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Exploration, discovery and development of precious and base metals mineral deposits in Australia and Canada (V.MMW)

Message: NR PAN compulsory TO action

Panoramic Resources Limited’s off-market takeover bid for Magma Metals Limited ("Offer") – Compulsory acquisition and offer to buy-out

We act for Panoramic Resources Limited (ABN 47 095 792 288) ("Panoramic") in relation to its off-market takeover bid for all of the ordinary shares in Magma Metals Limited (ABN 72 114 581 047) ("Magma").

The Offer closed at 7.00pm (Sydney Time) on 6 June 2012. As at 6 June 2012, Panoramic had a relevant interest in 92.24% of the ordinary shares in Magma. Panoramic is therefore entitled pursuant to section 661A of the Corporations Act 2001 (Cth) ("Corporations Act") to proceed with compulsory acquisition of the remaining Magma shares. Panoramic is also required under section 662A of the Corporations Act to offer to buy out remaining holders of Magma shares. Accordingly, we enclose:

(a) ASIC form 6021 (Notice of compulsory acquisition following takeover bid) and an accompanying covering letter to be sent to remaining shareholders and option holders of Magma in accordance with section 661B(1) of the Corporations Act; and

(b) ASIC form 6022 (Notice of right of buy-out to remaining holder of securities following a takeover bid) in accordance with section 662B(1) of the Corporations Act.

These documents were lodged with ASIC today. Form 6021 and the accompanying cover letter will be sent by close of business tomorrow (15 June 2012) to Magma shareholders who have not yet validly accepted the Offer, and all Magma option holders.

Yours faithfully

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