersection grades reported are of 1m samples. Length weighted average grade reported.

o Intersections are "down-hole" metres. No estimate regarding true thickness is made or implied.

OUTLOOK
The next phase of drilling will comprise the following:
• Commencement of the drill-out of Kalpini South, with fences of holes, enacting a change in drilling azimuth to 210o;
• Carmelia South, where drilling will define the mineralisation orientation;
• Mountain Maid, where the first drill holes will be completed; and

• Jubilee East, where drilling will test for mineralisation continuity. ENDS
Managing Director
Pioneer Resources Limited
For further information please contact:
David Crook James Moses
Managing Director Media and Investor Relations
Pioneer Resources Limited Mandate Corporate
T: +61 8 9322 6974 M: +61 420 991 574
E: [email protected] E: [email protected]
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Project Background

In January 2013 Pioneer acquired the gold rights for the Acra Project, which is located 60 kilometres north east of Kalgoorlie, WA. The Project covers an area of 617km2.
Pioneer was attracted to the Acra Gold Project by the large tenement package, existence of widespread gold signatures including modern geochemistry and artisanal-scale gold workings; and its proximity, 60km, to the mining centre of Kalgoorlie.
The Company believes that the Project has the capacity to yield one or more gold deposits which will benefit from having the necessary mining services already established nearby.
For over 40 years explorers have focused on the nickel potential of the Acra Project, however in doing so, their work also generated an excellent gold database. By interrogating this information Pioneer has identified at least 10 gold targets that occur along a 50km section of the Emu Fault.
In acquiring the gold rights for the Project in January 2013, Pioneer became the first Company to specifically explore the project for gold with the benefit of these datasets.

The information in this report that relates to Exploration Results is based on information supplied to and compiled by Mr David Crook. Mr Crook is a full time employee of Pioneer Resources Limited and a member of The Australasian Institute of Mining and Metallurgy (member 105893). Mr Crook has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activities undertaken to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Information and interpretations in respect of geochemical data was provided by Dr Nigel Brand, geophysical data by Mr Ben Jones, and information in respect of geology was supplied by Mr Don Huntly. Mr Crook, Dr Brand, Mr Huntly and Mr Jones consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Caution Regarding Forward Looking Information

This document may contain forward looking statements concerning the projects owned by the Company. Statements concerning mining reserves and resources may also be deemed to be forward looking statements in that they involve estimates based on specific assumptions.

Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward looking statements as a result of a variety of risks, uncertainties and other factors. Forward-

looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks,

competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes.

Forward looking statements in this document are based on the Company's beliefs, opinions and estimates of the Company as of the dates the forward looking statements are made, and no obligation is assumed to update forward looking

statements if these beliefs, opinions and estimates should change or to reflect other future developments.

There can be no assurance that the Company's plans for development of its mineral properties will proceed as currently expected. There can also be no assurance that the Company will be able to confirm the presence of additional mineral deposits, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of the

Company's mineral properties. Circumstances or management's estimates or opinions could change. The reader is cautioned not to place undue reliance on forward-looking statements.

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Figure 1: Kalpini South Project Plan showing interpreted geology and drill hole intercepts.

Figure 2: Kalpini South Project: Long Section showing drill hole intercepts and potential for mineralisation down plunge of the current mineralisation.

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