Financing Update

28 January 2015

Bellzone Mining plc

("Bellzone" or the "Company")

Financing Update

Bellzone (AIM: BZM) announces that, further to the announcements on 28 November 2014 and 3 December 2014, it is currently finalising the agreement with China Sonangol International (S) Pte Ltd ("China Sonangol") regarding the secured debt or convertible loan facility of US$30 million ("Facility") which China Sonangol has stated it will provide to the Company.

Bellzone also announces that China Sonangol has agreed to amend the terms of the short-term finance facility of US$4 million, previously announced on 18 August 2014. The amendment extends the availability period and the repayment date to 31 March 2015. With US$500,000 remaining available to draw down, this extension is to provide the Company with the requisite short term funding until the Facility agreement is signed.

Under the AIM Rules, as a result of its 51.0 per cent. holding in the voting rights of the Company, China Sonangol is a related party of Bellzone. The Independent Directors of Bellzone, being Michael Farrow, Simon Brickles, Antony Gardner-Hillman and James Leahy consider, having consulted with Bellzone's Nominated Adviser, WH Ireland Limited, that the terms of the extension to the short-term finance facility are fair and reasonable insofar as the shareholders of Bellzone are concerned.

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