BARYS RESOURCES LIMITED — Capital/Financing Update 2014

Mar 23, 2014

ASX ANNOUNCEMENT

MINING GROUP TO RAISE $2.1 MILLION TO ACCELERATE WORK AT THE EL ROBLE PROJECT

24 March 2014

Mining Group Limited (ASX: MNE) is pleased to announce it has received commitments to raise up to approximately $2.1million by way of a placement of up to 75,000,000 fully paid ordinary shares ( Shares ) at an issue price of $0.028 ( Placement ).

The Company is currently undertaking underground work at Panga at the El Roble Copper Project and has also identified a number of new high priority targets where underground tunnels exist with visible exposed copper bearing veins. These areas are currently being mapped, sampled and surveyed. At the completion of this first phase assessment work, the Company expects to have sufficient information to make decisions about entering into further production agreements and commencing its own underground mining activities.

The Company has also submitted the necessary documentation to the Chilean regulatory authorities to obtain a 5000t per month licence to operate an underground operation at Panga. The granting of this licence is expected during April and will allow the Company to then deliver copper bearing material to the local toll treatment plant at a rate of 5000t per month. The Company notes this is not a production target.

It is intended that the Placement will utilise the Company’s existing placement capacity under Listing Rules 7.1 and 7.1A and will be made to sophisticated investors qualifying under s708 of the Corporations Act 2001 (Cth). It is expected the new Shares will be issued on or around 31 March 2014, at which time the Company will apply to ASX for listing of the Placement Shares.

The funds raised from the Placement will be applied towards further exploration and to accelerate progress towards development at the El Roble Copper Project in Chile.

Commenting on the Placement and the Company’s plans, Mining Group Managing Director, Mr Zeff Reeves said: “This injection of capital ensures the Company is well positioned to execute its strategy of entering into low cost underground production very quickly.

“We have identified a number of additional new areas where we see potential to support a small, high grade, underground operation and these funds will assist in accelerating our work programs to assess these new areas and move quickly towards mining if results are positive.

“To date our work has demonstrated the potential of El Roble to provide a very low cost, small scale, high grade copper production and the next few months are looking to be very exciting for the Company”.

Cygnet Capital Pty Ltd ( Cygnet Capital ) will act as lead manager to the Placement on a best endeavours basis. In consideration for its services, Cygnet Capital will receive a fee of 6% (excluding GST) of all capital raised under the Placement, comprised of a capital raising fee of 5% (excluding GST) and a management fee of 1% (excluding GST).

www.mininggroup.net.au

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

NEXT STEPS

The Company is currently undertaking work at El Roble in line with its strategy to achieve small scale production and deliver copper bearing material to the local toll treatment plants.

In line with this strategy, the Company entered into a Production Lease Agreement over the Panga mine in December 2013 (ASX Announcement 4[th] December 2013) and is currently carrying out initial preparation of the underground areas utilising air-leg mining methods. It is envisaged this work will potentially expose the mineralised Panga vein further along strike and below the current workings. This will then enable a full assessment of the area and provide information for which a decision can be made to commence extraction material for sale to the local toll treatment plants.

To date the Company has mapped over 30km of cumulative strike length of mineralised veins and located more than 30 tunnels and small pits with mineralised veins exposed. The immediate focus is to find repetitions of the thicker portions of the mineralised structures, such as those that have been mined historically at the Viuda and Estaca mines which operated during the late 1800’s with a 9% Cu cutoff grade.

For further information please contact:

Zeffron Reeves	Robert Gundelach
Managing Director	Investor Relations
Mining Group Ltd	NWR Communications
zreeves@mininggroup.net.au	robert@nwrcommunications.com.au
P: + 61 8 9322 4328	P: +614 51 896 420

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