HIGH-GRADE COPPER-GOLD INTERSECTED IN EARLY DRILLING AT TOTTENHAM, NSW

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1 MEDIA RELEASE Thursday, 17 February 2011 HIGH-GRADE COPPER-GOLD INTERSECTED IN EARLY DRILLING AT TOTTENHAM, NSW Second Diamond Drill Hole Intersects 2 metres at 11% copper, 2.77 g/t gold Significant high-grade copper-gold sulphide mineralisation intersected in drilling underway at Mincor s 100%-owned Tottenham Copper Project, NSW. Mincor s second drill-hole, testing an EM anomaly located down-plunge of the existing copper resource at the Carolina Prospect, intersected % copper, 2.77 g/t gold, and 9.47 g/t silver. The estimated true width is 2.00 metres. The EM anomaly at Carolina is one of eight EM anomalies identified by Mincor, none of which have previously been drilled. Encouraging results also received from selected rock chip samples from newly discovered gossans, including 17.75% copper and 2.11 g/t gold at Ace North and 13.75% copper at Carolina South. Mincor controls 30 kilometres of the strike of the prospective rock unit, in a contiguous wholly-owned tenement package totalling 686 square kilometres. The results highlight the outstanding potential of the Tottenham Copper Project, where drilling is continuing targeting high-grade VMS-style copper-gold mineralisation. Australian nickel miner Mincor Resources NL (ASX: MCR) is pleased to advise that recently commenced drilling at its 100%-owned Tottenham Copper Project in NSW has returned an outstanding massive sulphide intersection below the existing copper resource at the Carolina prospect. The spectacular intersection was returned in hole TMD2, the second of three initial holes designed to test an electromagnetic (EM) anomaly at Carolina: TMD2: % copper, 2.77 g/t gold, 9.47 g/t silver from metres down-hole (estimated true width 2.00 metres) TMD2 was drilled to intersect a consistent EM anomaly that extends down-dip from the old Carolina mine workings (see Figure 3). These workings were drilled by Mincor during 2007/08 and resulted in the estimation of a nearsurface, predominantly oxide, Indicated Mineral Resource of 1.34 million tonnes at 1.2% copper. The intersection in TMD2 is located approximately 150 metres down-dip of previous drilling. The EM anomaly suggests that the zone of mineralisation may be laterally constrained but is completely open at depth. However, down-hole EM just completed on holes TMD2 and TMD3 indicates extensive strong anomalism north of and up and down dip of the intersection in TMD2. Drill-holes TMD1 and TMD3, which have also just been completed, lie to the south of TMD2. Both holes intersected sub-grade mineralisation, but assay results have been received only for TMD1. These results show an intersection of % copper, 0.71 g/t gold and 2.3 g/t silver at what is interpreted to be the same relative stratigraphic position as the intersection in TMD2, which lies some 200 metres to the northwest. Page 1

2 Mincor s Tottenham Copper Project tenements cover an area of 686 square kilometres just north of the historic mining and farming community of Tottenham, in the geographic centre of New South Wales. Geologically, the area is dominated by a quartz-magnetite unit that has been folded into an anticline and along which numerous copper occurrences are present. Many of these have been the subject of small-scale mining in the past. In broad terms, the rocks which lie above the quartz-magnetite unit are felsic-dominated schists, probably representing alternating layers of felsic volcanism and sedimentation, now metamorphosed. The rocks below the quartz-magnetite unit are mafic-dominated schists and basalts, possibly representing the ancient sea-floor in this area. The quartz-magnetite unit itself could represent exhalative sedimentary deposits on the ancient sea-floor the classic setting for high grade volcanogenic massive sulphides (VMS). Mincor s initial work at Tottenham focused on the near-surface copper oxide potential of the exposed quartzmagnetite units. Drilling during 2007/8 outlined a total Mineral Resource estimated at 3.7 million 1.1% copper. This resource is contained in near-surface, predominantly oxide, material at the Mount Royal Deposits (Mt Royal, Chris Watson and Orange Plains) and at Carolina. After a pause during the global financial crisis, Mincor completed further work at Tottenham during 2010, including ground EM follow-up of targets generated from Mincor s earlier large-scale airborne EM survey (VTEM). The drilling program now underway is designed to test the EM targets developed from this work. Mincor controls approximately 30 kilometres of the strike of the quartz-magnetite unit. The Company s exploration target at Tottenham is high-grade copper/gold in volcanogenic massive sulphides associated with the quartzmagnetite unit. In addition to the identified near-surface copper resources, numerous other copper occurrences are present, including two recently discovered gossans, selected rock samples of which yielded the following assay results: Ace North: Carolina South: 17.75% copper, 2.11 g/t gold, 46.3 g/t silver 13.75% copper, 0.37 g/t gold, 5.6 g/t silver The Tottenham Project is remarkable for the limited scale of previous exploration work. Despite a long and honourable history of small-scale copper mining, very little previous exploration has focused on the depth potential beneath the surface mineralisation. This is especially interesting given that the rocks form part of the Girilambone Group, which hosts the Tritton and Girilambone copper mines approximately 110 kilometres to the north, and the whole area is part of the prolific Lachlan Fold Belt of NSW, which hosts a number of world-class ore bodies. Mincor s current drilling program is designed to test all of the currently known EM targets, none of which have been previously drilled. Drilling is continuing. Historical Note Copper may have been discovered in the Tottenham area as early as 1872, but was certainly being produced by Numerous small mines were worked through the 1880s and 1890s, but the production heyday was between about 1905 and The town of Tottenham was proclaimed in 1907 and the railway line reached the town in Copper production continued through to 1930 and to some small degree until as late as the 1970s. The current population of the town is just over 300, in a district of around 1000 people, many of whom are descendants of the original pioneering copper miners of the 19 th Century. Information referenced from: Unearthed The Story of Copper Mining in Tottenham and Albert, NSW, by Keith Berryman and others, published in 2005 by the Tottenham Historical Society Inc. Page 2

3 FIGURE 1: Regional location of the Tottenham Copper Project and Mincor s tenement holdings (all 100%-owned) FIGURE 2: Regional magnetic (TMI) image showing prospect and anomaly locations Page 3

4 FIGURE 3: Carolina Prospect: drill-hole locations and EM anomalies. Note that it is the location of drill-hole intersections of the quartz-magnetite unit that are plotted, not the location of the drill-hole collars. FIGURE 4: Cross section through the Carolina Prospect showing simplified geology and mineralised horizons. Section location shown in Figure 3 Page 4

5 Mincor is a leading Australian nickel producer. The Company is listed on the Australian Securities Exchange and forms part of the benchmark S&P/ASX 200 Index. Mincor operates two mining centres in the world class Kambalda Nickel District of Western Australia, and has been in successful production since ENDS - Released by: Nicholas Read Read Corporate Tel: (08) On behalf of: Mr David Moore, Managing Director Mincor Resources NL Tel: (08) Tabulation of Drill-holes Hole ID Northing Easting RL From To Interval Intersection details TMD % copper, 0.71 g/t gold and 2.3 g/t silver TMD metres (true width % copper, 2.77 g/t gold and 9.47 g/t silver TMD Assays awaited Note: All samples analysed by ALS-Chemex Laboratories in Orange, NSW using ME-ICP41 method (nitric aqua regia digestion with ICP-AES finish. Samples assaying >1% Cu are re-assayed using ME-0G46 method (HN0 3 HCl digestion, ICP-AES finish). All gold assays by AU- AA25 method (fire assay fusion, 30g charge, AAS finish). The information in this Public Report that relates to Exploration Results is based on information compiled by Mr Richard Hatfield, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Hatfield is a permanent employee of Mincor Resources NL. Mr Hatfield has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Hatfield consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Tabulation of Mineral Resources Location Inferred Indicated Total tonnes Contained metal Mt Royal 1,500, , ,370, ,078 Carolina 1,336, ,336, ,034 Total 1,500, ,206, ,707, ,850 Note: Ore tonnage figures have been rounded to the nearest 100 tonnes. s have been rounded to the first decimal point. Estimation of contained copper may not equal ore tonnes x grade due to rounding. Resources calculated to a 0.25% copper cut-off. Resource is predominantly oxide but contains some transitional/sulphide material. The information in this Public Report that relates to Mineral Resources is based on information compiled by Mr Robert Hartley, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Hartley is a permanent employee of Mincor Resources NL. Mr Hartley has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Hartley consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Page 5