Issue of Options

28 Nov 2012 07:48

28 November 2012 TANGIERS PETROLEUM LIMITED ISSUE OF OPTIONS

Tangiers Petroleum Limited ("the Company") announces that in accordance with Resolutions 7 to 9 approved at the General Meeting held on 16 November 2012, it has issued a total of 6.5 million unlisted share options ("Options") to its new Directors, Eve Howell and Max de Vietri.

The Options are all exercisable at A$0.28 on or before 26 November 2015 and have been allocated as follows:

Eve Howell (indirect interest)- 1,333,333 Options subject to voluntary escrow for a period of 12 months to 26November 2013;- 1,000,000 Options subject to vesting conditions (as set out in the Notice ofAGM); and- 2,000,000 Options subject to no conditions.Max de Vietri (direct interest)- 666,667 Options subject to voluntary escrow for a period of 12 months to 26November 2013;- 500,000 Options subject to vesting conditions (as set out in the Notice ofAGM); and- 1,000,000 Options subject to no conditions.

The above Options represent the entire current interests of Ms Howell and Mr de Vietri in the securities of the Company.

KRYSTEL KIROUJoint Company SecretaryTangiers Petroleum LimitedLevel 2, 5 Ord StreetWest Perth WA 6005, AustraliaPh: +61 8 9485 0990 www.tangierspetroleum.comContactsRFC Ambrian Limited (Nominated Adviser)Mr Stuart Laing+ 61 8 9480 2506Old Park Lane Capital PLC (Joint AIM Broker)Mr Michael ParnesMr Luca Tenuta+ 44 20 7493 8188Shore 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