White Cliff Minerals Ltd: Renounceable Rights Offer to Raise up to $2.3 Million

Perth, Australia - White Cliff Minerals Ltd. (ASX:WCN) ("White Cliff" or "the Company") is pleased to announce a partially underwritten renounceable pro rata offer of two New Shares (2) for every one (1) White Cliff Share held, at an issue price of $0.015 per New Share to raise up $2,309,754 (Rights Offer). For every New Share issued, shareholders will receive one free attaching option exercisable at $0.045 on or before 30 September 2020. ASX listing of the option will be sought. A total of 153,983,628 New Shares together with 153,983,628 New Options are to be offered under the Rights Offer.

Key Highlights of the Offer:

- Two for one renounceable rights issue to raise up to $2.3m

- Attractively priced at $0.015, a discount of 40% to closing price pre offer

- One free option issued for every new share, exercisable at $0.045 on or before 30 September 2020

- ASX listing of new options will be sought

- Shareholders may apply for additional new shares, above their entitlement

- Offer partially underwritten by CPS Capital

- Funds raised to focus on:

o The high grade Aucu gold deposit (3Mt at 5.1 g/t containing 484,000 Oz gold) and;

o Defining cobalt-nickel resources at Coronation Dam and Ghan Well

The Rights Offer is underwritten to the amount of $500,000 by Perth based CPS Capital Group Pty Ltd ("CPS"). The Offer is open to all eligible shareholders who have a registered address within Australia or New Zealand, and who hold White Cliff shares at 22nd October 2018 (the "Record Date"). The Offer will close on 8th November 2018 (unless extended). The shares offered are attractively priced at 40% discount to the previous close plus the value of the free (to be listed) option.

The funds raised by the Rights Offer will be used primarily for:

- Drilling to define further gold resources at the Company's gold deposit in Central Asia (the deposit already contains a resource of 3 Mt at 5.1 g/t gold containing 484,000 Oz of gold from surface).

- Pre-development studies including metallurgy, environmental, economic and licence conversion

In Western Australia funds will be used for:

- Resource estimate for the Coronation Dam Cobalt and Nickel Deposit

- Preliminary metallurgical test work on Coronation Dam Cobalt and Nickel Deposit

- Drilling to define cobalt and nickel resources at the Ghan Well Cobalt-Nickel project

- General working capital

All New Shares issued will rank equally with existing Shares on issue and the Company will apply for official quotation of the New Shares and New Options. A prospectus in relation to the Rights Offer will be lodged with ASIC during the course of today. Existing Option holders are not entitled to participate in the Rights Offer without first exercising their options to be registered as a Shareholder in Australia or New Zealand before the Record Date, in accordance with the terms and conditions of the options.

Prospectus and Entitlement & Acceptance Form

A prospectus setting out details of the offer will be dispatched to you on the 25th October 2018 and accompanied by a personalised application form with instructions how to accept your entitlement.

White Cliff Managing Director Todd Hibberd said: "The Company has delivered two significant exploration outcomes this year with a 60% increase in the gold resource at the Aucu gold-copper project in the Kyrgyz Republic (now 3Mt at 5.1 g/t containing 484,000 ounces of gold) and the identification of extensive and high grade cobalt and nickel results from the Coronation Dam project in Western Australia.

Both projects have substantial economic potential and provide a platform for further strong positive news flow and resource updates.

By undertaking a rights issue, all existing shareholders will be given the opportunity to acquire New Shares at the same price with a free attaching option for which the Company will seek ASX quotation. If the maximum funds are raised the Company will be funded such that its primary focus can be on defining cobalt and nickel resources via drilling in WA and defining further gold and copper resources at the Aucu Gold project."

INDICATIVE TIMETABLE

The following are indicative dates in respect of the Rights Offer:

Event: Announcement of Offer
Date: 16 October 2018

Event: Lodgement of Prospectus with the ASIC
Date: 16 October 2018

Event: Lodgement of Prospectus & Appendix 3B with ASX
Date: 16 October 2018

Event: Notice sent to Optionholders
Date: 17 October 2018

Event: Notice sent to Shareholders
Date: 18 October 2018

Event: Ex date
Date: 19 October 2018

Event: Rights start trading
Date: 19 October 2018

Event: Record Date for determining Entitlements (5:00pm WST)
Date: 22 October 2018

Event: Prospectus and personalised Entitlement and Acceptance Forms sent out to Eligible Shareholders
Date: 25 October 2018

Event: Rights Trading Ends
Date: 1 November 2018

Event: Securities quoted on a deferred settlement basis
Date: 2 November 2018

Event: Last day to extend the Closing Date
Date: 5 November 2018

Event: Closing Date (5:00pm WST)*
Date: 8 November 2018

Event: ASX notified of under subscriptions
Date: 13 November 2018

Event: Issue date. Deferred settlement trading ends
Date: 15 November 2018

The above dates are indicative only and may be subject to change. The Directors may vary these dates subject to any applicable requirements of the Corporations Act or the Listing Rules.

About White Cliff Minerals Ltd:

White Cliff Minerals is a Gold, Copper, Cobalt, Nickel resources and mining company listed in Australia (ASX:WCN). The Company is focused on developing low cost high value mineral deposits that have near term cash flow potential.

Major projects include the Aucu gold deposit that contains 484,000 ounces of gold (3mt at 5.1 g/t) starting at surface and Chanach copper deposit that contains 64,000 tonnes of copper (17.2Mt at 0.37% copper). Both projects have substantial blue sky potential with drilling covering only 5% of the known structures. In Australia the company is developing the Coronation Dam cobalt–nickel deposit where a maiden resource will be announced in the late 2018.

Source:

White Cliff Minerals Ltd.

Contact:

Todd Hibberd Managing Director T: +61-8-9321-2233 E: todd@wcminerals.com.au W: www.wcminerals.com.au