OZ Minerals Commences $3.6M Phase 4 Exploration Program at Carube/Miocene Bellas Gate Joint Venture in Jamaica

Toronto, Ontario--(Newsfile Corp. - November 27, 2014) - Miocene Metals Limited (TSXV: MII) ("Miocene") and Carube Resources Inc. ("Carube"), a private Ontario based mineral exploration company, are pleased to announce that on November 25^th Carube received the $300,000 Phase 4 option payment from OZ Minerals Limited ("OZ Minerals") as well as formal notification that it is commencing exploration required to complete Phase 4 of the Bellas Gate Joint Venture ("BGJV" or "Project"). This phase requires the expenditure of $3,600,000 and will bring OZ Minerals' total exploration expenditures on the BGJV to $6,500,000.

Up to the end of Phase 3, OZ Minerals has completed total cumulative expenditures of $2,900,000 and paid Carube $175,000 in option payments. Completion of these requirements approximately 1.5 years ahead of the original schedule has earned OZ Minerals a 60% interest in the project. To complete Phase 4 OZ Minerals is required to spend an additional $3,600,000 on exploration over the next 12 months to earn an additional 10% interest in the BGJV. It is expected that much of the expenditures will be for drilling to follow-up recently completed geophysical, geochemical and mapping activities on numerous priority targets.

The BGJV consists of two copper-gold special exclusive prospecting licences covering 84 square kilometres of highly prospective geology in the central part of Jamaica. Compilation of historic data, geochemical surveying, mapping, sampling, trenching and drilling by Carube, along with the work to date by OZ Minerals has identified 14 high priority copper-gold porphyry exploration targets on the property. Initial drilling by OZ Minerals on the Connors target has intersected wide widths of copper-gold mineralization. (For details see press release dated August 7, 2014) and outlined a large soil anomaly and copper mineralization at the Hendley target 4.5 kilometres northwest of Connors. (see press release dated October 2^nd, 2014). Drilling is continuing on the Connors target with two drills, to define the limits of the Connors mineralization, after which drill testing of the Hendley target will commence.

Dr. Vern Rampton, P.Eng. President and CEO of Carube stated " The accelerated pace at which OZ Minerals has completed the first three phases of its earn-in and their commitment to the $3.6 million in expenditures required during Phase 4 is a testament to the quality of the Bellas Gate Project and its ultimate exploration and development potential. Carube is certainly appreciative of our joint venture partner's efforts and expertise in moving the project along so rapidly and expediently enhancing its value for Carube shareholders. We expect a steady stream of news as Carube and Miocene complete their reverse takeover ("RTO") and throughout the next year."

The Carube Financings and the Miocene/Carube RTO

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 June 24, 2014, and August 22, 2014. Of the $4.23M in contemplated financings a total of approximately $1.89M has been closed. The amounts closed have been raised on a non-brokered basis pursuant to subscription agreements that were received directly by Miocene and Carube and were not arranged through EPC. Subscriptions and expressions of interest have been sourced for approximately $950,000. Subject to those amounts closing, approximately $1.4M remains to be sourced in order to obtain the Exchange's final approval for the RTO.

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). The RTO has been approved by the shareholders of both companies.

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., 150 York Street, Suite 1100, Toronto, ON, Canada, M5H 3S5, +1 416-649-4273 ext. 407, richard.jozefacki@europac.ca or 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 in his capacity as a qualified person as defined under N.I.43-101 ("QP"), he has also approved its content on behalf of Carube. Mr. Alar Soever, P.Geo. in his capacity as a QP has reviewed and approved it on behalf of Miocene. Both share responsibility for the technical contents of the Press Release. All references to "$" are to Canadian dollars.

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 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"), 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.

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 RTO transaction between Carube and Miocene is subject to a number of conditions, including raising the required financing and TSXV final approval. The transaction cannot close until all required 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.