BARYS RESOURCES LIMITED — Capital/Financing Update 2012

Jan 16, 2012

ASX ANNOUNCEMENT

==> picture [227 x 48] intentionally omitted <==

MINING GROUP COMPLETES COMVAL COPPER AND GOLD PROJECT TRANSACTION

17 JANUARY 2012

Highlights

• Mining Group has completed the transaction to acquire an 80 per cent interest in the Comval Copper/Gold project ( Comval Project ) in the Philippines.

• The Comval Project is located in the established copper and gold producing region of the Compostela Valley with potential for large scale copper gold porphyry mineralisation.

• Proven copper/gold mineralisation has been identified at the Comval Project from historical mining, over 24,000 metres of drilling and extensive exploration adits, trenches and surface sampling.

• Maiden JORC resource estimation currently underway.

Mining Group Limited (ASX: MNE) ( Mining Group or the Company ) is pleased to announce it has completed the transaction with Cadan Resources Corporation (TSX.V: CXD) ( Cadan ) to acquire an 80 per cent interest in the Comval Project, located in the Philippines.

Managing Director of Mining Group Andrew Maurice, said the acquisition represented an exciting opportunity to develop a project in an area with world class geological potential.

“The Comval Project in the Philippines is located in the established copper and gold producing region in Compostela Valley and is close to existing infrastructure,” Mr Maurice said.

“The Philippines provides a stable investment environment, and given the Comval Project’s scale and location, with a number of major copper and gold deposits in the same geological belt, we believe it has the potential to be a transformational acquisition for Mining Group.”

The Comval Project’s tenement area covers 4,310 hectares, and, historically has had over 24,000 metres of drilling completed. Mining Group is currently reviewing and reinterpreting historic drilling results, with the aim of defining a maiden JORC resource estimation

173 MOUNTS BAY ROAD PERTH WESTERN AUSTRALIA 6000 TELEPHONE 08 9322 6424 FACSIMILE 08 9322 6778 www.mininggroup.net.au

expected during the first quarter of 2012. In addition, Mining Group proposes to carry out approximately 10,000 metres of drilling over the next 12 months.

On completion of the resource estimation, Mining Group intends to commence a high level scoping study to incorporate the geological, metallurgical and engineering data, as well as undertaking a financial analysis to assist with determining the most appropriate development options moving forward.

Mining Group looks forward to providing regular updates to the market on its exploration and development plans.

For more information, please contact:

Andrew Maurice Managing Director E: amaurice@mininggroup.net.au P: + 61 8 9322 6424 M: + 61 410 642 660

Media Enquiries Sally Carbon or Donna Cole LastSay Communications P: + 61 6102 7295 M: + 0419 901229

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

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Zeffron Reeves (B App Sc (Hons) (Applied Geology) MBA, MAIG), a consultant to the Company. Mr Reeves has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Reeves consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.