Issue of Equity

13 June 2014 TANGIERS PETROLEUM LIMITED ISSUE OF EQUITY Tangiers Petroleum Limited (ASX:TPT; AIM:TPET, "Tangiers" or the "Company")announces that it will issue 32,848,832 fully paid ordinary shares at a priceof A$0.16/share as a result of the placements in the Company announced on 13May 2014 and 27 May 2014. In addition, the Company has also issued the following shares and options: 4,500,000 fully paid ordinary shares at A$0.29 in accordance with resolution 7approved at the Annual General Meeting held on 12 June 2014. 1,000,000 fully paid ordinary shares at A$0.29 in accordance with resolution 8approved at the Annual General Meeting held on 12 June 2014. 1,000,000 unlisted options exercisable at A$0.42 on or before 12 June 2017 inaccordance with resolution 9 approved at the Annual General Meeting held on 12June 2014. 2,000,000 unlisted options exercisable at A$0.28 on or before 12 June 2017 inaccordance with resolution 10 approved at the Annual General Meeting held on 12June 2014. 6,200,000 unlisted options exercisable at A$0.16 on or before 12 June 2017issued to brokers under a mandate agreement. 1,000,000 unlisted options exercisable at A$0.30 on or before 22 April 2016issued to brokers under a mandate agreement. 8,330,880 fully paid ordinary shares at A$0.16 issued to advisers for capitalraising and corporate services under a mandate agreement. 540,000 fully paid ordinary shares at A$0.29 issued under the Tangiers SharePlan. The Company has applied for the new shares to be admitted to trading on boththe ASX and AIM markets. Trading in the new shares on AIM is expected tocommence on or around 17 June 2014. Following the above issues, the Company has the following securities on issue: Number Class 245,485,815 Fully paid ordinary shares 1,000,000 Unlisted options exercisable at A$0.22 on or before 19 July 2014 6,000,000 Unlisted options exercisable at A$0.60 on or before 16 December 2014 1,000,000 Unlisted options exercisable at A$0.22 on or before 16 December 2014 500,000 Unlisted options exercisable at A$0.50 on or before 2 April 2015 3,274,124 Unlisted options exercisable at A$0.60 on or before 2 April 2015 3,500,000 Unlisted options exercisable at A$0.70 on or before 2 April 2015 300,000 Unlisted options exercisable at A$0.50 on or before 10 April 2016 213,733 Unlisted options exercisable at GBP£0.256 on or before 19 November 2015 487,230 Unlisted options exercisable at GBP£0.242 on or before 19 November 2015 2,000,000 Unlisted options exercisable at A0.$28 on or before 26 November 2015 1,500,000 Unlisted options exercisable at A$0.28 on or before 26 November 2015 (vesting conditions apply) 3,000,000 Unlisted options exercisable at A$0.28 on or before 26 November 2015 2,500,000 Unlisted options exercisable at A$0.45 on or before 31 March 2016 2,500,000 Unlisted options exercisable at A$0.45 on or before 31 October 2016 1,000,000 Unlisted options exercisable at A$0.42 on or before 12 June 2017 (vesting conditions apply) 2,000,000 Unlisted options exercisable at A$0.28 on or before 12 June 2017 6,200,000 Unlisted options exercisable at A$0.16 on or before 12 June 2017 1,000,000 Unlisted options exercisable at A$0.30 on or before 12 June 2017 Dr Iva StejskalJoint Company Secretary Tangiers Petroleum LimitedLevel 2, 5 Ord StreetWest Perth WA 6005, AustraliaPh: + 61 8 9485 0990www.tangierspetroleum.com Contacts RFC Ambrian Limited As Nominated AdviserMr Oliver Morse / Ms Trinity McIntyre+61 8 9480 2500 As Corporate BrokerMr Charlie Cryer+44 20 3440 6800 Mr Ed Portman (Media and Investor Relations - United Kingdom)Tavistock Communications+44 20 7920 3150