Metal Bank : Mason Valley Copper Project Joint Venture Update

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ASX ANNOUNCEMENT 18 April 2016

ASX: MBK Mason Valley Copper Project Update, Nevada, USA

Metal Bank Limited (ASX: MBK) (MBK or the Company) is pleased to provide the following update on the Mason Valley Copper Project Joint Venture in Nevada.

MBK has elected not to continue with the Mason Valley Copper Project Joint Venture on the commercial terms announced on 4 February 2015, however, is continuing negotiations with Mason Valley Copper Properties Ltd on a non-exclusive basis for new joint venture terms to enable it to take the project forward.

As previously advised, MBK completed its initial exploration program under the Mason Valley Joint Venture earlier this year, meeting its minimum exploration commitment of US$750,000. After reviewing the prospectivity of the project, Metal Bank formed the view that the exploration results did not justify continuing with the joint venture on the commercial terms previously agreed, particularly given the current climate of low commodity prices and depressed market conditions.

In addition to working towards more favourable joint venture terms on the Mason Valley Copper Project, Metal Bank is focussing on progressing exploration on its Australian projects, which are prospective for gold and copper and on investigating and reviewing new resource opportunities.

For further information contact: Tony Schreck

Director

Email: [e-mail]

Metal Bank Limited ABN: 51 127 297 170

Telephone: [phone]| Facsimile: [phone]| Email: [e-mail]

Suite 2508, Level 25, 31 Market St, SYDNEY NSW 2000 | GPO Box 128 Queen Victoria Building NSW 1230 Australia

www.metalbank.com.au

About Metal Bank

Metal Bank Limited is an ASX-listed minerals exploration company (ASX: MBK).

Metal Bank's core focus is creating value through a combination of exploration success and quality project acquisition. The company's key projects are the Triumph, Eidsvold and Mt Mackenzie Gold Projects situated in the northern New England Fold Belt of central Queensland, which also hosts the Cracow (3Moz Au), Mt Rawdon (2Moz Au), Mt Morgan (8Moz Au, 0.4Mt Cu) and Gympie (5Moz Au) gold deposits.

The company has an experienced Board and management team that brings regional knowledge, expertise in early stage exploration and development, relevant experience in the mid cap ASX-listed resource sector and a focus on sound corporate governance.

Board of Directors and Management Inés Scotland (Non-Executive Chairman) Guy Robertson (Executive Director) Tony Schreck (Executive Director) Company Secretary Sue-Ann Higgins

Registered Office Metal Bank Limited Suite 2508, Level 25 31 Market Street Sydney NSW 2000 AUSTRALIA Phone: [phone] Facsimile: [phone] www.metalbank.com.au Share Registry Advanced Share Registry Services 110 Stirling Highway Nedlands WA 6009 AUSTRALIA Phone: (+61) (8) 9389 8033 Facsimile: (+61) (8) 9262 3723 www.advancedshare.com.au Please direct all shareholding enquiries to the share registry.

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