Re Barclays Agreement

RNS Number:3501P
BDI Mining Corp
11 January 2007

London Office:

Level 5
22 Arlington Street
London, SW1A 1RD
England

T: +44 (0) 207 016 5106
F: +44 (0) 207 016 5101



NEWS RELEASE


  BDI AND BARCLAYS CAPITAL AGREE TO END WOODLARK ISLAND GOLD PROJECT ADVISORY
                                    MANDATE


LONDON - 11 January 2007 - BDI Mining Corp. (AIM:BMG, the "Company") announces
that it has reached a mutual agreement with Barclays Capital, the investment
banking division of Barclays Bank PLC to terminate the Woodlark Island Gold
Project ("Woodlark" or "the Project") Advisory mandate (the "Mandate") with
immediate effect.


Under the terms of the Mandate, signed in March 2005, the Mining & Metals team
of Barclays Capital has been providing advisory services to BDI Mining Corp. in
relation to the securing of project financing for the development of the
Project. Work included ensuring that the Project is developed in accordance with
the requirements of the international bank finance community and the subsequent
structuring and negotiation of a debt funding package for Woodlark.


Given the addition of Martin Horgan to the Board, BDI Mining Corp. believes that
it no longer requires the advisory services proposed in the Mandate and as such
has negotiated an agreed settlement with Barclays Capital to terminate the
Mandate. Prior to joining BDI Mining Corp., Mr Horgan spent 6 years working in
the Mining & Metals team of Barclays Capital.


The remuneration package due to Barclays Capital under the terms of the Mandate
included the granting of 2.5 million warrants in BDI Mining Corp. As part of the
agreed settlement, Barclays Capital will retain 1 million of the warrants (with
an exercise price of #0.25 per share) - the balance of 1.5 million warrants will
be cancelled.


The Company remains committed to the Woodlark project and management are
currently evaluating the next phase of its development. Given the positive
result of the internal Woodlark Scoping Study finalized in late 2006 the Company
intends to develop the Project in short order to realize the full benefits and
upside potential of Woodlark.


Chairman of BDI Mining Corp., Mr David Lenigas said, "The Company remains
excited by the potential of Woodlark and we believe that the skill set that
Martin Horgan brings to the company will help us to realize this potential in
the most efficient and cost effective manner. We would like to thank Barclays
Capital for their support and the professional manner with which we were able to
resolve the issue of the advisory mandate."


BDI Mining Corp. is an Asia-Pacific focused mining and exploration Company whose
primary assets are the Cempaka alluvial diamond mine in Indonesia, and the
100%-owned, advanced Woodlark Island gold project in Papua New Guinea.


For further information, please contact:

BDI Mining Corp.
David Lenigas (Chairman)                      Tel: +44 (0) 788 182 5378
Martin Horgan (Director)                      Tel: +44 (0) 777 867 0342

Corporate Affairs                             Tel: +61 (0) 448 812 128
General email                                 info@bdiminingcorp.com
Website                                       www.bdiminingcorp.com

Ruegg & Co. (AIM Nominated Advisor)
Brett Miller                                  Tel: +44 (0) 20 7584 3663

WH Ireland Ltd. (Joint AIM Broker)
Philip Haydn-Slater                           Tel: +44 (0) 20 7220 1690

Hichens, Harrison & Co. (Joint AIM Broker)
Dave Paxton/Adam Wilson                       Tel: +44 (0) 20 7382 4473

Parkgreen Communications
Justine Howarth / Clare Irvine                Tel: +44 (0) 20 7851 7480



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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