Padbury Mining Limited (ASX:PDY) Updates on Merger Negotiations with Aurium Resources (ASX:AGU)

Sydney, Jan 17, 2012 AEST (ABN Newswire) - Padbury Mining Padbury Mining Ltd (ASX:PDY) announced that Padbury and Aurium Resources Ltd (ASX:AGU) had entered into formal, good faith negotiations on a possible merger between the two companies. The agreement governing the negotiations provided for a 60 day exclusivity period.

Padbury and Aurium have agreed to extend the exclusivity period by 30 days, which will enable those discussions to continue.

The terms of any merger have not yet been agreed and will be discussed as part of the ongoing negotiations. Shareholders should not assume this process will necessarily lead to a successful merger outcome which, in any event, will be subject to all necessary approvals.

Contact

Gary Stokes Managing Director Padbury Mining Limited Tel: +61-8-6460-0250 Fax: +61-8-6460-0254 http://www.padburymining.com.au