Geophysical survey results

ASX via e-lodgement:

28 March 2014

Phase 1 geophysical survey complete

Geophysics successful in drill targeting

Additional surveys planned in conjunction with drilling

Summary

Further to the ASX release dated 26 March 2014, containing preliminary

geophysical results Plymouth Minerals Limited (“Plymouth”, “the Company”)

is pleased to provide a summary of the ground geophysical survey at the

Company’s Morille tungsten-tin project in Spain (“Morille”, “the Project”).

Plymouth engaged Spanish geophysical contractor - BASALTO to conduct

a ground geophysics (Electrical Resistivity Tomography - ERT) survey.

Data obtained has been processed and will assist in drill targeting.

Geophysical Surveys

Plymouth has identified a series of priority drill targets based on historical

mining, mapping and geophysical surveys that will be tested as soon as

possible in the current drill programme. These priority target areas are

referred to as the ACMA and Westside Prospects (Figure 1).

Historically, mining activity was based on the extension of outcropping

mineralisation. The termination of mining activities in the region in the mid

1980’s due to the steep decline in tungsten and tin prices resulted in

partially mined open pits and this has provided valuable geological

information in the absence of drilling to base current exploration on.

Plymouth has conducted ERT and will trial Ground Magnetic (GM) surveys

to test the value of geophysical methods in delineating drilling areas which possible mineralisation and

amenable host rocks for mineralisation are otherwise under variable, but extensive clay cover and not

exposed. An example of this is seen at Groupa San Pedro in which historical mining was terminated at

the edge of a field (Figure 2) due to the mining group not having access to continue operations to the

south. Plymouth has secured access to the field in question and has already conducted ERT traverses

across it with encouraging results.

Plymouth Minerals Limited

ASX: PLH

Capital Structure (as at 31

December 2013)

32,150,000 shares

6,000,000 options 30c

10,716,667 options 25c

1,000,000 options 20c

Cash $1.94m (Dec Qtr ’13)

Board of Directors

Charles Schaus

Non Exec Chairman

Adrian Byass

Managing Director

Humphrey Hale

Steve Brockhurst

Non Exec Director

Rob Orr

Company Secretary

Contact:

www.plymouthminerals.com

Adrian Byass Managing Director Plymouth Minerals Ltd. E: abyass@plymouthminerals.com

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Figure 1: Morille project tenements and priority focus areas for exploration.

Figure 2: Photograph taken at Westside Prospect, looking south into land previous not available for exploration. Note clay cover and

boundary fence in tree line which marked extent of previously allowable mining activity.

The dominant geology at Morille is a broad package of folded sediments which strike NW-SE. These

comprise of grey, to black meta-schists with intercalated light grey to white carbonate horizons that can

be several metres thick. This sedimentary sequence has been cross-cut with quartz vein/dykes in the

western portion of the project area with a consistent strike of NE-SW.

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Tungsten mineralisation is almost exclusively in the form of scheelite and hosted in the carbonate

horizons which have been metasomatised during ‘skarn-type’ alteration. This type of mineralisation has

been mined historically across the project areas (e.g. Minas Alegria, Figure 3). Tin and subsidiary

tungsten mineralisation is associated with late-stage quartz veins.

Figure 3: Light coloured calc silicate bands intercalated with darker, schistose sediments exposed in a non-flooded portion of Alegria T1

pit.

Initial surveys were conducted on a NE-SW orientation in order to cross-over sediment horizons (Figure

4 and 5). Results are encouraging and indicate broad trends of more resistive material (interpreted to be

carbonate) in the sedimentary horizon. Carbonate material is essential as a precursor to skarn

mineralisation. These results are viewed as highly encouraging to the presence of potentially mineralised

material. Importantly, this could reduce required number of drill holes needed to test extensions of

historically mined pits if this interpretation is correct.

The variations between less resistive meta-schist and more resistive quartz/silicate rich material (such as

quartz veins) are being tested for. This method is not anticipated to define the presence or not of

tungsten and/or tin mineralisation but preliminary results indicate it will be useful in targeting drilling to

geological units which have proven to host mineralisation in historical workings.

Drill testing of geophysical anomalies (i.e. more resistive zones) will be conducted as part of the current

programme.

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Figure 4: Three ERT traverses represented as psuedosections in relation to historical mines and tenements at Westside Prospect.

Figure 5: Four ERT traverses represented as psuedosections in relation to historical mines and tenements at Alegria mine area, ACMA

Prospect.

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Table: providing information on geophysical traverses

Line No. SW Point NE Point Line Length

(km) Station

Spacing (m) No. Stations on

Line Easting Northing Easting Northing

Westside 1 266690 4522960 267150 4522470 0.70 5 175

Westside 2 266900 4522570 267510 4523340 0.98 5 245

Westside 3 267270 4522380 267610 4522840 0.57 5 130

ACMA 1 272200 4522500 272680 4523120 0.75 5 185

ACMA 2 272400 4522300 272930 4522890 0.75 5 185

ACMA 3 272750 4522250 273260 45322800 0.75 5 185

ACMA 4 272950 4522050 273450 4522600 0.75 5 185

Information in relation to elevation, dip and azimuth is not considered relevant to the geophysical exploration results.

For further information contact;

Adrian Byass

Managing Director

Plymouth Minerals Limited

abyass@plymouthminerals.com

James Moses Mandate Corporate +61420991574 james@mandatecorporate.com.au

Competent Person Statement: The information in this report related to Exploration Results, Mineral Resources or Ore Reserves is

based on information compiled by Mr A Byass, B.Sc Hons (Geol), B.Econ, FSEG, MAIG an employee of Plymouth Minerals Limited.

Mr Byass has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity

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, Exploration Targets, Mineral Resources and Ore Reserves. Mr Byass consents to the inclusion in the report of

the matters based on this information in the form and context in which it appear.

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About the Morille Project

The Morille Project is an attractive brownfields exploration and development opportunity in a major tungsten and

tin producing region. Extensive, small scale, unconsolidated mining activity by uncoordinated private groups in the

1970’s and 1980’s was stopped abruptly in the mid 1980’s due to falling commodity prices.

The recent (post 2009) consolidation of the Morille Project into a contiguous tenement package is a significant

advancement for efficient exploration and potential development. The Morille Project now covers an area in

excess of 57km2 within which over 20 separate small underground and open pit mining operations and 2 separate

processing facilities operated historically, delivered high quality (high grade and low impurity) tungsten

concentrate to domestic and international consumers and were never coherently optimised and mined.

The area has been effectively unexplored, with only 12 drillholes completed within the entire 57km2 tenement

package by the Spanish Geological Survey in 1979 and limited surface mapping/prospecting being conducted

prior to Plymouth.

Plymouth acquired an 80% interest in the Morille Project through the purchase of a 100% interest in Spanish

companies: Castilla Mining S.L., which in turn owns 80% of Morille Mining S.L. The Morille Project consists of 5

tenements covering 57km2 which are 100% owned by Morille Mining S.L.

Going forward, the Company looks forward to working with the Projects 20% holder, Aurum Mining PLC, which

enjoys a ‘free carry interest’ until a Decision to Mine stage is reached, upon which they can elect to contribute pro

rata to the development of the Project or dilute to a 0.5% NSR. For

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JORC Code, 2012 Edition - Table 1

Section 1: Sampling Techniques and Data

Criteria JORC Code explanation Commentary• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

• In March 2013 a resisitivity survey was undertaken using a ABEM Terrameter SAS 4000/SAS 1000 instrument. ES464 and ES10-64E Electrodes. The survey was conducted in tenements I.P 6634-20 and I.P 6634-30. It was designed to test the applicability of Electrical Resistivity Tomogoraphy (ERT) in delineating potential host rock lithology within the sedimentary rocks in the project area and if successful, assisit in the targeting of planned drilling.

• Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

• The survey is conducted with 5m spacing on electrodes, 25% overlap on lines and line spacing of 200m. The survey was not limited by cultural or land access problems within the tenement. The spacing is considered suitable for shallow (<50m) detection. Survey conducted by a registered, professional geophysical surveyor. Instrument was checked by independent laboratory by contractor during survey.

• Aspects of the determination of mineralisation that are Material to the Public Report.

• Not applicable as used to define geological changes.

• In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

• No previous geophysical surveys of this type have been conducted on the project tenure.

Drilling techniques • Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

• Not applicable as no drilling was undertaken.

• Method of recording and assessing core and chip sample recoveries and results assessed.

• Not applicable as no drilling was undertaken.

• Measures taken to maximise sample recovery and ensure representative nature of the samples.

• Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

Sampling techniques

Drill sample recovery

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• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

• Not applicable as no drilling was undertaken.

• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

• The total length and percentage of the relevant intersections logged.• If core, whether cut or sawn and whether quarter, half or all core taken.

• Not applicable as no drilling was undertaken.

• If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

• For all sample types, the nature, quality and appropriateness of the sample preparation technique.

• Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

• Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

• Whether sample sizes are appropriate to the grain size of the material being sampled.

• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

• Not applicable as no assaying was undertaken.

• For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

• Survey contractor utilised a ABEM Terrameter SAS 4000/SAS 1000 instrument. ES464 and ES10-64E Electrodes. Spacing between electrodes was 5m and a 25% overlap with moving lines was implemented.

• Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

• Contractor implemented internal quality control on readings and data

• The verification of significant intersections by either independent or alternative company personnel.

• Not applicable as no drilling was undertaken.

• The use of twinned holes. • Not applicable as no drilling was undertaken.

• Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

• All data is provided in raw format to Plymouth, stored by both contractor and plymouth.

• Discuss any adjustment to assay data. • Not applicable as no drilling was undertaken.

Verification of sampling and assaying

Logging

Sub-sampling techniques and sample preparation

Quality of assay data and laboratory tests

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• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

• The survey is conducted with 5m spacing on electrodes, 25% overlap on lines and line spacing of 200m. Positions were obtained using hand held GPS with a +/-2m accuracy. This is considered acceptable for this style of survey. Lines completed are shown georeferences to UTM Zone 30 (N) in Figures 4 and 5.

• Specification of the grid system used. • Traverse lines were orientated to cross over sediment stratigraphy and spaced sufficiently to cover broad areas but allow interpretation between for preliminary Phase 1 work.

• Quality and adequacy of topographic control.

• Low topographic relief is not considered to impact data

• Data spacing for reporting of Exploration Results.

• Line and sample location spacing is considered adequate for detection of geophysical anomalies.

• Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

• Not applicable as no resource is being calculated

• Whether sample compositing has been applied.

• Data points are independent

• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known,

• ERT traverses were planned to cross-cut mapped sediment stratigraphy strike and are considered appropriate for this style of survey.

• If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

• Not applicable as no drilling was undertaken.

Sample security • The measures taken to ensure sample • Not applicable as no drilling was undertaken.Audits or reviews • The results of any audits or reviews of

sampling techniques and data.• All data collected is subject to contractor and internal review. No external audits have been conducted.

Location of data points

Data spacing and distribution

Orientation of data in relation to geological structure

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JORC Code, 2012 Edition - Table 1Section 2: Reporting of Exploration Results

Criteria JORC Code explanation Commentary

• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

• The Morille Project is located 170km NNW of Madrid in Spain. The Project consist of Five "Permiso de Investogacion" (Investigation Permits) which are held in the name of Morille Mining S.L.U. of which Plymouth Minerals Limited owns 80%. The Alegria and Paquita prospects are within Investigaiton Permit 6634-20; the Claudina, Mundaca and Mina San Andres prospects are located within Investigation Permit 6250-30 and the Anarbellas prospect is within Investigation Permit 6634-30.

• The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

• The tenements are in good standing.

Exploration done by other parties

• Acknowledgment and appraisal of exploration by other parties.

• Other companies to have held the project area include Aurum Mining PLC and ADARO.

Geology • Deposit type, geological setting and style of mineralisation.

• The Morille Project is situated within the Variscan Iberian or Hesperic Massifthat extends across the greater part of Western Iberia. The tenement area is situated towards the northern margin of the 'Complejo Esquisto-grauvacico' Domain of the Central Iberian Zone. This Domain is typified by a thick schist-greywacke sequence of pre-Ordovician age that has been tightly folded and weakly metamorphosed.

• Primary mineral occurrences in the area appear to be of 3 types, lodes, strataboundor stratiform. The lode deposits are essentially quartz vein or stringer systems that fill late-Variscan Orogeny fractures and carry tin and/or tungsten minerals. Most of these occurrences, even if they are hosted by meta-sediments are regarded as being related to the ubiquitous late-Variscan granitic intrusions.

Mineral tenement and land tenure status

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• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

o easting and northing of the drill hole collar

o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar

o dip and azimuth of the holeo down hole length and interception deptho hole length.• If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.

• Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

• The assumptions used for any reporting of metal equivalent values should be clearly stated.

• These relationships are particularly important in the reporting of Exploration Results.

• If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.• If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).

Diagrams

• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

• Refer to Figure 4 and 5

Balanced reporting

• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

• Not applicable, No drilling or sampling undertaken

Relationship between mineralisation widths and intercept lengths

Drill hole Information

Data aggregation methods

• Not applicable, No drilling undertaken

• Not applicable, No drilling or sampling undertaken

• Not applicable, No drilling or sampling undertaken

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Other substantive exploration data

• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

• No other exploration has been completed.

• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

• Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

Further work • The applicability of further geophysical surveys is being investigated.

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