Mr. Alar Soever reports

EXPLORATION UPDATE AT CARUBE/MIOCENE'S BELLAS GATE COPPER/GOLD PROJECT, JAMAICA

Miocene Resources Ltd., formerly Miocene Metals Ltd., and Carube Resources Inc., a private Ontario-based exploration company, are providing an exploration update on their Bellas Gate joint venture (BGJV) with OZ Minerals Ltd. in Jamaica. Two drills are currently operating on the property as part of the $3.6-million 2015 exploration program. A third drill is being added to the program in the near future.

Work completed since the inception of the BGJV in January, 2014, includes 5,500 metres of drilling in 18 holes. Helicopter magnetic and radiometric surveys have been completed over the entire property. Surface fieldwork has been completed, including mapping, prospecting and the collection of 1,500 soil samples over numerous prospects. The total cost of exploration completed by OZ Minerals on the BGJV in 2014 was $2.9-million.

Dr. Vern Rampton, PEng, president and chief executive officer of Carube, stated: "Carube is extremely pleased with the progress made on the Bellas Gate joint venture by partner OZ Minerals. We have intersected significant copper and gold mineralization at Connors, and have identified encouraging porphyry systems at Hendley and Geo Hill that are now being drill tested. OZ Minerals has been able to systematically identify, sample, map and drill these high-priority target areas in a quick and efficient manner. It is also important to note that the BGJV has tested and drilled only four of the 14 high-priority targets so far."

Alar Soever, PGeo, executive chairman of Miocene, commented, "The addition of a third drill in the near future will enhance our ability to rapidly follow up the results of the surface work on the other 10 targets, while the two drills currently operating will continue to define the limits and indicative grade of mineralization on the targets that are currently being drilled."

Connors

Drilling to date has focused on the Connors prospect, where 12 holes have been completed for a total of 3,964 metres. This drilling has defined copper-gold mineralization with a surface footprint of approximately 300 metres by 260 m and to a depth of 225 m. The mineralization is characterized by multiphase potassium alteration with several episodes of copper mineralization. Copper mineralization is chalcopyrite -- associated with quartz and magnetite veining, as well as fine disseminations within the rock.

Drill results include:

• From hole CON-14-003: 297 metres of 0.53 per cent copper equivalent, including 55 m of 1.00 per cent CuEq;
• From hole CON-14-005: 294 m of 0.56 per cent CuEq, including 96 m of 1.00 per cent CuEq.

For complete assay results received to date, please see the company's press release dated March 3, 2015.

(Note: Intervals are calculated using unlimited internal dilution. Copper equivalents are calculated using a copper price of $3.00 (U.S.) per pound and a gold price of $1,200 (U.S.) per ounce, assuming 100-per-cent recovery of both metals. Intervals are core lengths and not necessarily true widths. Not enough information is available to determine true widths.)

Hendley

Detailed mapping and prospecting at Hendley, located approximately 4.5 kilometres northwest of Connors and proximal to the northwest extremity of Porphyry Alley, identified strong copper oxide mineralization at surface in several locations. A soil sampling program was been completed over a 2.3-kilometre-by-1.8-kilometre area and has identified a 1,200-metre-by-500-metre copper-plus-or-minus-gold-in-soil anomaly (see press release dated Oct. 2, 2014). Intensely altered rocks with malachite (a copper carbonate hydroxide mineral) were recovered from several hand-dug soil sample holes at depths of 30 to 50 centimetres.

Drilling is now in progress on the Hendley prospect with one drill rig. Initial assay results are pending.

Geo Hill and Porphyry Alley

Drilling has also been initiated at Geo Hill at the north end of the approximately 1.9-kilometre strike length of the Porphyry Alley prospect, which extends from Camel Hill in the southeast through Mab Hill to Geo Hill in the northwest.

The Geo Hill target consists of a 450-metre-by-300-metre area defined by an airborne magnetic anomaly with coincident elevated soil Cu values adjacent to a historic drill hole which intersected 0.35 per cent copper and 0.17 gram per tonne gold over 121.6 metres. Drilling has intersected copper mineralization associated with magnetite. Assay results are pending.

Dry Hill target

The Dry Hill prospect, located about two kilometres south of Geo Hill, consists of an airborne magnetic response underlying the centre and eastern edge of the two-kilometre-diameter Coffee Copper soil geochemical anomaly. The target has been given a high priority in the drilling sequence, given the association of the copper mineralization with magnetite noted elsewhere on the property, including at Geo Hill.

Kola

Detailed mapping at the Kola prospect, located approximately 4.5 km southeast of Connors, has identified a zoned, porphyry-style alteration system, approximately 1.1 km long by 0.7 km wide. This correlates well with the historic copper soil geochemical anomaly, as well as airborne magnetic and radiometric data. A water extraction licence has been received, and drill hole locations are currently being planned.

For sample preparation, analysis and quality control, please see the company's disclosure in a previous release dated Jan. 14, 2015.

This press release has been prepared by Dr. Vern Rampton, PEng, president and CEO of Carube. It has been reviewed and approved by Alar Soever, PGeo, in his capacity as a qualified person as defined under NI 43-101 on behalf of Miocene, and reviewed and approved by Dr. Rampton in his capacity as a QP on behalf of Carube, each of whom has responsibility for the technical contents of this press release.

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