GULLEWA LIMITED

A S X

R e l e a s e

5 December, 2017

ASX Code : GULABN 30 007 547 480

Level 2

49-51 York Street Sydney NSW 2000

AustraliaT : +61 2 9397 7555

F : +61 2 9397 7575

www.gullewa.cominfo@gullewa.com

$3.2 MILLION SALE OF EUREKA GOLD PROJECT

The attached announcement was made on the Toronto Venture Exchange by Central Iron Ore Limited in which Gullewa Limited owns 37%

David Deitz Director & CEO

ABN: 32 072 871 133

Central Iron Ore Ltd.

Suite 1 Level 2, 49-51 York Street, Sydney 2000 Australia

Tel. 61 2 9397 7555 Fax. 61 2 9397 7550

NEWS RELEASE December 01, 2017

Symbol: CIO-TSXV For Immediate Dissemination

CIO AGREES AUD$3.2 MILLION SALE OF EUREKA GOLD PROJECT

VANCOUVER, BRITISH COLUMBIA - (Marketwire - December 01, 2017), Central Iron Ore Ltd. (CIO - TSX.V) ("CIO") is pleased to announce that it has entered into an agreement for the AUD$3.2 million sale of its Eureka Gold Project to ASX listed Tyranna Resources Limited (ASX:TYR) ("Tyranna").

The structure of the consideration payable to CIO for the Eureka Gold Project consists of:

Payment 1: Tyranna paying CIO AUD$250,000 in cash on execution of the sale and purchase agreement.

Payment 2: Issue of 14,705,882 shares in Tyranna at a deemed price of $0.017 per share within 5 days after Tyranna's annual general meeting of Shareholders. The share consideration is escrowed for a period of 12 months.

Payment 3: Issue of 70,882,353 shares in Tyranna at a deemed price of $0.017 per share at completion being the 31 March 2018 or an earlier date agreed by the parties. The share consideration is escrowed for a period of 12 months.

Payment 4 Tyranna paying CIO AUD$1,350,000 in cash at completion being the 31 March 2018 or an earlier date agreed by the parties.

Completion of the sale of the Eureka Gold Project is conditional upon:

  • 1. Tyranna being satisfied with the results of its 30 day due diligence investigations in relation to the Sale Interest;

  • 2. CIO obtaining any consents, approvals, authorisations or clearances which are required for the sale of the Sale Interest on the terms and conditions including from the TSXV and/or the CIO's shareholders;

  • 3. CIO obtaining, any consents, approvals, authorisations or clearances which are required for the implementation of the transaction including the consent of the Minister (or an officer of the Department acting with the authority of the Minister) under the Act to the transfer of the Tenements pursuant to this Agreement;

4.

CIO and Tyranna entering into a deed of assignment and assumption under which Tyranna agrees to take an assignment of the Eureka Royalty Rights, and assume the Eureka Royalty Obligations, on and from Completion;

5. CIO and Tyranna entering into a deed of assignment and assumption under which Tyranna agrees to take an assignment of the Gold Rights, and assume the Gold Obligations, on and from Completion;

6.

CIO and Tyranna entering into a deed of assignment and assumption with ARL under which Tyranna agrees to take an assignment of the ARL Royalty Rights, and assume the ARL Royalty Obligations, on and from Completion;

Finders Fee

Following completion, a cash payment of AUD$144,990, to be paid by CIO to the Facilitator out of the proceeds received by CIO, subject to the receipt by CIO of any required consents, approvals, authorisations or clearances including from the TSXV and/or CIO's shareholders on terms and conditions satisfactory to CIO and to Tyranna, each acting reasonably; and

Upon completion, the issue by Tyranna of 8,529,412 Tyranna Shares at a deemed issue price of $0.017 to the Facilitator and/or its nominee(s).

Mr Brett Hodgins, President and CEO, said "We are extremely pleased by the high value transaction entered into with Tyranna Resources for the sale of the Eureka Gold Project. This reinforces CIO's strategy to create and realise value through mineral asset discovery, managing a portfolio of mineral assets, project development de-risking and commercialisation of those assets. This sale allows a focused exploration campaign on our higher priority exploration targets while maintaining exposure to a producing asset."

EUREKA GOLD PROJECT

The Eureka Gold Project is approximately 50km North of Kalgoorlie in Western Australia and covers an area of 563 hectares. The Eureka Gold Project includes the Eureka open pit gold mine which is 100% owned by CIO and is NI43-101 compliant.

On November 24, 2017 CIO announced an agreement for a trial mining operation at Eureka. The trial mining operation is expected to commence mining by the end of November 2017 and should be completed by April 2018. The trial mining operation is planned to extend the depth of the current open pit by approximately 20 metres. Currently the Pit is being dewatered and redevelopment of access to base of the pit.

The major consideration for this operation is a net smelter royalty. The sale of Eureka includes the future mining royalties.

Royalty

The Producer will also pay CIO a royalty equal to 4% of the Net Smelter Return generated from the sale of any Product (the Royalty). The Royalty will increase by 2% (being a total royalty equal to 6% of the Net Smelter Return) generated from the sale or removal or other disposal of any Product in excess of 20,000 ounces.

Pre-Paid Royalty

Upon the commencement of Mining Operations on the Tenement Area the Producer will promptly: 1. notify the Royalty Holder that Mining Operations have commenced; and

2. pay the Royalty Holder AUD$250,000, being a pre-payment of the Royalty which amount will satisfy subsequent Royalty payments up to this amount.

Project

Tenement

Status

Area (ha)

Eureka Gold

M24/189

Granted

218.15

Eureka Gold

M24/584

Granted

110.5

Eureka Gold

M24/585

Granted

104.5

Eureka Gold

M24/586

Granted

130

Tyranna Resources Limited

Tyranna is a gold exploration company focused on the large Jumbuck Gold Project in the Northern Gawler Block of South Australia. Tyranna is undertaking an exploration program for 2017 comprising a drilling campaign of 15,000 - 20,000 metres at Jumbuck which commenced in March 2017. A total of 14,389 metres was drilled at the Jumbuck Gold Project during the 2016 calendar year with the aim to explore for high grade open pit, gold mineralisation within trucking distance of the Challenger gold operations. The Challenger gold operations is owned and operated by Tyranna's joint venture partner

WPG Resources Ltd.

Jumbuck is a highly prospective and underexplored area, similar in style to the Albany/Fraser belt adjacent to the Yilgarn Craton in Western Australia which is host to the large 6.3M Au Oz Tropicana gold deposit. Tyranna controls over 9,762 km2 of ground in this area, which also hosts the Challenger gold mine (owned by WPG Resources Ltd). Challenger has produced in excess of 1 million ounces of gold to date.

The Jumbuck Project has numerous gold occurrences over large areas with strong potential for significant resources of shallow oxide ore and repeat Challenger style deposits.

Tyranna's strategy is to target those more advanced gold prospects which are situated within 50 km's of the Challenger gold processing operations and increase the economic scale of these prospects via focused and extensive exploration drilling.

Tyranna's Key Investments

Orinoco Gold Ltd (ASX: OGX)

Orinoco Gold Limited (Orinoco) is an ASX-listed (ASX: OGX), Brazilian-focused gold company which is partnering with one of the world's leading gold miners, AngloGold Ashanti, to unlock the potential of its

Faina Goldfields Project located in the central Brazilian State of Goiás.

As at 30 September 2017, Tyranna held 22,918,566 shares in Orinoco.

Kairos Minerals Limited (ASX: KAI)

Kairos Minerals Limited (Kairos) is an ASX-listed (ASX: KAI), diversified Western Australian based exploration company focussed on the exploration and development of two key project hubs located in

WA's premier mining districts.

Firstly, the 100% owned Roe Hills Project, located 120km east of Kalgoorlie in WA's eastern Goldfields and;.

Secondly, the 100% owned Mt York Gold-Lithium Project which is located 100km south of Port Hedland WA.

As at 30 September 2017, Tyranna held 31,299,531 shares in Kairos Minerals.

For further information contact Tyranna Resources website:http://www.tyrannaresources.com

On behalf of the Board of Directors CENTRAL IRON ORE LTD.

"Brett Hodgins" ____________________________ Brett Hodgins, President/CEO

For further information, please contact:www.centralironorelimited.com

Tyranna Resources Limited published this content on 06 December 2017 and is solely responsible for the information contained herein.
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