Variscan Mines Limited - GUAJARAZ EXPLORATION LICENCE RENEWED FOR FURTHER 3 YEARS

Variscan Mines Limited (ASX:VAR) ('Variscan' or 'the Company') is pleased to report that the Consejeria de Desarrollo Sostenible (Department of Sustainable Development) of the Junta de Comunidades de Castilla La Mancha (the regional Government of Castile-La Mancha) has approved a 3 year extension of the 'Guajaraz' Permiso de Investigacion (Exploration License), located in central Spain.

The Guajaraz Project is located in a known resource-rich region

Variscan's Guajaraz Project is located in the Central Zone of the Iberian Massif, approximately 60 km southwest from Madrid and is centered around the former producing La Union underground mine, which together with the adjacent La Blanca and Manolita mines form a large surrounding exploration opportunity. The Guajaraz Project actually comprises seven mineral occurrences, with the largest and best known being the old Guajaraz Mine (also known as La Union Mine) located on the contact between Paleozoic (limestone) rocks and migmatitic rocks. Production began at the La Union Mine in 1945 and ceased in in the mid-1980s, with limited exploration since that time. The mining complex is composed of a network of galleries and shafts extending to a depth of 380m. There are several kilometres of underground workings over 10 separate levels accessing ore. Historical records indicate that the mineralisation was only partially exploited and remains open both along strike and at depth.

Guajaraz's upside potential extends beyond historic resource estimates The key exploration attractions of the Guajaraz Project are: High quality brownfield zinc-rich polymetallic opportunity. Seven (7) known mineral occurrences presenting potential for future drilling. Foreign and historic non-JORC compliant Zn-Pb-Ag resource estimate compiled by ENADMISA2 in 1990 A large permit area of 1,530 ha. Existing access (i.e. sealed roads) in place Local community and government support due to historic mining activity.

The geology of Guajaraz points to prospectivity

The Guajaraz Project is located in the mineralised Central Zone of the Iberian Massif, which ranks as one of the most mineralised geological units globally and represents the internal zone of the European Variscan Orogenic belt. The project area lies within a primary igneous and metamorphic crystalline plateau that hosts abundant hydrothermal vein networks that have a long history of exploration. Brittle-fault related vein and silicified breccia ore deposits are of the BPGC type (zinc-galena-pyrite-chalcopyrite).

A geochemical soil prospecting campaign will be carried out this quarter in the central zone of the Guajaraz Exploration Licence with the objective of defining new geochemical anomalies. High Zn-Pb-Ag-Cu values could confirm an extension of mineralization in the area around the former producing La Union Mine.

For further information, please contact: Variscan Mines Limited (ASX:VAR) Stewart Dickson Managing Director & CEO E: [e-mail] T: [phone] Media & Investor Enquiries The Capital Network Julia Maguire E: [e-mail] P: [phone]

About Variscan Mines Limited (ASX:VAR)

Variscan Mines Limited (ASX:VAR) is a growth oriented, natural resources company focused on the acquisition, exploration and development of high-quality strategic mineral projects. The Company has compiled a portfolio of high impact base-metal interests in Spain, Chile and Australia. Its primary focus is the development of its advanced zinc projects in Spain. The Company's name is derived from the Variscan orogeny, which was a geologic mountain building event caused by Late Paleozoic continental collision between Euramerica (Laurussia) and Gondwana to form the supercontinent of Pangea.

Competent Person Statement

The information in this document that relates to technical information about the Guajaraz project is based on, and fairly represents information and supporting documentation compiled and reviewed by Dr. Mike Mlynarczyk, Principal of the Redstone Exploration Services, a geological consultancy acting as an external consultant for Variscan Mines. Dr. Mlynarczyk is a Professional Geologist (PGeo) of the Institute of Geologists of Ireland, and European Geologist (EurGeol) of the European Federation of Geologists, as well as Fellow of the Society of Economic Geologists (SEG). With over 10 years of full-time exploration experience in MVT-style zinc-lead systems in several of the world's leading MVT provinces,

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