Molaoi Drilling Update

• Diamond drilling to upgrade the Inferred Resource to Indicated Resource status continues with hole HMO-015 successfully completed and drilling of hole HMO-016 currently in progress.
• Rockfire is pleased to announce that a strong zone of mineralisation was intersected in hole HMO-015 based on portable X-Ray Florescence ("pXRF") readings of drill core.
• Individual, peak, spot pXRF readings include 47.7% Zn, 134g/t Ag and 2.6% Pb at approximately 350m depth below surface. The pXRF machine only provides a guide to the strength of mineralisation and does not detect germanium. The core is routinely analysed for germanium at the laboratory.
• Core samples from hole HMO-015 have already been sent to the laboratory for analysis.
• Analytical results from hole HMO-011 have now been received from the laboratory. This hole was drilled in the extreme south of the licence.
• Results from hole HMO-011 include 2.0m @ 5.13% Zn, 20.2g/t Ge, 27.4g/t Ag and 1.33% Pb. This interval commences at 36.10m below surface, with the highest individual assay in this interval being 1.1m @ 9.12% Zn and 30.0g/t Ge.
• Hole HMO-011 demonstrates that zinc, germanium and silver mineralisation remain strong even at the southern extremity of the licence boundary. From historical occurrences, it is expected that mineralisation continues well beyond the current licence boundary. Extensions to the Molaoi Licence can be and will be applied for at the appropriate time.

Map showing the location of drill holes at Molaoi

David Price, Chief Executive Officer of Rockfire, commented:

"Hole HMO-011 is a very successful and encouraging drill hole. It demonstrates that zinc, germanium, lead and silver all continue to the extreme southern boundary of the Molaoi licence, which is an extension we have always suspected, but never had evidence of. The 2m down-hole intercept is a nice, strong result and provides a clear target for exploration in the southern part of the licence to expand the resource."

"Hole HMO-015 was also very successful. The drillers were able to penetrate a fault which has caused problems with some of our recent holes in this area. Highly ground (milled) fault gouge which looks like sand has been a problem for drilling. In this instance, the drillers were successful in penetrating the fault and a strongly mineralised interval was encountered beneath the fault."

"With the Easter holiday season complete, we are underway with hole HMO-016 and drilling is progressing well. We will continue to update the market with our drilling progress including analytical results from the laboratory as they are received and interpreted."