Australian Mineral Fields Announces Its Intention To List On The Asx And The Appointment Of Dj Carmi

AUSTRALIAN MINERAL FIELDS LIMITED ANNOUNCES
IT'S INTENTION TO LIST ON THE ASX AND THE APPOINTMENT OF D.J. CARMICHAEL IN ASSOCIATION WITH MONTAGU STOCKBROKERS AS LEAD ADVISORY TEAM

COMPANY RE-STRUCTURES BOARD IN RESPONSE TO ASX LISTING DECISION


(Perth, Western Australia - 1 August 2008) Australian Mineral Fields Ltd. ("the Company") is pleased to announce the Board of Directors ("Board") of the Company has concluded that it is in the best interests of for the Company to proceed towards completing a listing on the Australian Securities Exchange (ASX).

After a review of the capital markets, the Company has received substantial interest in Australia about their portfolio of mineral projects, which are in both Australia and North America. Inquiries also indicate, that the Australian capital markets will have a greater understanding of the Company's business model and credentials.

In keeping with this decision, the Company is also pleased to announce it has executed a Mandate Document with D.J. Carmichael Pty Ltd ("D.J. Carmichael"), who intend to work with Montagu Stockbrokers Pty Ltd ("Montagu"), to act as Sponsoring Broker and Lead Manager for a proposed Initial Public Offering ("IPO"). The aim is to list the Company in the last quarter of 2008, subject to short term market conditions. This agreement is on a 'best endeavours' basis and considers raising AUD$3 - $5 million dollars appropriate to support the Company's on-going exploration activities.

"We are pleased to be working with both D.J. Carmichael and Montagu as we seek to progress the Company through an ASX listing. The Company has been focussed on developing its balanced portfolio of projects to this stage and look forward to completing the IPO to raise sufficient capital to allow us to progress the projects to the next phase." Said Marcus Willson, Managing Director of Australian Mineral Fields.

In conjunction with the decision to progress the Company towards an ASX listing, the Board of the Company has been re-structured. With immediate effect, Mr. Graham Taylor, founding Chairman of the Company, will step down as Chairman but will remain as a non-executive director of the Company. Mr. Taylor, who is based in Vancouver, Canada, has extensive North American capital markets experience but has chosen to step aside, with the decision to list on the ASX. This change will allow an independent director to assume the role of Chairman, an ASX preference. The Company would like to thank Mr. Taylor for his work as Chairman and looks forward to continuing to work with him.

Mr. John Loney, an independent non-executive director of the Company and Chairman of the Audit committee, has agreed to assume the role of Chairman of the Board. Prior to joining the Board of the Company, Mr. Loney was most recently Vice President Risk Management and Assurance for Placer Dome Inc. and also served as CFO for Placer Dome Asia Pacific Ltd. Mr. Loney is based in Brisbane, Australia, and has a strong background in corporate governance and risk management both in Australia and overseas. He therefore brings a strong skill set to the role of Board Chairman. Mr. Loney will also continue his responsibilities as Chairman of the Audit Committee.

The Company continues to review the structure and composition of the Board with the aim of enhancing the existing skill set, with emphasis on extensive ASX public company experience, as it moves towards becoming a publicly listed company on the ASX.

About Australian Mineral Fields

Australian Mineral Fields, headquartered in Perth, Australia, advances the application of industry leading mineral exploration and development techniques in Australia and elsewhere. These techniques enable the Company to quickly and precisely identify opportunities with high economic potential that conventional methods cannot. Australian Mineral Fields' has rapidly developed a balanced portfolio of projects, ranging from early to advanced stage, that offer shareholders the greatest potential for realising value while maintaining minimum exploration and investment risk.

Marcus Willson
President, CEO and Managing Director
Australian Mineral Fields Ltd

For further information, please contact:

Australian Mineral Fields

AUSTRALIA OFFICE: 61 8 9215 4222

www.australianmineralfields.com or www.australianmf.com
[email protected]


The information in this report is based on information compiled by Marcus Willson (CEO & Managing Director) who is a Registered Professional Geoscientists (Mineral Exploration) with the Australian Institute of Geoscientists. Mr. Willson has consented to the release of this information.

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