KINGSROSE MINING LIMITED — Capital/Financing Update 2009

May 12, 2009

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13 May 2009

The Manager Announcements Company Announcements Office Australian Stock Exchange Limited PO Box H224 Australia Square SYDNEY NSW 2000

Dear Sir/Madam

PLACEMENT FOR WORKING CAPITAL

Following shareholder approval on 7 May 2009, Kingsrose Mining Ltd (“the Company”) is pleased to announce, as foreshadowed in its preliminary announcement dated 6 April 2009, that it has placed 100,000,000 fully paid ordinary shares (“Shares”) at 20 cents per Share to raise $20,000,000 to clients of Southern Cross Equities.

The placement was made without a prospects or other disclosure document to investors under Section 708 of the Corporations Act.

It is contemplated that a “cleansing notice” under Section 708A (5)(e) of the Corporations Act will be given to the ASX immediately following the issue of the shares.

The proceeds shall be applied towards:

• Completion of construction of the mine at the Way Linggo Gold project in Indonesia

• To fund repayment of the loans pursuant to the terms of the Loan Arrangements Deed pursuant to which the Company has obligations to fund the repayment of various loans made to its wholly owned subsidiaries connected to the Project.

• To fund site exploration during the construction phase for the Project; and

• General working capital requirements.

Yours faithfully KINGSROSE MINING LIMITED

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JEANNETTE P. SMITH COMPANY SECRETARY