BARYS RESOURCES LIMITED — Capital/Financing Update 2012

Mar 7, 2012

ANNOUNCEMENT

8 MARCH 2012

MINING GROUP TO RAISE $3 MILLION

Mining Group Limited (“Mining Group” or “the Company”) is pleased to announce it has received a positive response to a proposed capital raising, with firm commitments to raise approximately $3 million via a placement of 6 million fully paid ordinary shares. The shares will be issued at an issue price of $0.50 each, being a 10% discount to the volume weighted average price per share for the 5 trading days prior to 6 March 2012, to raise $3 million before costs (“Placement”). The Placement will be made under s708 of the Corporations Act to sophisticated investors.

The funds raised from the Placement will be applied by the Company towards determining a maiden JORC resource, making key executive appointments and continuing the Company’s current exploration programme at the Comval Copper Gold Project in the Philippines, in which Mining Group recently acquired an 80% interest.

The Placement follows shareholder approval at the Company’s General Meeting in Perth on 17 February 2012, providing the required capacity for the Placement in accordance with Listing Rule 7.1.

Cygnet Capital Pty Ltd has been engaged as lead manager to the Placement. Capital raising fees will comprise a combination of cash and equity (options). The cash fee will be calculated at 6% of all capital raised under the Placement, which includes a capital raising fee of 5% (excluding GST) and a management fee of 1% (excluding GST). In addition, 400,000 unlisted options, exercisable at $0.55 each on or before 28 February 2014, will be issued pursuant to the Company’s 15% placement capacity.

Cygnet Capital reserves the right to pass on some or all of these capital raising fees to external parties.

An Appendix 3B will follow in due course.

For and on behalf of the Board

AUTHORISED BY:

==> picture [137 x 37] intentionally omitted <==

Shannon Coates Non- Executive Director /Company Secretary

1

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

www.mininggroup.net.au

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