Carube/Miocene Delineates a 300m by 500m Copper Anomaly at the Hungry Gully Project in Jamaica

Toronto, Ontario--(Newsfile Corp. - January 20, 2015) - Miocene Resources Limited (TSXV: MII) ("Miocene") (formerly Miocene Metals Limited) and Carube Resources Inc. ("Carube"), a private Ontario-based exploration company, are pleased to announce that the results, from the initial soil sampling program on Carube's 100%-owned Hungry Gully Project ("Hungry Gully") in eastern Jamaica have been received, processed and interpreted and that airborne geophysics has been flown, in total, and partially processed and interpreted, over its 100%-owned Above Rocks Project ("Above Rocks") just north of Kingston, Jamaica. Both projects are subject to 2% NSR royalties.

Hungry Gully. A total of 199 soil samples were collected in 2014 on a 50 metre by 100 metre grid, and subsequently analyzed to better define copper ("Cu") mineralization, previously outlined through limited ridge and spur sampling by Broken Hill Proprietary Limited (BHP) in the 1990s. Highlights of the program include:

• A 300 by 500 metre plus area defined by Cu in soil values greater than 225 parts per million ("ppm"); and

• Associated anomalous gold (Au) values up to 105 parts per billion ("ppb") and molybdenum ("Mo") values up to 0.93 ppm

The anomaly was located on the Dunrobin Prospect ("Dunrobin") in the southeast part of the Hungry Gully licence. It remains open to the south (Figure 1). An Au in soil anomaly with values up to 0.105 ppm (Figure 2) and anomalous values for Mo and silver also lie within or adjacent to the Cu anomaly (Figure 3). Upon interpretation of the results, Carube has concluded that the Cu anomaly may represent the surface expression of copper ± gold ± molybdenum porphyry.

Within the current Dunrobin sample grid, other areas of anomalous Cu in soil values were also defined (Figures 1 and 3), commonly in association with base metal, precious metal and respective indicator elements (Figure 3 and Table 1). These associations suggest the presence of sub-cropping mineralization other than porphyry mineralization and/or metal zonation around a copper porphyry. The one exception to this is an area (PMA-B on Figure 3) to the north of the designated copper porphyry, which could well represent an appendage to a porphyry located to the north of the current sample grid. Follow-up sampling at Dunrobin will focus to the south of the existing grid and will extend the grid north to cover the copper mineralization previously indicated at the Diggins Ridge Prospect.

The sampled area at Dunrobin covers only a portion of the Dunrobin Prospect. The Round Hill and Home Hill prospects identified by the Canadian International Development Agency ("CIDA") and BHP have yet to be sampled by Carube (See Figure 4).

Dr. Vern Rampton, P. Eng., President and CEO of Carube noted, "It is encouraging that a sizeable copper anomaly was delineated after completing soil sampling over only a portion of the Dunrobin Prospect, Dunrobin being one of three highly prospective areas for copper-gold mineralization within the Hungry Gully Project. Carube plans to complete a thorough evaluation of all prospects at Hungry Gully in 2015 in order to prioritize drill targets.

Above Rocks consists of two Special Exclusive Prospecting Licenses ("SEPL"s or "licenses"), Belvedere (SEPL 550) and Mt. Royal (SEPL 552), totalling 104 sq. km. in area and is one of three projects (Above Rocks, Hungry Gully and Main Ridge, together the "Rodinia Projects") that OZ Minerals has the right to fly airborne geophysics over and subsequently invoke separate joint ventures on each or every project with similar terms to those applicable to the Bellas Gate Project. The Rodinia Projects are 100% -owned by Carube, subject to 2% NSRs.

On behalf of OZ Minerals, MPX Geophysics Ltd. completed a detailed helicopter magnetic and radiometric survey over the Belvedere and Mt. Royal licenses Between August and 4^th September 2014 An adjacent license completely controlled by OZ Minerals was flown at the same time. A Bell 206 L3 helicopter equipped with a Scintrex CS-3 total field magnetometer in fixed boom configuration with 10 Hz sampling frequency and an internally mounted 16.8 litre GRS-410 gamma-ray spectrometer with 1 Hz sampling frequency was utilised to acquire data along north-south oriented flight lines with 50 metre spacing and with a terrain clearance of approximately 30 metres. Survey tie lines were flown orthogonal to the flight lines with 500 m line spacing. A maximum flight path and altitude deviation tolerance of +/- 10 metres over a distance of more than 1 kilometre was maintained throughout the survey. In total 3553.5 line-kilometres were flown over the three licenses. The quality of the airborne geophysical data is excellent and will be of great assistance in guiding future surface exploration and eventually targeting drill hole locations.

Sample Preparation, Analysis and Quality Control: The soil samples, weighing approximately 1 kg, were stored at a secure compound and then forwarded through bonded couriers to Activation Laboratories Ltd (ActLabs) at Ancaster, Ontario. At ActLabs, the samples were crushed with up to 90% passing 2mm; 250g was then split and pulverized to 95% passing 105 micron. ActLabs' Ultratrace 5 procedure was utilized for analysis in which thirty grams are encapsulated, irradiated and measured for Au plus Ag, As, Ba, Br, Co, Cr, Cs, Fe, Hf, Na, Ni, Sb, Sc, Se, Ta, Th, U, W, Zn; a portion of the sample is digested by a four acid solution (HF, HAO4, HNO3 and HL) and Al, Be, Bi, Ca, Cd, Co, Cu, Eu,, Ga, Ge, In, Li, K, Mg, Mn, Nb, Mo, , Ni, P, Pb, Rb, Re, S, Sn, Sr, Tb, Te, Ti, Tl, V, Y, Zr, La, Ce, Pr, Nd, Sm, Gd, Dy, Tb, Ho, Hg (>10ppm), Er, Tm, Lu, and Yb determined by ICP/MS.

ActLabs is a fully accredited laboratory to ISO 17025 and CAN-P-1579 and NELAP standards. A number of coarse blanks and duplicates are inserted into the sequence of samples to be analyzed. Approximately 15% of the samples submitted for analysis are for quality control.

RTO Transaction with Carube Resources Inc.

Miocene has received conditional TSX Venture Exchange (the "Exchange") approval for the RTO transaction with Carube which expired December 31, 2014 and an application to extend that conditional approval is in process. Under the terms of the transaction, Miocene has undergone a share consolidation on a 10:1 basis and will 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. As previously disclosed, 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 a private placement unit offering of 21,150,000 Units. Each Unit consists of one Carube Common Share and a one-half Carube Common Share purchase warrant ("Warrant"). Each Warrant will entitle the holder thereof to purchase one Carube Common Share for a period of twenty-four (24) months from the Closing Date at a price of CDN $0.30 per Common Share. The intended raise is $4,227,458.

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, 150 York Street, Suite 1100, Toronto, ON, Canada, M5H 3S5, +1 416-479-8986, richard.jozefacki@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 by Rampton 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.

Figure 1: Cu in Soil Contours

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2661/13519_miocene1enhanced.jpg

Figure 2: Au in Soil Contours

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/2661/13519_miocene2enhanced.jpg

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/2661/13519_miocene3enhanced.jpg

To view an enhanced version of Table 1, please visit:
https://orders.newsfilecorp.com/files/2661/13519_miocene4enhanced.jpg

Figure 4: Hungry Gully Project Area

To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/2661/13519_miocene5enhanced.jpg

About Miocene Resources 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 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 40% 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"), $1.1B Australian copper-gold producers 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. To date, OZ Minerals has incurred more than $2,900,000 in exploration expenditures in addition to having made payments totaling $475,000 to Carube. OZ Minerals can then increase its interest a further 10% by completing feasibility study. OZ Minerals also has the right to fly airborne geophysics over 3 other Carube wholly-owned projects (4 licenses - Hungry Gully, Main Ridge, Belvedere, and Mt. Royal), 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 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.

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.