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1 High-grade gold intercepts from multiple holes in Borborema infill drilling program All 11 recent diamond and 35 RC holes hit ore-grade, in wide intersections Best intercepts include: - - Drilling at the Borborema Gold Project has been increased to meet the Bankable Feasibility Study demand, with four diamond rigs and two RC rigs currently operating, and a fifth diamond rig on the way Crusader s Managing Director, Rob Smakman, said, We have received some excellent results recently with thick, relatively high-grade intercepts from near surface holes, right the way down to intercepts at 265m vertical depth, which is really exciting. Especially encouraging is that ALL of the holes had significant intersections, which shows that the infill drilling is confirming our current interpretation of the mineralisation. Importantly, this increase in our level of confidence in the mineralisation should convert all of our in-pit Resources to Indicated Resources or better, providing a great foundation for the Bankable Feasibility Study of the Borborema project. 1

2 Recent infill drilling at Crusader Resources Limited s (ASX:CAS) 100% owned Borborema Gold Project in Brazil has produced some excellent results from the Central and Southern zones, extending from near-surface, all the way down to the Central Deeps, a vertical depth of 265m. Furthermore, all of the latest drill holes, which comprise 11 diamond holes (3,111m) and 35 RC holes (2,805m), contained significant intersections in terms of width and grade. The infill drilling programs currently underway, aim to convert the in-pit Mineral Resources to Indicated Resources or better, a level of confidence that is required for the upcoming Bankable Feasibility Study (BFS) at Borborema. The drilling activities on-site have been further accelerated in order to meet the projected BFS time-table, with four diamond drill rigs currently operating around the clock and a fifth diamond rig on the way. In addition to this, two RC drill rigs continue drilling on single shift. A full table of significant intersections from the recent results is attached, with the highlights detailed in the table below: Hole Zone From Width Grade Comments CRRC-286 Central including g/t CRDD-119 Central including g/t CRRC-215 Central CRRC-313 Central including g/t CRRC-291 Central CRDD-121 Central Deeps CRDD-117 Central Deeps CRRC-285 Southern CRRC-289 Southern Hole depth (From) & Width are in metres; Width is true-width; Grade is in g/t Au The JORC-compliant Mineral Resources Estimate of the Borborema Project currently stands at 68 Mt at 1.06 g/t for 2.31 million ounces of gold. An updated drill location plan, cross section and long section are attached. 2

3 Selected Drill Results February

4 Cross Section O O 4

5 5

6 6

7 7

8 8

9 9

10 Note: Coordinates are in datum SAD69 UTM 24S. Significant intercepts calculated using a 0.5 g/t lower cut-off, with 1m min. width, up to 2m of consecutive internal dilution and no upper cut-off. All intersections reported are down-hole intersections for drill-holes dipping at 60 to 307 these can be considered true-width. Mineralisation is interpreted to dip at ~35 0. Vertical drilling is not true width. Cross sections presented in this announcement may not match the intercepts in this table as they are for illustration purposes only. CRRC denotes RC drillhole and CRDD denotes diamond (generally NQ size). 10

11 For further information please contact: Mobile (Brazil): Office: paul@crusaderresources.com Collins Street Media Mobile: ian@collinsstreetmedia.com.au 11

12 Crusader Resources Limited (ASX:CAS) is a minerals exploration company listed on the Australian Securities Exchange. Its major focus is Brazil, a country Crusader believes is vastly underexplored with high potential for the discovery of world class mineral deposits. Crusader s key asset is the 2.3 million ounce Borborema Gold Project in north eastern Brazil, targeting production at a rate of koz from 2014.The company has 3,500 km 2 of exploration tenements in the Seridó Belt, a highly prospective geological structure which hosts the Borborema Gold Project. This region is under explored and could provide Crusader with a pipeline of high growth, greenfields gold discoveries. Crusader s Posse Iron Project, near Belo Horizonte, is close to starting production of high-quality iron ore for consumption in the Brazilian domestic iron industry. The Borborema Gold Project is in the Seridó Belt of the Borborema province in north eastern Brazil. It is 100% owned by Crusader Resources Limited and consists of three mining leases covering a total area of 29 km² including freehold title to the property over the main prospect area. The Borborema Gold project is enhanced by good on-site facilities and excellent infrastructure, such as buildings, grid power, water, sealed roads and is in close proximity to major cities and regional centres. In December 2011, Crusader updated the JORC compliant resource estimate at Borborema (at a 0.5g/t cut-off) to a combined Indicated and Inferred resource estimate of 1.06g/t for 2.31Moz. This Mineral Resource remains open in all directions and is limited only by drilling. Crusader completed a Pre-Feasibility Study (PFS) in September 2011 into the economic and technical merits of a gold mine development. The study, based on the June 2011 Resource, considered an open cut mine development of 3Mtpa with a conceptual plant design to produce in excess of 130,000ozs of gold per annum. 12

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