AUGUST 2012

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COMPETENT PERSONS STATEMENT

Information in this report that relates to Exploration Results, is based on information compiled by Peter Gleeson, a full time employee of SRK Consulting Perth and is a member of The Australian Institute of Geoscientists. Peter Gleeson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Peter Gleeson consents to the inclusion in this report of the statements based on his information in the form and context in which it appears.

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• Acquisition of 100% interest in 4 prospective permits spanning circa 743 km² in Ghana

• Option to acquire a 60% interest in 2 exploitation licences in the Kilo-Moto greenstone belt in Democratic Republic of Congo (DRC)

• Substantial exploration upside

• Non-renounceable entitlements offer to raise approximately $5.01 million before costs

• Azure Capital Limited as conditional underwriter of a minimum of $4 million of the Entitlements Offer

• Funds to be used for a focused gold exploration program in Ghana and DRC subject to the terms of the relevant option

• Appointment of team with proven exploration success including Klaus Eckhof as Chairman and Archie Koimtsidis as Managing Director

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Klaus Eckhof – Chairman MAusIMM Former CEO of Moto Goldmines Limited, Democratic Republic of Congo, within 4 years of appointment discovered ~20 Moz Au, subsequently acquired by Randgold / Anglogold Ashanti. Successful track record of sourcing and developing projects in Australia , Africa, Russia, South America and Philippines

Archie Koimtsidis – Managing Director MBA Former Deputy Country Manager for PMI Gold (ASX /TSX-V). 20 year involvement in all facets of gold exploration, discovery, production, refining and trading in West Africa and South America. Unique knowledge and understanding of geopolitical and operational matters in relation to resource projects in Africa. Resident in Ghana.

Malik Easah – Executive Director Accra based, principal of successful gold operations, Ghana. Resident in Ghana

Marcus Michael – Executive Director CA, B Bus. Equity and debt structuring , ASX listings, corporate governance

Alec Pismiris – Non Executive Director B Comm. ICSA Director Azure Capital, current Director of Ridge Resources Limited

Paul Abbott – Exploration Manager M.Sc., FAusIMM, MGSSA Recently credited with increasing PMI Gold (TSX-V/ASX) resource from 1.5 to 4.5 Moz at Obotan & Kubi Projects, Ghana. 44 years Australian and African exploration experience. Resident in Ghana

PROPOSED BOARD & MANAGEMENT

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GHANAIAN GOLD EXPLORATION PROJECTS

• Two project areas 100% owned

• Bolgatanga Project

• Subranum Project

• Spanning total area of ~734 km²

• Both projects hosted within Paleoproterozoic granite-greenstones

• Significant production from a number of gold mines in both regions and from numerous artisanal workings

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BOLGATANGA PROJECT

• 3 tenements 100% owned

• Spanning total area of ~674km²

• All 3 tenements on regional Bole - Bolgatanga Fault

• Endeavour (ASX, TSX) Youga Gold Mine 50km NE in Burkina Faso adjacent to this fault

• Significant production from Youga open pit (~100k oz production 2012)

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BOLGATANGA PROJECT

• Bongo & Kungongo tenements within Bole Greenstone Belt

• Ndongo tenement within Nangodi Greenstone Belt

• Bole-Bolgatanga Fault separates the 2 greenstone belts

• Nangodi Belt tightly folded with refolded folds

• Bole Belt more open folding with some refolding

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BOLGATANGA PROJECT

• Aeromagnetic survey in 1997 by Finland Geological Survey (400m Line Spacing)

• Bole-Bolgatanga Fault clearly defined

• Oblong feature in NE of Bongo to be investigated

• Greenstone in central Kungongo extends into tenement

• Metavolcanic/metasediment contacts defined in Ndongo tenement

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NDONGO TENEMENT

• Gold mines and numerous artisanal workings along Eastern Contact Zone (Birimian meta-volcanics & metasediments)

• Historic Nangodi Gold Mine (18,620 oz at 24 g/t Au ~1930)

• Dushie area: +1000m anomalous zone (rock chips) along contact

• Shaanxi Gold Mine in production

• Numerous small scale prospects along contact south of Shaanxi

• Zupeliga Prospect (north of tenement) RAB drilled in 2007 & intersected gold mineralisation

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BONGO TENEMENT

• Part of Bole Greenstone Belt

• 17kms of Bole-Bolgatanga Fault (shear zone) along SE border of tenement – very prospective

• Birimian metasediments / volcaniclastics in contact with this shear zone – target area

• Late tectonic red K-rich massive alkaline (syenitic) Bongo granitoid; strongly magnetic & radiometric (K, Th, U)

• Granitoid / Birimian contact zones also target areas

• Greenstones occur in NW corner; continues to Kiaka in Burkina Faso (4.28 Moz)

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KUNGONGO TENEMENT

• Bole-Bolgatanga Fault Zone prime exploration target for quartz vein and disseminated sulphide mineralisation

• 6 km strike length of Bole-Bolgatanga Fault across NW corner of tenement

• Randgold found gold mineralisation at Naga Prospect, along fault zone

• Artisanal shafts on fault zone NE of tenement currently producing gold

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ENHANCED SOIL GEOCHEM PROGRAM

• Purpose built drill rig with core extractor

• In-situ samples for accurate logging and sampling

• Ability to determine in-situ and transported horizons

Soil sample from hole ND1959

• 0.00-0.40m: Reddish brown sand with angular assorted cobbles

• 0.40-1.50m: Reddish brown silty clay + scattered black Fe nodules

• 1.50-2.60m: Dark brown clay with orange & red mottles

• 2.60-4.00m: SAPROLITE: Brownish grey to orange pieces & fragments

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ENHANCED SOIL GEOCHEM PROGRAM

• 10 Dec 2011- 02 June 2012:

• Holes: 1,151

• Metres: 3,075.65

• Samples (for BLEG): 2,853

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ENHANCED SOIL GEOCHEM PROGRAM

• Soil profile at Bongo showing :

• 0 - ~ 2.0m transported overburden

• ~2.0 - 2.3m Stone Line (Cementation Front)

• 2.3m+ saprolite (in water) which is drill target

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SUBRANUM PROJECT

• Tenement 100% owned

• Total area of 68.7 km² on NE extension of Bibiani Shear Zone

• Hosted within Paleo-proterozoic granite-greenstones

• Substantial gold mines occur along this belt to SW of tenement

• Bibiani produced 3.8 Moz to date

• Chirano Mine (Kinross Mining Corp) produced +260,000 ozs in 2011

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SUBRANUM PROJECT

• Bibiani Shear Zone extension trends NE across tenement

• Strike length of 11km

• 4 km explored (SW), 7 km (NE) under explored

• Regional aeromagnetics, soil sampling, RAB drilling and limited RC drilling defined gold mineralisation that remains open to the NE and at depth

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SUBRANUM PROJECT

• RC Drill results over soil anomalies

• Limited RC drilling by Cambrian Resources & Newmont over only 4km of mineralisation

• 7 km of strike length undrilled

• Newmont’s internal estimated resource of 97,600 ozs using a simple polygonal geometric method (mineralised halo for each fence as line spacings were too wide at 200 – 500m apart)

• 0.5 g/t cutoff with 1.6 g/t Au average

• 30% near surface oxide ore & 70% in primary ore to a maximum 50m

• Mineralisation is non arsenical

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SUBRANUM PROJECT • Saprolite to ~20-30m depths

• Felsic volcanics mineralised below anomalous trenching

• Mineralised zones dip at ~-60⁰

• One intersection grades 7.25g/t over 6m

• Mineralised zone appears continuous for +50m downdip

• Section is in SW corner of tenement

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SUBRANUM PROJECT • Saprolite to ~30-40m depths

• Metasediments & granitoids mineralised

• Favourable metallurgy in granitoids – usually no arsenic

• Mineralised zones dip at ~-60⁰ (Cardinal Interpretation based on previous slide)

• Mineralized zones appear more continuous at ~-60⁰

NOTE: Newmont interpreted mineralised zones dipping at -30⁰ to -35⁰ (red outlines)

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DEMOCRATIC REPUBLIC OF CONGO (DRC) GOLD EXPLORATION PROJECT • Option to acquire 60% interest in two

exploitation licences in NE of the DRC

• Hosted within highly prospective Kilo-Moto Greenstone Belt (KMGB) complex interlayered volcano-sedimentary rocks

• Gold produced from small scale artisanal and modern mechanised methods from the Kilo-Moto region

• Randgold’s Kibali Gold Project (resource of ~20 Moz Au) and,

• Giro Gold project 60 years of artisanal historic working in quartz veins, grades in excess of 50 g/t Au

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DEMOCRATIC REPUBLIC OF CONGO GOLD EXPLORATION PROJECT

• Two exploitation licences, #5051 and #5053, within Kilo-Moto Greenstone Belt

• Eastern boundary of #5051 adjacent to Kibali’s NW boundary

• #5053 adjacent to Giro Gold project

• A granite-gneiss complex occurs on #5053. Contacts between this complex and adjacent schists and volcanics are considered to be very prospective, as

• The extensive soil anomalies on Kibali occur around a large granite-gneiss complex

• Subject to exercise of option, Ridge will investigate further opportunities within the local region

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PROPOSED INITIAL WORK PROGRAM

Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Bolgatanga

Soil Geochem Drilling

Aeromag and Data Interpretation

Bolga Drilling RC

Subranum

Resource Estimate

Evaluate & detemine drill program

Subranum Drilling Diamond

DRC

DRC site visit & DD

In Progress Rains

Evalaution period

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CAPITAL STRUCTURE Fully Paid

Shares

Listed

Options

Unlisted

Options

Option

Terms

Issued & quoted 12,613,500 6,261,750 30/06/2014 @ $0.20

Unquoted 4,100,000 6,000,000 31/12/2015 @ $0.20

Acquisition of Cardinal 30,750,000 15,375,000 30/06/2014 @ $0.20

Entitlements Offer 25,070,250 37,605,375 30/06/2014 @ $0.20

Debt conversion 1,500,000 750,000 30/06/2014 @ $0.20

Underwriter option issue 5,000,000 30/06/2015 @ $0.20

Total 74,033,750 59,992,125 11,000,000

Performance Shares Detail

Total on issue 100

Conversion to Ordinary Shares on Milestone of; 10,000,000

Milestones

JORC inferred resource of 1 Moz of gold; Market capitalisation of $50,000,000 based on 30 day VWAP; Project sale value of at least $25,000,000; or JV arrangement resulting in cash or equivalent payment to Ridge of $25,000,000

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FUNDS RAISED A$ Consolidated Cash at Bank 2,178,500

Funds raised under the Entitlements Offer 5,014,000

Total Funds Available 7,192,500

USE OF FUNDS A$ Exploration 4,956,500

Administration and corporate overheads 540,000

Costs of Entitlement Offer 423,516

Working Capital 1,272,484

Total Funds Available 7,192,500

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PROPOSED TIMETABLE Notice of meeting sent to Shareholders 24 September 2012

Lodgement of Prospectus with ASIC and ASX 22 October 2012

General meeting of Shareholders 25 October 2012

Suspension of trading of securities 25 October 2012

Notice sent to Shareholders 26 October 2012

Ex Date 29 October 2012

Record Date for determining Shareholder entitlements 2 November 2012

Prospectus despatched to Shareholders 5 November 2012

Entitlement Offer Opening Date 5 November 2012

Entitlement Issue Closing Date 20 November 2012

Securities quoted on a deferred settlement basis 21 November 2012

Notify ASX of under-subscriptions 26 November 2012

Despatch date/securities entered into Shareholders’ security holdings 30 November 2012

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SHAANXI GOLD MINE

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