Gibb River Diamonds : Option Exercised to Acquire 100% of Edjudina Gold Project

ASX RELEASE

2 December 2020

ASX Code: GIB

GIB Exercises Option to

Acquire 100% of the Edjudina Gold Project

________________________________________________________________________

Gibb River Diamonds Limited ('GIB' or the 'Company') is pleased to announce the acquisition of 100% of the Edjudina Gold Project Option (E31/1179). The project vendors have been paid the Option Exercise Fee of $330,000 cash and have been issued 5,500,000 GIB shares (escrowed for one year) and 5,500,000 GIB Options.

GIB is extremely pleased with the acquisition of Edjudina which gives the Company 100% of a high grade, quality gold project in the heart of the Eastern Goldfields of WA. GIB's early success in the discovery of the Neta Lodes Gold Prospect at Edjudina enhances the prospectivity of the field considerably and the Company looks forward to building on this with upcoming drilling campaigns at Edjudina next year.

The Company is currently awaiting assay results for the recently completed 5,961 metre aircore drilling campaign at Edjudina. GIB is aiming to release these results before the Christmas break.

GIB will continue to progress its 100% owned Ellendale Diamond Project concurrently with the drilling and exploration of the Edjudina Gold Project

Edjudina Gold Project (GIB 100%): view of the historic Neta Gold Mine (left side of image) and recent Neta Lodes discovery looking south-west. Image taken during GIB Phase 2 drilling campaign.

Jim Richards

Executive Chairman

Enquiries To: Mr Jim Richards [phone]

Gibb River Diamonds Limited ABN 51 129 158 550

1/16 Ord Street West Perth WA 6005

T [phone]

[e-mail] Wwww.gibbriverdiamonds.com

ASX RELEASE

Competent Persons Statement

The information in this report that relates to exploration results, sampling and testwork is based on information compiled by Mr. Jim Richards who is a Member of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr. Richards is a Director of Gibb River Diamonds Limited.

Mr. Richards has sufficient experience which is relevant to the style of mineralisation, type of deposit and type of testwork 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, Mineral Resources and Ore Reserves. Mr. Richards consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

Edjudina Gold Project - Location Map

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