Mr. Alar Soever reports

NEW LARGE 1.2 KM BY 0.5 KM COPPER ANOMALY DEFINED AT CARUBE/MIOCENE BELLAS GATE PROJECT IN JAMAICA: WORK CONTINUES WITH TWO DRILLS AT CONNORS

Exploration work by Oz Minerals Ltd., joint venture partner of Miocene Metals Ltd.'s target Carube Resources Inc., has identified a 1,200-metre-by-500-metre soil geochemical anomaly over the Hendley prospect on the Bellas Gate joint venture (BGJV) in Jamaica. Peak values in soils over the target exceed 1,000 parts per million copper. Hendley is located in the west-central part of BGJV, 4.5 kilometres northeast of the Connors porphyry where Oz Minerals has two drills at work. Work at the Porphyry Alley prospect, located three kilometres southeast of Hendley, has defined three copper-in-soil anomalies coincident with the surface expression of the previously identified Camel Hill, Mab Hill and Geo Hill copper-plus-or-minus-gold porphyries.

Commenting on the new exploration results, Dr. Vern Rampton, president and chief executive officer of Carube, stated: "The large copper-in-soil anomaly with associated copper-gold-silver mineralization that has been delineated at the Hendley prospect is extremely noteworthy, not only because of the mineralization identified, but because of its size. The size and nature of the results at Hendley have clearly elevated its priority for drilling during the current systematic appraisal of the 14 targets presently identified on the property. Also noteworthy at Hendley is the fact that robust copper-plus-gold-and-silver mineralization has been identified that extends well beyond the present Hendley soil sampling grid."

Hendley

A total of 500 soil samples were collected covering 3.3 square km at Hendley, which is located in the west-central part of the Bellas Gate project. An impressive copper-in-soil anomaly, with dimensions of 1.2 km by 0.5 km, and within which the broad majority of values exceed 100 ppm Cu and clusters of values exceed 250 ppm Cu, has been delineated; one area of 300 m by 200 m is marked by values exceeding 1,000 ppm Cu. Prospecting and mapping in conjunction with the soil sampling have identified broad areas of surface and near-surface malachite mineralization plus altered intrusives. Historic float and grab samples from within the heart of the Hendley soil grid (four of six samples) reportedly assayed between 4.8 per cent and 18.9 per cent Cu, and between 0.05 ppm and 0.15 ppm Au. Historic grab samples along, and adjacent to, the west edge of Hendley soil grid (five of 12 samples) have reportedly assayed between 2.1 per cent and 11.7 per cent copper. Some samples were identified as altered porphyry.

During the current geological mapping and with the receipt of soil sample results, it has become obvious that the copper porphyry mineralization extends beyond the present extent of the soil grid at Hendley. Soil samples along the south edge of the Hendley soil grid have analyzed 280 ppm, 481 ppm, 1,230 ppm and 6,020 ppm Cu. In addition, a grab sample assayed 2.8 per cent Cu, 0.37 ppm Au and 20.7 ppm Ag just beyond the west edge of the Hendley soil grid. These above-noted areas, beyond the present grid, have been sampled, and the results from the additional 970 samples are pending.

Porphyry Alley

A total of 417 soil samples were collected covering 2.0 square km along Porphyry Alley. The defined copper-and-gold soil anomalies confirm the previously identified Camel, Mab and Geo porphyries. Camel is marked by a core of copper-in-soil values exceeding 1,000 ppm, which cover an area of 450 m by 500 m. Previous drilling by Carube has yielded wide intercepts of copper-gold mineralization. For example, DDH CH12-01 yielded 0.32 per cent Cu over 170 m, and DDH CH12-07 yielded 0.27 per cent Cu and 0.147 gram per tonne Au over 207 m, including 0.46 per cent Cu and 0.346 g/t Au over 14 m (see Carube's press release dated Dec. 4, 2012).

The surface expression of the Mab soil anomaly is approximately 500 m by 250 m, as defined by a 500 ppm Cu contour, but may be part of a larger mineralized complex as it adjoins a copper soil anomaly covering Gold mine to the south. Mapped alteration patterns and plots of various soil anomalies, gold in soil for example, show a northwest-trending pattern and are suggestive of underlying complex mineralization trending in that direction. Mab and Geo have only been subject to one drill hole each in the past. Drilling along this trend will follow an in-depth review of recently completed mapping of the complete soil sample results, and the recently flown detailed airborne magnetometer and radiometric geophysics.

Connors drilling

Work is continuing with two drills at the Connors prospect. The current priority is to understand the overall general potential of the Connors mineralization and then move one rig to start drilling at Hendley.

The current drilling plan is to have two rigs turning until the end of the year and beyond, and to test targets systematically and as quickly as appropriate and possible.

Sample preparation, analysis and quality control

The soil samples, weighing approximately one kilogram, were stored at a secure compound at Bellas Gate and then forwarded through bonded couriers to Activation Laboratories Ltd. (ActLabs) at Ancaster, Ont. At ActLabs, the samples were crushed with up to 90 per cent passing two millimetres, 250 g was then split and pulverized to 95 per cent passing 105 microns. ActLabs's ultratrace 5 procedure was utilized for analysis, in which 30 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 (greater than 10 ppm), Er, Tm, Lu and Yb determined by ICP/MS.

Rock and core samples were also stored at a secure compound at Bellas Gate. A split weighing approximately two kg was bagged and sent for analysis, and the remainder is kept for reference. Five to 10 samples were then packaged in rice bags and boxed for shipping by bonded courier to ActLabs in Ancaster, Ont. At ActLabs, the samples were crushed with up to 90 per cent passing two mm, 1,000 g was then rotary split and pulverized to 95 per cent passing 105 microns. ActLabs's ultratrace 5 (Au plus 58) procedure was employed with INAA (instrumental neutron activation analysis), used to determine Au plus Ag, As, Ba, Br, Co, Cr, Cs, Fe, Hf, Na, Ni, Sb, Sc, Se, Ta, Th, U, W and Zn contents. The remainder of the elements -- 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 (greater than 10 ppm), Er, Tm, Lu and Yb -- have their values determined by ICP-MS following four-acid digestion.

ActLabs is a fully accredited laboratory to ISO 17025, CAN-P-1579 and NELAP (National Environmental Laboratory Accreditation Program) standards. A number of certified reference material standards using both oxide and hypogene matrixes as appropriate, and coarse and pulp blanks are inserted into the sequence of samples to be analyzed. Approximately 20 per cent of the samples submitted for analysis are for quality control.

Reverse takeover transaction with Carube Resources

Miocene has received conditional TSX Venture Exchange approval for the RTO transaction with Carube. Under the terms of the transaction, Miocene will undergo a share consolidation on a 1:10 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 is available under Miocene's profile on SEDAR. 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 bookrunner in connection with the required financings. Details of the required financings can be found in the previous press release dated Aug. 22, 2014.

EPC is a full-service, Investment Industry Regulatory Organization of Canada-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.

This press release has been prepared by Dr. Vern Rampton, PEng, president and chief executive officer, and Jeff Ackert, vice-president of exploration, both of Carube. It has been reviewed and approved by Alar Soever, PGeo, in his capacity as a qualified person as defined under National Instrument 43-101 (QP) on behalf of Miocene, and reviewed and approved by Dr. Vern Rampton, PEng, in his capacity as a QP on behalf of Carube, each of whom has responsibility for the technical contents of this press release.

About Carube Resources

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-per-cent net smelter return royalty, a 100-per-cent 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, a $1.3-billion Australian copper-gold producer with a proven record of exploration success. Oz Minerals can earn a 70-per-cent interest in the Bellas Gate project by spending $6.5-million and making payments totalling $475,000 to Carube over 3.5 years; Oz Minerals can then increase its interest a further 10 per cent by completing a feasibility study. Oz Minerals also has the right to fly airborne geophysics over three other Carube wholly owned projects (four licences), subject to 2-per-cent NSRs, and subsequently invoke separate joint ventures on each project with similar terms to those applicable to the Bellas Gate project.