BULLETIN RESOURCES LIMITED — Capital/Financing Update 2015

Jan 26, 2015

==> picture [178 x 45] intentionally omitted <==

ANNOUNCEMENT

27 January 2015

**Final

Approvals for Nicolsons**

The board of Pacific Niugini Limited (“PNR”) is pleased to advise that the Department of Minerals and Petroleum has approved the Project Management Plan for the Nicolsons Mine near Halls Creek in Western Australia.

This is the final approval required for commencement of works at the site.

The project management team is preparing for commencement of works during the ensuing weeks, with pit dewatering and plant works to commence as soon as possible.

As previously announced on 5 December 2014, PNR has secured a financing proposal for the mine restart from the Commonwealth Bank “CBA” and PNR is assisting Bulletin Resources Limited (“BNR”) in obtaining finance for its share of the project in accordance with the Heads of Agreement announced on 8 December 2014. Under the agreement, BNR will transfer a further 15% ownership to PNR (for a total 80% ownership immediately upon conditions including financing being met. The formal binding agreement, which reflects the heads of agreement, has now been signed by both parties, and endorsed by CBA.

PNR’s Managing Director Paul Cmrlec said

“This final approval for the Nicolsons Mine allows PNR to immediately commence works for the refurbishment of processing facilities and construction of the underground mine. Dewatering of the open pit will be a short process, and commencement of pumping is imminent. Key contracts for the works will be executed as soon as possible to ensure that construction works are able to be initiated as soon as mine financing, including completion of the current rights issue is in place.”

“We await the successful completion of our rights issue and the start-­‐up of what we believe will be a rewarding and transitioning step for the Company as we enter the ranks of a gold producer.”

The board reminds all holders that the closing date for rights issue is 28 January 2015, and the board encourages all holders to take up their allotment.

The Board has reserved the right to and intends to place any shortfall and pay fees to brokers who do so.

Ends.

Pacific Niugini Limited ABN: 30 003 207 467

T: 08 9215 6005 | F: 08 9220 5757 | E: admin@niugini.com.au | W: www.niugini.com.au Level 3, 18-­‐32 Parliament Place, West Perth 6872