BARYS RESOURCES LIMITED — Capital/Financing Update 2012

Apr 17, 2012

18 APRIL 2012

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MINING GROUP COMPLETES $3 MILLION PLACEMENT

ANNOUNCEMENT

Further to its announcement of 29 March 2012, Mining Group Limited (“Mining Group” or “the Company”) (ASX:MNE) is pleased to announce it has completed its placement of 6 million fully paid ordinary shares at an issue price of 50 cents per share to raise $3 million (before costs) (“Placement”). The Company has today issued Tranche 2 of the Placement, comprising the remaining 3 million shares (“Shares”) to sophisticated investor clients of Cygnet Capital Pty Ltd.

The Company has also today issued 400,000 unlisted options, exercisable at 55 cents each on or before 28 February 2014 to nominees of Cygnet Capital Pty Ltd in consideration for services provided by Cygnet Capital as lead manager to the Placement.

The funds raised from the Placement will be applied towards the Company’s exploration programme at the Comval Copper Gold Project in the Philippines and general working capital.

Secondary Trading Notice Pursuant to Paragraph 708A(5)(e) of the Corporations Act 2001 ("Act")

The Act restricts the on-sale of securities issued without disclosure, unless the sale is exempt under section 708 or 708A of the Act. By giving this notice, a sale of the Shares noted above will fall within the exemption in section 708A(5) of the Act.

The Company hereby notifies ASX under paragraph 708A(5)(e) of the Act that:

• (a) the Company issued the Shares without disclosure to investors under Part 6D.2 of the Act;

• (b) as at 18 April 2012, the Company has complied with the provisions of Chapter 2M of the Act as they apply to the Company, and section 674 of the Act; and

• (c) as at 18 April 2012 there is no information:

  • a. that has been excluded from a continuous disclosure notice in accordance with the ASX Listing Rules; and

  • b. that investors and their professional advisers would reasonably require for the purpose of making an informed assessment of:

    • i. the assets and liabilities, financial position and performance, profits and losses and prospects of the Company; or

    • ii. the rights and liabilities attaching to the relevant Shares.

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GROUND FLOOR, 3 RICHARDSON STREET, WEST PERTH, WESTERN AUSTRALIA 6005 TELEPHONE 08 9322 6424 FAX 08 9486 1258 www.mininggroup.net.au

AUTHORISED BY:

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Shannon Coates

Non- Executive Director /Company Secretary

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