Macphersons Resources : Sale of Coolgardie Gold Assets Completed

Sale of Coolgardie Gold Assets Completed

MacPhersons Resources Limited (MacPhersons) (ASX: MRP) is pleased to announce that it has completed the sale of its Coolgardie Gold Assets, through the sale of its 100% owned subsidiary company MacPhersons Reward Pty Ltd, to Primary Gold Limited (Primary).

The consideration will be paid to MacPhersons as set out below. Cash Consideration

1. A$2.0m in cash has been received;

2. Six (6) months from Completion, Primary pay A$1.5m to MacPhersons;

3. 12 months from Completion, Primary pay the final cash payment of A$1.5m to MacPhersons; Share Consideration

The issue of Primary Shares to MacPhersons are as follows:

1. The 40 million shares have been issued to MacPhersons (or nominee).

2. The Shares will be escrowed in three equal tranches over the 12 months from Completion:

3. One third of the Primary ordinary shares or 13,333,333 will be escrowed for six (6) months;

4. The second tranche of Primary shares of 13,333,333 will be escrowed for nine (9) months, and

5. The final tranche of 13,333,334 Primary shares will be escrowed for 12 months.

6. The Agreement contained terms, conditions and warranties consistent with agreements of this nature.

   For further information please contact: Jeff Williams	OR	Andrew Pumphrey
   Managing Director +61 418 594 324	General Manager +61 419 965 976

   About MacPhersons

   MacPhersons Resources Limited is a Western Australian resource company with a number of advanced gold, silver and zinc projects.

   The company's long term objective is the development of its existing assets and unlocking the full potential of its 100% owned highly prospective Boorara and Nimbus projects.

   For more information on MacPhersons Resources Limited and to subscribe for regular updates, please visit our website at: www.mrpresources.com.au or contact our Kalgoorlie office on info@mrpresources.com.au or - 08 9068 1300