Genesis Minerals Limited (ASX: GMD) is pleased to advise that it has taken another step towards its objective of developing a substantial new Australian gold mine at its 100%-owned Ulysses Gold Project near Leonora in WA, with the announcement of a 107,000oz increase in the Mineral Resource for the Ulysses deposit from 760,000oz to 867,000oz of contained gold.

The updated Mineral Resource incorporates the results of the highly successful drilling program completed at Ulysses over the past four months, which has returned numerous high-grade intersections that confirmed and extended a number of high-grade gold zones.

The updated Measured, Indicated and Inferred Mineral Resource now totals 8.5Mt @ 3.2g/t gold for 867,000 ounces of contained gold, which represents a 14% increase in contained ounces when compared with the October 2018 Mineral Resource. Importantly, the higherconfidence Measured and Indicated component has increased by 103,000 ounces (22%) to 574,000 ounces, with the Measured Resource increasing significantly from 4,000 to 133,000 ounces.

The high-grade portion of the Mineral Resource, reported at a cut-off of 2g/t gold, which will form part of the mining evaluation for the Feasibility Study, is estimated to contain 4.8Mt @ 4.5g/t gold for 695,000 ounces.

The high-grade shoots which form part of the overall Mineral Resource are estimated to contain 1.73Mt @ 6.5g/t gold for 360,000 ounces.

The Mineral Resource extends over a strike length of more than 2.5km and sits immediately below and along strike from the Ulysses Open Pits.

The Resource envelope currently extends to 500m below surface at its deepest point and is estimated to an average depth of 320m below surface, with a gold endowment of +2,700 ounces per vertical metre (ovm) for the 260m interval from the 360mRL (base of the open pits) to the 100mRL (interval of highest drill density).

Commenting on the Mineral Resource upgrade, Genesis Managing Director, Michael Fowler, said: 'We are continuing to grow at Ulysses, with this latest Resource update both expanding and upgrading the Mineral Resource.

'Importantly, recent drilling has delivered a major uplift in the high-confidence Measured Resource category - which now stands at 133,000 ounces - providing a robust foundation from which to progress ongoing Feasibility Studies for the mine development.

'Our goal is to deliver a long-life standalone mining and processing operation, with a multi-pronged strategy in place to continue to expand the Resource base at Ulysses. This includes infill and extensional drilling in and around the existing Resource area, drilling for new discoveries within our tenement package and looking at potential project acquisition and consolidation opportunities in the surrounding area.

'In parallel with our studies for a standalone operation, we are also evaluating the potential for near term production to take advantage of the strong Australian dollar gold price. However, this path would only be progressed in the event that it delivers strong, long-term cash flow to the Company that would set the Company up for the future.

'Ulysses continues to demonstrate its credentials as a robust, high-grade asset with all of the attributes, including a Tier-1 location, to enable us to advance it towards development in the near term.'

Contact:

Michael Fowler

Tel: +61 8 9322 6178

Email: mfowler@genesisminerals.com.au

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