INTERVIEW WITH GARY BRABHAM, MANAGING DIRECTOR OF DE GREY MINING LIMITED (DEG)

“Significant High Grade Drill Results at Brierly”

http://www.brr.com.au/event/52238

THURSDAY, OCTOBER 9, 2008, 2:45 PM.

            BRR    Good afternoon and welcome to Boardroom Radio. Today, we are talking with Gary Brabham, Managing Director at De Grey Mining. Good afternoon,

10                    Gary. Thanks for your time.

            DEG    Good afternoon.

            BRR    Gary, you have had some significant high-grade drill results at the Brierly Gold Prospect. Can you give us some more detail on these results and what

15                    the potential is of this prospect?

            DEG    We first located gold mineralisation at Brierly with a single traverse of aircore holes about 18 months ago aimed at a structure interpreted from aeromag imagery. There is no outcrop anywhere in the area. Since then, we have progressively traced that structure along strike from west to east for about 5

20                    kilometres with a series of fairly small drill programs. The mineralisation is not very obvious in drilled chips, so we have had to rely on assays each time to assess each program and hence the stage approach to the drilling.

            BRR    What are the mineralisation widths and grades like?

25        DEG    We have seen drill intersections like 20 metres at 0.5 gram, 16 metres at 1 gram and 8 metres at 3.2 grams in previous drilling along strike to the west. This latest traverse of holes is 360 metres east of any previous drilling and the plus 0.3 gram/tonne gold mineralisation envelope we are seeing in that traverse appears to be about 50 metres true width with the higher grade

30                    intercept of 8 metres at nearly 7 grams within that. The width and grade of the hole system appear to be increasing to the east.

            BRR    Finally, what would the next steps be at Brierly?

            DEG    There is a very deep weathering profile along the host shear structure, so

35                    aircore drilling is a very effective and relatively inexpensive way to drill it. We have already planned a follow-up program that will see us plug a hole between the 80-metre spaced holes that return into sets on this most recent traverse and then step out with drill traverses at 200 metres and a third at 400 metres along strike to the east. Timing of that drilling depends on rig

40                    availability, but we should be able to knock it over in the next month or so. Any gold resource we can define at Brierly will materially add to the value of our 203,000-ounce gold resource at Wingina Well which is only about 3 kilometres away.

45        BRR    Gary, thanks for your time today. Listeners, that was Gary Brabham, Managing Director of De Grey Mining. If you have any questions for Gary or you would like more information about this broadcast, please e-mail brr@brr.com.au. I am Tom McKay. Thanks for listening to Boardroom Radio.

INTERVIEW CONCLUDED

Contact brr@brr.com.au for more information

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