Mutiny Gold Limited ASX Announcement 10 February 2010 Mutiny increases portfolio with farm-in to "drill ready" WA Nickel ground HIGHLIGHTS · Mutiny to farm-in to highly prospective project in established Widgiemooltha Nickel district in Western Australia, · Company to earn a 51% interest in project by spending A$300,000 and can increase stake to 80% by spending a further A$700,000, · Mutiny has already identified a significant immediate walk-up drill target at project, defined by geophysics, · Nickel resources from the Widgiemooltha Dome in excess of 83,000 tonnes of Ni, and · Area is also highly prospective for gold mineralisation. Australian diversified resources and exploration company Mutiny Gold Ltd ("Mutiny" or "the company") (ASX: MYG) has continued to increase its portfolio of highly prospective WA projects, agreeing to a farm-in agreement with a private group that will see it earn an interest in the Widgie South nickel sulphide project ("Widgie South"), located approximately 2km south of the township of Widgiemooltha in the Eastern Goldfields region ofWestern Australia. The Widgie South nickel sulphide project, within the Widgiemooltha district, lies wholly within E15/1025 on the NE edge of the Widgiemooltha Dome (refer Figure 1), an area that hosts a large number of promising nickel projects. The Widgiemooltha area is host to the Widgiemooltha Komatiite, a formation of komatiite in the Yilgarn Craton of Western Australia, which is host to no less than 15 individual channeliesed Kambalda type komatiitic nickel ore deposits.

Of these deposits, five have produced nickel mines, including the Miitel mine which has produced over 47,000 Ni tonnes, Mariners Mine with over 15,500 Ni tonnes in resources and Redross with 12,453 Ni tonnes (compiled from historic data).

It is these deposits within the immediate area of Widgie South that has given Mutiny confidence the project they are farming into is highly likely to host economic resources of nickel. Under the terms of the Farm-in Agreement Mutiny will earn a 51% interest in the project through the expenditure of A$300,000.

Mutiny may increase this interest to 80% through a further expenditure of A$700,000 on the project. Previous work carried out by Mutinys farm-in partner, utilising industry consultants GPX Surveys, included a detailed Moving Loop Time Domain Electromagnetic Survey (TEM), which defined a significant late time anomaly that is commonly associated with nickel mineralisation. TEM targeting has played a significant part in the discovery of nickel deposits in the Widgiemooltha area such as Wannaway and Miitel.

This TEM target currently known as "the George anomaly" (see Figure 2) within Widgie South represents a walk up a drill target at which Mutiny is currently planning a drill program. "Mutiny plans to rapidly advance exploration activities at the George anomaly through a program of both reverse circulation and diamond drilling, which is planned for later this year," said Mutiny Gold Managing Director, Mr John Greeve. Further potential also exists on the tenement for the identification of gold mineralisation, with the historic Cardiff Castle open pit located only 500m to the northeast of the George anomaly and several historic shafts along the ultramafic and sediment contact throughout the tenement. "Although the prospectively for a large nickel operation remains the focus of Mutiny at Widgie South, the potential for a significant gold find on the tenement cannot be ignored," Mr Greeve added. Mutiny have a proven track record of taking projects with exploration upside and quickly delineating economic resources, then putting them on a path to production.

Most recently, Mutiny progressed its White Well project from acquisition in June 2008 to a maiden resource in September of 2008 and released a scoping study on the profitability of the project in February of 2009. To view the full ASWX announcement use this http://esp.gewru.com/em/message/email/view.php?id=543586&u=15636 For further information please contact: John Greeve Mutiny Gold Ltd Tel: 08 9368 2722 Email: David Tasker Professional Public Relations Tel: 61 8 9388 0944 Email:
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