Issue of Options

28 March 2013 TANGIERS PETROLEUM LIMITED ISSUE OF OPTIONS

Tangiers Petroleum Limited (the Company) announces the issue of stock optionsto a broker of the Company, of which the details are as follows:

Number Terms Expiry Date Purpose 2,500,000 Unlisted options ex at 31-Mar-16 Broker under a Corporate Services $0.45 Mandate Following the issue, the Company will have a total of 25,275,087 options onissue. KRYSTEL KIROU Joint Company SecretaryTangiers Petroleum Limited Level 2, 5 Ord StreetWest Perth WA 6005, AustraliaPh: +61 8 9485 0990www.tangierspetroleum.com Contacts RFC Ambrian Limited (Nominated Adviser)Mr Stuart Laing+ 61 8 9480 2506 Old Park Lane Capital PLC (Joint AIM Broker)Mr Michael ParnesMr Luca Tenuta+ 44 20 7493 8188 Shore Capital Stockbrokers Ltd (Joint AIM Broker)Mr Jerry KeenMr Bidhi Bhoma+ 44 20 7408 4090

Mr Ed Portman (Media and Investor Relations - United Kingdom)Tavistock Communications+ 44 20 7920 3150