Operations

Resources

The resources defined total approximately 310,000 ounces of gold (Table 1) which occur in numerous prospects as shown in Figure 2. The sulphide component of these resources is free-milling in contrast to the refractory Wilsons deposit retained by Apex. The resources have not been re-estimated by Panoramic and were reported by Apex in its 2009 Annual Report.

Table 1: Gidgee Project Resources Summary

	Measured			Indicated			Inferred			Total
Locality	kt	g/t Au	koz	kt	g/t Au	koz	kt	g/t Au	koz	kt	g/t Au	koz
Premium – Cascade U/g(i)	0	0.0	0	68	10.8	24	62	7.7	15	131	9.3	39
Other U/g(ii)	30	10.4	9	87	10.1	28	549	7.4	130	663	7.8	167
Various Open Pits(iii)	0	0.0	0	1,048	3.1	103	0	0.0	0	1,048	3.1	103
TOTAL	30	10.4	9	1,203	4.0	155	611	7.4	145	1,844	5.2	310

 

(i) Resources estimated by Apex Minerals NL (see asx.com.au ASX:AXM) at a 4.5g/t Au lower cut off and reported in their 2009 Annual Report
(ii) Resources estimated by Legend Mining Limited (see asx.com.au ASX:LEG) at a 3 g/t Au lower cut off and reported in their 2006 Annual Report
(iii) Resources estimated by Legend Mining Limited (see asx.com.au ASX:LEG) at a 1.3 g/t Au lower cut off and reported in their 2006 Annual Report

The information in this release that relates to Exploration Results is based on information reviewed by John Hicks. Mr Hicks is a member of the Australasian Institute of Mining and Metallurgy (AusIMM) and is a full-time employee of Panoramic Resources Limited. Mr Hicks has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which each person is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Hicks consents to the inclusion in the release of the matters based on the information in the form and context in which it appears.

The information in this release that relates to Mineral Resources at Gidgee (Premium and Cascade) is based on studies commissioned and published by Apex Minerals NL which were compiled or reviewed by Mr Andrew Thompson as quoted in Apex Minerals 2009 Annual Report.

The information in this release that relates to Mineral Resources at Gidgee (excluding Premium and Cascade) is based on studies commissioned and published by Legend Mining and its consultant Dr Spero Carras, as quoted in Legend Mining’s 2006 Annual Report.

Mr Thompson is a member of and Dr Carras a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM) and have sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which each person is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Thompson was a full time employee of Apex Minerals NL in 2009 and is currently employed by Corazon Mining Limited. Dr Carras was a consultant to Legend in 2006 and currently Executive Director of Carras Mining Pty Ltd and consults to numerous mining and exploration companies. Mr Thomson and Dr Carras consent to the inclusion in the release of the matters based on the information in the form and context in which it appears.