Prospectus - Kingsrose Mining

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Section 8 Independent Geologist’s Report Geological Investigations Pty Ltd ABN 69 008 727 820 4 Minim Close Mosman Park WESTERN AUSTRALIA 6012 18th October, 2007 The Directors Kingsrose Mining Limited Dear Sirs INDEPENDENT GEOLOGIST’S REPORT - COMET VALE PROJECT – WESTERN AUSTRALIA At the request of Kingsrose Mining Limited (Kingsrose), we have prepared an Independent Geologist’s Report for inclusion in a Prospectus to be issued by Kingsrose on or about 31 October 2007. The Company seeks to raise $6,000,000 by the issue of 30,000,000 shares at 20 cents per share. This report has been prepared in accordance with the Code and Guidelines for the Assessment and Valuation of Mineral Assets and Mineral Securities for Independent Experts Reports (the Valmin Code) that is binding upon members of The Australasian Institute of Mining and Metallurgy (The Aus.IMM). The reporting requirements place emphasis on competence, independence, transparency and public material disclosure so that an informed, impartial reader may be able to make a reasoned judgement as to the merit or otherwise of the project being reviewed. Geological Investigations Pty Ltd (GIPL) is an independent geological and exploration consultancy that has been continuously in operation since 1967, providing services to the mining industry in the fields of geology and resource evaluation. GIPL, which operates from offices in Perth, Western Australia has prepared experts reports and mineral asset valuations on a variety of mineral commodities both in Australia and overseas. For the purposes of this report the project areas and underground workings were inspected on 8th March 2007, in the company of Kingsrose personnel. GIPL has satisfied itself, and Kingsrose has warranted in writing, that all material information in its possession has been fully disclosed. GIPL has also been given access to relevant data held by the JV partner (Reed Resources Ltd) and to its geological staff on in both their Perth and Kalgoorlie offices. A draft of this report was submitted to the Directors of Kingsrose for comment in respect of any omissions and factual accuracy. The current ownership status and legal standing of the relevant tenements as listed in this Prospectus, are dealt with in a separate Solicitor’s Report in section10. Page 18
In addition, GIPL made independent enquiries from the Registration Section of the DoIRE that confirmed ownership details for M29/52, M29/321 and L29/67 as at the 8th June, 2007. Mr J D Wyatt, who is principal of GIPL and author of this report, is a Fellow of The Aus.IMM, having the requisite qualifications, competence and experience. Neither GIPL, nor any of its employees or associates has any material interest, either direct, indirect, or contingent in Kingsrose, nor in any other Kingsrose asset, nor has any interest existed in the past. None of the information contained in this report has been specified as being confidential and to this end enquiries have been made to the authors of the principal reference seeking permission to quote relevant information, Fees for the preparation of this report have been charged at current commercial rates, with expenses reimbursed at cost. Payment for this work is no way contingent on the conclusions reached in this document. GIPL is of the opinion that Kingsrose has in place a clearly defined exploration and expenditure program that is reasonable, having regard to the stated objectives of the Company, namely development, economic recovery and treatment of the underground resources present identified at Comet Vale within M29/52 and M29/321. It is also believed that sufficient exploration has taken place over the past two years to justify the proposed exploration and expenditure. GIPL has given and has not before lodgement of this Prospectus with the Australian Securities and Investments Commission, withdrawn its consent to being named author for this report and its inclusion in the prospectus for Kingsrose. Yours faithfully, JD Wyatt Principal Geological Investigations Pty Ltd DISCLAIMER The opinions expressed in this report have been based on information supplied to GIPL by Kingsrose and are provided in response to a specific request by Kingsrose to do so. GIPL has exercised all due care in reviewing the supplied information and whereas GIPL has compared key data supplied, the accuracy and precision of the results and conclusions from the review are entirely reliant on the accuracy, precision and completeness of the supplied data. GIPL does not accept any consequential liability arising from commercial decisions resulting from these opinions of the supplied data. Page 19
Page 1 and 2: Kingsrose Mining Limited ABN 49 112
Page 3 and 4: Table of Contents Section 1 Key Poi
Page 5 and 6: Section 2 Chairman’s Letter Dear
Page 7 and 8: Application of Proceeds at Full Sub
Page 9 and 10: 4.4 Application for Shares Applicat
Page 11 and 12: Section 5 Company and Project Overv
Page 13 and 14: Section 6 Directors and Corporate G
Page 15 and 16: As the Company’s activities devel
Page 17 and 18: Additionally, tenements are subject
Page 19: Potential Acquisitions As part of i
Page 23 and 24: Figure 2. Regional Geology 1. Intro
Page 25 and 26: Figure 3. Project Geology and Tenem
Page 27 and 28: 6. Past Exploration up to 1998 The
Page 29 and 30: 1. Proving up gold resources to the
Page 31 and 32: Table 3. Significant Results The su
Page 33 and 34: Holla, L.A., 2001. Geological setti
Page 35 and 36: Conduits Conglomerate Country rock
Page 37 and 38: Lava Limestone Lineament Lithologic
Page 39 and 40: Stockwork Stratabound Stratigraphy
Page 41 and 42: Under the terms of an asset sale ag
Page 43 and 44: APPENDIX 1 ASSETS BEING ACQUIRED AN
Page 45 and 46: To be read in conjunction with the
Page 47 and 48: APPENDIX 2 STATEMENT OF CASH FLOWS
Page 49 and 50: (b) (c) (d) (e) (f) (g) Income tax
Page 51 and 52: Unaudited Proforma 31 August 2007 U
Page 53 and 54: $ $ 10. CONVERTIBLE NOTES - UNSECUR
Page 55 and 56: 2.1 Western Australia Tenements in
Page 57 and 58: included a revised threshold test f
Page 59 and 60: • Compensation may have to be agr
Page 61 and 62: Notes: 1. The tenement is subject t
Page 63 and 64: expenditure will be borne by the pa
Page 65 and 66: Section 12 Additional Information 1
Page 67 and 68: Rights on Winding Up Subject to the
Page 69 and 70: Early Redemption by Noteholder The
Page 71 and 72:
Section 13 Director’s Responsibil
Page 73 and 74:
Application This Application Form r
Page 75 and 76:
Application This Application Form r
Page 77 and 78:
Airleg miner boring a level drive f
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Prospectus - Kingsrose Mining

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