Gullewa Project

Gullewa Tenements South Murchison, WA

Project Highlights:

• The project contains substantial existing resources totaling 650,000oz Au and 25,000 tonnes of copper including Measured and Indicated Resources of 230,000oz Au and 17 000 tonnes Cu
• There is significant potential through near mine exploration to increase these resources
• Infrastructure includes 300kt pa mill, camp, offices and other facilities
• One of the most prospective tenement holdings in the WA goldfields
• Significant pre-approvals, agreements and permits in place to commence mining
• The tenements contain significant Iron potential

About Gullewa

Gullewa is a mining centre located 450km north of Perth WA and 160km east of the port city of Geraldton.

The Project contains one relatively undeveloped mine (Deflector), 5 partially mined open pits, at least 5 areas of historical underground workings and numerous untested soil geochemistry, gravity and aeromagnetic anomalies.

Existing infrastructure includes a 300kt pa mill, extensive water bore fields and tailings facilities with ready capacity. The camp contains wet and dry mess and accommodation for 40 workers. The office and workshop facilities are extensive. In addition, a fully operational power station on site and haulage roads in good condition.

Deflector

Mutiny plans to focus its effort in the initial phase on the high grade Deflector Deposit with the objective of completing a feasibility study and commencing mining operations by Q4 2012.

Geological Setting

The Gullewa Greenstone Belt is contained within Mutiny’s Gullewa tenements in the Murchison Province of the Archaean Yilgarn Block. The southern end of the belt has the form of a broad east-west orientated synform comprised of a lower group of mafic and ultramafic rocks with banded iron formation units, overlain by more felsic rocks, and an upper group of conglomerates, arenites, shales, and minor basalts. Internal intrusive bodies include trachyandesite, granodiorite, and gabbro.

The major north-south Salt River Lineament runs through the eastern section of the belt. Northeast trending-trending faults and shear zones cut the belt. Both the Salt River Lineament and the northeast structures are associated with gold mineralisation (Figure 2).

Outcrop is virtually nonexistent within the project area, the basement of which is covered by thin present day sheet wash and underlying partly lateritised alluvial “Murchison Hardpan”.

Other Deposits

Inferred Resources for three minor deposits within the Gullewa Project are detailed below.

* KS / NP = King Solomon / New Phoenix
** Note: Totals may appear incorrect due to rounding

The Michelangelo resources were estimated above a 0.5g/t Au cut-off. The geostatistical estimation process was by ordinary kriging, with appropriate top-cuts. The King Solomon / New Phoenix resources were estimated above a 1.0g/t Au cut-off. The geostatistical estimation process was by inverse distance interpolation, with appropriate top-cuts. The Rock Steady resources were estimated above a 1.0g/t Au cut-off. The geostatistical estimation process was by ordinary kriging, with appropriate top-cuts.

Exploration Potential

The Project contains significant potential for the discovery of additional mineralisation and the delineation of additional resources. Mutiny has indentified 80 anomalous targets. The current focus is on the Deflector group of targets which include Spanish Galleon and Pieces of Eight where recent first-pass drilling by previous owners encountered significant mineralisation that requires follow-up drilling. The interpretation of detailed aeromagnetic data has located a number of undrilled targets that have similar structural locations to the Deflector Deposit. Away from the corridor the superficial cover has hindered previous explorers and it is likely that systematic exploration will discover new areas of mineralisation.

Iron Potential

The Company has identified a potential for hematite and magnetite ore production at Gullewa; there exists significant drill intersections at Rocksteady and Brandy Hill and the area contains extensive unexplored BIF units.

The Company is currently completing a review of the Iron potential at Gullewa.