Codrus Minerals reported highly encouraging initial assay results from the maiden Reverse Circulation (RC) drilling program at its highly-prospective, 100%- owned Red Gate Gold Project in Western Australia. The Red Gate Project is located 140km north of Kalgoorlie in WA's Edjudina mining district, which hosts numerous operating mines. The Project is located immediately along strike from Northern Star Resources Porphyry Mining Centre.

Approximately 60% of the assays from the drill program have been returned so far with the remainder expected in the coming weeks. Highlights: Maiden Reverse Circulation (RC) drilling program at the Red Gate Gold Project in the Edjudina Mining District of WA has returned excellent results including: 23m at 3.82g/t Au from 14m down-hole in hole RGRC002, including: 5m at 14.29g/t Au from 27m. 1m at 5.75g/t Au from 15m down-hole in hole RGRC003.

24m at 1.04g/t from 42m down-hole in hole RGRC003. 1m at 21.35g/t from 80m down-hole in hole RGRC011. Drilling demonstrates that Red Gate hosts significant high-grade mineralisation.

40% of the assays from the drill program are still pending. Geological understanding developing and assisting future drill targeting. Further drilling required to test the Porphyry West prospect along strike and at depth.

The Red Gate Gold Project (100% interest) is located approximately 140km north of Kalgoorlie and comprises one granted Exploration Licence covering a total area of 145.2km2. The RC drilling program completed last year, which comprised a total of 2,980m of drilling, was designed to test Induced Polarisation (IP) anomalies, down-dip and down-plunge extensions of known mineralisation and to investigate under soil anomalies. The assay results received to date are for the drilling completed at Porphyry West, Arieta, Vonu, and Grunters.