Non-Core Assets - September 2011

Pilgrim Joint Venture – EPM 15072 (Krucible 80% / DYL 20%)

The Pilgrim Prospect is located about 110 kilometres south-southeast of Mount Isa.  Krucible Metals Ltd (Krucible) fulfilled its earning commitment in the JV and have now earned 80% equity by expenditure of over $400,000.  The total expenditure by Krucible on Pilgrim EPM 15072 is currently $1.13 million.  Further drilling for Tick Hill style gold targets is planned by Krucible for 2011/2012.

Having acquired its 80% interest, Krucible can elect to buy-out DYL’s remaining interest by issuing 1.2 million Krucible shares to DYL.

For further information on the Pilgrim JV go to:  www.kruciblemetals.com.au