RAREX LIMITED — Board/Management Information 2016

Mar 30, 2016

ASX / MEDIA ANNOUNCEMENT 31 March 2016

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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 -----

BOARD CHANGES

Clancy Exploration Limited ( ASX: CLY ) advises that Mr Gordon Barnes has stepped down as Managing Director effective today. Mr David Scoggin has been appointed to the Clancy board as Non-executive Director.

Mr Barnes was appointed as Managing Director of the Company on 1 January 2011 and prior to that had served as the Company’s Exploration Manager from May 2007.

Mr Scoggin is a native of Santa Barbara, California and received his Bachelor of Arts from Princeton University, majoring in international relations and finance. He started his career in Tokyo and Hong Kong working as a proprietary trader for both Credit Agricole Indosuez and ING Barings. In 2000, he relocated to Australia where he started a 12 year period as a portfolio manager/senior trader managing hedge funds for Susquehanna International Group and Evolution Financial Group. He specializes in risk assessment, mergers and acquisition analysis, and has held several corporate advisory roles.

The Board of Clancy thanks Mr Barnes for his contribution and wishes him all the best for the future.

The Company will shift its administrative office from Orange to Perth in coming weeks. A further announcement will be made once the move is complete. Clancy no longer has any executive personnel in Orange and is looking to reduce its operating cost base to a minimum whilst it focuses attention on securing a project to secure the Company’s future.

—ENDS—

Please direct enquiries to:

Nathan Featherby Non-executive 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 and base metals explorer. The Company’s portfolio consists of copper-gold projects in the Lachlan Fold Belt of NSW where Clancy has 5 wholly owned and managed projects and 1 joint venture project each with Alkane Resources Ltd (ASX: ALK) and Ramelius Resources Ltd (ASX: RMS). 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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