White Rock Minerals : 20170117 WRM Commences Study at Mt Carrington

ASX and Media Release: 17 January 2017 ASX Code: WRM Mt Carrington Gold - Silver Project Study Team assembled

ASX Code: WRM Issued Securities Shares: 770.1 million Options: 100.5 million Cash on hand (31 Dec 2016) $3.8M Market Cap (16 January 2017) $11.5M at $0.015 per share Directors & Management Brian Phillips Non-Executive Chairman Matthew Gill Managing Director & Chief Executive Officer Geoffrey Lowe Non-Executive Director Peter Lester Non-Executive Director Shane Turner Company Secretary Rohan Worland Exploration Manager For further information, contact: Matthew Gill or Shane Turner Phone: [phone] [e-mail] www.whiterockminerals.com.au

White Rock Minerals Ltd ("White Rock") is pleased to announce that a highly skilled Study Team has been assembled to deliver its Mt Carrington gold - silver Project Definitive Feasibility Study (DFS) and Environmental Impact Statement (EIS). MD&CEO Matt Gill said "This multi-disciplinary team of experts, from across six different consultancy groups, brings together the necessary expertise to advance our Mt Carrington gold - silver Project Scoping Study1 through to DFS. The Team comprises the core disciplines necessary - geology, mining, metallurgy, engineering, environmental permitting and community consultation. Initial priorities will be on community consultation strategy and engagement, the preparation and submission of the Project's Preliminary Environmental Assessment (PEA), a geological review of the Resource to JORC 2012 standard and a detailed review and commencement of the metallurgical test work needed to lock down the preferred plant design. We are very excited to be at this point in the Project's development, having successfully raised some $4.9M, before costs, late last year to undertake this work. At current commodity prices for gold and silver and the even higher consensus commodity price forecasts2, the Scoping Study financial metrics remain robust, with considerable upside potential for expanding the in-pit Mineral Resource3, which could then flow through to increased mine life and / or higher gold and silver production rates. This potential uplift would further enhance the strong financial metrics of the Project, where the current Scoping Study results already deliver an outstanding investmentproposition - a Project with a pre-tax NPV10 ofA$60.6M4 andan IRR of over 100%, with A$100M in free cash (undiscounted and before financing) delivered over its initial 7 year mine life. Once the DFS and EIS are completed and the necessary approvals obtained, White Rock is in the enviable position of already having secured a transformational financing package with Cartesian Royalty Holdings (CRH)5, whereby the future streaming financing component (Phase II) provides for the construction and commissioning of the Mt Carrington Project with repayments to be made from a percentage of future gold and silver production from Mt Carrington. Hence, the Phase II repayments would not require White Rock to undertake dilutive share issues to raise this construction financing. The funding proposal will directly provide for construction and commissioning through to commercial production, subject to the successful delivery of the Definitive Feasibility Study." Mr Gill added "The structure and management of the DFS team is consistent with our policy of maintaining the Company's low corporate cost approach. I look forward to providing updates as key study milestones are achieved."

1 Refer release to the ASX of 20 October 2016 - "WRM Upside Mining Potential at Mt Carrington" and to Annexure A contained therein, which provides the material assumptions and modifying factors considered to form reasonable grounds for the stating of the production targets and forecast financial information related to the Mt Carrington Project Scoping Study. These material assumptions continue to apply and have not materially changed.

2 Source:- PCF Capital Group, as at 5th January 2017, using Bloomberg Consensus Estimates.

3 The in-pit Mineral Resource is made up of a combination of Indicated (70%) and Inferred (30%) JORC Resource blocks. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. 4 The Mt Carrington Scoping Study considers an NPV accuracy of +/-30%, ranging between $42M and A$78M.

5 Refer to release to the ASX of 27 June 2016 - "WRM Signs Transformational Financing Package with Cartesian Royalty Holdings". The Transactions contemplated by the Term Sheet are subject to various conditions including the completion of due diligence to the satisfaction of CRH, certain White Rock shareholder approvals, and the entry into definitive documentation for Phase 2 (streaming financing), as set out in more detail in the ASX announcement of 27 June 2016.

For more information about White Rock and its Projects, please visit our website www.whiterockminerals.com.au

or contact:

Matt Gill (MD&CEO) or Shane Turner (Company Secretary) Phone: [phone]

Email: [e-mail]

This announcement has been prepared for publication in Australia.

This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in any other jurisdiction.

Competent Persons Statement

The information in this report that relates to exploration results is based on information compiled by Mr Rohan Worland who is a Member of the Australian Institute of Geoscientists and is a consultant to White Rock Minerals Ltd. Mr Worland has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Worland consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Cautionary Statement

The scoping study referred to in this report is insufficient to support estimation of Ore Reserves or to provide assurance of an economic development case at this stage, or to provide certainty that the conclusions of the Scoping Study will be realised.

In discussing 'reasonable prospects for eventual extraction' in Clause 20, the JORC Code 2012 ('Code') requires an assessment (albeit preliminary) in respect of all matters likely to influence the prospect of economic extraction including the approximate mining parameters by the Competent Person. While a Scoping Study may provide the basis for that assessment, the Code does not require a Scoping Study to have been completed to report a Mineral Resource.

Scoping Studies are commonly the first economic evaluation of a project undertaken and may be based on a combination of directly gathered project data together with assumptions borrowed from similar deposits or operations to the case envisaged. They are also commonly used internally by companies for comparative and planning purposes. Reporting the results of a Scoping Study needs to be undertaken with care to ensure there is no implication that Ore Reserves have been established or that economic development is assured. In this regard, it may be appropriate to indicate the Mineral Resource inputs to the Scoping Study and the process applied, but it is not appropriate to report the diluted tonnes and grade as if they were Ore Reserves. While initial mining and processing cases may have been developed during the Scoping Study, it must not be used to allow an Ore Reserve to be developed.

No New Information or Data

This announcement contains references to exploration results and Mineral Resource estimates, all of which have been cross-referenced to previous market announcements by the Company. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

Forward Looking Statements

This announcement may contain certain "forward-looking statements" which may not have been based solely on historical facts, but rather may be based on the Company's current expectations about future events and results. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed is expressed in good faith and believed to have a reasonable basis. However, forward looking statements are subject to risks, uncertainties, assumptions and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward looking statements. Such risks include but are not limited to metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as political and operational risks in the Countries and States in which we operate or sell product to, and governmental regulation and judicial outcomes. For a more detailed discussion on such risks and other factors, see the Company's Annual Reports, as well as the Company's other filings. The Company does not undertake any obligation to release publicly any revisions to any "forward-looking statement" to reflect events or circumstances after the date of this announcement, or to reflect the occurrence of unanticipated events, except as maybe required under applicable securities laws.