BARYS RESOURCES LIMITED — Board/Management Information 2012

Jul 16, 2012

APPOINTMENT OF NEW MANAGING DIRECTOR

ASX RELEASE

17 JULY 2012

Mining Group Limited (ASX: MNE) is pleased to announce the appointment of Mr Zeffron Reeves as Managing Director of the Company, effective immediately. Mr Reeves’ appointment reflects the evolution of Mining Group and its focus on the current exploration programme at its Comval copper gold project in the Philippines (Comval Project).

Mr Reeves (B.Sc (Hons) (Applied Geology), MBA, MAIG) is an experienced geologist with more than 15 years experience. Importantly, he is very familiar with the Company’s Comval Project, having provided technical, corporate and commercial consulting services to the Company during the project acquisition process and in developing and executing the Company’s current exploration programme.

Prior to working with the Company on its Comval Project, Mr Reeves worked with Cleveland Mining Company Ltd (Cleveland) as Principal Exploration Geologist, where he was responsible for the delineation of the Premier Gold Mine resource as well as several new discoveries within the Crixas greenstone belt in Brazil.

Mr Reeves has also had discovery success in Brazil and Australia, having delineated previously unknown mineralisation within the Pocone Goldfield, Mato Grosso, Brazil while with Ashburton Minerals Ltd, as well as uncovering the potential of Ashburton Minerals’ Mt Webb Project by delineating and expanding copper and gold mineralising systems on that project.

Mr Reeves has a broad range of experience, from grass roots exploration to underground mining. He also has extensive corporate and commercial experience gained as commercial manager for a WA based electrical engineering contracting business and in his roles with Cleveland and Ashburton, and has an MBA from the Curtin Graduate School of Business.

Having led Mining Group through its successful ASX listing and acquisition of an 80% interest in the Comval Project, the Company advises that Mr Andrew Maurice has resigned as Managing Director. Mr Maurice will continue to provide consulting services to the Company to facilitate a smooth transition.

The Company’s Chairman, Mr Winton Willesee thanked Mr Maurice for his dedication and commitment through the Company’s successful listing on the ASX and Comval Project acquisition, and wished him well with his future endeavours.

1

Commenting on Mr Reeves’ appointment, Mr Willesee said: “The Board is delighted that Mr Reeves has accepted the role of Managing Director. With the Company having substantially evolved in a short space of time, Mr Reeves’ extensive industry and technical experience, including hands on experience with the Company’s Comval copper gold project in the Philippines complements the Board’s existing skill set as we continue to progress our exploration programme at Comval.”

The material terms of Mr Reeve’s appointment are detailed in Annexure A.

An Appendix 3X “Director’s Initial Interest Notice” from Mr Reeves and Appendix 3Z “Director’s Final Interest Notice” for Mr Maurice will follow.

For further information please contact:

Shannon Coates Company Secretary P: + 61 8 9322 6424

Media Investors Donna Cole or Carrie Parsons Ronn Bechler LastSay Communications Market Eye carrie@lastsay.net.au ronn.bechler@marketeye.com.au P: +61-433 472 947 P: +61-400 009 774 P: +61-08 6102 7295 About Mining Group Limited

Mining Group Limited (ASX: MNE) is an ASX listed, Australian based exploration company established to explore, evaluate and acquire commercially significant resource projects in Australia and overseas.

Mining Group seeks to develop the Comval Copper Gold Project in the Philippines along with exploring the prospective Western Australian based Boorara, Teutonic and Lake Christopher Projects.

Mining Group has a strong Board and management team with considerable technical, commercial and corporate experience in the resources sector.

For more information visit the Mining Group website at www.mininggroup.net.au

2

ANNEXURE A

The material terms of Mr Reeve’s Executive Service Agreement are:

• Base Salary of $300,000 per annum, plus statutory superannuation;

• Subject to shareholder approval, a total of 3,750,000 options to be issued on the following material terms and conditions:

  • 1,000,000 options exercisable at 20 cents each on or before 1 July 2015. The options will vest if and when a 30 million tonne JORC compliant resource at grades determined to be economically viable and to be used as the basis of a scoping study is defined with respect to the Comval Project;

  • 1,250,000 options exercisable at 20 cents each on or before 1 July 2015. The options will vest if and when the trading price of the Company’s shares is 50 cents or greater for more than 30 consecutive trading days on which the shares in the Company trade;

  • 1,500,000 options exercisable at 20 cents each on or before 1 July 2015. The options will vest on completion of a positive scoping study with respect to the Comval Project.

In the event of termination of the employment of Mr Reeves with the Company for any reason, any options referred to above that are unvested will automatically lapse.

The Company intends to wait to seek shareholder approval to the issue of the options until a shareholder meeting is required to be held for other transactional or annual business.

• The Executive Service Agreement may be terminated by either party on three month’s written notice.

The Executive Service Agreement contains other terms and conditions standard for an agreement of this nature.

3