Apollo Hill JV

Apex Minerals is earning a 51% interest in the Apollo Hill project by expending $3 million within three years. As at 30 June, 2007, at Hampton's election, Apex can earn a further 9% by free carrying Hampton for a further $2 million within five years of commencement. Hampton can contribute or reduce its interest to 20% in exchange for being free carried to a Decision to Mine. At the Decision to Mine point, should it have elected to reduce to 20%, it can elect to have its share of mine capital costs loaned to it by Apex to be repaid with accrued interest out of 80% of its share of mine proceeds.

This joint venture represents an attractive gold exploration opportunity for Apex in the Leonora region, one of Western Australia’s major gold producing areas with initial drill programs returning promising results and exploration to determine the extent of the gold mineralisation ongoing. Drilling of the Apollo Hill main zone has so far identified an extensive but variable mineralised system, as exemplified by the intersection of 10m @ 6.5g/t, 11.97m @ 4.5g/t, 6m @ 4.4g/t. Exploration is ongoing.