Press Release Shareholders of Cobar Consolidated Resources (CCU) Unite to Recapitalise Silver Producer Melbourne, VIC Cobar Consolidated

d Resources Limited (ASX:CCU) an Australian silver mining company, went into voluntary administration on March 19, putting at risk the significant investment of mum and dad investors some of whom had invested their life savings and superannuation funds into the company. A group of shareholders have recently united to form the Re-list CCU Minority Shareholders Campaign group (http://re-listing-ccu.forumotion.com) with the objective to recapitalise and revive Cobar Consolidated Resources Limited. Cobar Consolidated Resources Limited was founded by Ian Lawrence and listed on the ASX in 2006 after a significant silver resource was identified near Cobar NSW. The company developed a silver resource and constructed a processing plant in Cobar, bringing much needed employment to the remote outback town. The plant achieved full production in December 2013 of 200,000 oz of silver per month which at current market prices represents revenue in excess of $4 million a month. As there are only a few publicly traded primarily silver-focused mining companies in production in Australia, its outlook was promising. The company went into voluntary administration on March 19 when only $3m+ was raised by a Share Purchase Plan (SPP) from a projected $8m required to help resolve CCU's short-term debt owed to The Commonwealth Bank of Australia. For undisclosed reasons, a planned second stage of fund-raising via the offering of top up placement after the shortfall in the SPP never occurred. One week earlier on 13 March, the Company had announced it was well advanced on a $US12.5m ($13.7m) credit facility with the highly respected Canadian resources investment group Sprott to see it through the early months of production. The Company had previously announced its all in costs of production were targeted to be $19 per oz for the remainder of FY14 starting March. That the company went into administration just as the mine was about to produce large quantities of cash after attaining nameplate production levels, is a large source of concern and puzzlement to the shareholders. Nigel Goh, the leader of the campaign says:- Many of us have supported CCUs growth from mine developer to silver producer last year. We are firm believers in CCUs potential to grow and become a globally significant Australian silver producer in the historically rich mineralised area around Cobar. However, we also believe that changes are required to the current Board and management, as we believe CCU's finances have been very poorly managed. Nigel continues to say:- We believe that had either the capital raising or negotiations with Sprott been done months earlier, we would not have gotten into this mess. Furthermore, the exposure of facts from the first creditors meeting has made us even more disappointed with Cobar Consolidateds Board and management. Firstly, the management met and consulted with PPB Advisory (the administrator) back in November 2013, but this significant event, material to the value of our shareholdings, was never disclosed. -2-

Secondly, we now see on the books of Cobar Consolidated, $61m of inter-company loans which secures the CCRs Board dollar value creditor voting rights to its key subsidiary Silver Corporation of Australia Pty Ltd. Silver Corporation is the key subsidiary which owns the mining lease, plant and equipment onsite for Wonawinta. These huge inter-company loans were undisclosed prior to the Company going into administration and shareholders have never been informed when and why they were incurred. Wayne Roberts, a CCU shareholder and a senior executive within the Australian engineering scene for more than 25 years also asks: "Why were there no long term loans in place to ensure the debt incurred during construction could be repaid over reasonable lengths of time once cash flow was being generated. To have the construction of a major processing plant completed without certainty of long term loans is asking for trouble. Project finance is about risk management and ensuring your costs and income streams have been de-risked with some certainty. It seems the current situation may have been avoided by securing financiers with a more long term view." Andrew Wright, another CCU retail shareholder adds:- "I was shocked when I heard that Cobar Consolidated Resources had suspended trading and was going to be broken up to pay its creditors. Something is very wrong here. The Board of Directors issued several positive press releases in December 2013, and then on 5 March 2014 released a detailed presentation which painted a rosy picture for CCU. I contributed to a capital-raising in March based on the information provided. A week later the company declares itself insolvent, apparently with debts in the tens of millions. After their recent performance, shareholders cannot trust the Board to fix the problem. The Board needs to resign, and they need to explain their actions. Who pulled the plug on Cobar, and why? - that's what I'd like to know. Unless something is done, I will end up losing virtually all of my money, which is devastating, while multinational corporations could profit by getting CCU assets at a discount. I deserve better after supporting the company for several years without ever receiving a dividend, and so do all the other shareholders." Nigel Goh concludes :- We propose that with a debt-refinancing and capital-raising run successfully among existing and prospective large and small investors, the company has the right ingredients to be a highly profitable ongoing business bringing employment to Cobar and helping the Australian economy. This is not the time to chop the company up to pay off creditors. In order to reach this objective, recapitalisation must be given a chance and a more dynamic Board and Management is essential. The Re-list CCU Minority Shareholders Campaign website (http://re-listing-ccu.forumotion.com) already has 85 members signed up and is still drawing new registrations. A substantial and growing amount of new funding has already been pledged by existing minority shareholders to recapitalise Cobar Consolidated Resources on the website.

Contact To learn more about the Re-list CCU Minority Shareholders Campaign, please contact: Nigel Goh 2/25 Regent Ave Springvale VIC 3171 Phone: 0468 335 025 Website: http://re-listing-ccu.forumotion.com Email: chilaxis@gmail.com