White Well Gold Project enhanced by five new gold mineralisation zones adjacent to existing resource

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1 P. (08) F. (08) E. Media Release 13 May 2009 Key points White Well Gold Project enhanced by five new gold mineralisation zones adjacent to existing resource Mutiny discovers significant increase in gold potential alongside its White Well Gold Project, Five strong gold anomalies found in RAB drilling results, Anomalous mineralization strikes on average over 650m, Strike of mineralisation same as regional trend that hosts over 1,000,000 oz of gold, Regional production over the mineralized trends in excess of 500,000 oz to date with grades up to 18 g/t gold, Resources along strike in the Tuckabianna Greenstone Belt are in excess of 400,000 Oz, Host lithology is a BIF Mafic unit which has undergone ductile shearing this differs from the White Well mineralization host, and Best intercepts include 8.18 g/t from ATK2783 and 5.88 g/t from ATK3475. Australian diversified resources and exploration company Mutiny Gold Ltd (ASX: MYG) ( Mutiny or the Company ) continues to enhance the economics of its White Well Project, located 30km east of Cue in the Tuckabianna Mineral Field in Western Australia s Murchison Goldfields, following the confirmation of five new gold mineralisation zones within the project area and adjacent to the existing resource at the White Well Gold Project. The Tuckabianna Greenstone Belt has a strong history of gold production dating back to the early 1900 s, with modern mining between 1988 and 1997 producing over 500,000oz plus additional unmined JORC resources in excess of 400,000oz. Total gold endowment for the Tuckabianna Belt is well over 1 Million Oz over a strike length of 48km. The White Well tenement covers approximately 6.5km of the belt. As previously announced on 19 January 2009 the resource at White Well is currently 113,000oz Au, however the Company believes this can be enhanced by the extensions of regional mineralising shear zones such as those uncovered in the Bounty Zone adjacent to the White Well Project. The mineralisation uncovered to date predominantly occurs in rich pods associated with dilatational zones within interbedded BIF unit and mafic host. The BIF Mafic unit makes up roughly 50% of the White Well tenement.

2 In February 2009 Mutiny released an Initial Scoping Study report for White Well, which confirmed that based on preliminary modeling and sensitivity analysis estimates net cash flows of A$22M at a gold price of A$1,300/oz; of A$34M at A$1,450/oz and of A$47M at A$1,600/oz could be achieved. Required capital for the project is likely to be approximately A$10 million. The Scoping Study also confirmed that the White Well project could commence production within 12 months. Mutiny Gold Managing Director, Mr John Greeve believes confirmation of the The Bounty Zone, discovery significantly enhances the economics of the White Well Project. The Company is progressively unlocking the wealth of its White Well Tenement, and increasing its resource base, through very diligent exploration. Whilst preparation for the Feasibility of the White Well Mine is well underway the Company understands it is extremely important that it continues with development of the resource. The current resource at the project is expected to increase in line with the aggressive exploration activities being undertaken throughout the entire area. The confirmation of these new mineralisation zones is recognition of this resource development strategy, Mr Greeve added. The existing resource at White Well is backed up by extensive metallurgical, engineering and economic studies, which once confirmed will allow the Company to move to the next segment and commence proving that portion of the tenement. The White Well portion of the Tuckabianna field which Newcrest Mining left under developed and exploration incomplete in the late 1990s, was picked up by Mutiny in mid Exploration data left by the previous owners is now providing a bonus with new mineralised zones being confirmed from earlier data for Mutiny. We are now continuing with the development of what we are confident is vast underdeveloped mineral endowment in the face of rising product demand and forecasts of a very steep climb in the gold price in the near term, said Mr Greeve. The confirmation of these new mineralisation zones is a logical progression of Mutiny s development of the tenement. When the tenement was acquired by the Company in mid 2008 Mutiny concentrated on drilling and developing the White Well Resource. With the release of the Scoping Study on this area of the tenement, Mutiny then widened its focus and undertook an open file search of all drill data associated with the White Well tenement including the Bounty Zone. The purpose of the search was to identify mineralised targets with strong gold signatures. It is not uncommon for this technical style of search to unlock considerable mineralised targets, which are then developed by campaign RC and Diamond drilling. Examination of Rotary Air Blast (RAB) drilling results along these targeted zones, with intersections of greater than 0.10g/t Au over a metre, has lead to the discovery of five strong trends in mineralisation. The maximum depth of drilling throughout these trends is approximately 72m with no deep RC drilling of the anomalous zones, leading the Company to believe that the

3 mineralisation is open at depth. A number of definitive targets have also been identified for further follow-up. Hole ID Easting Northing From To Au g/t ATK ATK ATK TUB ATK ATK ATK Table 1: White Well RAB Holes with lower cut-off at 2 g/t Au Mineralisation trends in the BIF- Mafic unit adjacent the White Well open pit are seen to occur in a north-north-easterly trend. This trend is analogous with the regional mineralisation trend, which as previously stated has produced over 500,000 Oz. The broad mineralisation zones include 0.31g/t Au from 29m in hole ATK9 and 0.32g/t Au from 29m in hole TUB280. The mineralisation associated with these holes is both open at depth and along strike. Further to the significance of the mineralisation itself is that the strike length of the ranges from 500m in the south to over 950m in the northeast with an average length of over 650m (see Figure 2). Mutiny is confident that the strong mineralisation trends shown in the data have the potential to add to the total resource package already developed at White Well. This discovery means the opportunity exists to outline deeper zones of high grade gold mineralisation both below and along strike from the anomalous drill intercepts. The data from the discovery predicts that these zones may be exploited in a bulk mining operation to work in conjunction with the White Well resources. On this basis, the exploration potential of the project is considered by Mutiny to be very significant. Victoria update Confirmation of the additional gold potential of the White Well Project will see Mutiny reassess its plans for its 100%-owned Cassilis gold project in the Alpine region of eastern Victoria and its other gold exploration tenement holdings in the region. Ends

4 For further information please contact: John Greeve David Tasker/ Allan Francis Managing Director Professional Public Relations Telephone Telephone: mgl@mutinygold.com.au allan.francis@ppr.com.au Website: Competent person statement Mr Adrian Dellar of Mutiny Gold Ltd has compiled the information within this report that relates to exploration. Mr. Dellar is a member of the Australasian Institute of Mining & Metallurgy and has sufficient experience relevant to the style of mineralisation and deposit type under consideration and the activity currently being undertaken to qualify as a Competent Person as defined in the 2004 edition of the Australiasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and consents to the inclusion of this information in the form and context in which it appears in this report.

5 Figure 1 Location of Open pits and Prospects on the Tuckabianna Greenstone Belt showing a preference for the BIF Mafic Unit.

6 Figure 2 Mineralization Trends from RAB drilling of the BIF Mafic unit within M20/54 Mutiny s White Well Tenement.