South Yunndaga Prospect (Golden State 87.5%)

The prospect is immediately along strike from the Lady Shenton and Yunndaga mines, which have produced over 750,000 ounces of gold. Golden State Resources, in joint venture with Dalrymple Resources NL, controls 4.5 km of the inferred strike extension of the mineralised shear zone that hosts Lady Shenton and Yunndaga.

The prospect has good potential for the location of repetitions of the Yunndaga mineralisation.

Drilling to date has defined a 600 metre long envelope of low grade gold bedrock mineralisation open to the south.

Merrey Well South (Golden State 100%)

A series of strong gold soil anomalies (maximum 900 ppb) occur at intervals over several hundred metres of strike of a gossan representing alteration along a shallow southwest dipping dolerite-felsic volcanic contact. Previous wide spaced RAB drilling intersected gold anomalism in a number of holes.

Recent drilling is limited in scope but intersected higher grades of mineralisation. Best results were in hole 99MWR463 intersecting 4m @ 2.05 g/t gold from 28m and 8m @ 0.43 g/t from 32m.