ASX and Media Release: 20 November 2013 ASX Code: WRM

Mt Carrington Gold-Silver Project

White Rock Silver Deposit – Resource Upgrade

Indicated Resource of 1.7Mt @ 77g/t Ag for 4.2Moz Ag

Indicated and Inferred Resource of 4.4Mt @ 58g/t Ag for 8.2Moz Ag

White Rock Minerals Limited (ASX:WRM) has completed modelling and Resource estimation to upgrade

the White Rock Ag Resource, one of eight deposits making up the Mt Carrington project. 51% of the

Resource is now classified as Indicated in accordance with the JORC (2004) code. This work was based on

infill drilling completed in July this year, and the upgraded Resource estimate was undertaken by

independent firm Ravensgate Mining Industry Consultants.

The majority of the four largest Au – Ag deposits at the Mt Carrington project are now classified as

Indicated Resources.

White Rock Managing Director Geoffrey Lowe said today: “The upgrade to Indicated Resource for a large

quantity of the White Rock Ag deposit now completes the major geological component in the path to

development of the Mt Carrington gold-silver project. Based on the pit optimisation work from the scoping

study completed in 2012 the proportion of Indicated Resource included in the scoping study approximates

100% for Lady Hampden, 75% for Strauss, 60% for Kylo and 60% for White Rock. On that basis we are happy

that the geological confidence in each deposit will allow us to proceed with feasibility studies in 2014.”

For further information, please contact: Geoffrey Lowe (Managing Director) Andrew Dart (Company Secretary) Phone: 03 5331 4644 E-mail: info@whiterockminerals.com.au Website: www.whiterockminerals.com.au

Media enquiries to: Simon Jemison C/. Collins Street Media Phone: 03 9224 5319 or 0408 004 848 E-mail: simon@collinsstreetmedia.com.au

For

per

sona

l use

onl

y

Mineral Resource Estimate – White Rock Silver Deposit

Diamond drilling was completed at White Rock in mid-2013 to upgrade the classification of the previous

JORC (2004) Inferred Resource estimate completed in 2008. Drilling was targeted at the Inferred Resource

within the optimised pit shell based on the Scoping Study completed in 2012. The drilling has provided a

successful outcome with the new global Inferred and Indicated Resource approximately equivalent to the

earlier Inferred Resource in terms of contained metal.

The upgraded global Resource has slightly more tonnes at an overall slightly lower grade than the previous

estimate (4.4Mt @ 58g/t Ag for 8,192,000oz Ag versus 4.1Mt @ 62g/t Ag for 8,194,000oz Ag). The new

Indicated Resource stands at 1.7Mt @ 77g/t Ag for 4,214,000oz Ag, which presents a significantly higher

grade compared to the overall Resource, and represents over 50% of the original Inferred Resource.

Importantly, the drilling completed to upgrade the Resource has resulted in a much more robust

interpretation of the geology, alteration and mineralisation of the White Rock deposit. In addition the core

samples will provide sufficient material to finalise the metallurgical testwork optimisation process during

the feasibility study, as well as enable a precious metal concentrate to be generated for marketing

purposes, an important part of the final feasibility assessment.

The White Rock Ag deposit is located within highly altered rhyolitic to andesitic volcanics, breccias and

volcaniclastics. Mineralisation is low sulphidation epithermal style and occurs within a broad tabular phyllic

alteration zone with stockwork quartz veining, breccia fill and minor massive silicified zones. The bulk of

mineralisation is hosted within felsic intrusive units. The system shows a weak geochemical zonation

towards enriched gold and copper in the southwest in conjunction with stronger alteration. The recognition

of this zonation is considered very encouraging in an exploration sense, as the White Rock deposit environs

has previously been considered to be relatively un-prospective for gold.

Table 1 details the Indicated and Inferred Resource upgrade for the White Rock deposit at a cut-off of 25g/t

Ag with a comparison also presented at a cut-off of 50g/t Ag. Importantly over 60% of the contained silver

reports above the 50g/t Ag cut-off, with over 60% classified as Indicated Resource. The distribution of

higher grade ore provides confidence that the White Rock deposit will form an important part of the

development plans for the Mt Carrington Project.

Table 2 incorporates the new White Rock Resource into the overall Resource base for the Mt Carrington

Project.

The addendum below details the parameters behind the Resource calculation.

For

per

sona

l use

onl

y

Competent Persons Report

The information in this report that relates to Exploration Results or Mineral Resources is based on

information compiled by Mr Rohan Worland who is a Member of the Australian Institute of Geoscientists

and is a full time employee of White Rock Minerals Ltd. Mr Worland has sufficient experience which is

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 2004 Edition of the ‘Australasian Code for

Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Worland consents to the

inclusion in the report of the matters based on his information in the form and context in which it appears.

The gold and silver Resource figures for White Rock, Red Rock, Strauss, Kylo, Lady Hampden, Silver King and

White Rock North have been taken from Resource estimates of February 2012, July 2013 and November

2013 prepared by Ravensgate Minerals Industry Consultants on behalf of White Rock Minerals Ltd and

authored by Mr Don Maclean. Mr Maclean is a member and R.P Geo. (Exploration and Mining) of the

Australian Institute of Geoscientists and has sufficient experience relevant to the style of mineralisation and

type of deposit under consideration and to the activity which he has undertaken to qualify as a Competent

Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results,

Mineral Resources and Ore Reserves.” Mr Maclean consents to the inclusion in this report of the matters

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

The gold and silver Resource figures for Guy Bell have been taken from the resource estimate report dated

1 October 2008 prepared by Mining One Pty Ltd on behalf of Rex Minerals Ltd and authored by Dr Chris

Gee who is a professional geologist with more than 10 years’ experience in resource estimation. Dr Gee is a

Competent Person as defined by the JORC (2004) Code.

WHITE ROCK DEPOSIT November 2013 (JORC 2004) MINERAL RESOURCE

25g/t Ag cut-off

Category Tonnes Silver (g/t) Silver ounces Gold (g/t) Zinc % Lead % Copper %

Indicated 1,705,000 77 4,214,000 0.05 0.68 0.23 0.02

Inferred 2,660,000 47 3,978,000 0.02 0.34 0.10 0.01

Total 4,365,000 58 8,192,000 0.03 0.47 0.15 0.01

50/t Ag cut-off

Category Tonnes Silver (g/t) Silver ounces Gold (g/t) Zinc % Lead % Copper %

Indicated 925,000 112 3,315,000 0.07 0.83 0.29 0.02

Inferred 670,000 88 1,889,000 0.03 0.48 0.15 0.01

Total 1,595,000 102 5,205,000 0.05 0.68 0.23 0.02

Table 1: White Rock Mineral Deposit Resource Estimate Summary November 2013. The estimates have been rounded in accordance with the guidance of the JORC (2004) code.

For

per

sona

l use

onl

y

MT CARRINGTON JORC (2004) MINERAL RESOURCES – NOVEMBER 2013

Silver Dominant Resources

Resource Category Deposit Tonnes Gold grade

(g/t) Gold ounces

Silver grade (g/t)

Silver ounces

Indicated

Lady Hampden 1,840,000 0.6 37,000 69 4,056,000

White Rock 1,710,000 - - 77 4,214,000

Sub-Total 3,550,000 0.3 37,000 72 8,270,000

Inferred

Lady Hampden 2,470,000 0.3 27,000 51 4,023,000

White Rock 2,660,000 - - 47 3,978,000

White Rock North 3,180,000 - - 52 5,314,000

Silver King 640,000 - - 59 1,218,000

Sub-Total 8,950,000 0.1 27,000 51 14,533,000

Total

Lady Hampden 4,310,000 0.5 64,000 58 8,079,000

White Rock 4,370,000 - - 58 8,192,000

White Rock North 3,180,000 - - 52 5,314,000

Silver King 640,000 - - 59 1,218,000

Total 12,500,000 0.2 64,000 57 22,803,000

Gold Dominant Resources

Resource Category Deposit Tonnes Gold grade

(g/t) Gold ounces

Silver grade (g/t)

Silver ounces

Indicated

Strauss 1,240,000 1.4 57,000 3.8 153,000

Kylo 1,590,000 1.2 59,000 2.6 133,000

Sub-Total 2,830,000 1.3 116,000 3.1 286,000

Inferred

Strauss 1,260,000 1.4 56,000 2.6 104,000

Kylo 760,000 1.5 35,000 1.8 43,000

Red Rock 1,630,000 1.0 54,000 3.5 182,000

Guy Bell 160,000 2.5 13,000 4.9 24,000

Sub-Total 3,810,000 1.3 158,000 2.9 353,000

Total

Strauss 2,500,000 1.4 113,000 3.2 257,000

Kylo 2,350,000 1.3 95,000 2.3 176,000

Red Rock 1,630,000 1.0 54,000 3.5 182,000

Guy Bell 160,000 2.5 13,000 4.9 24,000

Total 6,640,000 1.3 275,000 3.0 639,000

Total Resources

Category Tonnes Gold

ounces

Silver ounces

Indicated

6,380,000

153,000

8,556,000

Inferred

12,760,000

185,000

14,886,000

Total

19,140,000

338,000

23,442,000

Table 2: Mt Carrington Mineral Resource Estimate Summary November 2013

All Au-dominant resources have been reported using a lower cut-off of 0.5g/t except Red Rock, which uses a lower cut-off of 0.7g/t. All Ag-dominant resources have been reported using a lower cut-off of 25g/t. The estimates have been rounded in accordance with the guidance of the JORC (2004) code.

For

per

sona

l use

onl

y

Figure 1: Mt Carrington: White Rock Prospect – Location of Indicated and Inferred Resource, current drilling density and historical mine workings.

For

per

sona

l use

onl

y

Addendum Mineral Resource Assessment and Reporting Criteria Summary of Resource Estimate Parameters provided by Ravensgate Mining Industry Consultants

The Mineral Resource estimate for the White Rock Prospect was completed in October 2013 by Corvidae Pty Ltd as

Trustee for Ravensgate Unit Trust Trading as Ravensgate Mining Industry Consultants (‘Ravensgate’) and is reported in

accordance with the JORC (2004) code.

Database Integrity

The Resource is based on 109 exploration holes: 91 RC percussion drillholes completed in the 1980’s by Aberfoyle

and 18 diamond drillholes completed by Rex Minerals and White Rock Minerals (2008-13). Approximately 77% of the

drilling is percussion drilling and 23% is diamond drilling.

RC percussion drillholes are dominantly vertical and have been drilled on spacing’s varying from 15 to 45 metre

centres. All diamond drillholes are angled on nominal 25m spaced northeast-southwest sections. Drillholes were

typically inclined at -60° with both northeast and southwest azimuths used.

All RC percussion and diamond drillholes have downhole survey information.

The relative position of all recent diamond drillhole collars has been surveyed by DGPS methods. Drillhole locations

are considered accurate within 0.5m horizontally and 0.5m vertically. The historic RC percussion holes were accurately

surveyed with respect to a local grid. A recent LiDAR survey has allowed the accurate translation of the local grid holes

such that the holes are considered to be within 3m horizontally and 0.5m vertically.

All diamond drilling was sampled as half core with analysis completed by ALS using 30g fire assay methods for Au

and a multi-acid digestion with HF and ICP finish for Ag, Cu, Pb and Zn. RC percussion holes were assayed by Comlabs

Adelaide. Au was assayed using 30g charge and aqua regia digest. Ag, Cu, Pb and Zn were assayed using AAS with an

HF and HCL digest.

Drillhole data is considered to have adequate QAQC data for the status of the resource (Indicated and Inferred).

Assay data from recent diamond drilling completed by White Rock includes blanks, duplicates and certified standards.

The diamond drillhole samples make up 23% of the composite samples used in the resource estimate. The historic RC

percussion drillholes used in the estimate have QAQC based on a system of duplicate assaying of 5-10% of samples

submitted coupled with blind re-assays of selected higher grade Ag (>20g/t Ag) material. Umpire assaying of a small

package of samples (38) was also completed. Comparison of the White Rock diamond drill samples to the historic RC

percussion samples shows generally similar sample populations and that mineralised intercepts have similar and

consistent spatial locations. In Ravensgate’s opinion it is reasonable to use the historic RC percussion drillholes in the

estimate.

Geological interpretation

The Resource is located within altered rhyolitic to andesitic volcanics and volcaniclastics of the Permian Drake

Volcanics. Mineralisation is low sulphidation epithermal silver-rich with variably associated gold and minor base

metals including zinc and copper.

Mineralisation occurs within a broad tabular phyllic alteration zone with sheeted to stockwork style silica veining,

breccia fill and minor massive silicified zones.

The strike length of the resource is approximately 400m comprised of one main northeast striking gently south east

dipping body.

For

per

sona

l use

onl

y

Estimation and Modeling Techniques

The geological interpretation was based primarily on geological information obtained from White Rock’s diamond

drilling programs. This included lithological, alteration, veining and structural data. Wireframe interpretations of

geology and mineralisation, geostatistical analysis, block modeling and grade estimation were completed by

Ravensgate using MinesightTM

software.

Mineralisation domain boundaries were constructed using cross sectional interpretations based on geological

logging of mineralisation envelopes, which broadly corresponds with a >15 g/t Ag edge cut-off. Within the main

mineralised zone a higher grade (>25 g/t Ag) domain was constructed.

Wireframes were constructed from these boundaries and nominally extrapolated half drill hole spacing along strike

(12.5-25m) and 50m down dip from unbounded intercepts.

All drill hole samples were composited to 1m intervals which is the most common sample interval.

High yield limits were used to restrict the influence of high outlier grades. A high yield limit of 100 g/t Ag for domain

801 and 650 g/t Ag for domain 802 were used based on the 99th percentile values on cumulative frequency plots. The

high yield limit was restricted to within 10m of an outlier grade. The removal of outlier grades removes approximately

8% of Ag metal.

Bulk densities used in the models is based on 499 samples. For oxide/transitional a bulk density of 2.55 was used

(based on 28 samples, min 2.41, max 2.79, mean 2.58) and for fresh/sulphide a bulk density of 2.65 was used (471

samples, min 2.44, max 3.21, mean 2.65). All are dry densities and void spaces in core are understood to be negligible.

A total of 2 mineralisation domains were interpreted and each was interpolated using only samples lying within the

same domain.

Resource estimation block modeling was completed using a primary block size of 10.0m (X) by 10.0m (Y) by 5.0m (Z).

The resource was estimated using ordinary kriging interpolation with nugget and sill values based on statistical

analysis and parameters from semi-variograms derived from the various mineralised domains. Estimation search

ellipses were orientated to reflect the geometry of the mineralised domains. The block model estimates were

validated by visual comparison of blocks to drill hole composites, comparison of composite and block model statistics,

visual assessment of grade shells and swath plot comparisons of composite versus model grades.

There is a historic shaft with several small underground development drives. Blocks that intersected the shaft or

underground development were depleted from the model.

Low grade fill from the historic mine development is present along the margins of the creek transecting the deposit,

which has been intersected in several of the drill collars. The fill has been modelled and assigned a grade of 42 g/t Ag

based on an average of 58 samples from drilling (with a top cut of 150 g/t Ag applied). A bulk density of 2.0 was

assigned to this material. The fill has been designated as Inferred Resource.

Resource classification was based on data/geological confidence and a quality of estimate criteria which reflects drill

spacing, the number of composites used to inform a block and kriging variance. The Indicated portion of the resource

has a drill spacing of <25m centres and has proximal validation diamond drilling completed by White Rock Minerals.

Inferred Resources have a drill spacing of > 25m centres and/or have no recent validation diamond drilling. Based on

these criteria and also the continuity of mineralisation and grade observed within the deposit Ravensgate considers

that this estimate meets the criteria to be classified as a JORC (2004) Indicated and Inferred Resource.

The most likely development scenario for the deposit is as an open cut. Based on this assumption a reporting cut-off

of 25 g/t Ag is appropriate.

For

per

sona

l use

onl

y

About White Rock Minerals

White Rock is an Australian minerals exploration company focussed on the discovery and development of shallow gold, silver and copper deposits in the New England Fold Belt, northern NSW. The Company is targeting deposit styles similar to those at Cracow, Mt Rawdon and Mt Carlton.

White Rock’s cornerstone asset is the 100% owned Mt Carrington project where shallow Indicated and Inferred Mineral Resources totalling 338,000oz gold and 23.5Moz silver have been defined. Exploration drilling at Mt Carrington is in progress with the aim of extending the shallow Resource base, and to test a number of prospective regional and near-mine targets within a tenement area of 600km

2 over the under-explored Drake Volcanics.

Market Capitalisation: A$7m @ A$0.04/share Issued Capital: 184m Ordinary shares, 9.9m Unlisted options (September 2013) Balance Sheet: $4.3M, no debt (September 2013) Shareholders Avalon Ventures Corporation 43.47%

Greenstone Property Pty Ltd 9.81%

Silverstone Investment Holdings Pty Ltd 3.68%

Board and Management 2.60%

Grand South Development Ltd 1.65%

TOP 20 69%

Board and Management Brian Phillips - Non-Executive Chairman

Geoffrey Lowe - Managing Director

Steven Olsen - Non-Executive Director

Peter Lester - Non-Executive Director

Andrew Dart - CFO & Company Secretary

Rohan Worland - Exploration Manager

About Mt Carrington, New South Wales

Location: Mt Carrington is 5 km from the township of Drake in northern NSW. It is located on the Bruxner Highways 4 hour’s drive SW of Brisbane and 2 hours west from Ballina.

History: Gold was first discovered in the district in 1853 with a number of

small prospects worked over the next 25 years. In 1886 gold and silver were found at Drake, Mt Carrington, White Rock and Red Rock. Prospecting and small-scale mining continued into the 1920s. During 1974 to 1976 Mt Carrington Mines Ltd extracted a small tonnage of high grade Ag and Au from the Lady Hampden open pit. In 1988 a new mining campaign focussed on extracting open pit oxide Au/Ag ore from the Strauss, Kylo, Guy Bell and Lady Hampden deposits. The oxide ore was depleted by 1990, and with metal prices at US$370/oz Au and US$5/oz Ag, and secondary copper zones in the pits resulting in processing issues in the CIP plant, the small scale mine was closed.

The new Mt Carrington: In April 2008 Rex Minerals Ltd acquired Mt Carrington and completed 2 years of exploration and Resource definition. The project was demerged in June 2010 with the formation of White Rock Minerals to undertake extensive exploration, Resource definition and development studies with the aim of defining a new viable open pit mining operation, underpinned by existing Mining Lease tenure, site infrastructure, and ready access to power and water.

For

per

sona

l use

onl

y

Volcanic Caldera: In the early 1990s CRA Exploration focused on exploring for ‘a large polymetallic mineralised system in a Pacific Rim-type environment’. Detailed mapping and reconstruction of the volcanic architecture was undertaken by White Rock in 2011-2012, which established a large 400 square km collapsed volcanic caldera structure. This setting has been demonstrated to contain a number of epithermal-style precious metal targets, many of which will be drill tested in 2013. Up to 2010 no systematic regional exploration had been undertaken on the project for more than 16 years.

Scoping Study: In July 2012 White Rock completed a high level Scoping Study which demonstrated the viability of a low-capex, robustly economic, 40,000ozpa gold/silver project. White Rock proposes to undertake feasibility studies to progress and define the development options outlined in the Scoping Study.

Resources: In February 2012 an upgraded and updated Resource estimate was published, with a total of 0.28Moz Au and 23.3Moz Ag at the Kylo, Strauss, Lady Hampden, Silver King, White Rock and White Rock North deposits. For more detail refer to WRM’s announcement to the ASX of 13 February 2012. In July 2013 a maiden Resource estimate for Red Rock was published. For more detail refer to WRM’s announcement to the ASX of 11 July 2013. The updated Resource estimate for all deposits at the Mt Carrington Project totals 0.34Moz Au and 23.5Moz Ag.

MT CARRINGTON JORC (2004) INDICATED & INFERRED MINERAL RESOURCE SUMMARY

Deposits Tonnes Au (g/t) Gold Oz Ag (g/t) Silver Oz

Gold Dominant 6,640,000 1.3 275,000 3.0 639,000

Silver Dominant 12,500,000 0.2 64,000 57 22,803,000

Total Resources Indicated 6,380,000

153,000

8,556,000

Inferred 12,760,000

185,000

14,886,000

Total 19,140,000

338,000

23,442,000

*Competent Persons Report

The information in this report that relates to Exploration Results or Mineral Resources is based on information compiled by Mr Rohan Worland who is a Member of the Australian Institute of Geoscientists and is a full time employee of White Rock Minerals Ltd. Mr Worland has sufficient experience which is 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 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Worland consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The gold and silver Resource figures for White Rock, Strauss, Kylo, Lady Hampden, Silver King and White Rock North have been taken from the resource estimate prepared by Ravensgate Minerals Industry Consultants on behalf of White Rock Minerals Ltd and authored by Mr Don Maclean. Mr Maclean is a member of the Australian Institute of Geoscientists and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he has undertaken to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.” Mr Maclean consents to the inclusion in this report of the matters based on this information in the form and context in which it appears. The gold and silver Resource figures for Guy Bell have been taken from the resource estimate report dated 1 October 2008 prepared by Mining One Pty Ltd on behalf of Rex Minerals Ltd and authored by Dr Chris Gee who is a professional geologist with more than 10 years’ experience in resource estimation. Dr Gee is a Competent Person as defined by the JORC Code. Mr Gee consents to the inclusion in this report of the matters based on this information in the form and context in which it appears

For

per

sona

l use

onl

y

Location of the Mt Carrington exploration and mining tenements with gold and silver Resources

For

per

sona

l use

onl

y