COPPERMOLY LIMITED — Capital/Financing Update 2009

Aug 5, 2009

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ADDRESS PHONE PO Box 6965 +61(07) 5592 2274 Gold Coast Mail Centre FAX Qld 9726 Australia +61 (07) 5592 2275 EMAIL ABN 54 126 490 855 info@coppermoly.com.au WEBSITE www.coppermoly.com.au

ASX Announcement

6 August 2009

ASX Code: COY

FINANCE NEWS NETWORK INTERVIEW WITH MANAGING DIRECTOR

Coppermoly Limited is pleased to advise that the Company’s Managing Director, Mr Peter Swiridiuk, has participated in an interview with Finance News Network.

In the interview Mr Swiridiuk discusses Coppermoly’s projects and efforts to improve liquidity in its stock. The transcript follows or you can listen to the interview over the internet through the following link: http://www.finnewsnetwork.com/Display.aspx?Site=FNN108&Vs=FNN108&Vc=iv&Vm=Int_COY_050809.wmv

“Clive Tompkins: Peter, you’ve just released the results of the June quarter, how is the company tracking?

Peter Swiridiuk: Clive, our Company has been busy assessing and promoting our results from our exploration efforts last year. At our Nakru project, it has now come to light as quite a significant new find. It’s high copper grade near surface and its proximity to infrastructure. It’s attracting quite a bit of interest from sophisticated investors. Now by ‘sophisticated investors’, I mean ‘potential joint venture partners’ like mining and exploration companies and fund managers. We’re doing quite a lot of site visits lately, and this interest from sophisticated investors now needs to be reflected in the movement of our stock.

Clive Tompkins : In terms of cash from your bank, and what funding options are you considering?

Peter Swiridiuk: Clive, with our geological staff, and administration staff based at Kimbe, in the last few months we’ve been able to reduce our monthly costs, and keeping our staff, by seconding them to our major shareholder New Guinea Gold, because their company is currently doing a drilling program, and as such, our cash amount varies from month to month. But we currently have about $600,000 in the bank with a burn rate of about $40,000 per month. Now with the highly significant new drilling and geophysical induced polarisation results we received last year at Nakru, we feel, as a Company, we can add further value to the project by utilising our own two diamond drill rigs to expand on the high-grade copper near surface and further test the geophysics. This hence leads to our recent capital raising. What we wish to do here, is reward our existing shareholders with an opportunity to acquire further equity in the Company before then considering other institutional investors and joint venture partners. Now this is currently being done through a rights issue.

Clive Tompkins : When we last spoke, you had just announced a significant intersection of copper sulphide mineralisation at Mt Nakru, and you’ve just mentioned that you’ve had some further results announced. Again, just talk us through those, and what value do you put on the resource?

Peter Swiridiuk: Specifically, our last two drilholes were at Nakru 2, where the first two drilholes ever were drilled. This prospect is about one kilometre west of the existing Nakru 1 project. The geophysical induced polarisation targets within the Nakru 2 system, indicate potential for significant tonnage of copper mineralisation beneath what we intersected in drilling, which is a seven metre thick lens, averaging about 3 to 4 per cent copper, and this is only about 25 metres depth. Now in anyone’s language, you expand on that, and we’re looking at a tier 1 type project, which is feasible, once it’s drilled out and a resource estimated at any copper price. Further to the east, one kilometre to the east, the Nakru 1 system, recent drilling last year tested part of a second geophysical anomaly which intersected, for example, 28 metres grading, 1.1 per cent

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copper beneath what we see as a breccia related gold blanket of about 0.3 to 0.5 grams per tonne gold. Now when we look at the drilling results and copper grades near surface coupled with the geophysics, our exploration target places the potential in-ground values of these systems at quite a few billion dollars. Now this is only sitting a four hour drive from an operating deep water port used and being currently expanded on for the palm oil industry on the island. Now what this means is what I urge you, the investor, to do is ask your stockbroker to run this technical information past your mining analyst and see what conclusions they come up with, because we’re sure it’d be similar to what our sophisticated investors were coming up with.

Clive Tompkins: What about drilling at Simuku, can you give us an update there?

Peter Swiridiuk: Well during our IPO, we achieved raising funds, and part of the reason for raising funds was to deliver a resource, which we have done. This was an initial Inferred Resource of 200 million tonnes at about half a per cent copper equivalent, and that includes grades of molybdenum, silver and gold. Now within this initial Inferred Resource, we’ve got high grade of about half a per cent actual copper at a tonnage of about 80 million tonnes. And as well, we are looking at near surface, or a near surface blanket of copper enrichment rating 0.7 to 0.8 per cent copper. So again, the point of this project is looking for higher grades near surface. And it’s important to note, Clive, and a number of these sophisticated investors who have gone out to the site, and had a look at the project, is that this Resource and high grade potential blanket of copper all occur with only about one-third of the overall copper system, as defined by bulldozer trenching, and with the results we’ve now got, further drilling is warranted to both define the higher grade near surface copper resource, as well as expand on our areas of high grade primary copper, and these occur only within twenty kilometres of that deep water port, which is quite significant.

Clive Tompkins: Turning to your share price, where is the stock price now and what does that amount to in terms of market cap?

Peter Swiridiuk: The stock has been sitting around 5 to 6 cents in the last month. After our most recent road show in May, investors started to get an insight as to the value and accessibility of these projects and that moved our share price quite easily to 8 cents, it only takes about $1000 of trade to move the stock and the market cap by quite a considerable amount. Market cap is sitting around $3 million to $4 million at any one time.

Clive Tompkins: And who’s on the register? You mentioned New Guinea Gold?

Peter Swiridiuk: That is part of the liquidity issue we have with our stock. New Guinea Gold currently holds about 46 per cent and most of that’s escrowed, so there’s not much stock out there for sale. And they’re a Canadian listed company. And a second private-listed company in Canada called Pacific Kanon Gold, hold a further 12 per cent of stock, and part of that is also escrowed. So our idea of a rights issue is to allow existing shareholders an ability to purchase a lump sum of stock. Now any other investors then have an ability, like a sophisticated investor, to take up any shortfall from the rights issue at a discount. Now with currently very little liquidity in the stock, there is actually no chance of anyone out there being able to purchase a significant amount of stock at a good price. You literally can’t go out there and put $10,000 worth of stock at 5 cents.

Clive Tompkins: The problem is with liquidity, what sort of value do you think the stock should be trading at given the value of these projects that you’ve talked about?

Peter Swiridiuk: Well quite a substantial amount. But realistically once we have more available stock trading this will then allow us to do further drilling, and then coupled with potential further investment into the company or the projects by up to nine, at the moment we’ve got about nine sophisticated investors looking at our Company and our projects. So that will ensure the continuation of further drilling results, and so we feel the future of our assets and our stock to be quite promising. The copper price is also on our side, this is just another quite significant issue Clive. During our IPO the copper price was sitting at about $4 a pound and our share price was up near 20 – 25 cents. After the Olympic Games it dropped down to about $1.30 a pound, now stocks subsequently went down with that. During 2009 the copper price has increased over 70 per cent and it’s now heading back towards $3 a pound. If you look at the potential value of our project at Nakru and Simuku, if that was actually reflected into the share price with the amount of stock we’ve got out there we’re looking at 10 – 20 fold value in our stock.

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Clive Tompkins: So its just a question of getting those sophisticated investors to take a part of the project and for the drilling to continue?

Peter Swiridiuk: Yes, at Simuku it’s quite a large system and we feel it’s probably best suited to someone with quite a bit of money in a joint venture partner. At Nakru we could further improve the value of that asset by drilling ourselves, but both projects need quite a lot more drilling and that may well come from a joint venture partner or a fund manager who may invest in the Company. We want to give an opportunity to existing shareholders, we want to give them the first go and then look at alternatives.

Clive Tompkins: Peter Swiridiuk thank you for the update.

Peter Swiridiuk: Ok Clive thanks, and I look forward to seeing you in Sydney soon.”

For further information please contact Peter Swiridiuk on (07) 5592 1001 or visit www.coppermoly.com.au.

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Peter Swiridiuk MANAGING DIRECTOR

The information in this release that relates to Exploration Results and resource estimate was compiled under the supervision of Peter Swiridiuk, who is a Member of the Australian Institute of Geoscientists and Robert D. McNeil, who is a Fellow of the Australian Institute of Mining and Metallurgy. Peter Swiridiuk is Managing Director and consultant to Coppermoly Ltd and is an employee of Aimex Geophysics. Robert D. McNeil is a non-executive director of Coppermoly Ltd and Chairman of New Guinea Gold Corporation. Peter Swiridiuk and Robert D. McNeil have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (The JORC Code, 2004 Edition). Peter Swiridiuk and Robert D. McNeil consent to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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