Level 9, 470 Collins Street Melbourne, VIC 3000 ABN 62 119 383 578

t: +61 3 9614 1443 f: +61 3 9614 1206 e:info@goldminex.com.au w:www.goldminex.com.au

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30 April 2012

March 2012 Quarterly Activity Report

Quarterly highlights:

Encouraging drill results from Liamu Project

o Four holes completed targeting porphyry copper-gold mineralisation beneath 3 of 11

prospects, with drill assays including:

Movei Prospect: 25m @ 0.24g/t Au from 161m

Nesei Prospect: 30.8m @ 0.21g/t Au and 0.19% Cu from surface; and 53m @ 0.13g/t

Au and 0.14% Cu from 73m

Unebu Prospect: 18m @ 0.12g/t Au and 0.14% Cu from surface; and 12m @ 0.13g/t

Au and 0.14% Cu from 93m

2,008 line kilometre ZTEM and aeromagnetic survey covering Liamu Project and parts of EL

1547 completed - data processing for interpretation currently underway

Preliminary ZTEM survey data identified conductor zones at Liamu and the Jog Project

Nickel exploration activities in the Keveri Project area continue to outline high-grade

hydrothermal nickel mineralisation within shear zones

Exploration commenced at the Lako River Gold-Copper Project

Successful completion of $3.4 million capital raising

o Fully funded to progress 100% Goldminex exploration activities in Owen Stanley

region

Overview

Goldminex Resources Limited (“Goldminex” or “the Company”) (ASX: GMX) is pleased to provide shareholders with its Quarterly Activity Report for the period ending 31st March 2012. Goldminex is focused on the discovery of greater than 2Moz gold or gold equivalent deposits in Papua New Guinea, and has extensive prospective tenement holdings consisting of Exploration Licences and Exploration Licence Applications covering approximately 10,700 km². Goldminex previously entered into an agreement whereby Vale S. A. (“Vale”) may earn a 51% interest in a number of the Exploration Licences within the Owen Stanley region. Goldminex has advanced several projects during the quarter, in particular realising encouraging early drilling results at the Liamu porphyry copper-gold project, where the main activities included ongoing diamond drilling and surface geochemical sampling. To assist vectoring into the centre of the mineralised system, various additional technical assessments are underway on surface rock and drill core samples including studies of alteration types using spectral analysis, geochemical assemblage associations and petrographic descriptions.

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The ZTEM geophysical survey that commenced in December 2011 over the area from the Liamu Project to the Jog Project was completed and data processing and interpretation is underway. Preliminary interpretation suggests areas of anomalism occur at Liamu and adjacent to the Jog Project area in EL 1547 that warrant investigation. Goldminex’s funded activities on its 100% owned tenements include advancing the Keveri Region nickel targets in EL 1576 and commencing investigation of the Lako River Cu-Au Project in EL 1894. The successful completion of the Company’s $3.4 million capital raising ensures Goldminex is funded for the next stage of its exploration activities in the Owen Stanley region. In relation to the Company’s progress over the March 2012 quarter, Goldminex Chief Executive Officer, Sandy Moyle, commented:

“The results we have received to date from the current Liamu drilling program are very encouraging. Based upon mineralisation and alteration at surface and at depth, we believe there is strong potential for identifying an economic porphyry copper-gold deposit within the Liamu Project area. The current drilling program is testing a small part of the 11 square kilometre gold and copper anomalous surface geochemistry discovered to date, with a number of prospects yet to be tested. “Our joint venture farm-in agreement with Vale, one of the world’s largest metals producers, underlines the scale and potential of our Owen Stanley region assets. The results received to date at Liamu are a strong indication of the progress being made by the joint venture, with Vale providing excellent geochemical, geological and geophysical technical assistance that complements the experienced Goldminex on-ground operations team.

“Having successfully completed our $3.4 million capital raising, Goldminex is also well funded to undertake the next stage of exploration activity within its 100% held porphyry copper-gold and nickel projects within the Owen Stanley Region.”

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QUARTERLY ACTIVITIES REPORT FOR MARCH 2012

LIAMU PROJECT (EL 1606) (Vale JV)

Liamu is Goldminex’s flagship project within the Owen Stanley region of PNG (see Figure 1).

Figure 1: Goldminex Owen Stanley tenements and target areas, highlighting the Liamu Prospect where drilling continues.

The Liamu intrusive complex outlined to date hosts a range of copper-gold mineralised intermediate intrusives and has potential to host porphyry copper-gold mineralisation of economic size and grade.

Geological and geochemical exploration to date has outlined a 15 km² area shedding anomalous gold and copper in drainage samples within the 35 km² Liamu Project. Areas exhibiting copper and gold anomalous ridge and spur soil samples now total approximately 11 km² (see Figure 2).

Ten prospects have been outlined by surface geochemistry at Liamu to date: Nesei, Movei, Tikay, Dada, Unebu, Berefana (within the 5.5 km x 1.5 km Berefana Region), and Imorobi, Biafa,

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Bubuafu and Iyiowai to the north and east (see Figure 2). An eleventh prospect, known as Maoba, is a ZTEM geophysical survey target.

Figure 2: Liamu Project, Berefana Region. 2011-2012 drill hole collars and traces within the Berefana region on ridge and spur soil sample Cu geochemistry. 2009 Berefana Prospect drill holes also shown

Recent independent geochemical analysis by consultants, IoGlobal, confirmed both the robustness and high tenor of the copper anomalies in the central Berefana Region (Nesei-Movei-Tikay-Dada-Unebu Prospects) and the two eastern anomalies (Imorobe and Biafa Prospects). The Iyiowai Prospect was outlined as the largest of the gold targets within the region.

Field work focussed on both geochemical sampling to develop drill targets and drilling activities.

A total of 1,623 samples were submitted during the quarter, of which 983 were drill samples the remainder were surface geochemical samples.

Mapping and Sampling

Pitting activities continued at the Unebu, Nesei, Dada, Movei and Imorobe prospects during the March 2012 quarter. The pits typically have dimensions of 1m x 1m and dug to bed rock at 100m x 100m grid spacing being specifically designed to assist locating drill targets using

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geology and geochemistry. Assay results are awaited. Specific areas of 50m x 50m spaced infill pitting were completed to better define the anomalism and focus drill targeting.

Geological mapping and sampling were completed at Dada Prospect and over the ZTEM anomaly area located 2 km northeast of Berefana Prospect.

Drilling A 4,000 metre diamond drilling program commenced during November 2011. Holes were planned to test the potential for gold-rich porphyry copper mineralisation at the Movei, Nesei, Unebu and Iyiowai prospect areas. In addition a zone of electrical conductivity outlined by the recent ZTEM geophysical survey, potentially indicating sulphide content and copper mineralisation will be drill tested (the Maoba Prospect). To date the holes at Movei, Nesei, and Unebu have been completed (see Table 1) and assay results have been received. Drilling of the fifth hole at Iyiowai continues, giving a total of 1,590 metres for the quarter. Table 1: Summary drill hole information, Liamu Project

PROSPECT HOLE NUMBER

RL (m)

AZIMUTH (mag)

DIP DEPTH (m)

Movei MOVDH001 917 264 -60 648

Movei MOVDH002 879 324 -60 653

Nesei NESDH001 550 309 -60 476.5

Unebu UNEDH001 614 305 -60 357.1

Iyiowai MAODH001 1,056 118 -60 103

The first hole at the Movei Prospect, MOVDH001 (see Table 1) was designed to test both geophysical targets and anomalous geochemistry in trench results from adjacent Movei Creek, including 45m @ 0.21% Cu and 0.72g/t Au in MOVTR04. Noteworthy intercepts from this hole are shown in Table 2. Table 2: Highlights from the Movei Prospect MOVDH001 drilling (using 0.1g/t Au and 0.1% Cu cut-offs):

Drill Hole From (m) To (m) Intercepts

MOVDH001 11 13 2m at 0.47g/t Au

18 31 13m at 0.17g/t Au

79 90 11m at 0.25% Cu

Incl. 79 84 5m at 0.25g/t Au

144 149 5m at 2.11g/t Au

161 186 25m at 0.24g/t Au

Incl. 163 176 13m at 0.12% Cu

212 222 10m at 0.17g/t Au

Incl. 212 219 7m at 0.16% Cu

228 231 3m at 1.6g/t Au

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Geological logging indicates zones of mineralisation are associated with intense fracturing, potassic alteration and magnetite introduction. Geological descriptions of the mineralised intervals were previously announced in the 4th Quarter 2011 report. Drill hole MOVDH002 was designed to test an aeromagnetic high at the Movei Prospect. The best copper result was 8m @ 0.12% Cu from 34m to 42m depth, and scattered structurally related gold zones including 18m @ 0.35g/t Au from 203m to 221m depth. Drill hole NESDH001, located at the southern end of the 1 km x 0.6 km Nesei Prospect, targeted depth extensions of the copper and gold mineralisation outlined in trench NESTR003 - 121.5m @ 0.14% Cu, including 24m @ 0.13g/t Au. Drill hole assay results are shown in cross-section on Figure 3. Initial drill assay results were reported in ASX release 11th April 2011.

Table 3 lists the assay highlights, with the near surface zone of 30.8m at 0.21g/t Au and 0.19% Cu having a well developed stringer stockwork of quartz-pyrite-chalcopyrite+/-magnetite within phyllic altered monzonite.

Figure 3: Drill hole cross-section for NESDH001 at Nesei Prospect. Copper and gold results are shown on histograms on the right hand side of the drill trace.

Plate 1: Drilling hole NESDH001

at Nesei Prospect, Liamu Project

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Table 3. Highlights from Nesei Prospect drill hole NESDH001 (using 0.1g/t Au and 0.1% Cu cut-offs) included:

FROM TO Intercepts

1.2 32.0 30.8m at 0.21g/t Au and 0.19% Cu

Including 19-24m, 5m at 0.28g/t Au and 0.37% Cu

73.0 126.0 53.0m at 0.13g/t Au and 0.14% Cu

Including 122-126m, 4m at 0.25g/t Au and 0.26% Cu

166.0 170.0 4m at 0.04g/t Au and 0.15% Cu

208.0 220.0 12m at 0.11g/t Au and 0.14% Cu

267.0 271.0 4m at 0.11g/t Au and 0.11% Cu

The broader zone of mineralisation, from 73m to 126m, is hosted by pervasive phyllic altered monzonite/diorite intrusive with associated pyrite development. Copper is associated with up to 15% sulphide (pyrite-chalcopyrite), both disseminated and structurally controlled within fractures and stringers.

From 208m to 220m depth the monzonite is intensely fractured. In places brecciation included crackle breccia and jigsaw-fit textures, (Plate 2). Intense structurally-controlled hydrothermal alteration exhibits predominantly phyllic alteration with up to 15% sulphide mineralisation (pyrite-chalcopyrite), both disseminated and fracture hosted.

The drill assay results, together with the geological assessment, confirm that a porphyry style alteration system is present within the 1 km x 0.6 km Nesei Prospect, demonstrating the potential for economic copper and gold grades. Currently pitting is being conducted to the north and northeast of this hole and anomalous surface Cu-Au geochemical results extend for over 800m from the drill hole collar.

Plate 2: NESDH001 at 215m, showing jigsaw-fit

hydrothermal breccia texture developed in monzonite assaying

0.22g/t Au and 0.20% Cu.

Plate 3: UNEDH001, 139m K-spar-qtz vein with molybdenite-py

selvages hosted in potassic altered monzonite.

Unebu Prospect drill hole, UNEDH001, was completed and returned assays included 0.48% Cu and 293ppm Mo. Better intercepts are outlined in Table 4.

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Table 4. Highlights from Unebu Prospect drill hole UNEDH001 (using 0.1g/t Au and 0.1% Cu cut-offs) included:

FROM TO Intercepts

0 18 18m at 0.12g/t Au, 0.14% Cu and 48ppm Mo

24 29 5m at 0.15g/t Au, 0.17% Cu and 95ppm Mo

93 105 12m at 0.13g/t Au and 0.14% Cu and 194ppm Mo

139 156 17m at 0.12g/t Au and 0.07% Cu and 121ppm Mo

Results for Unebu show the highest molybdenum values so far seen in drilling, as well as strong correlation between the copper and gold in the top 200m of the hole, (Plate 3). The shallow (0 - 18m depth) zone has intense fracturing associated medium grained monzonite. The zone from 139m to 156m depth is within monzonite displaying clay-silica-pyrite alteration and containing both disseminated and stringer sulphides. A suite of samples from the drilling to date has been despatched for petrographic descriptions. Preliminary descriptions received from MOVDH001 samples indicate the alteration and mineralisation is consistent with the evolving porphyry geological model. A suite of 516 samples from all the surface pitting areas and the first two drill holes have been analysed using SWIR spectra by ALS/Ammtec laboratories to determine mineralogy. This work is ongoing, with spectral interpretation currently being conducted by an external consultant. Results and interpretation are expected in May 2012. Drilling will continue through most of the next quarter with the planned drill hole to test the ZTEM/magnetic anomaly, known as Maoba Prospect. Geophysics The 2,008 line kilometre helicopter-borne ZTEM geophysical survey flown by Geotech Airborne Pty Ltd commenced in December 2011 was completed in late January 2012. ZTEM is a passive electromagnetic (“EM”) technique with good resolution and depth penetration suitable for identifying the moderate conductivity zones associated with typically disseminated mineralisation found in porphyry copper-gold systems. The survey covered the main Liamu Project area (EL 1606) and extended to the northwest across EL 1579 and through the middle of EL 1547 (refer to Figures 1 and 4). The target in this northwestern extension was the structural intersection between the northwest trending Owen Stanley fault zone and a transfer structure identified from regional aeromagnetic and topographic analysis, called the “Jog”. The processed data generated by Geotech was delivered in early March 2012. Further processing is required to allow for detailed interpretation, with inversion, to generate a 3D

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model of conductivity and resistivity to depths of over 500 metres. This work has been carried out by Computational Geosciences Inc. of Vancouver and interpretation of the resulting dataset is to be completed in the next quarter. Preliminary interpretations of the ZTEM imagery have revealed two main anomalies (see Figure 4).

Figure 4: ZTEM data. 200m deep horizontal slice showing high conductivity zones with warm colours. Arrows indicate the location of the coincident ZTEM/aeromagnetic anomalies at the Jog on EL 1547 (upper) and at Liamu on EL 1606 (Maoba Prospect).

OTHER PROJECTS (Within the Vale Owen Stanley JV)

JOG PROJECT (EL 1547) (Vale JV) Data processing and interpretation of the ZTEM geophysical survey is ongoing (described above). One zone of high conductivity and coincident magnetic high is situated adjacent to the Jog Project and warrants ground checking (see Figure 4). Follow-up investigation of altered porphyritic intrusive in one drainage area, outlined from Jog Project stream sediment sampling in the 2011 December quarter, will be completed in conjunction with the ZTEM anomaly investigation.

LIAMU

ANOMALY

JOG ANOMALY

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WAVERA (EL 1576) (Vale JV)

Investigations of copper-gold geochemical targets outlined by previous Goldminex drainage

sampling have been delayed by landowner access negotiations. Meetings are ongoing and it is

anticipated that this delay will be overcome in the coming quarter.

OTHER PROJECTS (Goldminex 100%)

KEVERI REGION NICKEL PROJECT (EL 1576) (Goldminex 100%)

A 50 km2 area of Papuan Ultramafics within EL 1576 is prospective for shear-hosted and

hydrothermal nickel mineralisation (see Figure 5). Previously reported spectacular grades from

sampling of nickel sulphide at prospects in the region included:

o Trench sampling 1.7m @ 12.3% Ni at Iyewe Prospect o Rock sample 43.5% Ni at Veri Veri Prospect o Trench sampling 7.8m @ 3.2% Ni at Veri Veri Prospect

Initial field programs to locate and assess the source of this high-grade nickel sulphide

mineralisation to define drill targets were completed at Veri Veri and Midway prospects.

Figure 5: Location of the Keveri region Nickel prospects in EL 1576.

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Veri Veri Nickel Prospect (EL 1576) (Goldminex 100%)

Two field campaigns have been completed since November 2011. The first assessed the work

completed in previous years, and aimed to locate the source of anomalous float material. It

confirmed the grades seen previously and returned assay values in float samples including:

16.8% Ni, 3.74g/t Au and 1,520ppm Mo 9.5% Ni, 2.12g/t Au and 365ppm Mo and 6.5% Ni, 1.31g/t Au and 57ppm Mo

The mapping and sampling in this initial program focussed on advancing the understanding of

the known outcropping nickel mineralisation within a 200m x 100m area and surroundings.

Further work during this Quarter included scouring the upper Veri Veri drainage areas to locate

sources of the high-grade sulphide nickel. Two new shear-hosted nickel mineralised zones were

identified, mapped and sampled. Assays are awaited. Structures displaying nickel mineralisation

strike NNE to ENE, dip to the NW and are of variable thickness exceeding two metres true

thickness in areas. Pentlandite is the dominant nickel sulphide species observed in patches

along these structures, while surface oxidised samples contained garnierite.

Trenching will be conducted in the June quarter to determine the strike extent of the structural

exposures outlined so far.

Midway Prospect (EL 1576) (Goldminex 100%)

During February 2012, nickel exploration was conducted in the Midway area (Dori Creek)

(Figure 5) where a large (2 km x 1 km), strong VTEM conductor possibly represents sulphide

development associated with intrusives. Stream sediment and soil sampling, together with

mapping and sampling, outlined a zone of fine diorite intruding into mafic volcanics coincident

with the VTEM conductor. The diorite has sulphides developed along marginal zones and

although having modest base metal assays, the area does have unresolved gold stream results,

including 101ppm Au in a panned concentrate sample. Follow-up work is warranted.

These results, together with the exploration investigations prior to 2010, highlight the potential

in the Keveri Region to host high-grade structurally-controlled sulphide nickel mineralisation.

MORI RIVER (EL 1894) (Goldminex 100%)

EL 1894 is situated within the structurally complex Awala Flexure Zone. Of the six targets

identified within the Exploration Licence, two are of immediate interest, Lako River and E’Au

River (Figure 6). Previous exploration at Lako River Project by CRA in the mid 1980’s recorded

panned concentrate results up to 320g/t Au and rock chips up to 9.5g/t Au shedding off

porphyritic basalts and hornblende/feldspar diorite porphyries exhibiting Cu-Au porphyry

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signatures. E’Au River Project also has substantial gold and base metal shedding from

intrusives.

An exploration program has commenced at the Lako River Project area to assess the gold and

copper potential.

Figure 6: Mori River tenement EL 1894 showing the target areas with pan concentrate gold results.

AWARI PROJECT (EL 1420 and EL 1768), SEPIK PROVINCE (Goldminex 100%) Goldminex is currently seeking to joint venture its Awari Project in order to advance exploration for gold and copper within this region.

Alexander (Sandy) Moyle Chief Executive Officer For further information please contact:

Sandy Moyle Paul Thaw Victoria Thomas CEO Company Secretary/CFO Investor Relations T. +61-3 9614 1443 T. +61-3 9614 1443 T. +61-431 151 676

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Competent Person statement

The information contained in this report that relates to Exploration Results or Mineral Resources or Ore Reserves is based upon information compiled by Mr Kim Grey who is a member of the Australian Institute of Geoscientists. Mr Grey is a full time employee of Goldminex Resources Limited and has sufficient experience which is relevant to the style of mineral deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Grey consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

About Goldminex

Goldminex Resources Limited is an ASX listed (ASX: GMX) exploration company with a significant tenement portfolio within the Owen Stanley Ranges and Sepik Province in Papua New Guinea. Exploration is focused on large-scale gold, copper and nickel deposits in an environment with some of the most prospective and underexplored geology in the world. The Company’s Mission is to add value to stakeholders through the discovery of large-scale economic mineral resources. Our exploration strategy is both a focussed and cost effective approach that has been refined from our past experience in the field. We apply a combination of conventional and technical methods to efficiently prioritise and explore our tenements. This is complemented through the development of a detailed data set, which is utilised to continually assess, refine and rank our exploration activities. Goldminex has an experienced team with proven Papua New Guinea exploration and logistic capabilities. Further information can be found at www.goldminex.com.au About Vale Vale S.A. is the second-largest metals and mining company in the world and the largest in the Americas, based on market capitalisation. Vale is the world’s largest producer of iron ore and iron ore pellets and the world’s second largest producer of nickel. Vale is one of the world’s largest producers of manganese ore and ferroalloys. Vale also produces copper, thermal and coking coal, phosphates, potash, cobalt and platinum group metals.

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