Excelsior Gold : Zoroastrian Drilling Extends High Grade Gold Mineralisation

2 April 2014
ASX Market Announcements
ASX Limited
Exchange Centre ASX Code: EXG
20 Bridge Street
Sydney NSW 2000

Zoroastrian Drilling Extends High Grade Gold Mineralisation

 Results from two drill holes at Zoroastrian South to expand gold resources potentially amenable to underground mining include:

7 metres @ 27.2g/t Au from 92 metres including 1 metre @ 169g/t Au from 92 metres (KNC140001) within Blueys lode. 1 metre @ 4.78g/t Au from 211 metres (KNC140001) Dalby and Beckett Flats 1 metre @ 6.83g/t Au from 168 metres (KNC140002) Dalby and Beckett Flats 5 metre @ 2.30g/t Au from 174 metres (KNC140002) Dalby and Beckett Flats

 Gold mineralised zones remain open down dip/plunge and along strike.

Excelsior Gold Limited (the "Company") is pleased to advise that results from the Company's recently completed drilling program at the Kalgoorlie North Gold Project continue to confirm and extend the known mineralised structures within the large Zoroastrian multi-vein gold system.
Indicated and Inferred gold resources within the 1.4 kilometres long system defined to date at
Zoroastrian total:

6.69 million tonnes @ 2.70g/t Au for 581,200ozs (at 0.6g/t and 3.0g/t Au cut-offs).

Probable Ore Reserves within the current open pit and underground mining plan total (refer ASX

announcement 4 March 2014):

3.017million tonnes @ 2.82g/t Au for 273,300ozs

The recent reverse circulation ("RC") drilling completed on 24th March was design to infill Inferred gold resources in an interpreted zone of flat lying mineralisation ("Dalby and Beckett Flats" structure). Previous drilling in this area on the southern end of the currently defined mineralised system had returned significant gold intercepts including 1 metre @ 53.8g/t Au from 179 metres and 14 metres @ 4.3g/t Au from 197 metres (KNC120268) and 10 metres @
8.10g/t Au from 222 metres (KNC130045) (ASX announcements 20/12/2012 and 04/06/2013.
Broad spaced drilling on a nominal 80 metre by 40 metre pattern, has defined a JORC 2012
Inferred resource containing 316,850 tonnes @ 6.38g/t Au for 65,000 ounces (at a 3.0g/t Au lower

1

cut) which sits outside of the Company's recently completed Pre-Feasibility Study Ore Reserves (ASX announcements 4 March 2014). This interpreted position of the Dalby and Beckett Flats mineralisation is only 30 metres to the west of the current proposed decline for the Zoroastrian South Underground. The structure represents an excellent target for significant expansion of the proposed underground Ore Reserves at a very low cost.

Two reverse circulation drill holes for 452 metres of drilling were sited north and south of the above intercepts in holes KNC120268 and KNC130045 (6642070mN) to help confirm the geological interpretation.
Hole KNC140001 was drilled on 6642100mN targeting two zones intersected within a previously drilled RC hole KNC13008 (ASX announcements 7 February 2012):
1) 40 metres along strike from 16 metres @ 13.9g/t Au from 78 metres (Blueys Lode) and
2) 40 metres down dip from an intercept of 15 metres @ 1.67g/t Au from 196 metres (Dalby and Beckett Flats)
Results returned included

 7 metres @ 27.2g/t Au from 92 metres including 1 metre @ 169g/t Au from 92 metres within Blueys lode.

 1 metre @ 2.15g/t Au from 194 metres Dalby and Beckett Flats

 1 metre @ 4.78g/t Au from 211 metres Dalby and Beckett Flats

 2 metres @ 1.21g/t Au from 219 metres Dalby and Beckett Flats

The very high grade intercept within the Blueys Lode position confirms the moderate northerly plunge of the gold mineralisation. The drill intercepts within the Dalby and Beckett Flat structural zone, while intersected where predicted, were related to a broad 10 metre wide zone of milder carbonate and arsenopyrite alteration, and subsequently lower gold tenor, than seen in previous broad spaced drilling.
Hole KNC140002 was drilled 85 metres to the south of KNC140001 on 6642015mN, and returned encouraging results confirming the style and probable primary orientation of the gold mineralisation within the Dalby and Beckett Flats.

 1 metre @ 6.83g/t Au from 168 metres

 5 metre @ 2.30g/t Au from 174 metres

Further drilling infill and extensional drilling is warranted to better define the structural controls on the high gold grades within the Dalby and Beckett Flats structure.
For further information visit www.excelsiorgold.com.auor contact

Excelsior Gold Limited

David Hamlyn David Potter
Managing Director Technical Director
T: + 61 8 9335 7770 T: + 61 8 9335 7770
E: [e-mail]: [e-mail]

2

Figure 1. Zoroastrian Drilling Results and Structura/ Mode/- Pian View

(showing go/d mineralised wireframes, historical drili result and, new drilling results in red)

3

Figure 2. Schematic Southern Underground Mine Section centred on 6642100mN (showing PFS underground and open pit designs, JORC 2012 block model resource category within gold mineralisation wireframes and RC drilling pierce points in red)

HOLE NUMBER	EAST MGA94 Z51	NORTH MGA94 Z51	AHD RL (m)	RC DEPTH (m)	FINAL DEPTH (m)	COLLAR DIP	COLLAR AZIM	FROM (m)	TO (m)	LENGTH (m)	GRADE (Au g/t)
KNC140001	335230	6642100	430.3	247	247	-58	90	92	99	7	27.2
							inc	92	93	1	169
								194	195	1	2.15
								211	221	10	0.78

Table 1: Zoroastrian Drill Hole Summary (2 April 2014)

All assay results based on SGS Kalgoorlie 50g fire assay charge with an atomic absorption analysis

4

KALGOORLIE NORTH

GOLD RESOURCES MEASURED INDICATED INFERRED TOTAL RESOURCES

Deposit	Cut-Off (g/t Au)	Tonnes (,000t)	Grade (g/t Au)	Ounces (,000oz)	Tonnes (,000t)	Grade (g/t Au)	Ounces (,000oz)	Tonnes (,000t)	Grade (g/t Au)	Ounces (,000oz)	Tonnes (,000t)	Grade (g/t Au)	Ounces (,000oz)
Excelsior	0.6	5,175	1.40	232.2	3,230	1.20	124.9	2,652	1.16	99.0	11,057	1.28	456.1
Zoroastrian (O/P)	0.6				4,338	2.38	331.6	1,344	1.91	82.5	5,682	2.27	414.0
Zoroastrian (U/G)	3.0				502	4.51	72.8	506	5.80	94.3	1,008	5.16	167.1
Zoroastrian (Total)					4,841	2.60	404.4	1,849	2.97	176.8	6,690	2.70	581.2
Satellite Resources (within 4km radius of Excelsior)
Lochinvar	0.6	448	1.74	25.1	60	1.70	3.3	508	1.74	28.4
Three Star *	0.6				92	2.26	6.7	92	2.26	6.7
Ellen Pearce *	0.6				35	1.75	2.0	35	1.75	2.0
Navan *	0.6				76	1.61	3.9	76	1.61	3.9
Jackorite	0.6	89	2.73	7.8	29	1.79	1.7	118	2.50	9.5
Castlereagh	0.6	149	1.96	9.4	9	1.48	0.4	158	1.94	9.8
Nerrin Nerrin	0.6	74	2.40	5.7	107	2.37	8.1	181	2.38	13.8
Parkerville *	0.6	97	1.90	5.9	52	1.42	2.4	149	1.73	8.3
Big Blow South	0.6	133	3.56	15.3	192	1.99	12.3	325	2.64	27.6
Big Blow North	0.6				120	1.46	5.7	120	1.46	5.7
Total Satellite	Resources	990	2.17	69.2	771	1.87	46.4	1,762	2.04	115.6
Other Resource	s (greater than 4km from Excelsior)
Eldorado	0.6	362	1.61	18.8	31	1.43	1.4	393	1.60	20.2
Leilani	0.6	52	2.33	3.9	67	1.17	2.5	119	1.68	6.4
Talbot North *	0.6				662	1.67	35.6	662	1.67	35.6
Duke South	0.6				226	1.43	10.4	226	1.43	10.4
Duke North	0.6	644	1.30	26.8	350	1.37	15.5	994	1.32	42.3
Bulletin South	0.6	291	2.10	19.6	230	2.37	17.6	522	2.22	37.2
Windanya	0.6				360	1.49	17.3	360	1.49	17.3
Ophir	0.6				75	1.94	4.7	75	1.94	4.7
Vettersburg So	uth 0.6				552	1.46	25.9	552	1.46	25.9
Grafters	0.6				261	1.75	14.7	261	1.75	14.7
Total Other Res	ources	1,349	1.59	69.1	2,813	1.61	145.4	4,163	1.60	214.5
TOTAL RES	OURCES 5,175 1.40 232.2	10,410	1.99	667.6	8,086	1.80	467.7	23,671	1.80	1,367.5

Table 2: Kalgoorlie North Project Resource Inventory (April 2014)

* This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the

JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

Competent Person Statements- Exploration Results and Mineral Resources:

Information in this announcement that relates to Mineral Resource and exploration results is based on information compiled by Mr. David Potter who is the Technical Director of Excelsior Gold Limited. Mr. Potter is a Member of The Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking, to qualify as Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Potter consents to the inclusion in the document of the information in the form and context in which it appears.

Competent Persons Statements - Ore Reserves

The information in this announcement which relates to Ore Reserve estimates accurately reflects information prepared by competent persons (as defined by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves). The information in this public statement that relates to the Ore Reserves at the Excelsior Gold Kalgoorlie North Gold Project is based on information resulting from Pre-Feasibility works carried out by Auralia Mining Consulting. Both Mr. Daniel Tuffin (Open Pits) and Mr Anthony Keers (Underground Workings) completed the Ore Reserve estimate. Mr Daniel Tuffin and Mr Anthony Keers are Members and Chartered Professionals (Mining) of the Australasian Institute of Mining and Metallurgy and have sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that they are undertaking to qualify them as Competent Persons as defined in accordance with the Australasian Joint Ore Reserves Committee (JORC).

5

JORC Code, 2012 Edition - Table 1 - ZOROASTRIAN Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.) Information for historical (Pre Excelsior Gold from 1983 to 2008) drilling, sampling, mining and milling of the Zoroastrian deposit has been extensively viewed and validated where possible. Information pertaining to historical QAQC procedures and data is incomplete but of a sufficient quality and detail to allow drilling and assay data to be used for resource estimations. Further, Excelsior Gold has undertaken extensive infill and confirmation drilling which confirm historical drill results. Sections 1 and

2 describe the work undertaken by Excelsior and only refer to historical information where appropriate and/or

available.

Criteria	JORC Code explanation	Commentary
Sampling techniques	 Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.  Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.  Aspects of the determination of mineralisation that are Material to the Public Report. In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	 The mineralization was sampled by Reverse Circulation (RC) and Diamond Core (DC) drilling on nominal 40m x 20m grid spacing. The holes were generally drilled towards grid east at varying angles to optimally intersect the mineralized zones.  The drill hole locations were designed to allow for spatial spread of samples across multiple mineralized zones and different rock types. All RC recovered samples were collected and passed through a cone splitter. Diamond core samples were collected into core trays and transferred to Excelsior's Kalgoorlie based core processing facility for logging and sampling. Prior to drilling the drill hole locations were pegged using either contract surveyors or hand held GPS units. After drilling, all drill hole locations are picked up by contract surveyors using a RTK system. All drill holes greater than 80m drilled by EXG used in the Ore Resource calculations were down hole surveyed by contractors using specific non-magnetic tools.  All RC drilling was sampled on one metre down hole intervals. The recovered samples were passed through a cone splitter and a nominal 2.5kg - 3.5kg sample was taken to a Kalgoorlie contract laboratory. Samples were oven dried, reduced by riffle splitting to 3kg as required and pulverized in a single stage process to 85% passing 75 µm. The sample is then prepared by standard fire assay techniques with a 50g charge. Approximately 200g of pulp material is returned to Excelsior for storage and potential assay at a later date. The DC samples are collected at nominated intervals by Excelsior staff from core that has been cut in half at a Kalgoorlie based laboratory. Samples were oven dried, crushed to a nominal 10mm by a jaw crusher, reduced by riffle splitting to 3kg as required and pulverized in a single stage process to 85% passing 75 µm. The sample is then prepared by standard fire assay techniques with a 50g charge. Approximately 200g of pulp material is returned to Excelsior for storage and potential assay at a later date.
Drilling techniques	 Drill type (e.g. core reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	 All assays reported in this announcement have come from either RC or DC drilling using a drilling contractor. The RC drilling system employed the use of a face sampling hammer and a nominal 146mm diameter drill bit. The DC drilling is NQ2 size cor e (nominal 50.6mm core diameter) or HQ (nominal 63.5mm core diameter). All drill core is orientated by the drilling contractor with a down the hole Ace system. Core diameter is noted in the assay results table for DC assay results.
Drill sample recovery	 Method of recording and assessing core and chip sample recoveries and results assessed	 All RC 1m samples are logged for drilling recovery by a visual estimate and this information is recorded and stored in the drilling database. At least every 10th metre is collected in a plastic bag and these are weighed when they are utilized for the collection of field duplicate samples. The weight of the sample in the plastic bag is recorded and the total sample recovery can be calculated. All samples received by the laboratory are weighed with the data collected and stored in the database. The DC samples are orientated, length measured and compared to core blocks placed in the tray by the drillers, any core loss or other variance from that expected from the core blocks is logged and recorded in the database. Sample loss or gain is reviewed on an ongoing basis and

6

	feedback given to the drillers to enable the best representative sample to always be obtained.  RC samples are visually logged for moisture content, sample  Measures taken to maximise sample recovery and contamination. This is information is stored in the recovery and ensure representative database. The RC drill system utilizes a face sampling hammer nature of the samples which is industry best practice and the contractor aims to maximize recovery at all times. RC holes are drilled dry whenever practicable to maximize recovery of sample. The DC drillers use a core barrel and wire line unit to recover the core, they aim to recover all core at all times and adjust their drilling methods and rates to minimise core loss, i.e. different techniques for broken ground to ensure as little core as possible is washed away with drill cuttings.  Study of sample recovery vs gold grade does not show any bias  Whether a relationship exists between towards differing sample recoveries or gold grade. The drilling sample recovery and grade and whether contractor uses standard industry drilling techniques to ensure sample bias may have occurred due to minimal loss of any size fraction. The sample recovery vs gold grade preferential loss/gain of fine/coarse is assessed on an ongoing basis throughout the drilling program. material.
Logging	 Whether core and chip samples have  All RC samples are geologically logged. Specifically, each interval is been geologically and geotechnically visually inspected with a hand lens and the following parameters are logged to a level of detail to support recorded where observed: weathering, regolith, rock type, alteration, appropriate Mineral Resource estimation, mineralization, shearing/foliation and any other features that are mining studies and metallurgical studies. present. All DC is logged for core loss, marked into metre intervals, orientated, structurally logged, geotechnically logged and logged with a hand lens with the following parameters recorded where observed: weathering, regolith, rock type, alteration, mineralization, shearing/foliation and any other features that are present. This information is transferred electronically from the geologist to the database.  Whether logging is qualitative or  Where required the logging records the abundance of specific quantitative in nature. Core (or costean, minerals or the amount of alteration (including weathering) using channel, etc) photography. defined ranges. All DC is photographed both wet and dry after logging but before cutting.  The total length and percentage of the  The entire lengths of RC holes are logged on a 1m interval basis, i.e. relevant intersections logged. 100% of the drilling is logged, and where no sample is returned due to voids (or potentially lost sample) it is logged and recorded as such. Drill core is logged over its entire length and any core loss or voids intersected are recorded.
Sub-sampling techniques and sample preparation	 If core, whether cut or sawn and whether  Exploration results reported for drill core are half core taken from the quarter, half or all core taken. right hand side of the core looking down hole.  If non-core, whether riffled, tube sampled,  All RC samples are put through a cone splitter and the sample is rotary split, etc and whether sampled wet collected in a unique pre-numbered calico sample bag. The moisture or dry. content of each sample is recorded in the database. The drilling method is designed to maximize sample recovery and representative splitting of samples. The drilling methods also maximize dry samples as they are designed to keep water out of the hole when possible.  For all sample types, the nature, quality  The sample preparation technique for all samples follows industry and appropriateness of the sample best practice, by an accredited laboratory. The techniques and preparation technique. practices are appropriate for the type and style of mineralization. The RC samples are sorted, oven dried, the entire sample is pulverized in a one stage process to 85% passing 75 µm. The bulk pulverized sample is then bagged and approximately 200g extracted by spatula to a numbered paper bag that is used for the 50g fire assay charge. The DC samples are oven dried, jaw crushed to nominal <10mm, 3.5kg is obtained by riffle splitting and the remainder of the coarse reject is bagged while the 3.5kg is pulverized in a one stage process to 85% passing 75 µm. The bulk pulverized sample is then bagged and approximately 200g extracted by spatula to a numbered paper bag that is used for the 50g fire assay charge.  Quality control procedures adopted for all  RC and DC samples submitted to the laboratory are sorted and sub-sampling stages to maximise reconciled against the submission documents. Excelsior inserts representivity of samples. blanks and standards with blanks submitted in sample number sequence at 1 in 50 and standards submitted in sample number sequence at 1 in 20. The laboratory uses their own internal standards of 2 duplicates, 2 replicates, 2 standards, and 1 blank per 50 fire assays. The laboratory also uses barren flushes on the pulveriser.  Measures taken to ensure that the  In the field every 10th metre from the bulk sample port on the cone sampling is representative of the in situ splitter is bagged and placed in order on the ground with other material collected, including for instance samples. This sample is then used for collection of field duplicates

7

	results for field duplicate/second-half via riffle splitting. RC field duplicate samples are collected after sampling. results are received from the original sample assay. Generally, field duplicates are only collected where the original assay result is equal to or greater than 0.1g/t Au. The field duplicates are submitted to the laboratory for the standard assay process. The laboratory is blind to the original sample number. For DC, no core duplicates (i.e. half core) have been collected or submitted, but may be collected and submitted at a later date.  Whether sample sizes are appropriate to  The sample sizes are considered to be appropriate for the type, the grain size of the material being style, thickness and consistency of mineralization loc ated at this sampled. project. The sample size is also appropriate for the sampling methodology employed and the gold grade ranges returned.
Quality of assay data and laboratory tests	 The nature, quality and appropriateness  The assay method is designed to measure total gold in the sample. of the assaying and laboratory The laboratory procedures are appropriate for the testing of gold at procedures used and whether the this project given its mineralization style. The technique involves technique is considered partial or total. using a 50g sample charge with a lead flux which is decomposed in a furnace with the prill being totally digested by 2 acids (HCl and HNO3) before measurement of the gold content by an AA machine.  For geophysical tools, spectrometers, handheld XRF instruments, etc, the  Not used for reporting or interpretation of gold mineralization. parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.  Nature of quality control procedures adopted (e.g. standards, blanks,  The QC procedures are industry best practice. The laboratory is duplicates, external laboratory checks) accredited and uses its own certified reference material. The and whether acceptable levels of laboratory has 2 duplicates, 2 replicates, 1 standard and 1 blank per accuracy (i.e. lack of bias) and precision 50 fire assays. At the same time Excelsior submits blanks at the rate have been established. of 1 in 50 samples and certified reference material standards at the rate of 1 in 20 samples in the normal run of sample submission numbers. As part of normal procedures Excelsior examines all standards and blanks to ensure that they are within tolerances. Additionally, sample size, grind size and field duplicates are examined to ensure no bias to gold grade exists.
Verification of sampling and assaying	 The verification of significant  Consultant geologists, from Cube Consulting and John Harris intersections by either independent or Geological Services, have inspected drill core and RC chips in the alternative company personnel. field to verify the correlation of mineralized zones between assay results and lithology/alteration/mineralization.  The use of twinned holes.  A number of diamond core holes were drilled throughout the deposit to twin RC holes. These twinned holes returned results comparable to the original holes and were also used to collect geological information and material for metallurgical assessment. A number of RC holes have also been drilled that confirmed results obtained from historical drillholes.  Documentation of primary data, data  Primary data is sent digitally every 2-3 days from the field to entry procedures, data verification, data Excelsior's Database Administrator (DBA). The DBA imports the storage (physical and electronic) data into the commercially available and industry accepted protocols. DataShed database software. Assay results are merged when received electronically from the laboratory. The responsible geologist reviews the data in the database to ensure that it is correct and has merged properly and that all data has been received and entered. Any variations that are required are recorded permanently in the database.  Discuss any adjustment to assay data.  No adjustments or calibrations were made to any assay data used in this report.
Location of data points	 Accuracy and quality of surveys used to  All drill holes have their collar location recorded from a hand held locate drill holes (collar and down-hole GPS unit. Holes that may be in a future resource estimate area have surveys), trenches, mine workings and their collar position picked up by licensed contract surveyors using a other locations used in Mineral Resource RTK system. Downhole surveys are completed every 30m estimation downhole.  Specification of the grid system used  All drill holes and resource estimation use the MGA94, Zone 51 grid system.  Quality and adequacy of topographic  The topographic data used was obtained from consultant surveyors control. and is based on a LiDAR survey flown in 2012. It is adequate for the reporting of Exploration Results and subsequent Mineral Resource estimates.

8

Data spacing and distribution	 Data spacing for reporting of Exploration Results.  Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.  Whether sample compositing has been applied.	 The nominal drill spacing is 40m x 40m with some cross-sections in- filled to 20m across strike. This spacing includes data that has been verified from previous exploration activities on the project.  This report is for the reporting of exploration results. The drill spacing, spatial distribution and quality of assay results is sufficient to support the current JORC classification of material contained within this report and is appropriate for the nature and style of mineralisation being reported.  Compositing has not been applied to reporting of exploration results.
Orientation of data in relation to geological structure	 Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.  If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	 The majority of drilling is to grid east. The bulk of the mineralized zones are perpendicular to the drilling direction. Structural logging of orientated drill core supports the drilling direction and sampling method.  No drilling orientation and sampling bias has been recognized at this time.
Sample security	 The measures taken to ensure sample security.	 Sample security is part of Excelsior's QAQC and sampling procedures. RC samples are delivered directly from the field to the Kalgoorlie laboratory by Excelsior personnel on a daily basis with no detours, the laboratory then checks the physically received samples against an Excelsior generated sample submission list and reports back any discrepancies  Drill core is transported daily directly from the drill site to Excelsior's secure core processing facility by Excelsior personnel with no detours. The core is then placed on racks within a secure shed and processed until it requires cutting. Core is then transported directly by Excelsior's staff to the Kalgoorlie laboratory where it is cut in half by laboratory staff and then sampled by Excelsior staff. The core is then prepared for assay in Kalgoorlie to the pulverizing stage whereupon the laboratory transports it using a contractor directly to their Perth based assay facility.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	 An internal review of sampling techniques and procedures was completed in March 2013. No external or third party audits or reviews have been completed.

Section 2 Reporting of Exploration Results (Zoroastrian)

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	 Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.  The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	 The results reported in this Announcement are on granted Mining Leases held by GPM Resources Pty Ltd, a wholly owned subsidiary of Excelsior Gold Limited.  At this time the tenements are believed to be in good standing. There are no known impediments to obtaining a license to operate, other than those set out by statutory requirements which have not yet been applied for.
Exploration done by other parties	 Acknowledgment and appraisal of exploration by other parties.	 Exploration by other parties has been reviewed and is used as a guide to Excelsior's exploration activities. Previous parties have completed both open pit and underground mining, geophysical data collection and interpretation, soil sampling and drilling. This report comments on only exploration results collected by Excelsior.
Geology	 Deposit type, geological setting and style of mineralisation.	 The mineralisation in the Zoroastrian area is predominately associated with a complex array of multiple dimensional and variable orientated quartz veins and stock works within the differentiated Zoroastrian Dolerite. In places a surficial 1-2m thick calcrete/lateritic gold bearing horizon and small near surface supergene pods exist. Recent open pits, historical workings and shafts exist within this unit throughout the Company's tenements and beyond. Detailed mapping and sampling of these workings and structural measurements from

9

orientated diamond core drilling forms the basis of the geological interpretation.
Drill hole Information	 A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length.  If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	 The drill holes reported in this Announcement have the following parameters applied. All drill holes completed, including holes with no significant gold intersections are reported in this announcement.  Easting and northing are in MGA94 Zone 51  RL is AHD  Dip is the inclination of the hole from the horizontal (i.e. a vertically down drilled hole from the surface is -90°). Azimuth is reported in magnetic degrees as the direction toward which the hole is drilled. MGA94 and magnetic degrees vary by approximately 1° in this project area  Down hole length of the hole is the distance from the surface to the end of the hole, as measured along the drill trace. Interception depth is the distance down the hole as measured along the drill trace. Intersection width is the downhole distance of an intersection as measured along the drill trace  Hole length is the distance from the surface to the end of the hole, as measured along the drill trace.  No results from previous exploration are the subject of this Announcement.
Data aggregation methods	 In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.  Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.  The assumptions used for any reporting of metal equivalent values should be clearly stated.	 No high grade cuts have been applied to assay results. RC assay results are distance weighted using 1m for each assay. DC intersection results are distance weighted to their matching assay results using the downhole width of the relevant assay interval.  Intersections are reported if the interval is at least 1m wide at 1g/t Au grade. Intersections greater than 1m in downhole distance can contain up to 2m of low grade or barren material.  No metal equivalent reporting is used or applied.
Relationship between mineralisation widths and intercept lengths	 These relationships are particularly important in the reporting of Exploration Results.  If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.  If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. 'down hole length, true width not known').	 The intersection width is measured down the hole trace, it is not usually the true width. Cross sections in previous Announcements allow the relationship between true and down hole width to be viewed.  Data collected from orientated drill core and from the open pit, confirm that the drilling direction is optimal for the mineralized zones at Zoroastrian. The multiple mineralized zones have a northerly strike and dip steeply to the west with some minor local overturning of lodes.  All drill results within this announcement are downhole intervals only and due to variable mineralisation and style true widths are not able to be calculated until modelling of the mineralisation.
Diagrams	 Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	 A plan and cross sectional view is contained within this announcement
Balanced reporting	 Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and	 All drill holes completed are included in the results Table in the Announcement.

10

high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.
Other substantive exploration data	 Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	 No other exploration data is considered meaningful and material to this announcement.
Further work	 The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).  Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	 Future exploration is being planned and may involve the drilling of more drill holes, both DC and RC, to further extend the mineralised zones and to collect additional detailed data on known mineralized zones.  Future drilling areas are not highlighted as they are not yet planned.

11