ARK MINES LIMITED — Capital/Financing Update 2016

Dec 22, 2016

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Mt. Porter South Drilling Commences

Sydney, 22 December 2016 : Ark Mines Ltd ( ASX: AHK ) is pleased to announce that it has commenced definition drilling at Mt. Porter South.

AHK has received Mining Management Plan approval from the Northern Territory Department of Mines and Energy for definition and mine design drilling at Mt. Porter South. It is anticipated that mining of oxide ore will commence at Mt. Porter South directly after mining the Mt. Porter Central oxide.

AHK’s drilling program includes:

• § 84 shallow infill holes to fully define the extent of the Mt. Porter South ore body; and § drilling and establishing two water monitoring bores.

The drilling program is intended to assist and facilitate:

• § pit design down to the base of oxidation;

• § sampling for metallurgy and waste management;

• § a ground water study; and

• § preparation of a Mine Management Plan submission to mine Mt. Porter South.

AHK aims to commence mining at Mt. Porter Central at the end of the 2016/2017 wet season and plans to submit the Mt. Porter South MMP for oxide mining early in 2017.

Following oxide mining at Mt. Porter Central and then Mt. Porter South, AHK will either mine the sulphide material at Mt. Porter Central and/or mine Mt. Porter North oxide material, if drilling in that location supports viability.

AHK will also be investigating the potential of mining sulphide material along the Mt. Porter Central and North anticline by underground methods.

About Ark Mines

AHK is a Sydney based company now readying itself for near term gold production, from assets in the Northern Territory. The company’s aim is to establish itself as a medium level gold producer producing gold from tenements in the Northern Territory, developing prospective tenements in the Northern Territory and to acquire other prospective gold projects in Australia.

FURTHER INFORMATION:

Roger Jackson, Managing Director, Ark Mines Limited: +61400 408 550

The information in this announcement that relates to Exploration Results, Mineral Resources or Ore Reserves has been compiled by Roger Jackson BSc, Grad Dip Fin Man, Dip Ed, AICD, who is a Member of The Australasian Institute of Mining and Metallurgy and who has more than five years’ experience in the field of activity being reported on. Mr Jackson is a director of the Company. Mr Jackson 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 2012 Edition of ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Jackson consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.