08 September 2015 ASX Release

Unity Mining Limited

ABN 61 005 674 073

Corporate Details:

ASX Code: UML

Issued capital:

1140M ord. shares

9.58M unlisted Perf. Rights

Substantial Shareholders: Diversified Minerals Pty Ltd

136.5M (11.97%)

Directors:

Non-Executive Chairman:

Clive Jones

Managing Director: Andrew McIlwain

Non-Executive Directors: Ronnie Beevor

Gary Davison

Frank Terranova

Contact Details:

Unity Mining Limited

Level 10

350 Collins St

Melbourne

Victoria 3000

Australia

Tel: +61 (0)3 8622 2300

Fax: +61 (0)3 8622 2399

Email:

[email protected]

Website:

www.unitymining.com.au

Unity Mining Limited - Corporate Update

Overview

 Decision to not proceed with cyanide processing on-site for the Dargues Gold Mine Project, in light of community and stakeholder feedback

 Development of Dargues to proceed with off-site processing of concentrate as originally planned

 Andrew McIlwain to step down as Managing Director and Chief

Executive Officer, with effect from 30 September 2015

 Frank Terranova will assume the role of Acting Managing Director to facilitate the requisite transition to a new Managing Director

 Clive Jones and Ronnie Beevor to retire from the Board as Non

-Executive Directors at or prior to Unity's AGM in November

2015

 New Non-Executive Directors to be appointed in due course to the Unity Board.

Unity Mining Limited (ASX : UML) ("Unity" or "Company") is pleased to provide this detailed Corporate Update to shareholders and to the market in relation to the above mentioned matters.

Dargues Gold Mine Project

The Board of Unity Mining Limited has unanimously decided not to proceed with the application to enable cyanide processing of concentrate at the Dargues Gold Mine Project in NSW. The Company's decision follows the completion of the public consultation and exhibition period for the
proposed modification to the project plan and has been made in light of strong community and stakeholder objections, and the overly extended
regulatory process and the onerous timeframes relating to such approvals.
Unity has held discussions in recent days with the NSW Government Department of Planning and Environment ("DPE") to discuss and informally advise them of this decision. The DPE will be formally advised in writing of this decision later today.
Unity will continue to seek approval for the other relatively minor modifications sought from Modification 3, and expects to see a speedy resolution and approval of these matters in the coming months, to allow full development of the Dargues Gold Mine Project to commence. Unity is encouraged by the recent discussions with DPE in this regard, as well as the general support the project continues to receive from the community, with the exception of cyanide usage on site.
Various options for off-site concentrate processing are continuing to be actively pursued at this point.

A S X R E L E A S E

U N I T Y M I N I N G L I M I T E D

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Role of Managing Director

Andrew McIlwain has advised the Unity Board that he will be stepping down from his position as
Managing Director and Chief Executive Officer with effect from 30 September 2015.
The Unity Board has expressed its sincere thanks to Andrew for all of his hard work, efforts and achievements during his 4 year tenure as Unity's Managing Director and Chief Executive Officer.
Unity has made a number of significant achievements during Andrew's tenure, which include :

 The strong production and operational performance of the Henty Gold Mine Project in Western

Tasmania;

 The significant recent turn-around in the Company's financial position, to the strong position where it is today, with cash holdings of approximately $30 million;

 The acquisition of the Dargues Gold Mine Project for Unity, via its merger with ASX Listed

Cortona Resources in 2013; and

 The securing of the strategic joint venture partnership with the PYBAR group in early 2015, along with PYBAR securing an approximate 12% equity stake in Unity.

Commenting today, Unity's Chairman Clive Jones thanked Andrew for his significant efforts in getting Unity to the strong financial position that it is today, and for his achievements during his time with Unity.
In addition, Andrew McIlwain has agreed to support the Company in a part-time consulting role
during the period from October to December 2015.
Frank Terranova will assume the role of Acting Managing Director to facilitate the requisite transition.
Frank Terranova will be paid a day rate of $1,600 per day (plus GST) for actual days worked during this period. In addition, Frank Terranova will forgo any Non Executive Directors fees during this period.

Board Composition

Following the significant turnaround in Unity's financial performance to its strong cash position today, and given the changing roles in management and recent changes in composition of the Unity share register, Clive Jones (Non-Executive Chairman) and Ronnie Beevor (Non-Executive Director) have advised the Board of their intention to retire from the Unity Board at or prior to the
Company's AGM which will be held on 18 November 2015.
The Unity Board thanks both Clive and Ronnie for their dedication and service to Unity during their period as Non-Executive Directors.
An external search has commenced for all of the positions and a further announcement will be made in the coming weeks as these appointments are progressed.