Codrus Minerals to report very encouraging assay results from a recently completed trenching program at its 100%-owned Middle Creek Gold Project, located near Nullagine in the Pilbara district of Western Australia. The initial work program saw the excavation of 11 trenches to allow detailed mapping and sampling in areas where multiple gold anomalies were identified from previous soil and rock chip sampling. Codrus reported the results of this program, which support the Company's view that this project has strong potential to host significant gold mineralisation.

The Middle Creek Project is located 10km east of Nullagine in the Pilbara mining district of Western Australia (see Figure 1). The area is currently undergoing a significant expansion of gold exploration and mining activity. Novo Resources Corp.

owns the nearby Beaton's Creek Gold Project, where they have been mining and processing ore at the Golden Eagle Plant, which is located approximately 15km to the south- west of Codrus' existing granted Middle Creek tenements. To the north of Middle Creek, Calidus Resources (ASX: CAI) is completing a Definitive Feasibility Study (DFS) on the high-grade Blue Spec Gold Project (containing Mineral Resources of 415,000t at 16.35g/t for 219,000oz of gold1), which is located approximately 7km to the north-east (see Figure 2). This DFS study is investigating the opportunity to process ore mined from Blue Spec at Calidus' Warrawoona Plant.

A project-wide review of the soil geochemical survey data identified several linear clusters of gold-in-soil anomalism, as defined by the >50ppb (0.05ppm or g/t Au) gold-in-soil contour line (e.g., at the Major 1, Major 2, Rangi, Dolores, Horse, Boris and Spud areas-of-interest) (see Figure 3). A total of 11 trenches have been excavated to date, with detailed mapping, continuous rock chip sampling and laboratory analysis completed on nine of the trenches (MCTR001 - MCTR009); the remaining two trenches (MCTR010 at Spud and MCTR011 at Boris) are scheduled to be completed in the coming quarter. The results of the trenching have confirmed the presence of significant widths of gold mineralisation, enhancing the Company's understanding of the mineralising hydrothermal system in general and on the controls of the gold mineralisation over the lease area.

Trenches MCTR005 and MCTR006 were excavated at the Major 2 prospect. The trenches, which were 39m and 41m long respectively, returned impressive gold anomalism. MCTR005 returned 11m at 0.49g/t Au from 4m along the trench and MCTR006 25m at 0.8g/t Au from 8m including 9m at 1.86g/t Au from 24m.

MCTR005 was dominated by Mosquito Creek formation sediments with variably altered (quartz-sericite to chlorite-smectite) interbedded sandstone and mudstone (+/- shearing) cut by numerous vein sets consisting of oxidized buck quartz and sheeted narrow quartz-sulfide veins. MCTR006 showed heavily veined interbedded sandstone and mudstone (with phyllite to the west), with better mineralisation associated with a shear zone with ferruginous re-fractured quartz fault and quartz sulphide veins.