AUSTRALIS MINING CORPORATION LIMITED (AUV)

name changed to AUV Enterprises Limited

advise that subscription monies have been received

we understand that on or about this date the company consolidated its shares 1 for 8

creditors resolve to vary the DOCA and create a creditors trust

the company says it continues to review a proposal to acquire an interest in a coal mining project in the Kalimantan Province of Indonesia - The Company is progressing with the completion of all outstanding financial reports which when completed to final draft will be submitted for audit. The final signed audited financials are expected to be completed within the next three (3) months

almost two years since there was a substantive update to the market - the Deed Administrator is Richard Albarran of Hall Chadwick

the deed administrator files Accounts & Statement with ASIC

deed administrator reports on a number of delays in making payments to creditors under the DOCA (the first instalment has been paid) but says the leeway in meeting the instalments has been warranted in view of the prospect of payment of the remaining instalments - he expects to call a meeting of creditors by mid-February, whatever happens

company says it is still working with shareholders and creditors to complete payment to creditors

the major shareholder is working with the administrator to complete payment to creditors - the board is also considering options for recapitalising the company

advises that approx 52m shares are to be released from escrow in about 10 business days

deed administrators release a report to creditors advising of some recommended changes to the deed of company arrangement, in particular the timing of payments by Nikiticorp

Mr Robert Coenraads has resigned as a director

company advises that the amended Deed of Company Arrangement (DOCA), released to the ASX on 19th May 2006, was approved unanimously at recent meetings of creditors

according to a media release by the Australian Securities & Investments Commission today, the Companies Auditors and Liquidators Disciplinary Board has found that Richard Albarran of Hall Chadwick had failed to carry out or perform adequately and properly the duties or functions of a liquidator as required under Australian law

deed administrator releases a copy of his report to creditors - a meeting of creditors was held today

quarterly cash flow report lodged today reflects a deficit of $446k at operating level for the quarter ending 31 March 2006

the Queensland Government's Environmental Protection Agency ("EPA") has served a notice suspending the environmental authority on the "Nardoo" property as an additional financial assurance had not been lodged with the EPA - the Directors will undertake a comprehensive review and assessment of the Company's operations with the view to formulating an effective business strategy and plan for the future direction of the company - it will be lodging with the EPA the additional financial assurance once it completes its review of operations

the company advises of a continuing improvement in the amount of sapphire produced and the average grades being achieved at its Nardoo mine site - sapphire production during February 2006 was a total of 368,000 carats obtained from the processing of 15,400 tonnes of wash bearing material - the average grade was 23.8 carats per tonne processed

quarterly cash flow report lodged today reflects a deficit of $628k at operating level for the quarter ending 31 December 2005

the Deeds of Company Arrangement (DOCAs) are executed by the administrators (certain aspects of the DOCAs require shareholder approval and the notice of meeting, explanatory memorandum and an independent expert's report are currently being prepared)

at the creditors meeting today creditors approved proposed deeds of company arrangement (DOCAs) for the Australis group companies

the company has proposed a deed of company arrangement and a meeting of creditors will be held on 23 January 2006 to consider the proposal and other matters - the deed essentially proposes that Nikiticorp (the secured creditor) acquire the shares in the operating subsidiary and assume responsibility for the debts - there is a possibility that the company's shares will regain quotation eventually

company today advises that proceedings in the Supreme Court brought by the Australian Securities & Investment Commission which were due for a further hearing on Monday 28 November 2005 were adjourned until 30 January 2005

company advises that all three resolutions (agenda items two to four in the 2005 Notice of Annual General Meeting) were passed at the meeting today on a show of hands

creditors of the company resolve to adjourn the meeting for a period of 59 days, with the Administrators having the discretion to reconvene the meeting earlier on 5 business days notice

company advises that Mr Bill Duchatel has resigned as a director, effective from 30 November 2005

Administrators advise that the proceedings in the Supreme Court instigated by the Australian Securities & Investment Commission have been stood over until 28 November 2005 - they have arranged for an initial meeting of creditors to be held at 11.30am on 7 November 2005 at their offices located at Level 29, St Martins Tower 31 Market Street, Sydney

company appoints Robert Elliott and Richard Albarran of Hall Chadwick as Administrators - further information will be available shortly

ASIC obtains undertakings, by consent, from Australis Mining Corporation Limited and Australis Mining Operations Qld Pty Limited to preserve the assets of the company, prior to the hearing of ASIC's application to appoint a provisional liquidator

company advises that during the period from 1 November 2005 until 30 November 2005, that 1,285,001 shares and 1,927,500 options will be released from restricted security

company advises that the ASIC proceedings are deferred until 2 November 2005 - the parties will try to resolve the issues meantime with a view to having the proceedings dismissed

ASIC is seeking orders for the appointment of a provisional liquidator to the company - the company is to defend itself and the matter is due for hearing in the NSW Supreme Court on 24 October 2005 - ASX also has a number of queries, and responses are being formulated by the company - the shares will remain suspended from quotation until both matters are resolved

company advises that during the period from 1 October 2005 until 31 October 2005, 845,000 shares and 1,267,000 options will be released from restricted security agreements

reissues 2005 Annual Report

shares suspended from quotation pending release of an announcement

company first listed 7 March 2005