CAPRICORN METALS LTD — Share Issue/Capital Change 2009

Apr 15, 2009

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16 April 2009

Company Announcement Office ASX Ltd 10[th] Floor, 20 Bond Street Sydney NSW 2000

Dear Sir,

RE: RELEASE OF SECURITIES FROM ESCROW

Malagasy Minerals Ltd wishes to advise that the following restricted securities will be released from escrow on the date noted below:

Security description Number Date of Release Ordinary fully paid shares 1,650,000 9/05/2009

A related Appendix 3B will be lodged once these securities have been released.

For and behalf of the Board

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Max Cozijn Director/Company Secretary

cc: Directors

MGY S40-01-01 160409 Release of Securities.doc

Malagasy Minerals Ltd. (ACN 121 700 105), Suite 7, 11 Colin Grove, WEST PERTH WA 6005 Tel: +61 8 9463 6656, Fax: +61 8 9463 6657