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PROJECT OVERVIEW

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Mithril Resources Ltd is an Australian resources company focused on growth through the discovery and development of mineral deposits. The Company has consolidated an extensive land holding throughout Australia and is primarily focused on nickel and copper sulphide exploration on three core project areas. These are:





THE HUCKITTA PROJECT

The Huckitta Project covers over 5000sqkm and is located 160km ENE of Alice Springs where the Company has discovered over 16 new outcropping mineralised occurrences in the last two and a half years. The most significant is the Basil copper-cobalt prospect where mineralisation has been mapped at surface for over 10km of strike and drilling has intersected up to 59.1m @ 0.63%Cu, 0.07%Co from shallow depths. In addition to this Mithril has found significant nickel-copper mineral occurrences where rockchips have returned 3.8% nickel, 9.6% copper and 1.7 g/t platinum+palladium (Blackadder Prospect), gold to 21g/t and 13g/t (from the Yoda and Tibbs Prospects respectively) and intense alteration in granites consistent with there being an iron- oxide-copper-gold (IOCG) mineralising system present. Significant exploration is ongoing at Huckitta and is the company's focus at this time.



THE EAST PILBARA PROJECT

The East Pilbara Project located 130km SE of Port Hedland in WA comprises five granted exploration licences and one pending exploration licence applications that cover ~701km2 . The project tenements are well located in regards to infrastructure and are easily accessed by road and station tracks. Recent work identified new mineralisation through surface rock chip sampling. Assay results indicate anomalous values of nickel, copper, silver, gold, platinum and palladium from a number of prospects. The copper bearing sulphide chalcopyrite was observed in outcrop at the Gorge Prospect and assays returned high grade copper and anomalous nickel values. A VTEM survey completed in May 2011 has also identified high priority targets for ground follow-up which coincide with mapped nickel sulphide prospective rocktypes and the Gorge copper-nickel prospect.



THE SANDSTONE PROJECT

The Sandstone project is located 300km NW of Kalgoorlie in the WA goldfields and consists of four granted and four tenement applications. The initial field program completed early in 2011 has returned values up to 0.48% nickel and 0.22% copper in iron rich surface rockchip samples over a 30m strike. These samples are located within nickel sulphide prospective undrilled ultramafic rocktypes that Mithril geologists have mapped for over 1.6km of strike length. Ground follow-up is planned for mid 2011.

A key part of the company's growth strategy is the early identification and aggressive exploration of areas and projects that are prospective for economic mineral deposits. Core to this is an experienced board and exploration team with strong technical and project development skills.

The recently formed Musgrave Minerals Ltd (ASX:MGV) listed on the ASX on the 29th of April 2011 fully subscribed raising $20 million. Musgrave Minerals Ltd has been formed through a joint initiative by Mithril, Independence Group NL, Goldsearch Limited (PD) Australia Ltd, Integra Mining Ltd (IGR: ASX) and Argonaut Resources Ltd (ARE:ASX ) to accelerate exploration in the highly prospective Musgrave region of South Australia. Mithril holds a 7.67% interest in Musgrave Minerals Ltd.

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