OZ Minerals Commences Phase 3 Exploration at Carube-Miocene's Bellas Gate Joint Venture in Jamaica

Toronto, Ontario--(Newsfile Corp. - October 8, 2014) - Miocene Metals Limited (TSXV: MII) ("Miocene") and Carube Resources Inc. ("Carube"), a private Ontario-based exploration company, are pleased to announce OZ Minerals Limited ("OZ Minerals") has given notice to Carube that it has completed its required work commitments under Phase 2 of the Bellas Gate Joint Venture ("BGJV") by completing Phase 2 exploration expenditures well in excess of the $600,000 minimum expenditure. OZ Minerals has also provided notice that it will pay Carube the Phase 3 option payment of $100,000 shortly and that it will immediately continue on with Phase 3 exploration, which requires a minimum expenditure of $1.8 million over the next 12 months. Excess exploration expenditures from Phase 2 will be credited to Phase 3 expenditures.

Commenting on the OZ Minerals notice, Dr. Vern Rampton, President and CEO of Carube stated: "OZ Minerals has completed their Phase 1 and 2 work commitments, which were originally scheduled to take up to 18 months in only nine months, putting the project nine months ahead of schedule. This aggressive agenda of exploration and drilling, along with their early exploration successes confirms to us that OZ Minerals, is not only committed to, but confident in defining value at Bellas Gate. OZ Minerals has a proven track record of exploration success."

The completion of Phase 2 exploration gives OZ Minerals a 51% interest in the BGJV. Upon the completion of Phase 3, OZ Minerals will have earned a 60% interest in the project. Upon completion of Phase 4 which requires a further $3.6 million of expenditures within 12 months of completion of Phase 3, it will have earned a 70% interest in the BGJV.

Phase 3 Active Exploration Program:

Connors Prospect: Two high capacity drills are active at the Connors Prospects ("Connors") where a multi-hole program is planned to define the limits of the mineralization and increase the understanding of its geometry and potential. This has been prompted by the fact that all three recently completed holes by the BGJV intersected wide widths of copper-gold mineralization and results from the holes included 260 metres of 0.55% CuEq from drill hole CON-14-001 and 297 metres of 0.54% CuEq from drill hole CON-14-003, which included 55 metres of 1.01% CuEq. (See press release August 7, 2014).

Hendley Prospect: Soil sampling and analysis will be completed at the Hendley Prospect ("Hendley") beyond the 1.5 km x 1 km area from which results have been recently reported ("the reported grid") as high copper in soil values were registered along the very south edge of the reported grid and one grab sample of altered porphyry assayed 2.8% Cu, 0.37 ppm Au and 20.7 ppm Ag from west of the reported grid. A large impressive copper in soil anomaly measuring 1.2 km by 0.5 km was defined at Hendley by the completed sampling and analysis (See press release October 2, 2014). The widespread copper in bedrock mineralization and the large copper in soil anomaly have highlighted the Hendley Prospect as a top priority drill target and drilling will commence upon the release of a drill rig from the Connors.

Elma-Victoria Trend: Soil sampling and prospecting continues on the Elma-Victoria Trend where several locations of high grade copper, gold and silver have been documented. The Victoria Mine and Elma Mine are two of ten historic workings that were excavated by the Jamaica Consolidated Copper Company in the early part of the previous century. A total of 1,328m of underground workings have been documented along the trend.

Bellas Gate Project In Total: MPX Geophysics has completed a detailed magnetic and radiometric survey of the entire project and the results are being reviewed and interpreted to assist in defining and prioritizing targets for exploration and drilling at all 14 prospects (each prospect has been assessed as having potential economic interest).

The Phase 3 exploration program will also endeavour to generate additional copper-gold prospects across the entire project area through prospecting, mapping and sampling.

RTO Transaction with Carube Resources Inc.

Miocene has received conditional TSX Venture Exchange (the "Exchange") approval for the 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). Shareholder approval for the RTO transaction has been obtained from Miocene and Carube shareholders.

Carube 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 the required financings. Details of the required financings can be found in the previous press release dated August 22, 2014. The receipt of the $100,000 payment from OZ Minerals will assist the Resulting Issuer in meeting the working capital requirements of the Exchange.

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, Euro Pacific Canada Inc., +1 416-649-4273 ext. 407, richard.jozefacki@europac.ca

Lily Yu, Equity Capital Markets, Euro Pacific Canada Inc., +1 416-479-7370, lily.yu@europac.ca

This Press Release has been prepared by Dr. Vern Rampton, P.Eng, President and CEO of Carube. It has been reviewed and approved by Mr. Alar Soever, P. Geo. in his capacity as a qualified person as defined under NI 43-101("QP") on behalf of Miocene and reviewed and approved by Dr. Vern Rampton, P. Eng. in his capacity as a QP on behalf of Carube, each of whom has responsibility for the technical contents of this Press Release. All references to "$" herein are to Canadian dollars unless stated otherwise.

About Miocene Metals Limited

Miocene is focused on the exploration of three porphyry copper-gold-molybdenum properties in southwestern 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 focused on the rapid exploration and development of precious metal and copper projects in Jamaica. Its wholly owned subsidiary, Carube Resources Jamaica Ltd., owns, subject to a 2% NSR, a 49% beneficial interest in the Bellas Gate Project, which consists of two highly prospective copper/gold/silver licences covering 84 square kilometres. The Bellas Gate Project is the subject of a joint venture agreement with OZ Minerals Limited. ("OZ Minerals"), a $1.1B Australian copper-gold producer with a proven track record of exploration success. OZ Minerals can earn a 70% interest in the Bellas Gate Project by spending $6,500,000 and making payments totaling $475,000 to Carube over 3.5 years; OZ Minerals can then increase its interest a further 10% by completing a feasibility study. OZ Minerals also has the right to fly airborne geophysics over 3 other Carube wholly-owned projects (4 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.

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 still subject to certain conditions, including raising the entire $4,230,000 under the Carube Financing and receiving TSXV final acceptance, neither of which can be assured.

Investors are cautioned that, except as disclosed in the information circulars and/or filing statements 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.

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.