BARYS RESOURCES LIMITED — Capital/Financing Update 2013

Aug 22, 2013

ASX ANNOUNCEMENT

23 August 2013

MINING GROUP TO RAISE UP TO $3 MILLION

Mining Group Limited (ASX: MNE) is pleased to announce it has received firm commitments to raise up to $3 million by way of a placement of up to 120,000,000 fully paid ordinary shares ( Shares ) at an issue price of $0.025, with one free attaching option ( Option ) for every two shares allotted ( Placement ). The Options will be exercisable at $0.05 on or before 30 June 2015, and will be in the same class as the Company’s existing listed options.

The Placement will be completed in two tranches, the first comprising 28,716,408 Shares to be issued utilising the Company’s 15% placement capacity pursuant to Listing Rule 7.1 to sophisticated investors qualifying under s708 of the Corporations Act 2001 (Cth). It is expected these Shares will be issued on or around 29 August 2013.

The second tranche will comprise the remaining balance of up to 91,283,592 Shares and all attaching Options and will be issued subject to the receipt of shareholder approval.

Completion of tranche two of the Placement is contingent on the Company receiving shareholder approval for the acquisition of the El Roble Project in Chile, as announced on 15 August 2013, pursuant to Listing Rule 11.1.2. Mining Group Directors Zeffron Reeves, Winton Willesee and Cobb Johnstone intend to participate in the Placement, subject to shareholder approval.

The funds raised from the Placement will be applied towards the initial consideration payments pursuant to the El Roble Project Option Agreement, assessment of underground mine areas and mineralised waste dumps, including metallurgical testing, the costs of the Placement and general working capital. The Company will also commence an initial exploration program at the El Roble Project comprising drilling, mapping, sampling and geophysical surveys.

Cygnet Capital Pty Ltd ( Cygnet ) will act as lead manager to the Placement on a best endeavours basis. Cygnet will receive a fee of 7% of all capital raised under the Placement, comprised of a capital raising fee of 5% (excluding GST) and a management fee of 2% (excluding GST). Cygnet reserves the right to accept all, or part, of the capital raising fee in fully paid ordinary shares in the Company on the same terms as the Placement. In addition, Cygnet will receive a further 12,000,000 Options upon successful completion of the Placement ( Success Fee ). If shareholder approval is not obtained for the Success Fee, a cash fee of $0.01 per Option will be payable to Cygnet.

The Company will shortly despatch a Notice of Meeting for the shareholder meeting required to approve, amongst other things, the acquisition of the El Roble Project and the Placement.

==> picture [591 x 16] intentionally omitted <==

SUITE 1, GROUND FLOOR, 83 HAVELOCK STREET WEST PERTH WESTERN AUSTRALIA 6005 TELEPHONE 08 9322 4328 FACSIMILE 08 9322 5230

www.mininggroup.net.au

For further information please contact:

Zeffron Reeves Managing Director zreeves@mininggroup.net.au P: + 61 8 9322 4328

Investors Ronn Bechler Market Eye ronn.bechler@marketeye.com.au P: +61-400 009 774

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 and near term production at the Chilean copper project El Roble. Further, it continues to evaluate 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

SUITE 1, GROUND FLOOR, 83 HAVELOCK STREET WEST PERTH WESTERN AUSTRALIA 6005 TELEPHONE 08 9322 4328 FACSIMILE 08 9322 5230

www.mininggroup.net.au