Mr. Alar Soever reports

OZ MINERALS COMMENCES $3.6M PHASE 4 EXPLORATION PROGRAM AT CARUBE/MIOCENE BELLAS GATE JOINT VENTURE IN JAMAICA

On Nov. 25 Miocene Metals Ltd.'s partner Carube Resources Inc. received the $300,000 phase 4 option payment from OZ Minerals Ltd. as well as formal notification that it is commencing exploration required to complete phase 4 of the Bellas Gate joint venture (BGJV). This phase requires the expenditure of $3.6-million and will bring OZ Minerals' total exploration expenditures on the BGJV to $6.5-million.

Up to the end of phase 3, OZ Minerals has completed total cumulative expenditures of $2.9-million and paid Carube $175,000 in option payments. Completion of these requirements approximately 1.5 years ahead of the original schedule has earned OZ Minerals a 60-per-cent interest in the project. To complete phase 4 OZ Minerals is required to spend an additional $3.6-million on exploration over the next 12 months to earn an additional 10-per-cent interest in the BGJV. It is expected that much of the expenditures will be for drilling to follow up recently completed geophysical, geochemical and mapping activities on numerous priority targets.

The BGJV consists of two copper-gold special exclusive prospecting licences covering 84 square kilometres of highly prospective geology in the central part of Jamaica. Compilation of historic data, geochemical surveying, mapping, sampling, trenching and drilling by Carube, along with the work to date by OZ Minerals has identified 14 high-priority copper-gold porphyry exploration targets on the property. Initial drilling by OZ Minerals on the Connors target has intersected wide widths of copper-gold mineralization (for details see press release dated Aug. 7, 2014) and outlined a large soil anomaly and copper mineralization at the Hendley target 4.5 kilometres northwest of Connors (see press release dated Oct. 2, 2014). Drilling is continuing on the Connors target with two drills, to define the limits of the Connors mineralization, after which drill testing of the Hendley target will commence.

Dr. Vern Rampton, PEng, president and chief executive officer of Carube, stated: "The accelerated pace at which OZ Minerals has completed the first three phases of its earn-in and their commitment to the $3.6-million in expenditures required during phase 4 is a testament to the quality of the Bellas Gate project and its ultimate exploration and development potential. Carube is certainly appreciative of our joint venture partner's efforts and expertise in moving the project along so rapidly and expediently enhancing its value for Carube shareholders. We expect a steady stream of news as Carube and Miocene complete their reverse takeover (RTO) and throughout the next year."

The Carube financings and the Miocene/Carube RTO

Euro Pacific Canada Inc. (EPC) has been appointed by Carube to use EPC's commercially reasonable best efforts as the lead agent and bookrunner in connection with the required financings. Details of the required financings can be found in the previous press release dated June 24, 2014, and Aug. 22, 2014. Of the $4.23-million in contemplated financings a total of approximately $1.89-million has been closed. The amounts closed have been raised on a non-brokered basis pursuant to subscription agreements that were received directly by Miocene and Carube and were not arranged through EPC. Subscriptions and expressions of interest have been sourced for approximately $950,000. Subject to those amounts closing, approximately $1.4-million remains to be sourced in order to obtain the exchange's final approval for the RTO.

The terms of the RTO are fully described in Miocene's information circular dated April 29, 2014. The information circular is available under Miocene's profile on SEDAR. The RTO has been approved by the shareholders of both companies.

This press release has been prepared by Dr. Vern Rampton, PEng, president and chief executive officer of Carube in his capacity as a qualified person as defined under NI 43-101 (QP), he has also approved its content on behalf of Carube. Alar Soever, PGeo, in his capacity as a QP has reviewed and approved it on behalf of Miocene. Both share responsibility for the technical contents of the press release.

We seek Safe Harbor.