RAREX LIMITED — Board/Management Information 2012

Sep 2, 2012

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----- Start of picture text ----- Clancy Exploration Limited Phone: (02) 6361 12853 Corporation Place Fax: (02) 6361 1202Orange NSW 2800 www.clancyexploration.comAustralia info@clancyexploration.com----- End of picture text -----

ASX / MEDIA ANNOUNCEMENT 3 September 2012

BOARD CHANGES AT CLANCY

Clancy Exploration (ASX: CLY, Clancy) is pleased to announce the appointment of Ms Natalie Forsyth Stock to the Board as an executive director with specific responsibility for the finance function.

Natalie is an investment professional with over 20 years experience in investment banking and private equity investment. She was previously a Director of Allco Equity Partners Management Limited and Gresham Rabo Management Limited (both private equity managers), and the corporate advisory division of Gresham Partners Limited, where she specialised in mergers and acquisitions, fund raisings and valuations.

Natalie has advised and mentored businesses ranging from start ups through to multinationals. She also sat on a number of boards during her private equity career, both in Australia and internationally.

Natalie has a Bachelor of Business (Accounting) and Master of Business (Banking and Finance) from the University of Technology, Sydney and a Graduate Diploma in Applied Finance and Investment, from the Securities Institute of Australia.

She is currently a non-executive director of Bounty Mining Limited (ASX: BNT).

Natalie has acted as the Company’s Chief Financial Officer on a consulting basis since earlier this year, and she will continue in this role. She is based in Orange.

Mr Mark Lester has stepped down from the Board. Mr Lester, who is based in Perth, has been a nonexecutive director of the Company since its listing on the ASX in 2007. The Board thanks him for his significant contribution to the Company over the past five years.

The Chairman, Mike Etheridge said “Mark was a founding director for the listed company in 2007, and he has played a key role in ensuring that the Company has had the highest standards of financial management and reporting. He is stepping down from the Board as part of the transition of the Company’s corporate management functions to its operational base in eastern Australia, and I thank him very much for his wisdom, insight and expertise.”

--ENDS—

Please direct enquiries to:

Gordon Barnes Managing Director Phone: +61 2 6361 1285 Email: info@clancyexploration.com Web: www.clancyexploration.com

About Clancy Exploration

Clancy Exploration (ASX: CLY) is an Australian-focused copper, gold, base metals and tin explorer. The Company’s portfolio consists of copper-gold projects in the Lachlan Fold Belt of NSW, base metal and tin

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120903 Announcement - board changes.docx

ASX / Media Announcement

Clancy Exploration Limited (ASX: CLY)

projects in the Mount Read Volcanic Belt of Tasmania, Nadbuck near Broken Hill in NSW and Yalgoo, adjacent to the Golden Grove mine in Western Australia.

In NSW, Clancy has 9 wholly owned and managed projects, 3 joint ventures with Mitsubishi Materials Corporation that are managed by Clancy and 7 joint venture projects which are managed by Gold Fields Australasia Pty Ltd. In Tasmania, Clancy has 2 base metal joint venture projects with Bass Metals and 2 tin joint venture projects with TNT Mines Pty Ltd (a wholly owned subsidiary of Minemakers Ltd). The Tasmanian projects are managed by Clancy's joint venture partners. This mix of Clancy and joint venture project funding allows a high level of exploration activity to be maintained, whilst prudently managing Clancy’s financial resources. Details of Clancy’s projects can be found at the Company's website: www.clancyexploration.com

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120903 Announcement - board changes.docx