The Mount Remarkable Project

(copper-gold)

The Mount Remarkable Project, which includes the Barbara copper-gold resource, is located about 60 kilometres northeast of Mount Isa and comprises mostly contiguous tenements covering around 1100 square kilometres.

All tenements are 100% owned by Syndicated apart from two, (EPM16112 and EPM16197) which cover the northwestern part of the Barbara copper-gold deposit and the area surrounding the Blockade copper mine. These form the Leichhardt Joint Venture with Mount Isa Metals Limited, 51% owned and managed by Syndicated.

Syndicated's aim is to delineate sufficient resources at the Barbara Project to form the basis of a long term copper-gold mining and processing operation. Successful exploration programs to date have focused on RC drilling of established copper targets along with regional soil and rock chip geochemical sampling programs over the terrain adjacent to the principal structural zones and magnetic anomalies.

This work has achieved considerable success with a number of exciting new discoveries being made and a pipeline of attractive targets identified for follow up in forthcoming drilling programs.

The Barbara Copper-Gold Deposit

The Barbara deposit is located approximately 60 kilometres northeast of Mount Isa and is easily accessible via the main Barkly Highway and the Lake Julius Road. The deposit occurs within a shear zone termed the Barbara Fault. Gossanous outcrops occur along the fault over a one kilometre strike extent. Mineralisation dips towards the southeast at between 60 and 70 degrees and within this envelope a number of shoots are developed which plunge steeply to the southwest.

The copper sulphide mineralisation at Barbara starts close to surface and is up to 45 metres in thickness and consists of massive sulphide through to stringer veins within an alteration zone of biotite, tourmaline and quartz. The weathering profile is relatively shallow with depths averaging around 15 metres. Approximately 2% of the resource has been classified as either oxide or transitional material.

Preliminary metallurgical studies have indicated that the sulphide copper mineralisation at Barbara is amenable to conventional floatation and extraction processes with acceptable recovery of copper to concentrate and concentrate grade being achieved.

The near surface copper mineralisation has been shown to be amenable to open pit mining with the higher grade material below the limits of an open pit potentially recoverable by underground mining methods.

Work at Mount Remarkable has focused on expanding the initial copper-gold resource outlined at the Barbara deposit. A maiden resource estimate for Barbara South Lode was announced in October 2008 followed by a maiden resource for Barbara North Lode. Successive drilling programs have substantially boosted the total Barbara resource with drilling in 2010 effectively doubling the existing figure to 76,000 tonnes of contained copper.

Syndicated aims to achieve a further substantial resource upgrade through its drilling program in 2011 with the aim of achieving ~100,000 tonnes of contained copper in reserve prior to triggering a project development decision at Barbara.

Barbara Mineral Resource Estimate

International mining consulting group Runge Limited was contracted to provide the upgraded resource estimate for the Barbara South and North Deposits. As part of the estimation process Runge independently audited the site data collection procedures, data base management, geological interpretation, quality assurance (and control) methodologies and laboratory procedures.

The upgraded resource is reported at cut-offs of 0.5% and 1% by JORC category (Table 1).

Table 1: Barbara Deposit Mineral Resource Tabulation

(Both tonnage and grade values have been rounded; therefore the table may contain rounding errors)

Resources By Classification - Copper Zone - 0.5% Cu cut-off

Resources By Classification - Copper Zone - 0.5% Cu cut-off
Category	Tonnes	Cu %	Au g/t	Ag g/t	Co ppm	*Cueq%	Cu t	Au ozs	Ag ozs	Co t	*CuEq t
Indicated	3,778,000	1.6	0.2	2.7	265	1.8	59,000	18,000	328,000	1,000	68,000
Inferred	1,552,000	1.1	0.1	2.0	272	1.3	17,000	6,000	102,000	400	20,000
Total	5,331,000	1.4	0.1	2.5	267	1.7	76,000	25,000	430,000	1,400	89,000
Resources By Classification - Copper Zone - 1% Cu cut-off
Category	Tonnes	Cu %	Au g/t	Ag g/t	Co ppm	*Cueq%	Cu t	Au ozs	Ag ozs	Co t	*CuEq t
Indicated	1,913,000	2.4	0.2	4.1	366	2.7	45,000	14,000	249,000	700	52,000
Inferred	686,000	1.5	0.2	2.9	297	1.8	10,000	4,000	64,000	200	12,000
Total	2,598,000	2.1	0.2	3.7	348	2.5	56,000	17,000	312,000	900	64,000

* - Note on the use of copper equivalent grades.

The estimate summary table above shows a copper equivalent grade. The equivalent grade is based on copper, gold, silver and cobalt. The copper metal equivalent calculation is based on a copper price of $US8,340/t, Gold price of $US1300/oz, Silver price of  $US23.66/oz and a cobalt price of $US22/lb ($US48,502/t). Grade and price units are converted to percent and tonnes respectively. The sum product is calculated and then divided by the copper price to arrive at a copper equivalent grade. It is the opinion of Syndicated Metals that the metals included in the equivalent calculation have a reasonable potential to be recovered although definitive metallurgical testwork has only been conducted on copper at this stage of the projects development.

Deposit modeling was guided by the natural features of the mineralisation. The overall deposit envelope is defined by an outer copper grade of between 0.5 and 0.2 percent. This boundary was used to define a low grade domain. A second modelling domain was created based on the massive and semi-massive hanging wall mineralisation. This zone is reported as a "high grade domain".

Modelling was conducted using ordinary kriging with a check model run in parallel using the inverse distance squared method.

Scoping Studies

Syndicated is carrying out ongoing scoping study work on the Barbara mineralisation.

Preliminary studies have shown the economic viability of the current Barbara resource. Flotation testwork was undertaken by AMDEL Mineral Laboratories in Perth on two composite samples of sulphide ore grading 3.5% Cu and 4.9% Cu collected from Syndicated's diamond drilling program. The testwork comprised tests to assess the effect of grind size on flotation performance and flotation cleaner tests. The results show that a saleable copper concentrate grade of 25% with copper recoveries of 91% and 96% could be achieved from these composites.

A mineralogical examination of the cleaner concentrates showed both samples to be very similar consisting of 80-85% chalcopyrite, 15% iron sulphide and less than 5% non-opaque gangue.

Further work will be carried out during 2011 including mine planning, environmental base line studies and additional metallurgical test work in preparation for a full Feasibility Study.

Deep Yellow Farmin and Joint Venture

(copper-gold)

A joint venture and farmin agreement with Deep Yellow Limited (ASX:DYL) over four tenements covering around 650 km² adjacent to the Mount Remarkable Project was completed in July 2011. The joint venture applies to all minerals excluding uranium.

The tenements are considered highly prospective for iron oxide copper gold (IOCG) deposits and are strategically located in relation to Syndicated's Mount Remarkable and Kalman tenement holdings.

In particular EPM14281 (Yamamilla) contains a number of prime, drill ready targets with outcropping mineralization with co-incident VTEM, magnetic and geochemical anomalies which were defined by a previous explorer but never drilled.

The targets are located just 10 kilometres from the Barbara copper-gold deposit and within the Prospector trend which contains known IOCG-style alteration systems. Syndicated's Bloodwood prospect - discovered in late 2010 - is located at the northern end of this trend.

Syndicated aims to drill test the Yamamilla targets as part of its 2012 program.

The joint venture includes 4 tenements - EPM14281 (Yamamilla), EPM14916 (Ewen), EPM16533 (Crocodile Creek) and EPM15070 (Prospector);

• Syndicated can earn up to 80% equity in the non-uranium mineral rights through expenditure of $800,000 over 4 years;
• Syndicated to then sole fund the joint venture until delivery of a mining study. At this time Syndicated has the option to purchase the remaining 20% interest in the joint venture at fair market value. If Syndicated does not elect to exercise that option then Deep Yellow can either participate in mining operations, convert to a 3% NSR, or sell its remaining interest to a 3^rd party (subject to Syndicated's first right of refusal);
• Syndicated must expend $150,000 in the first 18 months and may elect to withdraw from the joint venture at any time provided it has spent a minimum of $150,000.

Ironstone Breccia Ridge at YM-8

Magnetite-cemented hydrothermal breccia veins along fault zone at Yamamilla South