BARYS RESOURCES LIMITED — Capital/Financing Update 2012

May 13, 2012

14 MAY 2012

OPTIONS TO CONSULTANTS

ANNOUNCEMENT

Mining Group Limited (“Mining Group” or “the Company”) (ASX:MNE) advises that it has agreed to issue various unlisted options to consultants in consideration for the provision of exploration, financial and legal services in the Philippines.

Consequently, the Company has today issued:

• 300,000 Class C Options exercisable at 60 cents each on or before 1 April 2015 (“Class C Options”), to be voluntarily escrowed until 1 April 2013; and

• 50,000 Class D Options exercisable at 60 cents each on or before 14 May 2015.

An Appendix 3B for the abovementioned issues follows.

The Company has further agreed to issue the following unlisted options, subject to the applicable criteria being met:

• 250,000 Class C Options, to be issued on a JORC inferred resource of 30 million tonnes

  • with an average grade of at least 0.85% Cu equivalent;

• 300,000 Class E Options exercisable at 75 cents each on or before 30 June 2016, to be issued on a JORC inferred resource of 50 million tonnes with an average grade of at least 0.85% Cu equivalent;

• 150,000 Class F Options exercisable at $1.00 each on or before 30 June 2016, to be issued on a JORC inferred resource of 75 million tonnes with an average grade of at least 0.85% Cu equivalent;

• 100,000 Class G Options exercisable at $1.00 each on or before 14 May 2015, to be

  • issued on a JORC inferred resource of 100 million tonnes; and

• 100,000 Class H Options exercisable at $1.50 each on or before 30 June 2016, to be issued on completion of a positive feasibility study and acquisition of all required permitting to allow mining.

AUTHORISED BY:

==> picture [117 x 32] intentionally omitted <==

Shannon Coates Non- Executive Director /Company Secretary

www.mininggroup.net.au

1

GROUND FLOOR, 3 RICHARDSON STREET, WEST PERTH, WESTERN AUSTRALIA 6005 TELEPHONE 08 9322 6424 FAX 08 9486 1258

Contact:

Andrew Maurice Managing Director amaurice@mininggroup.net.au

P: + 61 8 9322 6424 M: 0410 642 660

Ground Floor 3 Richardson Street WEST PERTH WA 6005

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