SILVER MINES LIMITED — Capital/Financing Update 2015

Oct 14, 2015

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Silver Mines Limited ABN: 45 107 452 942 10[th] Floor, 2 Bligh Street, Sydney NSW 2000 P: +61 2 8188 2556 F: +61 2 9235 2203

To: Australian Securities Exchange Limited (ASX) From: Silver Mines Limited (ASX: SVL) Date: 15 October, 2015 Subject: Closure of Rights Issue Prospectus and Shortfall

The Board of Silver Mines Limited is pleased to advise that its fully underwritten Rights Issue Prospectus closed on 9 October, 2015.

The share registry has advised the following:

1. Amount received under the Prospectus was $1,371,604.64, for 1,371,604,642 Shares and 685,802,321 Options.

2. The shortfall amount was $1,400,166.22, representing 1,400,166,214 Shares and 700,083,107 Options.

3. The shortfall was at 50.5152224%.

The Company expects the shares will be issued on Friday, 16 October, 2015, as per the timetable in the supplementary prospectus lodged on 30 September, 2015 and the Share certificates dispatched on or before 20 October, 2015.

By Order of the Board Silver Mines Limited

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