Correction: Placing and Offer for Subscription

RNS Number : 4344I

Papua Mining Plc

09 December 2015

Papua Mining plc

("Papua" or the "Company")

Correction to

Proposed Placing, Offer for Subscription, Related Party Transactions,

Share Capital Reorganisation and Notice of General Meeting

Further to the announcement by the Company on 4 December 2015 (the "Announcement") regarding the Proposed Placing, Offer for Subscription, Related Party Transactions, Share Capital Reorganisation and Notice of General Meeting (the "Proposals"), the Company wishes to notify existing shareholders that due to an administrative error the version of the Circular which was posted to shareholders on 4 December 2015 contained certain inaccuracies and omissions. The correct version of the Circular will be posted in hard copy format to shareholders shortly and is available at www.papuamining.com.

The Notice of General Meeting and Application Form sent to Shareholders are correct and remain valid and the timetable which applies to the Proposals is set out below:

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

Record Date 5.00 p.m. on 3 December 2015

Posting of the Application Form and Form of Proxy 4 December 2015

Latest time and date for receipt of the Application Form 11.00 a.m. on 17 December 2015

Latest time and date for receipt of the Form of Proxy 11.00 a.m. on 19 December 2015

General Meeting 11.00 a.m. on 21 December 2015

Announcement of the results of the Placing 21 December 2015

Announcement of results of Offer for Subscription 21 December 2015

Admission and commencement of dealings of the Placing Shares 8.00 a.m. on 22 December 2015

Admission and commencement of dealings of the Offer Shares 8.00 a.m. on 22 December 2015

Admission and commencement of dealings of the Benseman Shares 8.00 a.m. on 22 December 2015

Placing Shares, Offer Shares and Benseman Shares credited to CREST

stock accounts for uncertificated holders 22 December 2015

Despatch of definitive share certificates for Placing Shares,

Offer Shares and Benseman Shares for certificated holders week commencing 28 December 2015

Note: all defined terms are taken from the Announcement unless the context requires otherwise

Other than the latest time and date for receipt of the Form of Proxy, which is as set out above, the information contained in the Announcement and the Circular uploaded to the Company's website at the time of the Announcement is accurate in all respects.

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