Share Repurchase Programme

27 June 2012

Bellzone Mining plc

("Bellzone" or "the Company")

Share Repurchase Programme

Bellzone Mining plc (AIM:BZM), announces that in accordance with the authority granted at the Annual General Meeting held on 22 July 2011, the directors have today initiated a share repurchase programme of the Company's shares up to a maximum consideration of US$3.0 million, representing approximately 1.6% of the Company's issued share capital.

Subject to market conditions, the programme will be undertaken by way of market purchases of the Company's own ordinary shares. The price paid for each share purchased on the AIM Market of the London Stock Exchange ("AIM") shall be based upon the prevailing market price quoted on AIM.

In accordance with AIM market practice and guidance provided by the FSA Listing Rules, the maximum price which may be paid by the Company shall be no more than the higher of (i) 5% above the average price for the 5 business days prior to the day the purchase is made; and (ii) the amount stipulated by Article 5(1) of the Buy-back and Stabilisation Regulation (EC) (No. 2273/2003) exclusive of expenses. In light of prevailing liquidity conditions and in line with the Market Abuse Directive, the Company may from time to time purchase in excess of 25 per cent of the average daily volume, but not in excess of 50 per cent.

Nik Zuks, Chief Executive Officer, commented:

"We believe that the level our share price is currently trading represents an opportunity for the Company to initiate a share buyback, in order to return value to our shareholders at these very depressed levels.

The Company has had a transformational start to the year, bringing the Forecariah Mine into commercial production and recently increasing the JORC oxide mineral resource at our 100% owned Kalia mine to 414 million tonnes in addition to our existing Kalia magnetite resource of 6.16 billion tonnes.

We remain well funded with US$105m of cash on hand as at 31 May 2012, with Forecariah fully financed to production."

Enquiries:

Bellzone Mining plc

Terry Larkan/Graham Fyfe +61 (0) 8 9420 8900

Canaccord Genuity Limited

Nominated Adviser and Joint Broker to Bellzone +44 (0)20 7523 8000

Andrew Chubb/Tarica Mpinga

Renaissance Capital Limited

Joint Broker to Bellzone +44 (0)20 7367 7777

Rob Edwards

Tavistock (UK)

Jos Simson/Paul Youens +44 (0)20 7920 3150 / +44 (0)7899 870 450

PPR (Australia)

David Ikin

+61 (0) 8 9388 0944 / +61 (0) 408 438 772

About Bellzone Mining Plc

Bellzone Mining plc is a publicly listed company on the London Stock Exchange and was admitted to the Alternative Investment Market on 1st April 2010. Bellzone Mining plc is an exploration and resource development company with iron ore and nickel / copper permits in the Republic of Guinea, West Africa.

Kalia Mine

The Company's flagship project, the Kalia Mine Project, is planned to commence production in 2015 and be producing iron ore and iron ore concentrate at a rate of 50 million tonnes per annum. The Kalia Mine Project has 1.5 billion tonnes of contained iron in JORC resources in 6.16 billion tonnes of magnetite, 315.3 million tonnes of oxide and 98.6 million tonnes of supergene BIF. The oxide and Supergene BIF resources have been established from a portion 15.5% of the 55km2 of the mapped surface oxides on the Kalia permit while the magnetite has been established over 7km of the 19km Kalia I strike. Drilling results and internal estimates indicate that the Kalia Mine Project has the potential to host more than 10 billion tonnes of magnetite while ongoing development is targeting 1.5 billion tonnes of oxide.

Forécariah JV

Bellzone and CIF have fully funded a joint venture to undertake the accelerated exploration and development programme at CIF's Forécariah iron permits that lie between 30 and 80 kilometres from the Guinea coast. The Forécariah permits are held in a CIF subsidiary, Guinea Development Corporation ("GDC") and will be transferred to the JV operations company, Forécariah Guinea Mining SA as per the terms of the definitive and JV shareholder agreements. Commercial production commenced in May 2012 and production will be ramped up through 2012 to a rate of 3-4 mtpa.

Other activities

Bellzone has completed a mapping and surface sampling programme identifying highly prospective targets at its Sadeka Nickel/Copper Project. A VTEM aerial survey has been completed and prospective targets have been identified and a drilling programme has commenced with initial results expected Q4 2012.