UPDATE ON SRIG - ALTONA TRANSACTION AGREED WORK AND DRILLING PROGRAMME COMMENCES

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1 6 October 2015 SX: OH, FSE: 2O UPDTE ON SRIG - LTON TRNSCTION GREED WORK ND DRILLING PROGRMME COMMENCES greed Work Programme ltona Mining Limited s ( ltona or the Company ) and Sichuan Railway Investment Group ( SRIG ) concluded a framework agreement on 26 June 2015 to develop the Cloncurry Project in north west Queensland through an incorporated Joint Venture. On close the Joint Venture will be 60% owned by SRIG and 40% by ltona. The Joint Venture will own 100% of the Cloncurry Project and have US$227.5 ($327.3 at 0.70 $:US$) of cash available with a subsequent tranche of US$24.96 ($35.91 ) available 12 months after close. The parties agreed a programme of work of up to US$2 to advance and maintain the project whilst SRIG complete formal due diligence and the parties obtain various regulatory approvals. ny costs incurred by ltona from this programme would be credited as a cash contribution towards ltona s obligations under the Framework greement. The principal purpose of the work is to incorporate the recent Turkey Creek discovery into the mine plan thus allowing the layout of pits, waste dumps and the Tailings Storage Facility ( TSF ) to be revised. This will permit the existing Environmental Management Plan ( EMP ) to be updated and lodged with the authorities. Mining Studies The deposits that will provide feed to the Little Eva mill are Little Eva, Turkey Creek, Bedford, Lady Clayre and Ivy nn. Since these deposits were optimised and pits designed in 2012, other than Turkey Creek, new resource models are available and costs have declined significantly. Initial results of new optimisations indicate the potential for a material increase in reserves at the project. Studies are now focussed on the optimum schedule for mining these deposits and determining the optimum layout for waste dumps and mining related infrastructure. Drilling Programme ltona has commenced a 555 metre diamond drilling programme at Turkey Creek, Little Eva and Bedford to collect metallurgical samples. The aim of the programme is as follows: Obtain representative sample of run of mine sulphide mineralisation from two holes at Turkey Creek to determine recoveries and milling performance via the process design adopted for the 2014 Definitive Feasibility Study ( DFS ). In addition the samples will permit the characterisation of waste rock and tailings for input into the EMP update. OH0724 ltona Mining Limited Ground Floor, 1 ltona Street, West Perth W 6005 BN

2 Obtain representative sample of oxide mineralisation (malachite etc.) from two shallow holes at Turkey Creek to determine if the ore is amenable to recovery by flotation (sulphidisation). Obtain representative sample of oxide mineralisation (malachite etc.) from one shallow holes at each of Little Eva and Bedford, should testwork to float Turkey Creek oxide be successful then similar testwork will be conducted on Little Eva and Bedford mineralisation. Oxide mineralisation within the optimised pit at Turkey Creek was 4.8 tonnes at 0.62% copper (see SX Release 10 ugust 2015). No formal estimate of oxide resources from the extensive oxide caps to multiple deposits has previously been reported at Cloncurry. If a viable treatment path via floatation is available, resource inventories will be updated to include oxide mineralisation. n opportunity exists for a significant improvement in the value of the Project if oxide mineralisation can be included in the mine plan. This material is not in the DFS mine plan and is stockpiled when mined as part of pre-strip to access sulphide ore. The drill rig contracted by ltona will likely be used by SRIG to conduct confirmatory twinning of certain drill holes as part of their formal due diligence. Infrastructure and layout Preliminary work has commenced on modifying the design of the TSF and the infrastructure layout at the Little Eva plant site. Diamond drilling commences at Turkey Creek, September OH

3 Please direct enquiries to: listair Cowden David Tasker Jochen Staiger Managing Director Professional Public Relations Swiss Resource Capital G ltona Mining Limited Perth Tel: Tel: Tel: js@resource-capital.ch altona@altonamining.com david.tasker@ppr.com.au bout ltona ltona Mining Limited is an SX listed company which recently sold its successful Outokumpu mine in Finland and is now focussed on the Cloncurry Project in Queensland, ustralia. The Cloncurry Copper Project has Mineral Resources containing some 1.65 tonnes of copper and 0.41 ounces of gold. The first development envisaged is the 7 tonnes per annum Little Eva open pit copper-gold mine and concentrator. ltona has completed a Framework greement with Sichuan Railway Investment Group to fully fund and develop Little Eva. Little Eva is permitted with proposed annual production (1) of 38,800 tonnes of copper and 17,200 ounces of gold for a minimum of 11 years. Definitive Feasibility Study was published in March ltona Mining is listed on the ustralian Securities Exchange and the Frankfurt Stock Exchange. 1 Refer to the SX release Cost Review Delivers Major Upgrade to Little Eva dated 13 March 2014 which outlines information in relation to this production target and forecast financial information derived from this production target. The release is available to be viewed at or The Company confirms that all the material assumptions underpinning the production target and the forecast financial information derived from the production target referred to in the above-mentioned release continue to apply and have not materially changed. bout SRIG SRIG was established in 2009, is based in Chengdu in south-western China and is 100% owned by the Sichuan People Provincial Government. The group s principal businesses are in the road, bridge and rail construction and management sectors. SRIG had total assets of US$26.8 billion in 2014 and revenues over US$6 billion. It has more than 20,000 employees. SRIG has signalled its intention to diversify into other industries both within China and internationally. SRIG has 24 operating subsidiaries including Sichuan Road and Bridge Group ( SRBG ), listed in Shanghai which operates toll roads, bridges and hydropower stations. It has a market capitalisation of US$3 billion. CCXI, a Moody s company, rated SRIG as + with a stable outlook for a 2014 bond issue of approximately US$320. CCXI noted SRIG s expertise, highlighting that SRIG was the first Chinese enterprise to secure an overseas bridge construction contract (Norway). OH

4 Competent Persons Statement The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Dr listair Cowden, BSc (Hons), PhD, MusIMM, MIG. Dr Cowden is a full time employee of the Company and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ustralasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Cowden consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. OH

5 Table 3: Summary of Mineral Resource estimates for the Cloncurry Project DEPOSIT CONTINED TOTL MESURED INDICTED INFERRED METL Tonnes Grade Copper Gold Tonnes Grade Tonnes Grade Tonnes Grade tonnes ounces % g/t % g/t % g/t % g/t COPPER-GOLD DEPOSITS Little Eva , , Ivy nn ,000 17, Lady Clayre ,000 85, Bedford ,000 11, Sub-total , , COPPER ONLY DEPOSITS Blackard , Scanlan , Turkey Creek , Longamundi , Legend , Great Southern , Caroline , Charlie Brown , Sub-total , TOTL ,647, , This information was prepared and first disclosed under the JORC Code 2004 Edition. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported. ll other resources classified and reported in accordance with JORC Code 2012 edition. Note: Tonnages are dry metric tonnes and have been rounded, hence small differences may be present in the totals. See SX release of 23 October 2007 and 26 July 2011 (Longamundi, Great Southern, Caroline and Charlie Brown), 23 pril 2012 (Bedford, Ivy nn and Lady Clayre), 03 July 2012 (Blackard and Scanlan), 22 ugust 2012 (Legend), 27 May 2014 (Little Eva) and 18 March 2015 (Turkey Creek) for full details of resource estimation. Little Eva is reported above a 0.2% copper lower cut-off grade, all other deposits are above 0.3% lower copper cut-off grade. OH