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Entitlement Offer closed

Publié le 05 juillet 2016

e90d7558-10e5-4f08-b932-b88cff099b50.pdf

5 July 2016

Entitlement Offer closed, diamond drilling planned for August

  • Entitlement Offer closed with funds to progress Dixon gold prospect

  • Government co-funded diamond drill program to commence in August at Dixon

Australian Mines Limited ("Australian Mines" or "the Company") advises it closed its Entitlement Offer at 5pm (AEST) on Thursday 30 June 2016 in accordance with the extended timeline announced on May 301.

The Entitlement Offer raised $106,258 with the majority of these funds proposed to be allocated to the upcoming diamond core drill program at the Dixon gold prospect.

This funding will match dollar-for-dollar the co-funding grant of $105,000 awarded to the Company for the program by the Government of Western Australia under the Exploration Incentive Scheme2.

The diamond drill program is scheduled to commence in the second half of August and will test the interpreted depth extension of the Dixon mineralisation, supported by the assay results from the latest RC drill program3.

Dixon is part of the Doolgunna-Marymia project joint venture with Riedel Resources (ASX: RIE) and is located within 50 kilometres of Northern Star's Plutonic gold mine and hosted by a similar greenstone belt as that containing the Plutonic and Marymia deposits4.

***ENDS***

1 Australian Mines Limited, Entitlement Offer closing date extended, released 30 May 2016

2 Australian Mines Limited, WA Government co-funded diamond drilling at Dixon, released 10 June 2016

3 Australian Mines Limited, RC drilling results reveal controls of mineralisation at Dixon ahead of Government co-funded diamond drilling, released June 28

4 Northern Star Resources Limited, Plutonic Operations Fact Sheet, http://www.nsrltd.com/wp-content/uploads/2015/06/NSR- Plutonic-Operations-Fact-Sheet-May-2015.pdf, 29 June 2016

For further information, shareholders and media please contact:

Benjamin Bell Managing Director Ph: +61 8 9481 5811

E: [email protected]

Competent Person's Statement

Information in this report that relates to Doolgunna - Marymia Project Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Benjamin Bell who is a member of the Australian Institute of Geoscientists. Mr Bell is a full- time employee and Managing Director of Australian Mines Limited. Mr Bell has sufficient experience that is relevant to the styles of mineralisation and types of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Bell consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Figure 1: The Dixon gold prospect is situated within 50 kilometres of Northern Star's Plutonic Gold Mine, and is located within Australian Mines (AUZ) and Riedel Resources (RIE) joint venture tenement E52/2394 where Australian Mines is currently earning an 80% interest.

Figure 2: Schematic image showing the interpreted gold mineralised corridor (>0.1 g/t Au) at Dixon as based on Australian Mines' recent reverse circulation (RC) and diamond core drill campaigns5,6.

5 Australian Mines Limited, RC drill results received from Dixon gold prospect, released 18 April 2016

6 Australian Mines Limited, RC drill results reveal controls of mineralisation at Dixon, released 28 June 2016.

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