Molaoi Drilling Update

• Diamond drilling to upgrade the Inferred Resource to Indicated status continues smoothly with the completion of hole HMO-013 at 220.40m. Drilling of hole HMO-014 has commenced.
• The following quoted readings are from a portable X-ray Florescence ("pXRF") machine and do not represent precise geochemical analyses. Geochemical analysis of all anomalous pXRF recordings will be analysed at ALS Laboratories for definitive geochemical content. In all previous drill holes, Rockfire has found good correlation between pXRF readings and actual geochemical analytical results.
• In hole HMO-013, at 140m depth, 39.9% Zn is registering with pXRF, along with 11.6% Zn at 144.26m depth.
• At a depth of 50m, an individual pXRF reading registered 22.0% Zn, whilst at 53.8m depth, the pXRF reading is 9.0% Zn.
• A new development is that copper is starting to become more apparent. Individual pXRF readings of 0.53% Cu, 0.67% Cu, 0.53% Cu, and 0.88% Cu are registering at 68m, 83m, 125m and 144m depth respectively. pXRF readings have returned a peak copper value of 1.03% Cu at 201m depth.
• It is known from metallurgical tests that copper up to 2% reports to a copper/lead/silver concentrate. The highest individual copper grade in historical drilling at Molaoi is a single sample of 2.67% Cu, with the next highest historical assay being 0.58% Cu. Copper results being returned from recent Rockfire drilling are beginning to surpass many of the historical high copper values.
• At a depth of 48.10m, an individual spot pXRF sample recorded a reading of 252ppm Ag. The same reading returned 6.7% Zn and 10.6% Pb. This reading is amongst the highest silver readings achieved at Molaoi. The highest silver analysis recorded at Molaoi is 480ppm Ag in historical hole BG008, with the second highest reading being 286ppm Ag in historical hole AN011.
• Barium has again returned strongly anomalous readings of 19.3% Ba and 17.0% Ba at depths of 52m and 106m respectively. Barium is of interest as this mineral is often associated with low-sulphidation silver/gold epithermal mineralisation. The upper interval at 52m is associated with 39.0ppm Ag from pXRF readings. This interval will be analysed for gold as well.
• The pXRF equipment does not measure germanium values, but germanium will be analysed at the laboratory.
• Assay results from hole HMO-011 are awaited and core from hole HMO-012 has been sent to the laboratory.
• In the absence of a satisfactory timeline for the delivery of a second drilling rig, Rockfire has obtained an initial quote from Athens to acquire its own modern and well-equipped drilling rig. Rockfire has access to highly experienced drillers who could operate the rig and train local drillers on behalf of the Company. The board is considering this alternative, and the market will be updated accordingly.

Drill hole location map within the Molaoi Licence.

David Price, Chief Executive Officer of Rockfire, commented:

"Recent drilling (holes HMO-011 to HMO-013) has returned comparatively narrow intervals of mineralisation however, it is important to understand that they are being drilled well to the west and south of most previous drill holes, as shown in the location map above. These holes represent extension drill holes, and we are excited to still be intersecting very high grades of zinc to the west of most of the previous drilling."

"The increase in copper is of interest, particularly with the price of copper still above USD$12,900/tonne. These drill holes are at the southern end of the resource and may represent a different mineralising event. The anomalous barium being encountered in these southern holes may suggest a possible zonation in mineralisation to a more silver/copper/gold zone."

"The high grades of silver and copper being recorded from hole HMO-013 are very pleasing and simply add to the overall economics if these strong intervals can be monetised into production by-product credits in the future. To be achieving pXRF readings of this magnitude is exciting - particularly as these values are amongst the highest values recorded at Molaoi."

"We will continue to update the market with our drilling progress including analytical results from the laboratory as they are received."