OZ Minerals Proceeds with Airborne Geophysics Program on Carube/Miocene's Projects in Jamaica

Toronto, Ontario--(Newsfile Corp. - June 17, 2014) - Miocene Metals Limited (TSXV: MII) ("Miocene") and Carube Resources Inc. ("Carube"), a private Ontario based mineral exploration company, are pleased to announce that Carube's joint venture partner OZ Exploration Pty Ltd. ("OZ") (a wholly-owned subsidiary of OZ Minerals Ltd., an Australian based mining company listed on the Australian Stock Exchange) plans to begin airborne magnetic and radiometric geophysical surveys over Carube's Bellas Gate Project ("BGP") and Above Rocks Project ("ARP") within the next four weeks.

OZ has been Carube's joint venture partner in regard to BGP since January 17, 2014. Upon completion of flying the airborne geophysics over the ARP and thereafter Carube's Hungry Gully Project ("HGP") and Main Ridge Project ("MRP"), OZ will then have six months to elect to enter into an additional joint venture on one, two or all three of the projects (ARP, HGP and MRP). If OZ elects to enter into one or more new joint ventures in regard any of these properties, the joint venture terms for each project will allow OZ to earn a 70% interest in any of the projects by spending $6.5 million on exploration per project and making option payments totalling $275,000 per project to Carube over a five year period. The three projects total 176 square kilometres in area.

Alar Soever, Executive Chairman of Miocene said, "We are very pleased with the speed with which OZ has initiated work on all aspects of the OZ/Carube joint venture. Just two weeks ago, we announced that work on the BGP was ahead of schedule and now airborne geophysics is soon to be underway on both it and the ARP. We look forward to the results of these surveys, which we expect will form the cornerstone for further work on these licences."

The Above Rocks Project

The ARP is composed of two wholly-owned Special Exclusive Prospecting Licenses (SEPLs) covering 104 square kilometres. The licenses are located over mineralized rocks similar to those on Carube's BGP, which is actively being explored by OZ under the Bellas Gate Joint Venture. (see Miocene's press release dated May 28, 2014). At ARP, minor extraction of copper occurred in the mid-1800s with limited exploration beginning in the 1950s. Numerous copper showings and areas of potential gold mineralization have been delineated through prospecting and stream sediment sampling over the last 30 years.

The Qualified Person responsible for the technical content of this press release is Dr. V. N. Rampton, P. Eng., President and CEO of Carube.

Merger with Carube Resources Inc.

Miocene has received conditional TSX Venture Exchange (the "Exchange") approval for a Reverse Take-Over ("RTO") transaction with Carube. Under the terms of the transaction, Miocene will undergo a share consolidation on a 10:1 basis and then issue additional common shares resulting from the acquisition of all of Carube's outstanding securities and from related transactions. Carube shareholders will own the majority of Carube Copper Corp., the Resulting Issuer. The terms of the RTO are fully described in Miocene's information circular dated April 29, 2014 (the "Information Circular"). The Information Circular is available under Miocene's profile on SEDAR (www.sedar.com). Shareholders of Miocene will be asked to approve the RTO and related transactions at a shareholder meeting to be held on June 23, 2014. The Carube shareholder meeting to approve the transactions will take place on June 20, 2014.

Financing

Euro Pacific Canada Inc. ("EPC") has been appointed by Carube to use EPC's commercially reasonable best efforts as the lead agent and book-runner in connection with two concurrent private placement offerings ("Offerings") consisting of: (i) a Unit Offering (the "Unit Offering"); and (ii) a Subscription Receipts Offering (the "Receipt Offering"). The Offerings are intended to together raise $3,900,000 through either a 19,500,000 Unit Offering or a combination of the Unit Offering and a Subscription Receipts Offering. For further details regarding the Offerings, see Miocene's press release dated May 9, 2014. As of June 10, 2014, at least $1,804,957.60 had been raised leaving $2,095,042.40 yet to be raised in order to achieve the $3,900,000 target.

EPC is a full-service IIROC registered investment dealer headquartered in Toronto with offices in Montreal, Vancouver, and Tokyo, Japan. EPC offers an integrated platform of investment advice and opportunities including economic and equity research, institutional sales and trading, investment banking, and private client services. For further information contact: Richard Jozefacki, Investment Advisor, Capital Markets, 130 King Street West, Exchange Tower Suite 2820, Box 20, Toronto, ON, Canada, M5X 1A9, +1 416-649-4273 ext. 407, richard.jozefacki@europac.ca.

About Miocene Metals Limited

Miocene is focused on the exploration of three porphyry copper-gold-molybdenum properties in south-western British Columbia that occur within the Tertiary-aged Cascade Magmatic Arc. The Cascade Arc shares many geological characteristics with Tertiary-age porphyry belts that stretch the length of Chile and Peru in South America and hosts some of the world's largest porphyry copper-gold-molybdenum deposits. The Cascade Magmatic Arc hosts a number of significant porphyry Cu-Au and Mo deposits in Washington State, and Alaska (Glacier Peak and Margaret, and Quartz Hill respectively) but remains largely unexplored in British Columbia.

About Carube Resources Inc.

Carube is a Canadian private exploration company focussed on the rapid exploration and development of precious metal and copper projects in Jamaica. Its wholly owned subsidiary, Carube Resources Jamaica Ltd., owns a 100% beneficial interest in the Bellas Gate Project consisting of two highly prospective copper/gold/silver licences covering 84 square kilometres of the Central Inlier in Jamaica. The interest is subject to a 2% NSR. The Bellas Gate Project is the subject of a joint venture term sheet agreement with OZ Exploration Pty Ltd. ("OZ") (a wholly-owned subsidiary of OZ Minerals Ltd., an ≈A$1B Australian copper-gold producer with a proven track record of exploration success). OZ can earn a 70% interest in the Bellas Gate Project by spending $6.5M and making payments totaling $475K to Carube over 3.5 years; OZ can then increase its interest a further 10% by completing a feasibility study. OZ also has the right to fly airborne geophysics over 3 other Carube projects (4 wholly-owned licenses, subject to 2% NSRs) and subsequently invoke separate joint ventures on each project with similar terms to those applicable to the Bellas Gate Project.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

For Further Information

Please visit Miocene's website at www.miocenemetals.com or Carube's website at www.caruberesources.com, or contact:

DISCLAIMERS AND FORWARD-LOOKING STATEMENTS

This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Miocene and Carube (collectively the "Corporations"), including, without limitation, those listed under "Risk Factors" and "Forward-Looking Statements" in Miocene's Management Information Circular dated April 29, 2014 and other public filings (collectively, "forward-looking information"). Forward-looking information in this news release includes, but is not limited to, information concerning the Corporations' expectations regarding the transaction and contemplated financings. The Corporations caution investors about important factors that could cause actual results to differ materially from those projected in any forward-looking statements included in this news release. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that the expectations set out herein will prove to be correct and accordingly, prospective investors should not place undue reliance on these forward-looking statements. These statements speak only as of the date of this press release and the Corporations do not assume any obligation to update or revise them to reflect new events or circumstances. The Corporations disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.

Completion of the Combination transaction between Carube and Miocene is subject to a number of conditions, including TSXV acceptance and disinterested shareholder approval. The transaction cannot close until the required shareholder approvals are obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the information circulars and/or filing statements to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Miocene should be considered highly speculative.

The TSXV has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.