BOSS ENERGY LTD — Capital/Financing Update 2012

May 21, 2012

ASX ANNOUNCEMENT

22[nd] May 2012

MULTIPLE GOLD ZONES INTERSECTED AT THE MA EAST PROSPECT, GOLDEN HILL PROJECT, BURKINA FASO

HIGHLIGHTS

• Shallow Reverse Circulation (RC) drilling extends existing gold mineralisation at the Ma East Prospect, within the Golden Hill Project, Burkina Faso

• Gold mineralisation intercepted in all 22 Ma East Prospect RC drill holes with multiple gold zones in many holes complementing historic intercepts including 15m @ 3.3g/t Au and 22m @ 1.0g/t Au

• Better results include:

• 9m @ 2.7g/t Au from surface (MERC012)

• 9m @ 2.2g/t Au from 32m (MERC002)

• 9m @ 2.1g/t Au from 6m (MERC005)

• 11m @ 2.0g/t Au from 19m (MERC013)

• 9m @ 1.7g/t Au from 21m (MERC009)

• 7m @ 2.7g/t Au from 53m (MERC016)

• 11m @ 1.3g/t Au from 16m (MERC017)

• 9m @ 1.4g/t Au from 18m (MERC014)

• 8m @ 2.2g/t Au from 88m (MERC007)

• Gold mineralisation at the Ma East prospect remains open at depth and along strike to the southeast and to the northwest

• The 4km long >50ppb Au Ma Anomaly located 8km north of the previously announced Intiedougou Anomaly and drill results represents an exciting new target requiring immediate follow up drilling

• 15% of the Golden Hill Project RC drill samples are awaiting final gold analysis

• AMS drill rig now booked following successful $5M capital raising, with RC drilling to commence at Golden Hill prior to wet season (July-Sept)

Boss Resources Limited (ASX: BOE) is pleased to announce numerous significant gold intercepts from within the 4 kilometre long, >50ppb Ma gold in soil anomaly at the Golden Hill Project, Burkina Faso. The recent RC drill program aimed to infill and extend gold mineralisation at the Ma East prospect beyond historic Orezone Resources Inc. (Orezone) drill intercepts including 15m @ 3.3g/t Au and 22m @ 1.0g/t Au . All Boss RC holes intercepted gold mineralisation including 9m @ 2.7g/t Au from surface (MERC012) and 15m @ 1.5g/t Au from 28m (MERC002). Many holes intercepted 2 or 3 separate zones of gold mineralisation which is very encouraging from a potential tonnage and strip ratio perspective. The 22 holes have extended gold mineralisation within the southeastern part of the soil anomaly by ~350m, increasing the total drilled strike length to more than 700m.

www.bossresources.com.au

info@bossresources.com.au

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

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

Gold mineralisation at the Ma East prospect is associated with strong silica-sericite-carbonate-pyrite alteration and micro-quartz vein stockworks within 2 to 3 sub-parallel shear zones in a sequence of fine grained basalt. Highest gold grades correlate with the more intensely bleached, sulphide-rich alteration zones similar to the C Zone prospect 8.5 kilometres to the south. Mineralised shears at Ma East are up to 20 metres thick and dip moderately to the SW with all intercepts reported here close to true thickness widths. Drilling is still wide spaced and open down dip and along strike to the NW and SE. Phase 2 RC drilling will aim to infill the area between MERC005 and MERC007 to add another 300m of strike and also extend the defined gold mineralisation along strike to the NW and SE within the 50ppb gold in soil contour line (Fig. 1).

Managing Director, Leigh Ryan said that “the Ma East prospect only represents the eastern end of a coherent 4 kilometre long, greater than 50ppb gold in soil anomaly, so we’re looking forward to extending the Ma East gold mineralisation over a similar distance with additional RC drilling. Although mineralisation is open at depth, at this stage we’re more interested in defining the shallow oxide mineralisation within this incredibly prospective area.”

Final assays for the Pekperine and B Zone prospects are pending. Results from the 22 Ma East prospect RC drill holes include the following significant >3 GM intercepts:

Table 1: Ma East Prospect Reverse Circulation Drilling (Golden Hill Project) - Significant Results

Hole ID	Coordinates*	Coordinates*	Dip	Az*		Intercept (m)	Intercept (m)	Grade
	East (m)	North (m)	**(°) **	**(°) **	From	To	Width	(g/t Au)
MERC001	1236801	453048	-55	27	12	27	15	0.87
incl.					14	22	8	1.23
MERC002	1236756	453024	-55	27	28	43	15	1.45
incl.					32	41	9	2.18
MERC004	1236667	453091	-55	27	9	27	18	0.59
incl.					17	21	4	1.11
and					36	41	5	0.62
MERC005	1236639	453135	-55	27	6	15	9	2.14
incl.					8	11	3	5.85
MERC007	453201	1236344	-55	60	76	82	6	0.76
incl.					77	79	2	1.66
and					88	96	8	2.17
incl.					92	96	4	3.46
MERC008	1236369	453242	-55	60	44	48	4	0.81
and					67	73	6	0.74
and					79	84	5	1.03
MERC009	1236394	453286	-55	60	21	30	9	1.65
incl.					22	26	4	3.22
MERC010	1236415	453327	-55	60	58	64	6	1.06
MERC011	1236196	453343	-55	60	23	36	13	0.66
incl.					24	28	4	1.19
MERC012	1236220	453385	-55	60	0	9	9	2.70
incl.					2	6	4	5.39
MERC013	1236128	453417	-55	60	34	45	11	1.95
incl.					34	38	4	3.59
MERC014	1236146	453458	-55	60	18	27	9	1.43
incl.					21	25	4	2.63
and					53	58	5	0.65
MERC016	1236077	453438	-55	60	10	18	8	1.12
and					26	42	16	0.75

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

Hole ID	Coordinates*	Coordinates*	Dip	Az*		Intercept (m)	Intercept (m)	Grade
	East (m)	North (m)	**(°) **	**(°) **	From	To	Width	(g/t Au)
incl.					29	36	7	1.13
and					53	60	7	2.67
MERC017	1236028	453554	-55	60	16	27	11	1.29
and					41	45	4	0.90
and					49	65	16	0.87
incl.					53	62	9	1.19
and					70	75	5	1.47
MERC018	1236003	453510	-55	60	68	69	1	5.04
and					90	91	1	6.07
MERC019	1236005	453713	-55	60	13	28	15	0.91
incl.					16	21	5	1.65
MERC020	1235978	453670	-55	60	27	30	3	1.01
MERC022	1235932	453582	-55	60	71	75	4	2.24

• WGS84 Zone 30N, 0.2g/t lower cut, max 2m internal waste, no upper cut, only >3.0 gram x metre intercepts reported

Boss implements a rigorous quality control program with RC drilling involving the insertion of one certified standard from an accredited laboratory, a blank sample, and a riffle split duplicate sample within every 30 samples submitted for analysis. An ALS laboratory in Ouagadougou was used for gold analysis on all RC samples. All samples were assayed using a standard 50g fire assay with AAS finish.

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Fig 1: Ma East prospect drill intercepts, soil contours and interpreted structures over TMI aeromagnetic image

Australian Office

www.bossresources.com.au

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

info@bossresources.com.au

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

Following the recent $5M capital raising placement Boss has booked an African Mining Services (AMS) drill rig to conduct 5,000m of extension Reverse Circulation (RC) drilling at its 100% owned Golden Hill Project.

For further information please contact:

Leigh Ryan Managing Director +61 (0) 427 093 043 Evan Cranston Executive Director +61 (0) 408 865 838

Boss Resources Limited is a gold and oil shale exploration company focused 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 www.bossresources.com.au Tel: +61 (8) 6143 6730 Fax: +61 (8) 9388 8824 info@bossresources.com.au ABN 38 116 834 336

Burkina Faso Office

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