ASX ANNOUNCEMENT 26 JUNE 2012

Update: Proposed Acquisition of Mindoro Resources’ Copper-Gold Assets in the

Red Mountain Mining Limited (ASX: RMX) wishes to update shareholders on the due diligence process and timetable for the proposed acquisition of the Philippines based gold and copper/gold assets of Mindoro Resources Limited (ASX: MDO):

• Red Mountain Mining due diligence is expected to be completed by 29 June 2012; • Following satisfactory completion of the due diligence, Red Mountain Mining expects to sign a binding Share Sale Agreement on or around 30 June 2012 for the acquisition of Mindoro’s gold and copper/gold assets in the Philippines; • Drilling of interpreted high grade gold “feeder zones” underneath and adjacent to the existing resources at Archangel at the Project is planned to commence immediately following signing of a binding Share Sale Agreement; • ASX has provided written approval for the acquisition to proceed, subject to Red Mountain Mining shareholder approval and Red Mountain Mining preparing a short form prospectus in relation to the transaction (but Red Mountain Mining will not have to re-comply with the new listing requirements in Chapters 1 and 2 of the ASX Listing Rules); • ASX has also confirmed that the 100,000,000 ordinary Red Mountain Mining shares and 50,000,000 performance shares to be issued to Mindoro will be escrowed for 12 months from completion; • In addition, the 50,000,000 performance shares will be voluntarily escrowed up to 12 months from vesting; • A Red Mountain Mining shareholder meeting to seek approval for the acquisition is expected to be held in mid August 2012.

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Portfolio of projects in key mining districts

MEYCAUAYAN DENR / MGB CENTRAL Bay VALENZUELA CITY San Mateo MALABON M CALOOCAN MARIKINA MANILA PORT 2 2 BATANGAS (North & South Harbor) MANILA MANDALUYONG 2 PASIG Teresa Tanay LOCATION MAKATI CITY2 Taytay Real PASAY Baras MRL MAKATI OFFICE M TAGUIG Morong MAP  Santa Maria NINOY AQUINO PARAÑAQUE Noveleta Las Piñas INTERNATIONAL Kawit De Bay Luzon AIRPORT Rosario MUNTINLUPA Lake Cardona Manila Jalajala Gen. San Pedro Gen. Alvarez Trias Lamon Dasmariñas BIÑAN2 Naic TRECE Carmona Bay MARTIRES SANTA ROSA Ternate Maragondon Visayas Pila Gen. Silang Magdalena Aguinaldo Victoria Amadeo CALAMBA Sampaloc Los Baños Magallanes Mindanao Mendez Bay Lucban Alfonso Talisay Santo Tomas TANAUAN Laurel Alaminos SAN PABLO Tuy Malvar Dolores Lian Balete Atimonan Agoncillo Mataas Na Pagbilao Lemery Taal Kahoy Balayan Calaca LIPA Tiaong Plaridel Lake San Nicolas Candelaria Cuenca Sariaya Agdangan San Antonio Mindoro tenements / applications Calatagan Santa Teresita Alitagtag Padre Garcia Manggalang Unisan Bukal Mineral deposit San Juan Rosario City hall location Balayan Ibaan FORTUNE CEMENT Tayabas 2 Bauan San Pascual City / urban center Bay Taysan Taysan Deposit Bay 2 San Juan Municipality

Mabini BATANGAS Road For personal use only use personal For CITY BATANGAS N BATANGAS LOBO: PROJECTS PORT SW Breccia Kay Tanda 0 20km MRL LOBO OFFICE

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Acquisition price amendments

Red Mountain Mining has valued the interests in the Mindoro assets (“Assets”) that are being acquired at approximately $10 million to $15 million. This purchase price will be satisfied through the issue of:

• 100,000,000 fully paid ordinary shares in the capital of Red Mountain Mining; and • 50,000,000 performance shares in the capital of Red Mountain Mining that convert into ordinary shares if, within 12 months of completion of the sale, both (a) the gold resource across the Assets increase to 600,000 ounces at a JORC Indicated level; and (b) a scoping study is completed on the Assets that confirms that the development of a mine is economically viable, where the scoping study must have a minimum of 50% conversion of the 600,000 ounces Indicated JORC Resource to Probable Reserves.

Mindoro intends to make an in specie distribution of the Red Mountain Mining initial 100,000,000 shares on a pro rata basis after 12 months of the sale. The 50,000,000 performance based Red Mountain Mining shares (if milestones are achieved) will be distributed in specie to Mindoro shareholders up to 24 months after the sale.

Following the transaction, current Red Mountain Mining shareholders will retain an approximate 35% to 44% interest in the expanded group (depending on the final number of shares issued).

Neil Warburton, Red Mountain Mining Executive Chairman and Acting CEO, said “The initial response to the proposed acquisition of Mindoro’s significant gold and copper-gold assets from existing major Red Mountain Mining and Mindoro shareholders had been very positive.”

“We look forward to providing further information to our shareholders about the proposed transaction ahead of the shareholder meeting. We are excited about the imminent drilling program which if successful will add significant contained gold resources and value to all shareholders,” concluded Mr Warburton.

Conditions Precedent

As announced previously, the conditions precedent to the transaction include:

;

Mindoro• Completion; of satisfactory due diligence by both parties

• Board Board and and executive required appointments; shareholder approval of both Red Mountain Mining and For personal use only use personal For Phils.• Inc. whereby the assets and beneficial rights to the assets are transferred • Completion of the restructuring of Mindoro’s Philippines subsidiarytd; MRL Gold ; to another Mindoro subsidiary owned by MRL Gold (Australia) Pty L • Toronto Stock Exchange approval of the sale of Mindoro assets for shares

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s consolidated basis inclusive of their Philippines subsidiaries) having net positive working• The entity capital which at the house timethe of completion projects, being of the MRL transaction Gold (Australia); Pty Ltd (on a ’s Report and Prospectus. • Red Mountain Mining preparing an Independent Expert Completion of the transaction is now expected to occur late rather than early August 2012, as originally advised. The parties have agreed that the working capital requirement for Red Mountain Mining will apply as at 30 June 2012, rather than completion as previously agreed, and will comprise approximately $4.2 million.

Updated indicative transaction timeline

28 June complete of Red Mountain Mining due diligence • executMindoroe binding AGM formal Share Sale Agreement • 29 June lodge Red Mountain Mining shareholder meeting documents (incl • 30 June IER) with ASX for approval • 2 July dispatch of Red Mountain Mining shareholder meeting documents lodge Red Mountain Mining Prospectus documents with ASIC/ASX • 10 July for approval • 24 July dispatch of Red Mountain Mining Prospectus Red Mountain Mining shareholder meeting • 30 July complete transaction and issue of new shares. • 8 August • 24ARCHANGEL August PROJECT – KAY TANDA DRILL HOLE LOCATION

KT-100

KTDH-14 KT-94 KTDH-19 CA-10 KTDH-17 KTDH-10 KTDH-15 KTDH-12 KT-101 KT-83 KT-90 Taysan Porphyry BATANGAS KT-104 KT-91 Cu-Au Deposit PROJECTS KTDH-18 KT-82

KT-60 KTDH-22 KTDH-06 KT-92 KTDH-05 KT-93 KT-55 KT-85 KT-59 KT-96 KT-95 KT-86 KT-97 KTDH-03 KT-88 KT-65 KT-103 KT-50 KT-53 KTD180 KT-40 LOBO KT-99 KT-44 KT-47 KTDH-04 KT-54 KT-84 Map Area KT-102 KT-52 CA-08 KTD179 KT-72 KT-98 KT-51 KT-56 KT-81 KT-29 PDH-193 KT-39 KT-06 KT-87 KT-64 KT-71 KT-106 KTD174 MAP KEY KTD174 KT-70 KT-57 KTDH-16 KT-62 KT-20 PDH-194 KTDH-09 KT-26 KTDH-08 KT-89 KT-37 KTD182 KT-79 KT-58 KT-49 KT-15 KTD175 KT-66 PDH-192 KT-73 Hydrothemal breccia / KT-30 KT-04 CA-07 KTDH-24 vein breccia KT-41 KT-35 KTD184 KTD176 KTDH-20 CA-05 PDH-191 KTD181 KT-28 KT-13 KT-42 KT-68 Quartz – Au – base metal KT-80 KTDH-01 KTDH-21 KT-22 KT-25 vein KT-24 KTDH-23 KT-21 KT-19 KT-03 KT-105 KT-77 Drill hole KT-48 KT-10 KTD177 KTD183 KT-05 CA-03 KT-14 CA-04 Planned hole KTD178 KT-61 KT-45 KT-23 KTDH-13 Creek CA-09 KT-02 KT-63 KT-75 KT-78 Road KT-11 KT-08 KTDH-07 KT-12 Historical mine working KT-43 KT-31 CA-06 CA-01 KT-67 KT-33 KT-07 KTD-185 KT-18 KT-01 KT-46 KT-69 N KT-27 KTDH-02 KT-09 KT-16 For personal use only use personal For KT-32 KT-17 KT-74 0 100m CA-02 KT-36 KT-38 KT-76 KT-34

Plan of proposed drill holes targeting high grade feeder zones at Kay Tanda.

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ARCHANGEL PROJECT – LONGITUDINAL SECTION 9,900E

9700N 9800N 9900N 10000N 10100N 10200N

Taysan Porphyry BATANGAS PDH - 191 Cu-Au Deposit PROJECTS KT-03 KTD177 KT-105 KT-42 KTD176 PDH - 194 KT-14 KTD175 300 KTD178 KT-49 KT-26 ASL 45.2 KT-41 44.3 KTD174 KT-72 KTDH-04 LOBO 250 KT-79 75.1 62.2 KT-54 89.6 KT-37 Map Area 64 KT-19 36.9 KTD179 65.9 80 KT-88 KT-85 KT-70 KT-86 99.2 78.3 52.2 200 54.5 CA-08 KT-93 MAP KEY 119.8 88.3 40.9 90 121 124 Hydrothermal breccia / feeder zone 160 120 KTDH-06 53.3 Quartz - basemetal vein 150 82 128.6 60.4 184 KTDH-08 67.9 187 127.5 Planned hole 174.5 KTDH-09 152.2 4 207.3 100 149.2 180 KT-95 203.2 146.3 221.1 KTDH-05 219.2 187.1

284.6

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319.4

304 350

Section of proposed drilling.

For further information contact:

Neil Warburton Ronn Bechler – Investor Relations Executive Chairman and Acting CEO Managing Director Red Mountain Mining Limited Market Eye Ph: (08) 9226 5668 Ph: 0400 009 774

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About Red Mountain Mining

Red Mountain Mining is primarily a gold explorer and project acquisition company incorporated in Australia in May 2006 and which listed on the ASX in September 2011. The Company’s strategy is to unlock the potential of ‘under-developed’ gold and polymetallic projects by introducing Australian mining methods and improving efficiencies to gain significant production and exploration upside.

Red Mountain Mining has spent more than five years examining potential project acquisitions in China. The Company recently expanded its search for advanced exploration and mining projects to the greater Asian region following several significant projects coming to its attention.

About Mindoro

Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO), Australian Securities Exchange (MDO) and Frankfurt Stock Exchange (WKN 906167). Mindoro is focused on nickel, gold and copper-gold exploration and development in the Philippines.

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