AUSTIN METALS LIMITED — Capital/Financing Update 2011

Jul 5, 2011

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A S X A N N O U N C E M E N T

6 July 2011

Silver City Minerals lists on the Australian Securities Exchange

• Successfully completed IPO raising ~A$9.8million, well over the minimum subscription of $6 million.

• Silver City securities officially quoted as of 11:00am, Wednesday 6[th] July 2011 ASX Code: SCI

• Strong Board and Senior Management team in place

• Funding will focus on testing poly-metallic drilling targets in the prospective Broken Hill district, NSW

• 23,000m drilling program planned over six priority projects in year one

• Drilling to immediately commence – drill rig secured

Silver City Minerals Limited (ASX: SCI) today announced that the Company was admitted to the official list as of 4[th] July 2011, and shares in the company were officially quoted on the Australian Securities Exchange as of 11:00am, Wednesday July 6 2011.

The company recently completed its Initial Public Offering (“IPO”) closing well above the minimum of $6 million, issuing 49,067,500 ordinary shares to raise a total of $9,813,500. The IPO, managed by Locantro Capital in Perth, was well supported by both retail and institutional investors. The Company will list with a market capitalisation of approximately $19.6 million.

Silver City will be undertaking an exploration program targeting silver, gold, and base metals across its large tenement position located in the Broken Hill district of western New South Wales, Australia. The company has a range of quality drill targets across six priority project areas which will be the focus of exploration activity in the first twelve months after listing (See Figure1 below).

The Chairman of Silver City Mr Robert Besley commented: “Silver City successfully completed its Initial Public Offering (IPO), raising in excess of AUD$9.8 million. This was well beyond the Company’s target minimum subscription, and is a reflection of the strength of the company’s project potential as well its Board and Senior Management team. The Silver City Board is pleased with the strength of this support given difficult conditions in global equities markets, and is confident that Silver City can grow into a pre-eminent junior exploration company.

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SILVER CITY MINERALS LIMITED

SHAREHOLDER WELCOME – JUNE 28, 2011

This is the first time a junior explorer has acquired and consolidated such a large tenure position in the Broken Hill district and we have a range of high quality walk-up drill targets across our six more advanced projects”.

The Managing Director Mr Chris Torrey added “The Company has established a field office, has a geological team in place and has already secured a drill rig to immediately commence a program of over 20,000m of drilling in the first year. Shareholders will be updated as activity progresses and results are received.”

Use of Funds

As outlined in the Company’s prospectus, Silver City will use the funds raised in the IPO to progress its exploration program and for general working capital. In the first 12 months after listing the Company plans to undertake a substantial drilling program over six advanced projects as outlined below, and commence further geological, geochemical and geophysical evaluation on the next priority targets.

A contract with a drill service provider has been signed and drilling is scheduled to commence shortly. The first prospects to be drilled include:

•  The historic Allendale Mine area; an historic, high grade base-metal producer,

•  Maybell; a project which has returned high grade silver intersections in early Silver City drilling, and;

•  Golden King: an historic gold-copper mine.

This will be followed by drilling at Razorback West, Stephens Trig and Yellowstone (See Figure 1 below). For more details on the project portfolio and exploration programs please refer to the Silver City Minerals prospectus, which can be accessed through the Company’s website: www.silvercityminerals.com.au.

Options

As indicated in Section 2.9 of the Prospectus, all shareholders on the share register at a date (yet to be announced) approximately 4 months after shares commence trading on the ASX, will be entitled to participate in a non-renounceable entitlement of Options on the basis of one Option for every three shares held.

These Options will be issued at a subscription price of $0.01 each with an exercise price of $0.25 with an expiry date three years after the issue date. Further details of this offer will be announced to the ASX in due course.

ENDS

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SILVER CITY MINERALS LIMITED

SHAREHOLDER WELCOME – JUNE 28, 2011

SILVER CITY MINERALS LIMITED

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Christopher Torrey Managing Director

ABOUT Silver City Minerals Limited

Silver City Minerals Limited (SCI) is a base and precious metal explorer focused on the Broken Hill District of western New South Wales, Australia. It takes its name from the famous Silver City of Broken Hill, home of one of the world’s largest natural accumulations of silver, lead and zinc; the Broken Hill Deposit. SCI was established in May 2008 to explore specifically in the District where it controls Exploration Licences and Mineral Claims through 100% ownership and various Sale and Joint Venture agreements. It has a portfolio of highly prospective ground with drill-ready targets focused on high grade silver, gold and base-metals, and a pipeline of prospects moving toward the drill assessment stage.

CONTACT DETAILS

Management and Directors Registered Office Bob Besley Chairman Level 1, 80 Chandos Street, St Leonards, NSW 2065 Chris Torrey Managing Director PO Box 956, Crows Nest, NSW 1585, Australia Greg Jones Non-Executive Director Ph: +61 2 9437 1737 Ian Plimer Non-Executive Director Fax: +61 2 9906 5233 Justin Clyne Company Secretary Email: info@silvercityminerals.com.au Gordon McLean Exploration Manager Web: www.silvercityminerals.com.au

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SILVER CITY MINERALS LIMITED

SHAREHOLDER WELCOME – JUNE 28, 2011

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Figure 1. Silver City Minerals Limited (SCI) Tenements and Drilling Targets.

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