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CLARA RESOURCES AUSTRALIA LTD M&A Activity 2012

Dec 10, 2012

64598_rns_2012-12-10_6c5f20ee-1aea-4229-b148-12ac13d9e9b4.pdf

M&A Activity

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ASX Announcement

11 December 2012

Merger with Taronga Mines Limited

90% Acceptance Level Reached

The Directors of AusNiCo Limited (AusNiCo, ASX:ANW) are extremely pleased to report that the 90% minimum acceptance level under the Company’s offer to acquire all the issued shares of tin exploration company Taronga Mines Limited (Taronga) has been satisfied.

AusNiCo now holds Transfer and Acceptance Forms from Taronga shareholders representing 91% of Taronga’s issued share capital. The Offer remains open to Taronga shareholders until 27 December 2012.

AusNiCo is convening its EGM today to secure shareholder approval for various matters associated with the merger. The Board is pleased to report extremely strong support for the various resolutions in the proxies received from shareholders.

Subject to shareholder approval being granted by AusNiCo shareholders, Taronga and AusNiCo plan to commence the finalization of the transaction with the intention of creating a company with an advanced‐ stage tin project and a suite of complementary nickel sulphide, copper and gold projects.

Taronga holds a 100% interest in the Taronga Tin Project as well as 368km[2] of granted exploration licences prospective for tin, tungsten, silver and copper. The Taronga Tin Project is a world class tin project, ranked the 7[th] largest undeveloped hard rock tin project globally[1] . A pre‐feasibility study was completed between 1978 and 1983, including drilling in excess of 33,000m of diamond core and percussion holes. Taronga’s projects are located in the New England district of northern NSW.