BOSS ENERGY LTD — Capital/Financing Update 2011

Oct 18, 2011

ASX ANNOUNCEMENT

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BOSS COMMENCES EXPLORATION PROGRAMS IN BURKINA FASO

HIGHLIGHTS

• Completes tranche 1 of Placement raising $1.2million (before costs)

• Exploration programs underway at Company projects in Burkina Faso

• Reverse Circulation and Auger Drill rigs secured for imminent drill programs

Boss Resources Limited (ASX: BOE ) is pleased to announce it has completed tranche 1 of the recently announced placement raising approximately $1.2million (before costs) and has immediately commenced exploration programs on its Gourma Project in the eastern part of Burkina Faso, West Africa (see figure 1).

Boss has commenced flying a detailed aeromagnetic / radiometric survey across the entire Gourma Project. Aeroquest Airborne are flying the survey at 100 meter line spacing and a flight height of approximately 30 meters. The survey is expected to be completed within 2 weeks. The data acquired will significantly enhance the Company’s ability to interpret lithological boundaries and to trace out and focus the Company’s exploration efforts on the most prospective mineralised structures in the area.

Two soil sampling teams have also commenced work on the Gourma Project collecting wide spaced samples for gold and multi‐element geochemical analysis. This work will identify and focus our exploration efforts on large scale multi‐element supported gold anomalism in the region. An auger rig has been sourced for geochemical sampling beneath the relatively limited areas of alluvial cover within the project. This work will commence in November 2011.

Boss has also secured an RC rig to commence work on its more advanced Golden Hill Project within the Houndé Greenstone Belt in western Burkina Faso. The program will commence late in November 2011 with the aim of expanding the currently defined gold mineralisation within the Intiedougou permit where historical intercepts include (ASX: 29 August 2011):

• 54m @ 9.6g/t gold from 4m

• 22m @ 12.4g/t gold from 22m

• 14m @ 8.4g/t gold from 24m

• 10m @ 4.6g/t gold from 46m

  • 24m @ 8.0g/t gold from surface

  • 41.5m @ 4.0g/t gold from 113.4m

  • 28m @ 3.8g/t gold from 4m

  • 28m @ 3.4g/t gold from surface

• 12m @ 28.8g/t gold from 22m

Australian Office

Burkina Faso Office

Suite 23, 513 Hay St, Subiaco WA 6008 PO Box 1311, Subiaco WA 6904 Tel: +61 (8) 6143 6730 Fax: +61 (8) 9388 8824 ABN 38 116 834 336

361 Avenue Babanguida, Zone du Bois 06 BP 10656 Ouagadougou 06 Tel: +226 5036 0486

www.bossresources.com.au info@bossresources.com.au

Reconnaissance mapping and rock chip sampling is due to commence on the two newly granted Tenkodogo Project tenements before the end of October 2011.

Full details of the exploration programs will be released to the market in due course.

Managing Director, Leigh Ryan said in relation to the exploration programs and recent placement: “Boss is very pleased to have completed the first tranche of the recently announced placement. The funds raised have allowed us to immediately commence exploring our exciting tenement package in an area that has previously not seen any modern exploration. We have been very fortunate in that we have also managed to secure drill rigs and planning is underway to prepare for the upcoming drill programs later next month.”

For further information please contact:

Leigh Ryan Managing Director +61 (0) 427 093 043 Website: www.bossresources.com.au

Boss Resources Limited is a gold and oil shale exploration company focussed on increasing shareholder and other stakeholder wealth by exploring for and developing quality mineral resources. Evaluation and acquisition of additional highly prospective projects in West Africa, especially in Burkina Faso, and the development of an oil shale processing facility in Tasmania is seen as critical to the growth of the company.

The information in this report that relates to exploration results is based on information compiled by Mr Leigh Ryan, the company’s Managing Director, who is a member of the Australian Institute of Geoscientists. Mr Ryan has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Ryan consents to the inclusion in the report of the matters based on information in the form and context in which it appears.

Australian Office

Suite 23, 513 Hay St, Subiaco WA 6008 PO Box 1311, Subiaco WA 6904 Tel: +61 (8) 6143 6730 Fax: +61 (8) 9388 8824 ABN 38 116 834 336

www.bossresources.com.au info@bossresources.com.au

Burkina Faso Office

361 Avenue Babanguida, Zone du Bois 06 BP 10656 Ouagadougou 06 Tel: +226 5036 0486

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Figure 1 Boss Tenement Locations in Burkina Faso

Australian Office

Suite 23, 513 Hay St, Subiaco WA 6008 PO Box 1311, Subiaco WA 6904 Tel: +61 (8) 6143 6730 Fax: +61 (8) 9388 8824 ABN 38 116 834 336

www.bossresources.com.au info@bossresources.com.au

Burkina Faso Office

361 Avenue Babanguida, Zone du Bois 06 BP 10656 Ouagadougou 06 Tel: +226 5036 0486