ZENITH MINERALS LIMITED

POSITIVE RESPONSE TO RIGHTS ISSUE

Activities

Exploration/Development Mt Alexander Magnetite Iron Earaheedy Manganese

Details

Issued Shares 95.0 m Unlisted options 1.3 m Mkt. Cap. ($0.18) A$ 17.1 m Cash A$ 3.0 m Debt Nil

*post rights issue

Directors

Gary Comb Chairman Neil Martin Managing Director Stan Macdonald Non Exec Director Mike Joyce Non Exec Director

Major Shareholders

Major Shareholders
HSBC Custod. Nom.	13.5 %
Giralia (Atlas Iron)	10.8%
Tilbrook/Grey Willow	3.9%
Nada Granich	3.5%
Yandal Inv. PL	3.4%

The Directors of Zenith Minerals Limited (ASX: ZNC) (the “Company ” ) are pleased to advise that the Company has received strong support from shareholders for the 1 for 6 non-renounceable rights issue that was held at an issue price of $0.15 per Share to raise up to approximately $2.04 million (before costs).

The Rights Issue, which closed on Thursday, 29 November 2012 attracted applications for entitlements and oversubscriptions for more than 84% of the Shares offered, with eligible shareholders subscribing for 11,405,331 Shares of the 13,575,896 Shares offered.

The Rights Issue was partially underwritten by two of the Company’s Directors, Mr Mike Joyce and Mr Gary Comb. In accordance with the underwriting agreements they have taken up all of the 2,170,565 Shortfall Shares.

It is anticipated that the allotment of Shares and the despatch of holding statements will take place on Friday, 7 December 2012, 2012 with trading of the new securities expected to commence on 10 December 2012.

Zenith Chairman Gary Comb commented;

“ The level of support for the Rights Issue is very pleasing, particularly taking into consideration current market conditions, and I thank those shareholders who participated. We look forward to progress at both of the Company’s 100% owned key projects; the exciting new Red Lake manganese discovery in the Earaheedy Basin, where recent drilling has produced further high grade intersections, and at the Company’s Mount Alexander magnetite iron ore deposit, where resource growth drilling is planned for next quarter ”.

4[th] December 2012

For further information contact; Neil Martin Managing Director 08 9226 1110

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