Update of investment in Papua Mining plc

10 October 2016

Thalassa Holdings Ltd

(Reuters: THAL.L, Bloomberg: THAL:LN)

("Thalassa" or "the Company")

Update of investment in Papua Mining plc ("Papua")

Further to the announcement of 2 September 2016, Thalassa is pleased to announce that all resolutions put to the shareholders of Papua at the general meeting held on 7 October 2016 were passed.

Consequently, Thalassa's investment of £400,000 for 40,000,000 new ordinary shares of Papua has been approved.

Papua has raised a total of £512,000 through the issue of 40,000,000 new ordinary shares to Thalassa and 11,200,000 new ordinary shares to existing shareholders. As a result, Thalassa's shareholding will represent 26.7% of the enlarged share capital of Papua.

Investor Enquiries:

Thalassa Holdings Ltd

Duncan Soukup, Chairman +33 (0)6 78 63 26 89

WH Ireland Limited (Nominated Adviser and Broker)

Chris Fielding, Head of Corporate Finance +44 (0)207 220 1650

Press Enquiries:

Square1 Consulting (Public Relations)

David Bick +44 (0)207 929 5599

www.thalassaholdingsltd.com