CODEIFAI LIMITED — Capital/Financing Update 2005

Jul 21, 2005

AUSTRALIS MINING CORPORATION LIMITED

ACN 108 649 421

Level 35, Suite 3504, 100 Miller Street North Sydney, NSW 2060 Phone: (02) 8908 5988 or Facsimile (02) 8908 5977 www.australismining.com.au

Company Announcements Office Australian Stock Exchange Limited Friday 22^nd July 2005 One Page

ASX Code: AUV

LISTING RULE 3,10A - RELEASE FROM ESCROW

We advise that during the period from 1 August 2005 until 31 August 2005, that 327,500 shares and 491,250 options will be released from restricted security agreements on dates as detailed in the table below. These shares and options were issued to seed investors and were subject to restriction agreements for 12 months from date of issue.

Date of Expiry of Restriction Agreement	Number of	Number of Options,
	Ordinary Shares	dated 31 December 2006
3 August 2005	327,500	491,250
Total released August 2005	327,500	491,250
Remaining on escrow as at 31 August 2005	53,360,001	5,040,000
Released from escrow in previous months	9,162,500	13,743,750
Total initially escrowed	62,850,001	19,275,000

Contact: Anthony Damianos Executive Director & CEO

Telephone:	+612 8908 5988
Facsimile:	+612 8908 5977
Web:	www.australismining.com.au