Impact Minerals Limited

ASX ANNOUNCEMENT

Date: 24 October 2014 Number: 372/241014

Impact Minerals Limited (ASX:IPT) is pleased to announce that it can now proceed with a drill programme to test a number of targets for high grade nickel-copper-platinum group metal deposits at the Broken Hill Joint Venture Project in New South Wales following the receipt of all statutory approvals.

Impact recently earned a 51% in the rights to nickel-copper-PGE mineralisation from Golden Cross Resources Limited (GCR) and has elected to earn an 80% interest by spending a further $200,000.

This expenditure will be completed during the forthcoming drill programme at the Red Hill Prospect, for which Impact was recently awarded a grant of $125,000 under the N.S.W. State Government's Co-operative Drilling Funding Programme.

Access track and drill site preparation will commence next week with the aim of commencing drilling by mid-November.

An Induced Polarisation ground geophysical survey comprising 3 lines over the Red Hill intrusion also commenced this week. The results of this survey will be used to refine the drill targets identified in soil geochemistry and rock chip data.

The Red Hill Prospect

The host ultramafic intrusive unit at Red Hill, which outcrops over an area of about 500 sq metres, has a nickel-rich core and copper-precious metal-rich margins (Figure 1 and announcement dated 21 May 2014). This is a common feature in many major nickel-copperprecious metal sulphide deposits around the world.

The centre of the unit is marked by nickel-in-soil values greater than 10,000 ppb and up to 16,100 ppb nickel (MMI digest) that is 100 m wide and 300 m long. This is a priority area for drilling.

Both the western and, in particular, the eastern margins of the unit are marked by copperin- soil results greater than 2,500 ppb and up to 16,200 ppb copper (MMI digest) that are up to 200 m wide and 600 m long (Figure 1).

Within these margins there are a further three priority areas for follow up work that contain greater than 20 ppb platinum+palladium+gold-in-soil results (fire assay) covering several hundred square metres and which contain rock chip samples with high grade nickel, copper and precious metal assays (Figure1):

1. At the Red Hill Shaft, mined to a depth of about 40 m in the early 1900's, grab samples from outcrops around the shaft returned up to 16 g/t platinum, 12.1 g/t palladium, 4.2% nickel, 7.7% copper, 1.3 g/t gold and 221 g/t silver. Rock chip samples from a surface excavation about 50 m long located 100 m to the south of the shaft returned up to 1 g/t platinum, 2.6 g/t palladium, 0.9% nickel, 0.8% copper, 1.8 g/t gold and 3.3 g/t silver.
2. At Simons Find, rock chip samples returned up to 0.7 g/t platinum, 1.7 g/t palladium, 0.4% nickel, 0.1% copper, 1.9 g/t gold and 6.6 g/t silver.
3. In the south east corner of the intrusion, grab samples from weathered rocks associated with some surface diggings returned up to 22% copper, 0.2% nickel, 0.8 g/t gold and 91.1 g/t silver.

The soil geochemistry survey was completed by Impact at a spacing of 50 m by 50 m and submitted for analysis by the MMI partial digest (nickel and copper) and fire assay (platinum, palladium, gold and silver) (see Appendix 1).

For more information, please visit http://doc.irasia.com/listco/au/impactminerals/press/p141024.pdf.

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