CODEIFAI LIMITED — Regulatory Filings 2007

Mar 29, 2007

Company Announcements Office Australian Stock Exchange Limited Friday 30 March 2007 One Page

ASX Code: AUV

STATUS REPORT

The Board of Australis advises that, its major shareholder Nikicorp Limited, is continuing to work with the Deed Administrator, Mr Robert Elliott, to complete the payment of all of Australis' creditors. The Board is hopeful that this matter will be resolved shortly and that Australis' creditors will be paid in full. The Board will immediately notify the market when this occurs.

The Board is also investigating the most appropriate manner in which the Company can be recapitalised in order that it can apply to the ASX for reinstatement. There are a number of different options available to the Board and these options are being considered.

On the Company being recapitalised it intends to recommence the program of resource evaluation and exploration that was originally proposed for the Nardoo leases (ML70006, 70005 and 70004). In this regard the Board has consulted further with its geologist, Dr Robert Coenraads in relation to expanding the exploration program. It is now intended that the exploration program also follow and map the indicated and inferred sections of the sapphire-bearing palaeochannel on the Nardoo leases by means of close-spaced Calweld drilling and geophysical logging.

As part of the proposed exploration program, planned for the latter part of 2007, at least 80 Calweld holes will be drilled. Conservatively, this program will follow the palaeochannel downstream into ML70029 for the length of this lease. At least 1300 metres of palaeochannel will be tested.

Contact:	Anthony Damianos
	Executive Director & CEO

Telephone:	+612 8908 5988
Facsimile:	+612 8908 5977

Australis Mining Corporation Limited ABN 68108649421 Level 35, 3504 100 Miller Street North Sydney NSW 2060 Telephone +612 8908 5988 Facsimile -612 89085977 Email w.kember@australismining.com.au Web: www.australismining.com.au