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GLENBURGH GOLD RESOURCE INCREASED TO 520,000 Oz

GLENBURGH GOLD RESOURCE INCREASED TO 520,000 Oz INFERRED RESOURCE INCREASED BY 45 % to 520,000 Oz Au. RESOURCE TONNAGE INCREASED BY 90% to 13.8Mt SIGNIFICANT POTENTIAL FOR FURTHER RESOURCE GROWTH IDENTIFIED, INCLUDING NEW TORINO DISCOVERY, WHICH IS NOT INCLUDED IN THIS RESOURCE UPDATE. Gascoyne Resources Limited is pleased to announce that the re estimation of the Companys 100% owned Glenburgh resource has been completed, incorporating results of Stage 1 drilling completed in MayJune 2011. The Inferred Mineral Resource now stands at 13.8 Mt 1.2 g/t Au for 520,000 oz of contained gold at a 0.5g/t cutoff. This equates to an increase in gold resource ounces of 45% and an increase of 90% in resource tonnage over the last resource estimate, which was completed in November 2010. The Glenburgh Project is located in the Gascoyne area of Western Australia (see Figure 12). The resource modelling and estimation has been completed inhouse by Gascoyne Resource Limited and has been reviewed and audited by Runge Limited, an external and independent global resource consultancy. The increase comes as a result of incorporating additional drilling, revision of the modelling parameters and a lowering of the cutoff grade due to the increases in the gold price since the last resource was completed. The grade tonnage curve for the Glenburgh Project is included in Figure 3 and tabulated in Table 1. It is worth noting that the deposits outcrop at surface and that 98% of the resource is contained in the top 150m, with insufficient drilling at depth to date to allow extension of the resource model to greater depths. As a result, the deposits remain open down dip and down plunge as well as along strike, with significant potential for additional resource growth. Figure 4 shows the tonnes and grade per ten metre levels and Figure 5 the ounces per vertical metre for the global resource. Table 2 shows the changes in each of the individual deposits from the previous November 2010 resource model. For clarity, Figure 6 shows the contribution to the changes in the resource since the November 2010 estimate for a number of factors, including extensional drilling success, classification of the transitional material (and associated densities) and reduction in the cutoff grade. FORWARD PROGRAM The RC and Air core drilling is ongoing with two rigs currently on site, focusing on extensional resource drilling and delineation of the recently discovered Torino Prospect and the exploration of the South West Target Area. The new resource is now being incorporated into the current scoping study which is expected to be completed in late August. Further results and information will be provided as they become available. On behalf of the Board of Gascoyne Resources Ltd Michael Dunbar Managing Director BACKGROUND ON GASCOYNE RESOURCES Gascoyne Resources Limited was listed on the ASX in December 2009 following the amalgamation of the gold assets of Helix Resources Limited and Giralia Resources NL in the Gascoyne Region of Western Australia. Gascoyne Resources is endowed with 100% of the Glenburgh Project in Western Australia, which has an inferred resource of 13.8Mt 1.2g/t Au for 520,000oz gold from several prospects within a 20km long shear zone.

Considerable resource growth potential exists around the deposits as well as at regional targets that have had limited exploration over the last 15 years, including the new Torino discovery in the South West target zone, where first pass RC drilling returned intersections including 18 m 2.1g/tAu. Advanced exploration projects at Mt James where drilling has outlined a 1 g/t Au mineralisation over at least 2.5km strike within a 300m thick package of sheared mafic amphibolites and BIFs and at Bustler Well where previous RC drilling returned narrow high grade intersections including 1m 37.4g/t Au, 2m 9.08 g/t Au and 3m 7.62 g/t Au from a 150m long quartzshear lode. Untested soil geochemical anomalies and high grade rock chip samples at Bassit Bore ready to be drilled. Gascoyne Resources immediate primary focus is to continue the evaluation of the Glenburgh gold deposits to delineate meaningful increases in the resource base and to identify and test additional targets in the Glenburgh mineralised system and to explore for additional gold resources on the exploration properties. Success in these activities is expected to lead to the development of a gold project based on the Glenburgh gold deposits. Further information is available at www.gascoyneresources.com.au.