SILVER MINES LIMITED — Capital/Financing Update 2015

May 20, 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 2557 F: +61 2 9235 2203

21 May, 2015

Kimberley Brown Senior Advisor, Listings Compliance (Sydney) Australian Securities Exchange Limited 20 Bridge Street Sydney NSW 2000

Re: Request for Voluntary Suspension of Trading in Securities of SVL

Dear Kimberley

I refer to the Trading Halt requested in the securities of Silver Mines Limited (SVL) on Tuesday, 19 May, 2015, with the expectation that an announcement in respect to a proposed Financing Transaction would be made on or before commencement of trading on Thursday, 21 May, 2015.

I wish to advise that the Board of Silver Mines is still in the process of finalising the financing arrangements with the various parties.

It is now anticipated that the finaliation of agreements will take a few days longer and accordingly the Company requests that the securities of SVL be temporarily suspended with the expectation that an announcement will be made before the commencement of the market on Wednesday, 27 May, 2015.

Yours faithfully Silver Mines Limited

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Vaz Hovanessian Company Secretary

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