ZIJIN ANNOUNCES ITS INTENTION TO MAKE AN ALL CASH TAKEOVER BID...

ZIJIN ANNOUNCES ITS INTENTION TO MAKE AN ALL CASH TAKEOVER BID FOR PHOENIX GOLD CONDITIONAL UPON THE EVOLUTION TRANCHE 2 PLACEMENT NOT PROCEEDING  Zijin intends to make an off-market takeover offer for $0.10 per Phoenix share valuing Phoenix at $47.0 million  Zijin has executed a pre-bid agreement with Phoenix’s largest non-interested shareholder1 Geologic Resource Partners LLC and now holds a 17.9% relevant interest in Phoenix (details of the relevant interest set out below)  The Zijin Offer is considered clearly superior to the proposed Evolution Tranche 2 Placement but will only be presented to Phoenix shareholders upon the proposed Evolution Tranche 2 Placement not proceeding  Phoenix’s four largest non-interested1 shareholders have already indicated their intention to vote against the proposed Evolution Tranche 2 Placement. As such, Resolution 2 is highly unlikely to proceed  Phoenix shareholders are urged to vote down the proposed Evolution Tranche 2 Placement at the General Meeting scheduled for Tuesday, 23 June 2015