tinerant Resources will partner with a gold exploration/production company. The real interest in the Montezuma licence lies not in what has been done but what has not been done. It seems that systematic exploration has hardly begun with over 1,000 ha unexplored. Itinerant Resources _ Gold and Mineral Explorer focused on Zimbabwe

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August 2010

The results of an updated competent person's report from Dr. Michael Smith were presented on the Montezuma gold property after an extensive review of ...

Dr. Michael Smith, Consultant Geologist, presented the board with an updated Competent Person's Report on the Montezuma gold property. This followed access to an extended database that included structural sensing evaluations and drill results.

Dr. Smith reported Joint Ore Reserves Committee (JORC) compliant resources of 2.8 million tonnes (Mt) grading 5.94 grammes per tonne (g/t) calculated at a cut off grade of 0.5% Au giving an inferred resource of 537,000 ozs. With tighter control on thickness, the overburden figures would be classified as an indicated resource.

A further 1.8ml ozs Au were identified as a geological, non JORC compliant, exploration resource based on geological observations and projections.

These estimates are based on investigation of 52 out of 1,177 hectares or 4.4% of our property. The prospectivity of our holding is enhanced by findings in the second Landsat structural study which independently identified at least four exploration targets, two coinciding with existing target areas and two in the under explored western part of the Montezuma licence.

This is the justification for a serious work programme that has a high probability of success in developing an economic mineral deposit.