30/06/2017 - OreCorp Limited - ASX Release: Proposed Tanzanian Legislative Changes, Infill Drilling Results and Project Update at Nyanzaga

OreCorp Limited (OreCorp or the Company) notes the publication of draft legislation which recommends changes to the legal framework governing the natural resources sector in Tanzania. We understand that this legislation is to be debated by the Parliament in an extended Parliamentary session. In addition, Parliament has approved the new Finance Act, which will impose a 1% clearing fee on the value of all minerals exported from the country from 1 July 2017. OreCorp will seek advice on the proposed changes and will provide further updates as appropriate.

A general Project update is also provided herein.

OreCorp is pleased to announce that all infill drilling results for the Nyanzaga deposit (Deposit) in Tanzania have now been received and confirm the outstanding potential of the Project. The drilling infilled the main resource area, which hosts a Mineral Resource Estimate (MRE) of 3.3 million ounces @ 3.48 g/t gold, to potentially upgrade the resource classification of predominantly Open Pit (OP) mineralisation within the MRE.

The drilling program consisted of 74 infill holes for 13,742m. Results for the first 27 holes were reported on 11 May 2017 with the remainder reported herein. Better intercepts from the remaining holes include:

Hole ID Gold Intercept

NYZRC0647 51m @ 4.61g/t from 1m (Incl. 7m @ 14.76g/t from 37m) NYZRC0649 28m @ 3.64g/t from 59m

NYZRC0650 18m @ 3.19g/t from surface, 12m @ 3.65g/t from 37m, 10m @ 4.23g/t from 53m and 3m @ 3.71g/t from 94m

NYZRC0654 16m @ 3.49g/t from 61m (Incl. 1m @ 24.10g/t from 75m) NYZRC0664 27m @ 4.34g/t from 66m (Incl. 3m @ 11.47g/t from 66m) and 20m @

4.84g/t from 165m (Incl. 2m @ 30.50g/t from 176m) NYZRC0666 24m @ 3.72g/t from 40m

NYZRC0668 36m @ 2.62g/t from 55m (Incl. 1m @ 20.70g/t from 87m) NYZRC0670 34m @ 3.04g/t from 95m

NYZRC0675 33m @ 3.16g/t from 70m

NYZRCDD0648 23m @ 8.23g/t from 287m (Incl. 2m @ 73.70g/t from 290m) and 70m

@ 4.51g/t from 322m (Incl. 1m @ 125g/t from 329m)

NYZRCDD0652 12m @ 5.49g/t from 199m (Incl. 1m @ 45.40g/t from 199m), 22m @ 1.76g/t from 214 and 19m @ 2.16g/t from 251m

ASX RELEASE:

30 June 2017

ASX CODE:

ORR

BOARD:

Craig Williams

Non-Executive Chairman

Matthew Yates

CEO & Managing Director

Alastair Morrison

Non-Executive Director

Michael Klessens

Non-Executive Director

Robert Rigo

Non-Executive Director

Luke Watson

CFO & Company Secretary

ISSUED CAPITAL:

Shares: 216.4 million Unlisted Options: 9.8 million

ABOUT ORECORP:

OreCorp Limited is a Western Australian based mineral company focused on the Nyanzaga Gold Project in Tanzania & the Akjoujt South Nickel - Copper Project in Mauritania.

The infill drilling program targeted areas predominantly within the proposed OP area, where the existing data density was not sufficient for the JORC classification of the current MRE to the Indicated and Measured categories. The program also targeted the potential for further shallow OP mineralisation and additional mineralisation that currently lies outside the Pre-Feasibility Study (PFS) OP shell.

These results will be integrated into the existing data and it is currently anticipated that a revised MRE will be completed in Q3 2017. This will form an integral part of the Definitive Feasibility Study (DFS) that is currently in progress.

For further information please contact:

Matthew Yates

Office: +61 (8) 9381 9997

Mobile: +61 (0) 413 845 467

CEO & Managing Director

Introduction

The Nyanzaga Project is the subject of an earn-in and joint venture agreement (JVA) with Acacia Mining plc (Acacia) and under terms of the JVA, OreCorp may earn up to a 51% interest. OreCorp is the operator of the Project and is currently completing a DFS on the Deposit.

Nyanzaga is situated in the Archean Sukumaland Greenstone Belt, part of the Lake Victoria Goldfields (LVG) of the Tanzanian Craton. The greenstone belts of the LVG host a suite of large gold mines (Figure 1). The Geita Gold Mine lies approximately 60km to the west of the Project along the strike of the greenstone belt and the Bulyanhulu Gold Mine is located 36km to the southwest of the Project.

Current Mineral Resource Estimate

As part of the PFS, the MRE was updated as at 13 March 2017 and is reported in Table 1 in accordance with the JORC Code 2012.

Infill Drilling Program

An infill program comprising 74 holes totalling 13,742m of diamond and reverse circulation (RC) drilling has been completed (Figure 2 - yellow circles). The infill drilling focussed specifically on the area proposed to be mined in the early years of OP production, with the intention of converting JORC defined Inferred material to the Indicated and Measured categories. The overall spacing within this area of infill drilling is now approximately 20m x 20m.

In particular the program focused on the high grade breccia zones associated with the Far Eastern, Eastern, Central and Axial Fault Zones in order to improve confidence in both the geometry and grade distribution of these higher- grade domains.

It is currently anticipated that a revised MRE incorporating this additional information will be completed during Q3 2017 as part of the DFS to be used in further mine design and planning.

Results

Assay results have now been received for all the RC, Diamond and RC-Diamond drill holes. The first 27 holes were reported previously (see ASX Announcement dated 11 May 2017). The significant results for the remaining 47 holes are summarised in Table 2. Refer to Appendix 1 for further information and Appendix 2 for all assay results.