Gold 50 Limited announced the staged acquisition of 100% of the high-grade White Caps Project located 54 km north of Tonopah, Nevada. Gold 50 will make the initial payment of $500,000 from cash held at 30 September of AUD 4.35 million. The acquisition includes mining claims, drill hole database and leapfrog model.

Gold 50's initial exploration program will primarily focus on integration and interpretation of existing datasets and refinement of the geological model to effectively target high-grade Carlin- style gold mineralisation. Exploration Targets already defined by Gold 50 will then be drill tested and evaluated. Gold 50 engaged RPM Advisory Services Pty Ltd. ("RPM") to define an Exploration Target for the WCP in accordance with the guidelines of the JORC Code.

The Exploration Targets estimated by RPM are summarised in Table 1 below, with the high-grade target ranging from 50,000 to 270,000 ounces at grades ranging from 7 to 25g/t gold. Following extensive due diligence on the WCP's title, legal, environmental and geological database's, Gold 50 executed a Lease and Option to Purchase agreement with private vendors to acquire 100% of the Project. Gold 50's Directors and management are not associated with the vendors.

The term of the agreement is ten years. Following recent confirmation of clear title for the claims, Gold 50 expects to complete the acquisition by making the initial payment of $500,000. Summarised in the table below are the staged payments to the vendors and associated milestones triggering the payments.

Gold 50 has the exclusive option to purchase the Project over a 10-year term (from execution of the Agreement) by making any remaining staged payments. The vendors retain a 2.0% net smelter return (`NSR") royalty and there are no other private royalties. The Project area covers 10 km with 28 patented mining claims and 74 unpatented mining claims.