• Soil geochemistry at Hendley has defined a 1200 by 500 metre drilling target over an area where copper mineralization was discovered earlier this year
• Soil geochemistry confirms anomalous copper in soils over the Camel Hill, Geo Hill, and Mab Hill porphyries within the Porphyry Alley Prospect
• Drilling continues on the Connors Prospect with two drills delineating the extent and grade of the mineralization

Toronto, Ontario--(Newsfile Corp. - October 2, 2014) - Miocene Metals Limited (TSXV: MII) ("Miocene") and Carube Resources Inc. ("Carube"), a private Ontario-based exploration company, are pleased to announce that exploration work by Carube's joint venture partner, OZ Minerals Limited ("OZ Minerals"), has identified a 1,200 metre by 500 metre soil geochemical anomaly over the Hendley Prospect ("Hendley") on the Bellas Gate Joint Venture ("BGJV") in Jamaica. Peak values in soils over the target exceed 1,000 ppm 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. (see Figure 1, appended to this Press Release for locations). Work at the Porphyry Alley Prospect ("Porphyry Alley"), located 3 kilometres southeast of Hendley, has defined three copper in soil anomalies coincident with the surface expression of the previously identified Camel Hill ("Camel"), Mab Hill ("Mab") and Geo Hill ("Geo") copper±gold porphyries.

Commenting on the new exploration results, Dr. Vern Rampton, President and CEO 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 km². 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 (see Figure 2 for detail); one area of 300 m by 200 m is marked by values exceeding 1000 ppm Cu. Prospecting and mapping in conjunction with the soil sampling has 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 (4 of 6 samples) reportedly assayed between 4.8% and 18.9% Cu and between 0.05ppm and 0.15 ppm Au. Historic grab samples along, and adjacent to, the west edge of Hendley soil grid (5 of 12 samples) have reportedly assayed between 2.1% and 11.7% 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, 481, 1230 and 6020 ppm Cu. In addition, a grab sample assaying 2.8% Cu, 0.37ppm Au and 20.7ppm 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 km² 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 1000 ppm which cover an area of 450m by 500m. Previous drilling by Carube has yielded wide intercepts of copper-gold mineralization. For example DDH CH12-01 yielded 0.32% Cu over 170m and DDH CH12-07 yielded 0.27% Cu and 0.147g Au over 207m including 0.46% Cu and 0.346g Au over 14m (see www.caruberesources.com: press release dated December 4, 2012).

The surface expression of the Mab soil anomaly is approximately 500m by 250m, as defined by a 500ppm Cu contour, but may be part of a larger mineralized complex as it adjoins a copper soil anomaly covering Gold Mine to the South (see Figure 3 for details). 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 ("Connors"). 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, to test targets systematically and as quickly as appropriate and possible.

Sample Preparation, Analysis and Quality Control: The soil samples, weighing approximately 1 kg, were stored at a secure compound at Bellas Gate and then forwarded through bonded couriers to Activation Laboratories Ltd (ActLabs) at Ancaster, Ontario. At ActLabs, the samples were crushed with up to 90% passing 2mm; 250g was then split and pulverized to 95% passing 105 micron. ActLabs' Ultratrace 5 procedure was utilized for analysis in which thirty 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 (>10ppm), 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 approximate 2kg was bagged and sent for analysis and the remainder is kept for reference. Five to ten samples were then packaged in rice bags and boxed for shipping by bonded courier to Activation Laboratories Ltd (ActLabs) in Ancaster, Ontario. At ActLabs the samples were crushed with up to 90% passing 2mm, 1000g was then rotary split and pulverized to 95% passing 105 micron. ActLabs Ultratrace 5 (Au+58) procedure was employed with INAA 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 (>10ppm), Er, Tm, Lu, and Yb have their values determined by ICP-MS following 4-acid digestion.

ActLabs is a fully accredited laboratory to ISO 17025 and CAN-P-1579 and NELAP 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% of the samples submitted for analysis are for quality control.

RTO Transaction with Carube Resources Inc.

Miocene has received conditional TSX Venture Exchange (the "Exchange") approval for the RTO transaction with Carube. Under the terms of the transaction, Miocene will undergo a share consolidation on a 10:1 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"). The Information Circular is available under Miocene's profile on SEDAR (www.sedar.com). 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 book-runner in connection with the required financings. Details of the required financings can be found in the previous press release dated August 22, 2014.

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., +1 416-649-4273 ext. 407, richard.jozefacki@europac.ca.

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 and Mr. Jeff Ackert, VP-Exploration, both of Carube. It has been reviewed and approved by Mr. Alar Soever, P. Geo. in his capacity as a qualified person as defined under NI 43-101("QP") on behalf of Miocene and reviewed and approved by Dr. Vern Rampton, P. Eng. in his capacity as a QP on behalf of Carube, each of whom has responsibility for the technical contents of this Press Release. All references to "$" herein are to Canadian dollars unless stated otherwise.

About Miocene Metals Limited

Miocene is focused on the exploration of three porphyry copper-gold-molybdenum properties in southwestern 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 100% 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 $1.3B 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 Combination transaction between Carube and Miocene is still subject to certain conditions, including raising the entire $4,230,000 under the Carube Financing and receiving TSXV final acceptance, neither of which can be assured.

Investors are cautioned that, except as disclosed in the information circulars and/or filing statements 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.

To view an enhanced version of Figure 1: Bellas Gate Soil Grid Locations, please visit:
https://orders.newsfilecorp.com/files/2661/11967_miocene1enhanced.jpg

To view an enhanced version of Figure 2: Hendley Area - Copper in Soil, please visit:
https://orders.newsfilecorp.com/files/2661/11967_miocene2enhanced.jpg

To view an enhanced version of Figure 3: Porphyry Alley - Copper in Soils, please visit:
https://orders.newsfilecorp.com/files/2661/11967_miocene3enhanced.jpg