Placement Announcement $1.45m

FOR IMMEDIATE RELEASE: 13 JULY 2015

Caravel Minerals Limited (ASX: CVV) ("Caravel" or "the Company") is pleased to announce that it has received commitments from investors to raise $1,451,940 through the issue of 207,420,009 shares at an issue price of $0.007 ("Placement"). Subject to shareholder approval, investors participating in the Placement will be issued 1 free attaching unlisted option exercisable at $0.013 for each 2 shares issued.
The Placement will occur in two tranches:

 Tranche 1 will comprise the issue of 140,134,291 shares to raise $980,940; and

 Tranche 2, which will be subject to shareholder approval, will comprise the issue of

67,285,718 shares to raise $471,000 and all the attached unlisted options.
A total of 72,000,000 shares in Tranche 1 will be issued under the Company's Listing Rule 7.1A capacity approved by Shareholders at its 2014 Annual General Meeting. The remaining Shares in Tranche 1 will be issued under the Company's Listing Rule 7.1 capacity.
Settlement of Tranche 1 of the Placement is expected to occur on 17 July 2015.
Included in the total were applications for 21,500,000 shares and attaching options on the same terms as the Placement from Directors, Senior Management and related entities.
Shareholder approval will be sought for the issue of Tranche 2 shares, including issues to Directors or related entities and the issue of the attaching options to investors in the Placement. This approval will be sought at an EGM to be held before 31st August 2015.
Mr Hilmer, Caravel's Managing Director, thanked participating investors, including all members of the board of directors and senior staff, for their support in what continues to be a very challenging capital raising market. "We are very pleased with the support from existing shareholders and we welcome a number of new shareholders including a new institutional investor from Europe." said Mr Hilmer. "Shareholders should note that all senior staff and directors have participated meaningfully in the Placement, which will be subject to shareholder approval at the upcoming EGM."
The funds raised will provide for additional working capital and to support and supplement the funds being invested in the Company's flagship Calingiri Project in WA as part of a definitive Farm-In Agreement with First Quantum Minerals Limited (FQM), announced on 8 July 2015. "On the basis of FQM expending $3,600,000 farming into 50.1% of the Calingiri Project this raising will see the Company fully funded for the coming 24 months" Mr Hilmer added
Palladion Partners managed the Placement for the Company. Palladion Partners is a Sydney based corporate advisory firm that is focused exclusively on the mining and oil and gas sectors. http://www.palladion.com.au/

Marcel Hilmer, CEO Rod Clarkson Caravel Minerals Limited Palladion Partners Telephone: 08 9426 6400 Telephone: 02 9002 5410

Caravel Minerals is a gold, copper and base metals exploration and resource development company with projects located in Queensland and Western Australia. Caravel has a technically strong and well established exploration and mine development team. www.caravelminerals.com.au

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