Black Mountain Resources

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1 Wednesday, 1 August 2012 Black Mountain Resources Speculative Buy Price: 17 19p Target: 35p Ticker: BMZ.L Index: AIM and ASX Sector: Mining Key Data Mkt. cap: 11.7m No. of shares: 68,769,792 Website: blackmountainresources.com.au A Silver Miner with first production target Q4, 2012 Black Mountain Resources is a silver and gold focused development with a portfolio of previously producing operations, located in two of the world s most developed and proven silver and gold mining regions of Idaho and Montana, USA. The company has 70% interest in three advanced silver and gold projects New Departure Silver Mine, Conjecture Silver Mine and Tabor Gold and Silver Project. The remaining 30% is owned by Abot Mining, a local US syndicate. The historic resource (non JORC) is 14.4m oz with an average grade of>600g/t. The three projects have a history of high grade silver production and are fully permitted for recommencement. The company is on target for first production in the final quarter of Quarterly Report to 30th June was released 31 July 2012, highlights include: Research Analyst Harry Stevenson (t) +44 (0) (e) harry.stevenson@hbmarkets.com Option for exclusive mill access at Conjecture Silver Project Commencement of drilling at Conjecture and New Departure Silver Projects Preliminary mine exploration development activities commenced at Conjecture and New Departure Silver Projects underway with initial production targeted for Q Successful dual listing on AIM Summary of RNS Announcement 1st August 2012 Strategic UK Capital Raising Placing to raise over GBP1.5 million (approximately A$2.3 million) Placing provides additional funding to complete Lakeview Mill acquisition and Conjecture Silver Project development Black Mountain Resources Limited the silver focused development company with silver interests in USA, is pleased to announce a placing through XCAP Securities PLC in the UK and Australian institutions for 9,994,265 new ordinary shares at 15.5 pence per share raising GBP1,549,111 before expenses. The Placement comprises of two tranches: the First Tranche being 3,439,791 new ordinary shares and the Second Tranche being 6,554,474 new ordinary shares. The Second Tranche is subject to shareholder approval at a forthcoming General Meeting. The notice for this meeting is expected to be published shortly. It is expected that admission will become effective for the Second Tranche on or around 5 September The funds raised pursuant to the Placement will be used to complete the acquisition of the Lakeview Mill and to carry out refurbishment and equipment upgrades to increase capacity at the mill. In addition, funds will be used for the development and exploration of the Conjecture Silver Project including the surface and underground drill programs scheduled for 2012.

2 1 August 2012 Page 2 The Projects Conjecture Silver Project (Idaho) The Company appointed Coeur d Alene Mine Contracting (CDA) as the mining contractor for the Conjecture Silver Project during the quarter. CDA Mine have significant hard rock mining experience in North America, particularly in the Coeur d Alene Mining District, and will jointly manage the development of the site works and mine development program. In addition Mr Richard Morris recently joined the Black Mountain team as the Conjecture Silver Project s chief geologist. Mr Morris wrote the 1981 reserve report on the Project which previously identified blocks of high grade mineralisation at Conjecture. The property has a history of production and development of over 100 years, although no significant activity since the 1970s. The producing rocks belong to the same group which host the major ore deposits of the Coeur d Alene District some 35 miles to the east of the Conjecture mine. The Coeur d Alene District has the distinction of being the most productive silver district in North America having produced in excess of 1.2 billion ounces of silver since 1885 to the present. Subsequent to the quarter end, drilling at the Conjecture Silver Project commenced. The 10 hole diamond core drilling program of approximately 5,886ft (1,800m) will target the historic mining block where high grade silver mineralisation was delineated in the early 1980s. The program will also target the undrilled zone below the historic mining block. These areas have never been drill tested and have significant potential for mineralisation based upon historic records of mining as well as projections of known mineral resources from deeper in the mine. Summary 37 patented and unpatented mining claims over 310 hectares in Lakeview Mining District of Idaho Significant production and development history going back over 100 years no significant activity since the 1970s Historical non JORC resources calculated by Sunshine Mining in the 1970s: Proven: 326,000t 366g/t silver, 0.9g/t gold, 3% zinc and 0.5% lead* Probable: 370,000t 369g/t g silver, 1.4g/t gold, 3.3% zinc and 0.4% lead* Total Mineral Resources: 8.3Mozs silver and associated metals Historical reports and data confirm the presence of high grade, near surface ore blocks suitable for near term production Previous operators, Federal Uranium, spent US$35m driving shaft Excellent infrastructure and access Fast track development programme scheduled for Q3/Q Plans to drive an access ramp into the mine to intersect old workings at 61m enabling testing and initial mining of the historical reserve blocks Mining initial reserve block 20,000t at average 274g/t silver Additional reserve block of 17,000t at average 300g/t silver between the 61m and 122m level Initial 6 year mine life with planned production of 100t/day production planned to commence in late 2012 Negotiated terms for a milling contract with Shoshone Silver/Gold Mining Company at the nearby Lakeview Mill, located less than 4 km away fully permitted New Departure Silver Project (Montana) During to the quarter drilling at the New Departure Silver Project commenced. The 13 hole drill program initially targets an area southwest of the historic workings in a potential parallel mineralised trend identified by geophysical work conducted last year. In total, the 13 hole drill program will be approximately 3,000m.

3 1 August 2012 Page 3 In certain areas the ground conditions are too fractured at depth to continue diamond drilling and the program has been revised to incorporate all non core drilling. A reverse circulation ( RC ) rig is expected on site this week to complete the drill program. The geological data from the recovered core at the first drill hole confirms the potential mineralisation identified by previous geophysical work undertaken. This data is key to understanding the geological structure of the area. These sections of core will be assayed to determine minerals present. The Company expects to complete the RC drilling program by mid September 2012 and expects results within a few weeks. The continued improvement and widening of the Laczay Tunnel should also be complete by the mid September 2012 with a decline to follow. This decline will access the historic ore shoot approximately 50 metres below the historic workings. From the decline, other sublevels can be driven to confirm and mine remaining ore shoots that were identified in historical reserve reports. Summary First production from the exposed high grade narrow veins anticipated for Q4 2012: Production targeted from first 2 blocks located less than 60m below surface Targeting 100t/day at an average grade of 622g/t for total production of 1.4Mozs over first three years Processing of ore through toll treatment at existing nearby plants Cash costs of US$6 8/oz (including toll treatment) US$2m capital expenditure and initial exploration budget of US$0.5million Production in tandem with drilling programme to delineate a JORC resource Rehabilitation work on the Laczay Adit: Widening the initial 120 metres so it can accommodate modern diesel equipment Rock bolting and wire mesh fence installation to meet safety standards for ground support Several veins crossed in the Laczay Tunnel will be sampled and assayed 335m 15% decline to be driven from the Laczay Adit for access to the New Departure ore shoot, which produced the bulk of the high grade silver historically, 50m below the historic workings Additional sublevels to be driven to confirm and mine ore shoots identified in historical reserve reports Low capital costs to upgrade infrastructure and complete the installation of all major services Tabor gold and Silver Mine Historic production of over 2.6 billion ounces reported to date from the Virginia City District and where previous studies completed on a mine by mine and vein by vein basis. Planned development and rehabilitation includes initial mine re entry and repair and rehabilitation of existing workings and then surface exploration and drilling together with underground sampling and assays planned. 4 Veins (all average grades) St John Vein 183,000 tonnes at 8.06g/t Au and 218g/t Ag Pearl Vein 206,000t at 11.47g/t and 68.2g/t Ag Saddle Vein t at 3.1g/t Au and 31g/t Ag Nelly Vein 224,000t at 6.82g/t Au and 18.6g/t silver Board of Directors John Ryan, CEO, has extensive international mining experience and grew up in Wallace, Idaho in the heart of the world famous Coeur d'alene Mining District. Mr. Ryan completed a Bachelors Degree in Mining Engineering at the University of Idaho. During this time, he worked at the various deep mines of the District including the Consolidated Silver Mine and the Galena Mine. Mr. Ryan has founded/ cofounded a number of resource companies since the early 1990's including Royal Silver Mines, Inc., Silver Bull Resources (formerly Metalline Mining), Western Goldfields, Inc., which is now a part of New Gold with one of the prime operating assets being the Mesquite Mine and High Plains Uranium which was

4 1 August 2012 Page 4 merged into Energy Metals and ultimately into Uranium One. In 2006 Mr Ryan co founded U.S. Silver Corporation and successfully negotiated the acquisition of all of the North Idaho assets of Coeur d'alene Mines Corporation. These assets included the operating Galena Mine which been in continuous production since the acquisition and produces approximately 2,500,000 ounces of silver annually along with substantial lead and copper. Peter Landau, Executive Director, is the founding director of Okap Ventures Pty Ltd and Komodo Capital Pty Ltd, internationally focused project management, corporate advisory and venture capital firms based in West Perth, Western Australia and London. Mr. Peter Landau is a former corporate lawyer and corporate advisor and has over 15 years experience in providing general corporate, capital raising, transaction and strategic advice to numerous ASX listed and unlisted companies. Mr Peter Landau has project managed a significant number of oil and gas mining exploration and development transactions around the world including capital raisings, M&A, joint ventures and finance structures. Mr. Peter Landau is also a director of several ASX and AIM listed resource companies including Range Resources Limited, Continental Coal Limited and Black Mountain Resources Limited. Jason Brewer has 18 years international experience in mining, equity investment, corporate and project financing, capital raising, investment advising and evaluation of resource companies. He is a qualified mining engineer with operating experience in Canada, South Africa and Australia and has worked for several international investment banks and also managed Australia's largest ASX listed resources fund. He also holds a number of directorships with several public resource companies and is an executive director of Okap Ventures Pty Ltd and Komodo Capital Pty Ltd. Conclusion An opportunity to invest in a relatively New Company that has Silver and Gold Assets potential near term production: Rapidly recommence silver production at the New Departure and Conjecture silver mines in late 2012 Generate robust cash flows and operating margins Implement drilling programmes across portfolio to: Confirm existing resources; Test the extensions and depth of historical workings; and Delineate JORC resources Utilise cash generated from production to conduct extensive exploration programmes and identify additional projects to enhance portfolio A SPECULATIVE BUY with an initial 35p target price. Strengths and weaknesses Strengths Experienced Board (see above); USA politically stable and areas of known mining history; Local partners with territory experience; Near term production. Source: HB Markets Weaknesses Currency and gold and silver price risk; Exploration may not find sufficient ore to warrant extraction; Drilling may take longer to execute than planned; Production may be delayed.

5 1 August 2012 Page 5 Recommendations During the three months to end-july 2012, the number of stocks on which HB Markets has published recommendations was 149, and the recommendations were as follows: Buy - 70; Speculative Buy - 10; Hold - 51; Sell Full definitions of the recommendations used by HB Markets in its publications and their respective meanings can be found on our website here. Important Risk Warnings and Disclaimers This report is published by HB Markets plc ( HBM ). HBM is Authorised and Regulated by the Financial Services Authority and is a Member of the London Stock Exchange. This research is non-independent and is classified as a Marketing Communication under FSA rules. As such it has not been prepared in accordance with legal requirements designed to promote independence of investment research and it is not subject to the prohibition on dealing ahead of the dissemination of investment research in COBS However HB Markets has adopted internal procedures which prohibit analysts from dealing ahead of non-independent research, except for legitimate market making and fulfilling clients unsolicited orders. RELIANCE ON THIS NOTE FOR THE PURPOSE OF ENGAGING IN ANY INVESTMENT ACTIVITY MAY EXPOSE AN INDIVIDUAL TO A SIGNIFICANT RISK OF LOSING ALL OF THE FUNDS, PROPERTY OR OTHER ASSETS INVESTED OR OF INCURRING ADDITIONAL LIABILITY. By receiving this document, you will not be deemed a client or provided with the protections afforded to clients of HBM. When distributing this document, HBM is not acting for any recipient of this document and will not be responsible for providing advice to any recipient in relation to this document. Accordingly, HBM will not be responsible to any recipient for providing the protections afforded to its clients. HBM may effect transactions in shares mentioned herein and may take proprietary trading positions in those shares, and may receive remuneration for the publication of its research and for other services. HBM may be a shareholder in any of the companies mentioned in this report. Accordingly, this document may not be considered as objective or impartial. Additionally, information may be available to HBM or the Group, which is not reflected in this material. The remuneration of the author of this report is not tied to the recommendations on any shares mentioned nor to the any transactions undertaken by HBM or any affiliate company. Further information on HBM s policy regarding potential conflicts of interest in the context of investment research and HBM s policy on disclosure and conflicts in general are available on request. Please refer to This document is not an offer to buy or sell any security or currency. This document does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. The appropriateness of a particular investment or currency will depend on an investor s individual circumstances and objectives. The investments and shares referred to in this document may not be suitable for all investors. Past performance is not a guarantee of future performance. Investments may go down in value as well as up and you may not get back the full amount invested. The listing requirements for securities listed on AIM or PLUS markets are less demanding and trading in them may be less liquid than main markets. This document is based on information HBM has received from publicly available reports and industry sources. HBM may not have verified all of this information with third parties. Neither HBM nor its advisors, directors or employees can guarantee the accuracy, reasonableness or completeness of the information received from any sources consulted for this publication, and neither HBM nor its advisors, directors or employees accepts any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document (except in respect of wilful default and to the extent that any such liability cannot be excluded by the applicable law). This document is not to be relied upon and should not be used in substitution for the exercise of independent judgment. This document includes certain statements, estimates, and projections with respect to the anticipated future performance of securities listed on stock exchanges and as to the market for these shares. Such statements, estimates, and projections are based on information that we consider reliable and may reflect various assumptions made concerning anticipated economic developments, which have not been independently verified and may or may not prove correct. No representation or warranty is made as to the accuracy of such statements, estimates, and projections or as to its fitness for the purpose intended and it should not be relied upon as such. Opinions expressed are our current opinions as of the date appearing on this material only and may change without notice. Other third parties may have issued other reports that are inconsistent with, and reach different conclusions from, the information presented in this report. Those reports reflect the different assumptions, views, and analytical methods of the analysts who prepared them. This report has not been disclosed to any of the companies mentioned herein prior to its publication. The information contained in this document is confidential and is solely for use of those persons to whom it is addressed and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose. Other persons who receive this document should not rely on it. HBM, its directors, officers and employees may have positions in the securities mentioned herein. HB Markets plc 131 Finsbury Pavement, London EC2A 1NT

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