ASX / MEDIA ANNOUNCEMENT 24 FEBRUARY 2012 AMPELLA RAISES $47M FOR EXPLORATION AT BATIE WEST Placement at market price to institutional and sophisticated investors closes oversubscribed

Ampella Mining Limited (ASX: AMX) is pleased to announce that it has raised $47 million (before costs) via a Private Placement and a Share Purchase Plan (to be underwritten) of approximately
36.1 million ordinary shares in total at $1.30 per share. The issue price of $1.30 represents a 0.38%
discount to the Company's last closing price of $1.305.
The completion of the capital raise will boost Ampella's cash balance to over $60 million after payment of issue costs when added to existing cash reserves. The funds will be used for general working capital purposes including exploration activities and feasibility studies.
Ampella currently has 11 rigs on site and is targeting additional ounces within close proximity to the existing 3.1Moz Konkera Resource (independent JORC Compliant Mineral Indicated Resource of 30
Mt at 1.6 g/t gold for 1.5 million ounces gold and Inferred Resource of 31.8 Mt at 1.5 g/t gold for 1.6 million ounces gold) as well as defining new discoveries along the now 150km long Batie West shear zone. Ampella's 100% owned 2,600km2 Batie West Project represents one of the largest contiguous landholdings in Burkina Faso.
The capital raising consists of 3 parts: