ANNOUNCEMENT TO THE AUSTRALIAN SECURITIES EXCHANGE: 26 NOVEMBER 2012

Completion of Placement to Rajawali Group and Board Changes

Indo Mines Limited (Indo Mines or Company) is pleased to announce that it has now completed the placement of 250 million ordinary fully paid shares to the Rajawali Group at $0.20 per share to raise $50.0 million giving them a 57.12% interest in the Company.
Pursuant to the terms of the Subscription Agreement entered into between the parties on 23
September:
1. Mr Peter Chambers has been appointed as a Non-Executive Director and Chairman of the Company;
2. Mr Darjoto Setyawan has been appointed as a Non-Executive Director;
3. Mr Zhang Xiangqing has resigned as a Director with effect from completion; and
4. Mr Christopher Catlow has stepped down as Chairman, however will continue with the
Company as a Non-Executive Director.
Mr Christopher Catlow welcomed the appointment of Mr Peter Chambers and Mr Darjoto Setyawan to the Board and thanked outgoing Director, Mr Zhang for his contribution. He said that he was delighted the Rajawali Group shared the Company's vision in establishing an Indonesian Steel Industry based upon the country's vast iron sand resources.
Incoming Chairman Mr Peter Chambers commented that the Rajawali Group was delighted to be able to increase its position in the Company and in doing so to allocate significant resources to ensure the successful development of the Jogjakarta Iron Project (Project). He confirmed that the Project is a key priority for the Rajawali Group and recognises the value that the Project will bring to both the Jogjakarta economy and to the lasting development of the Indonesian Steel Industry.

Enquiries: Martin Hacon, Managing Director & CEO

Telephone: +64 2163 4419

ABN: 40 009 245 210

68 South Terrace, South Perth WA 6151

Tel: +61 8 474 7710 Fax: +61 8 9368 1780

distributed by