Dunav Resources Ltd.

Dunav Resources Ltd. (TSX.V: DNV) is a Canadian-based mineral exploration company conducting exploration programs on mineral projects in Serbia. In 2010, Dunav (formerly Queensland Minerals Ltd.) changed its exploration focus from Australia to Serbia by optioning mineral projects in Serbia. In 2011, Dunav exercised its option and completed the acquisition of the Serbian projects, including the Tulare Copper-Gold Porphyry Project and the Surdulica Molybdenum Project, both of which are located in southern Serbia.

The Tulare Copper-Gold Porphyry Project has been the subject of detailed exploration by Dunav since May 2011. In November 2012, Dunav reported an initial resource estimate for the Kiseljak deposit. The Kiseljak mineral resource has been estimated at 300,500,000 tonnes grading an average of 0.27% copper and 0.26g/t gold in the inferred resource category for 1.8 billion pounds of copper and 2.5 million ounces of gold, using a 0.25% copper equivalent cut-off.

Dunav has also identified a number of additional porphyry centers within the project area, including Yellow Creek, Calovica vis South and Trlica. These target areas are all located within 2.5 km of the Kiseljak deposit. Exploration drilling at Yellow Creek, which is located within 800 meters of the Kiseljak deposit, has returned 380m @ 0.48g/t Au, 0.37% Cu (from 20m) and 241m @ 0.36g/t Au, 0.37% Cu (from 426m) from discovery drill hole YCDD008.

During late 2012 Dunav made a significant new discovery on the Bakrenjaca gold-silver-base metal epithermal system located 3 km south of the Kiseljak deposit. The area of mapped alteration, anomalous soil geochemistry and epithermal mineralization covers an area of approximately 1.5 kilometers by 1 kilometer. Discovery drill hole BKDD001 intersected 11 m @ 5.13 g/t Au, 346 g/t Ag, 1.19% Cu, 2.36% Pb & 1.86% Zn (14.5 g/t AuEq).

Dunav has also acquired the Degrmen exploration licence located 20 kilometers northwest of the Kiseljak deposit. Exploration conducted by Dunav during 2012 has highlighted the potential for copper-gold porphyry-style mineralization similar to that defined at Tulare.

Dunav's projects in Serbia are well located to access both major transportation corridors and the markets. The fiscal regime in Serbia is highly supportive of the extractive industries with a 15% corporate tax rate and a 5% NSR royalty.

The Dunav team has been successfully operating in Serbia since 2004.


TULARE - KISELJAK INFERRED RESOURCE ESTIMATE

Million Tonnes	Cu Equiv. (g/t)	Au Equiv. (g/t)	Cu		Au		S (%)
			%	Bn lbs	g/t	Moz
300.5	0.43	0.71	0.27	1.79	0.26	2.51	1.67

Notes:

1. The effective date of the mineral resource estimate is 22 November 2012
2. CIM definitions were used for Mineral Resources
3. A cut-off of 0.25% Cu Equivalent is applied for all zones
4. Figures have been rounded to the appropriate level of precision for the reporting of an Inferred Resource
5. Due to rounding, some columns or rows may not compute exactly as shown
6. No Mineral reserves have been estimated for the Kiseljak deposit
7. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
8. The copper price used in this estimate is the mean of monthly average London Metal Exchange copper spot prices for 2010, 2011, and 2012, and is US$3.60/lb. The gold price used in this estimate is the mean of the monthly average spot gold prices for 2010, 2011, and 2012, and is US$1,500/oz.
9. The copper and gold equivalent cut-offs, used by Dunav, are based on the in situ grades, using the following formulas with a gold price of US$48.23/gramme and a copper price of US$79.356/percent
   Cu_eq = ((Au*48.23)+(Cu*79.356))/79.356
   Au_eq = ((Au*48.23)+(Cu*79.356))/48.23

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