Convertible Loan Note Facility

Variscan Mines Limited (ASX:VAR) (“Variscan” or “the Company”) is pleased to announce that it has entered into a binding term sheet for an unsecured, A$1 million convertible loan note facility (the “Facility”) to support the exploration and development of its 100% owned Novales- Udías Zinc Project in Cantabria, northern Spain. The Facility is being provided by a small syndicate of Professional and