BARYS RESOURCES LIMITED — Capital/Financing Update 2012

Jul 23, 2012

MINING GROUP - MARKET UPDATE

ASX RELEASE

24 JULY 2012

Mining Group Limited (ASX: MNE) provides the following update on current capital raising initiatives.

The Company is currently finalising details of a proposed capital raising and, to this effect, is in late stage of finalising terms of a pro rata renounceable rights issue which will be made available to all existing shareholders. Mining Group will update the market on progress of these discussions in due course.

The Company has recently transitioned its executive management and this, in conjunction with the proposed capital raising, will position Mining Group to take full advantage of its rapidly progressing Comval Copper Gold Project in the Philippines.

The recent appointment of Mr Cobb Johnstone as non-executive Director and Mr Zeff Reeves to the role of Managing Director signals a new phase for the Company, with the new appointees bringing with them a wealth of technical and corporate knowledge and experience to guide both the Company and Project forward.

From the initial acquisition by Mining Group of an 80% interest in January this year, the Comval Project has evolved rapidly, with a number of exciting new targets having been identified through recently acquired ground magnetic data survey. Mining Group is currently drilling the first of these targets and expects to see results from these drill holes within eight to ten weeks.

Mining Group’s new Managing Director, Mr Reeves commented: “We've executed an aggressive exploration strategy and obtained some exciting results. The anticipated capital raising will provide the Company with funds to ensure it is adequately capitalised to execute its planned work programs, designed to unlock value in both the skarn and porphyry targets at Comval. Our current strategy is to identify the best target outside of the known Tagpura and Maangob deposits, then focus on that area to establish a JORC compliant resource.”

For further information please contact: Zeff Reeves Managing Director 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

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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

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