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CLARA RESOURCES AUSTRALIA LTD M&A Activity 2012

Dec 2, 2012

64598_rns_2012-12-02_84b7a583-81f6-4f8b-abd8-b1bc40bf1fb3.pdf

M&A Activity

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ASX Announcement

3 December 2012

Market Update

Merger with Taronga Mines Limited

Ausnico Ltd ( Company ) wishes to provide an update in relation to the merger transaction previously announced for the unlisted public company Taronga Mines Ltd (Taronga). AusNiCo has made an offer to acquire all the issued shares of Taronga, with Taronga shareholders offered 5 AusNiCo shares for every 1 Taronga share on issue (the Offer ).

Having received the Target’s Statement from Taronga last Thursday evening 29 November 2012, the Company has now received advice from a major shareholder in Taronga, Samuel Holdings Pty Ltd ( Samuel ), that it no longer intends to accept of the Offer. Samuel is an entity associated with Nicholas Mather, a Director of both the Company and Taronga.

The Offer is subject to various bid conditions, including a 90% minimum acceptances condition. Without Samuel’s acceptance of the Offer, the Company will be unable to satisfy the 90% minimum acceptance condition and would be entitled to terminate the merger implementation agreement if this condition cannot be satisfied.

The Company is presently considering its position and will update shareholders as soon as possible.

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