Conquest Mining Limited (ASX:CQT) Announce A Share Purchase Plan To Raise A$15 Million

Perth, Oct 19, 2009 AEST (ABN Newswire) - Invitation to Participate in Shareholder Share Purchase Plan The Board of Directors of Conquest Mining Limited (ASX:CQT)(PINK:CQMLF) has approved the introduction of a Shareholder Share Purchase Plan (Plan).

Eligible shareholders can purchase a maximum of A$15,000 of Conquest Mining Limited shares at A$0.62 per Share.

OFFER CLOSES 5:00pm WST on 12 November 2009.

Shareholders Eligible to Participate in the Plan

The right to participate in the offer under the Plan (Offer) is optional and is available exclusively to shareholders who are registered as holders of fully paid ordinary shares in the capital of CQT (Shares) at 5pm (WST) on the Record Date of 14 October 2009 and whose registered address is in Australia or New Zealand (Eligible Shareholders).

Share Purchase Plan

The Board is pleased to offer to all Eligible Shareholders an opportunity to participate in the Plan. Details of the Offer are set out in this letter and the enclosed Terms and Conditions together with an Entitlement and Acceptance Form.

The Plan will provide Eligible Shareholders with the opportunity to subscribe for up to A$15,000 worth of Shares at a price equal to A$0.62 per share (Offer).

The amount an Eligible Shareholder can subscribe for will be restricted to a cumulative total of A$15,000 Shares.

Current Projects

Details of the Company's current activities are set out in the announcements made by CQT to the ASX and are available from the ASX or CQT's website at http://www.conquestmining.com.au

The funds raised under the Plan will be used by the Company to fund the commencement of construction of the Silver Hill Project, strengthen the Company's balance sheet and support resource definition/expansion and exploration initiatives within the Company's regional tenements.

How much can you invest?

The Offer must comply with the limit in ASIC Class Order [CO 09/425]. Under the class order, Eligible Shareholders may only acquire a maximum of A$15,000 worth of Shares under a share purchase plan in any 12 month period.

Subscription and Application Procedure

If you would like to participate in the Offer, please return your completed Entitlement and Acceptance Form (enclosed), together with your cheque for the subscription monies for the Shares you wish to acquire to Conquest Mining Limited , PO Box 572, Balcatta, Western Australia 6914, on or before the Closing Date of 5pm (WST) on 12 November 2009. No late applications will be accepted.

Additional Information and Important Dates

The Offer cannot be transferred and the Directors of the Company reserve the right to reject any application over A$15,000. Shares allotted under the Plan will be issued no later than 5 business days after the Closing Date of the Offer. Application for quotation on ASX of the new Shares will be made immediately following the issue of those Shares.

The maximum amount proposed to be raised under the Offer is A$15,000,000. In the event of an oversubscription by the Closing Date the Directors may, in their absolute discretion, scale-back applications.

If the Company rejects or scales-back an application or purported application, the Company will promptly return to the shareholder the relevant application monies, without interest.

On the trading day immediately prior to the announcement date of the Offer, the closing price of the Shares traded on ASX was A$0.68 cents. The market price of the Shares in the Company may rise and fall between the date of the Offer and the date that any Shares are allotted to you as a result of your acceptance of this Offer. This means that the subscription price you pay for the Shares may exceed the market price of the Shares at the date of allotment of Shares under this Offer. The Board recommends that you obtain your own financial advice in relation to the Offer and consider price movements of Shares in the Company prior to accepting this Offer.

Shortfall Placement/Underwriting

In the event that less than the maximum number of Shares that are available for subscription pursuant to this Offer are applied for, the shortfall may be placed at the discretion of the directors.

Indicative Timetable------------------------------------------------------Announcement Date of Plan             14 October  2009Record Date (5.00pm WST)              14 October  2009Opening Date of Offer                 19 October  2009Closing Date of Offer                 12 November 2009Dispatch date for holding statements  19 November 2009Quotation of Shares on ASX            20 November 2009------------------------------------------------------

These dates are indicative only. The Company may vary the dates and times of the Offer without notice. Accordingly, shareholders are encouraged to submit their Entitlement and Acceptance Forms as early as possible.

Contact

Bruno Firriolo Company Secretary Conquest Mining Limited Tel: +61-8-9240-4111