Excelsior Gold : Placement of Shares

29 September 2014
Paddington co-operative ore treatment scenario. The Company will apply the funds to the completion of geotechnical and infill drilling at Zoroastrian, further expansion of the growing Bulletin South resources and reserves and to additional working capital.
Excelsior Gold's Managing Director, Mr David Hamlyn, said: "We welcome the addition of new institutional investors on to our register and thank the existing shareholders who have participated in this Placement for their continuous support. The Placement enables us to advance our efforts to further reduce mining costs at Zoroastrian and Bulletin South by finessing open pit mine designs to reduce strip ratios and operating costs on the back of very competitive definitive mining cost submissions recently received from a number of mining contractors."
Settlement of the Placement shares is scheduled on or around 3 October 2014 and shares issued under the Placement will rank equally with existing Excelsior shares.

Second Tranche Convertible Loan Facility

Drawdown of the second tranche $2 million convertible loan facility requires completion of equity raising(s) of no less than $3 million net of costs. However conclusion of this Placement means Excelsior Gold will have sufficient working capital to complete a majority of the identified works program as stated above and advance the development of the Project well into year 2015. Excelsior Gold has therefore commenced discussion with Macquarie Bank to extend the drawdown date of the second tranche facility and will inform
shareholders of the outcome of the discussions.

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Excelsior Gold Limited ABN 38 123 629 863

Address: Unit 2, 124 Stirling Highway, North Fremantle WA 6159 Postal:PO Box 520, North Fremantle WA 6159 Telephone:[phone] Facsimile: 08 9335 6231

Information required under ASX Listing Rule 3.10.5A

Excelsior Gold provides the information as required under ASX Listing Rule 3.10.5A as follows:
1. Dilution to existing shareholders as a result of the issue made under 7.1A:
• The percentage of the existing issued capital represented by the Placement made under 7.1A is 7.97%.
• The percentage of the post-Placement issued capital held by the pre-placement security holders is 92.61%.
2. Shares will be issued under listing rule 7.1A. Details of the Company's issued capital
following the completion of the Placement held by pre-­‐Placement and new
shareholders are as follows.

Shares	Percentage
Pre-­‐Placement shareholders who did not participate in the Placement	283,723,566	62.89%
Pre-­‐Placement shareholders who did participate in the Placement	150,104,855	33.27%
New shareholders who participated in the Placement	17,333,333	3.84%
Total	451,161,754	100%

3. Excelsior Gold considers that on this occasion the issue of shares to institutional and sophisticated investors to be a more efficient and expedient method for raising the funds to achieve the Company's objectives.
4. There was no underwriting for this Placement.
5. BBY Limited is the Lead Manager for the Placement and charged a 6% fee in connection with the Placement.

Confirmation under section 708(5)(e) of the Corporations Act (Act)

The Company hereby notifies ASX under section 708A(5)(e) of the Act that:
1. the shares were issued without disclosure to investors under Part 6D.2 of the
Corporations Act;
2. the Company is providing this notice under paragraph (5)(e) of section 708A of the
Act;
3. as at the date of this notice, the Company has complied with the provisions of
Chapter 2M of the Corporations Act as they apply to the Company;
4. as at the date of this notice, the Company has complied with section 674 of the Act;
and
5. as at the date of this notice, there is no information:
(a) that has been excluded from a continuous disclosure notice in accordance with the ASX Listing Rules; and

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Excelsior Gold Limited ABN 38 123 629 863

Address: Unit 2, 124 Stirling Highway, North Fremantle WA 6159 Postal: PO Box 520, North Fremantle WA 6159

Telephone: [phone] Facsimile: 08 9335 6231

(b) that investors and their professional advisers would reasonably require for the purpose of making an informed assessment of:
(i) the assets and liabilities, financial position and performance, profits and losses and prospects of the Company; or
(ii) the rights and liabilities attaching to the Shares.
For further information visit http://www.excelsiorgold.com.au/www.excelsiorgold.com.auor contact

Excelsior Gold Limited

David Hamlyn Nicholas Ong
Managing Director Commercial Director and Company Secretary
T: + 61 8 9335 7770 T: + 61 8 9335 7770
E: mailto:[e-mail]E: mailto:[e-mail]

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Excelsior Gold Limited ABN 38 123 629 863

Address: Unit 2, 124 Stirling Highway, North Fremantle WA 6159 Postal: PO Box 520, North Fremantle WA 6159

Telephone: [phone] Facsimile: 08 9335 6231