Equus Mining Limited ('Equus' or 'Company') (ASX: EQE) is pleased to announce outstanding high-grade gold and silver drill results following compilation and initial re-logging of historical drill data from a highly prospective zone titled Pegaso VII Target at its 100% owned Cerro Bayo Project.

This work has highlighted a series of high-priority drill targets along a vein corridor mapped over an approximate 450m width x 1.4km length, located 2.5km to the northeast of the Cerro Bayo processing plant.

FOLLOW UP DRILLING

Planned follow-up drilling totaling 2,500m will test the geometry and continuity of high-grade mineralization over a vertical interval of +250m, both along strike and at depth, throughout a +400m long portion of the Pegaso VII vein corridor. In parallel, given that a large proportion (approximately 75%) of the historical drill core was not analyzed, and recent re-logging has defined significant unsampled drill core intervals hosting veining, a detailed program of historic drill core sampling is in process.

Damien Koerber, Chief Operating Officer, Equus Mining Commented: 'Follow up of the very high-grade historic drill results of the large, underexplored Pegaso VII target provides an exciting addition to the company's pipeline of high impact exploration targets, which include the nearby large scale Appaloosa Vein Breccia and Pegaso I-VI structures. Importantly for the Pegaso VII Target, high grade drill results from historic, relatively wide spaced drilling extend over a deep vertical interval of up to 250m, many of which remain open laterally and at depth. Furthermore, relogging of drill core has defined significant intervals hosting veining which weren't sampled historically, which, subsequent to assaying, may define wider zones of mineralization than are currently understood'.

TECHNICAL APPENDIX

The Pegaso VII target is located 2.5km to the north-east of the Cerro Bayo plant infrastructure and sits 1km in a subparallel north west trend from the partially exploited Coyita Mine (approximately 140kOz AuEq1 @ 6.6 g/t AuEq1 in mine production/remaining NI 43.101 resources2 ). Veining defined to date throughout the Pegaso VII Target predominantly occupies the footwall position with respect to the district scale, southeasterly dipping Appaloosa Fault. A total of 14,134.67m in 64 holes were drilled on the Pegaso VII target by previous operators, initiating in 2004 and for which the majority (>90%) was completed prior to 2013. Historic drill hole collar data is provided in the JORC Table 1 and detailed results3 for these holes are provided in Appendix 1. Historic drilling throughout the Pegaso VII target was broadly focused over a 450m wide x 1400m long corridor hosting a series of sub-vertical veins mapped and interpreted from core logging principally along, north-south and north-northwest trends. A large proportion of historic drilling was concentrated in the southern 400m of this corridor throughout which high-grade mineralization was intersected over a vertical interval of +250m

The above high-grade results generally correlate to weakly banded and brecciated individual veins of between 0.3-0.8m width which are commonly enveloped by zones of stockwork veining and brecciation varying in width between 1-5m. Recent initial re-logging of the historic drill core has defined significant intervals of unsampled drill core which hosts stockwork veining and brecciation. Given that a large portion of the historic holes (75%) were not assayed, a systematic program of relogging and core sampling is in process to confirm if additional core intervals host mineralization which may underpin definition of wider vein grade geometries.

Contact:

Tel: +61 400 852 245

Email: jbraham@equusmining.com

COMPETENT PERSON'S STATEMENT

The information in this report that relates to Exploration Results for the Cerro Bayo Project is based on information compiled by Damien Koerber. Mr Koerber is a fulltime employee to the Company. Mr Koerber is a Member of the Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activities 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 Koerber has a beneficial interest as shareholder of Equus Mining Limited and consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

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