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CODEIFAI LIMITED Share Issue/Capital Change 2005

May 31, 2005

64630_rns_2005-05-31_02d7fdfb-0fad-4350-a7d0-7660e37211ec.pdf

Share Issue/Capital Change

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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

Company Announcements Office Australian Stock Exchange Limited Wednesday 1st June 2005 One Page

ASX Code: AUV

LISTING RULE 3.10A - RELEASE FROM ESCROW

We advise that during the period from 1 June 2005 until 30 June 2005, that 1,425,000 shares and 2,137,500 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
Ordinary Shares
Number of Options,
dated 31 December 2006
17 June 2005 250,000 375,000
21 June 2005 625,000 937,500
22 June 2005 500,000 750,000
23 June 2005 50,000 75,000
Total released June 2005 1,425,000 2,137,500
Remaining on escrow as at 30 June 2005 58,075,001 12,112,500
Released from escrow in previous months 3,350,000 5,025,000
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