BPM Minerals Ltd. provided an update on exploration programs at the Company's Nepean and Hawkins Projects, both located in Western Australia. In late-February the Company completed a 42-hole (totaling 1,887 meter) AC Program at the Nepean Project. Drilling was designed to provide geological context to 11 late-time bedrock conductors previously identified from a 32.25 line-km Moving Loop Electro- Magnetic (MLEM) survey, completed earlier in the year.

The 11 conductors were spatially recognized as the Eastern Cluster (5 conductors), Southern Cluster (3 conductors) and the Western Cluster (3 conductors). Historical and previous drilling undertaken by BPM in the area of the Western Cluster has identified komatiitic ultramafic rocks at Jim's Prospect which is hosted within a package of undifferentiated felsic rocks and located immediately along strike of the Western Cluster conductors. The Western Cluster are three vertically dipping, north-south striking late-time bedrock conductors.

The conductors range from 200-550m in length 200m in depth and have a conductance of 1,200 siemens. Shallow AC drilling undertaken across the surface projection of the Western Cluster of EM conductors encountered a series of sheared felsic volcanics with minor horizons of weathered deformed mafic and ultramafic rock with the source of the conductivity unresolved. The Company currently believes that structural deformation through the prospect has led to a dislocation of the prospective ultramafic horizon and has potentially re-mobilized nickel-copper sulphides away from the host ultramafic unit into the felsic wall rocks.

An analogue for the model is Poseidon Nickel's Emily Ann nickel deposit. Emily Ann is located within the Lake Johnston greenstone belt and was discovered in 1998 by LionOre. The deposit is blind at the surface due to transported sediments and deep weathering with the discovery largely due to electro-magnetic surveying highlighting the massive nickel sulphides at depth.

Mineralization is hosted within a discontinuous boudinaged ultramafic unit hosted within felsics as a product of inclusion within a major shear zone. This has resulted in the remobilization of sulphides away from the traditional ultramafic host and into the felsic wall rocks. The Company believes a similar geological model may apply to the Western Cluster of EM anomalies due to the observed discontinuous ultramafic units hosted within felsic rocks, shear zone and transported sediments and deep weathering masking any near surface evidence of ultramafic rock and/or sulphides.

The Company's strategy to provide geological context to the 11 conductors has successfully identified the Western Cluster of EM conductors as a priority for drill testing via RC/Diamond drilling.