BOSS ENERGY LTD — Management Reports 2011

Jun 27, 2011

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BOSS ENERGY LIMITED BOSS ENERGY COMPLETES PROJECT REVIEW OF

www.bossenergy.com NEWLY ACQUIRED GOLD PROJECTS IN WEST AFRICA ASX: BOE ISSUED SHARES: 268m

Highlights: Golde n Hill Proje c t (470km [2] ) – BOE 10 0 %

PROJECTS

As k ia Gold SARL Pr o spective g o ld pr o jects in Burkina Faso.

• 75km sou t h of SEM A FO’s Mana Project (3.3Moz.), and 11k m northeast of Orezon e ’s Bondi p roject (400,000oz.)

• A Zone, B Zone, C Z o ne, and P eksou de p osits loc a ted withi n a 6km x 1km +30p p b Au soil a nomaly w ith the p o tential t o increase i n size alon g strike, d o wn dip a n d down plunge

La t robe Oil Sh a le Project Pr o spective oil shale pr o ject in Tas m ania.

• Ma and S ebedougou prosp e cts locat e d within a 3.5km x 400m +40ppb Au i n soil ano m aly that h as undergone onl y scattered previous d rilling

• Regional s oil sampli n g has identified nu m erous ot h er gold i n soil anom a lies that h ave not been drill t e sted

Gr e envale Mi n ing NL Bo s s Energy h o lds over 3.9 million sha r es in Gr e envale Mi n ing NL gi v ing the Co m pany a 10 % interest in large oil sh a le projects in Q u eensland.

• Preliminar y mapping and rock chip s ampling has bee n complete d (54 sam p les – results pendin g )

DIRECTORS AND COMPANY SECRETARY

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Gour m a Project (850km[2] ) – BOE 100 %

Mr Robert Gr o ver Ex e cutive Ch a irman

• Highly under-explo r ed sequ e nce of B irimian g r eenstone s and felsi c intrusives that host abunda n t artisan a l working s within strike extensiv e regional shear zon e s

• 80km SS W of Niger’ s largest gold depo s it (1.9 million ounc e Samira Hil l Gold Proj e ct)

Mr Leigh Ryan M a naging Dir e ctor

Mr Joseph Obeid Dir e ctor

• Tambiga H ill contai n s over 1, 0 00 NE-tre n ding pits a nd shaft s up to 60 m deep that cover a n area ~50 0 m x 250 m

• Active h a rd rock and colluvi a l workin g s cover a n area o f 1.6km x 4 0 0m at Di a batou an d 1.3km x 8 00m at G ariaga fo r an interpr e ted com b ined total strike len g th of > 4km

Mr Tom Grov e Dir e ctor

Mr Grant Mo o ney C o mpany Se c retary

• Aeromag n etic ima g es sugg e st gold m ineralisa t ion coul d extend f o r >5km between t h e Fouto u ri and Souonkobo u artisanal w orkings, a nd over 3km bet w een the Lotto an d Tampora p rospects

CONTACT DETAILS Sui t e 23 / 513 H ay St, Su b iaco WA 6008 T: 0 8 9388 881 2 F: 0 8 9388 882 4 inf o @bossene r gy.com w w w.bossenergy.com

• Preliminar y mapping and rock chip s ampling has bee n complete d across a ll the artis a nal sites (170 samples – result s pending

ABN 38 116 834 336

Boss Energy Limited (ASX: BOE) has completed a project review of the company’s newly acquired gold projects in West Africa (Figure 1). Both the Golden Hill and Gourma projects show outstanding exploration potential with an ability to host numerous significant gold resources:

Burkina Faso Gold Project Review

The following project review is based on a five week field visit by the newly appointed Managing Director Mr Leigh Ryan to the company’s gold projects within the Birimian greenstones of Burkina Faso. The visit has highlighted the outstanding exploration potential of the Golden Hill and Gourma projects, with both projects displaying the ability to host numerous significant gold resources. Preliminary mapping and rock chip sampling has been completed with results pending.

Golden Hill Project

The Golden Hill Project is located 240km southwest of Ouagadougou, within the Houndé Greenstone Belt of Burkina Faso. The project consists of three contiguous exploration permits (Baniri, Intiedougou, and Mougue) that cover a total area of 470km[2] . Access is all year round off the Ouagadougou-Bobo Dioulasso highway via a well maintained lateritic gravel road. Boss Energy Limited owns a 100% interest in the project.

Geology

The Golden Hill permits cover a NNE-trending northward converging wedge of Birimian greenstones that contain numerous NNE and NW-trending gold bearing shear zones and intrusive units (Figure 2). Equivalents to the younger Tarkwaian Group sediments present in the eastern part of the project area are typically proximal to major structures and are spatially coincident with many giant gold deposits throughout the world.

Gold Mineralisation

The Houndé Greenstone Belt hosts a number of significant gold deposits including the 180,000 ounce per annum Mana gold mine (3.3 million ounce project) located only 75km to the north of the Golden Hill Project, and the 400,000 ounce Bondi project just 11km to the SW of the Mougue permit.

Previous regional soil geochemistry and drilling programs completed by Orezone Resources Inc. identified the presence of significant gold mineralisation within the project area (Figure 3). Several phases of RC and diamond drilling by Orezone delineated NNE-trending, east dipping ore zones hosted by syenite intrusives within intermediate volcanic units (A Zone, B Zone), and WNW-trending, south dipping ore zones associated with quartz veined intermediate to mafic volcanics and felsic intrusives (C Zone, Peksou). These zones, including the Ville7 Prospect, are located within a 6km x 1km +30ppb Au soil anomaly. Untested high grade plunging ore shoots are expected at the intersection of these two mineralised trends. Scattered drilling has previously been conducted at the Ma and Sebedougou prospects. These two prospects are located within a 3.5km x 400m wide NW-trending +40ppb Au in soil anomaly associated with both NW and NNE-trending shear zones containing pyritic quartz and quartz-feldspar porphyry intrusives within strongly altered basalt units. Regional soil sampling has identified numerous gold in soil anomalies that have not

been drill tested. Regolith mapping and interpretation work has commenced in order to determine the distribution of residual and transported soil cover and subsequent validity of the existing soil geochemistry. Numerous artisanal mining sites are currently active on the Intiedougou and Mougue permits, where preliminary mapping and rock chip sampling has now been completed (54 samples – results pending). Additional drilling will be required at the Intiedougou (A, B, C zones) and Peksou deposits in order to confirm previous drill results and to bring the existing non-compliant resources into a JORC category. A drill hole, trench and surface geochemistry database has been compiled and is currently being validated prior to announcing previous drill intercepts and non-JORC compliance resource figures.

Gourma Project

The Gourma Project is located 250km east of Ouagadougou, within the Fada N’Gourma Greenstone Belt. The Project consists of 4 contiguous permits (Diabatou, Tyara, Foutouri and Boutouanou) that cover a total area of 850km[2] . It is accessible from the south off the Fada N’Gourma-Kantchari highway via a well maintained gravel road and from the west via a gravel road from the town of Gayeri.

The Gourma Project, and in fact the entire SE corner of Burkina Faso, has undergone very little previous exploration. The vast amount of artisanal workings associated with strike extensive structures within the typically gold rich Birimian greenstone units in the region suggest large gold deposits will be discovered in the near future. There is no previous geochemistry or drilling information available for the Gourma Project permits however Boss has a comprehensive exploration program planned for implementation immediately after the current wet season. Boss Energy Limited owns a 100% interest in the project.

Geology

The Gourma permits cover a NE-trending sequence of Birimian greenstones and felsic intrusives that host abundant artisanal workings and associated strike extensive regional shear zones (Figures 4 and 5). Broad sericite-carbonate-chlorite alteration zones are typically coincident with the artisanal workings and gold bearing NW-trending shear zones.

Gold Mineralisation

The Fada N’Gourma Greenstone Belt extends discontinuously in a NE-SW direction from the Gourma Project to the 50,000 ounce per annum Youga Gold Mine (reserves and resources of 1.1 million ounces) on the southern border of Burkina Faso. The Gourma Project is only 80km SSW of Niger’s largest gold deposit, the 50,000 ounce per annum Samira Hill gold mine (1.9 million ounce project).

Gold mineralisation within the Gourma project is instantly recognizable by the extensive amount of artisanal mining being conducted throughout the permits. Over two thousand miners are actively working at Tambiga Hill (Figure 6), and hundreds of others working at the Diabatou and Gariaga prospects within the Diabatou permit. Tambiga Hill contains over 1,000 NE-trending pits and shafts up to 60m deep that cover an area approximately 500m x 250m. Gold mineralisation is associated with stockworked quartzsulphide veining within strongly altered mafic to intermediate schists. The prospect is located on a +10km long NE-trending linear magnetic low (interpreted as the Tambiga shear zone) clearly visible in regional magnetic images (Figure 5). The Diabatou and

Gariaga prospects both contain numerous NE to NNE-trending pits and shafts (Figure 7) excavated into steeply dipping quartz veins within sericite-chlorite schists. Active hard rock and colluvial workings cover an area of 1.6km x 400m at Diabatou and 1.3km x 800m at Gariaga. Aeromagnetic images confirm the continuation of the mineralised structure for an additional 1.5km beneath alluvial cover between the two prospects for a total strike length of more than 4km.

Extensive active artisanal workings are also present within the Foutouri and Boutouanou permits. Artisanal prospects within the Boutouanou tenure are located on NE and NWtrending shear zones containing quartz veined strongly sericite-chlorite altered porphyritic diorite. Felsic dykes are common within the mineralised zones and visible gold was observed within ferruginous quartz veins at the Boutouanou and Sefatendano prospects. Gold mineralisation within the Foutouri permit consistently trends NE-SW coincident with strike extensive linear magnetic lows. Artisanal workings are focussed on ferruginous quartz-sulphide veining within strongly sheared clay altered diorite, chlorite schist and minor felsic porphyry units. Regional aeromagnetic images suggest mineralisation could extend for over 5km between the Foutouri and Souonkobou workings and over 3km between the Lotto and Tampora prospects (Figure 5).

Preliminary mapping and rock chip sampling has been completed across all the Gourma Project artisanal sites (170 samples – results pending). Regolith mapping and interpretation work has also commenced in order to determine the distribution of residual and transported soil cover and assist with the planning of soil geochemistry programs.

Meetings with the local authorities in both the Golden Hill and Gourma project areas have been conducted with a positive response received in all cases. An experienced French / English speaking Country Manager has been recruited, along with several local staff, and discussions with a prospective Exploration Manager has commenced.

The Burkina Faso landholding has been meticulously compiled over recent years by Askia Gold, and Boss Energy is extremely pleased with the value obtained with the Askia Gold SARL acquisition. Due to the current world debt crisis, Boss Energy expects gold and oil prices to at least maintain, if not increase on current levels for the foreseeable future. With exploration commencing on highly prospective underexplored gold projects in Burkina Faso and steady progress being made with respect to a Latrobe oil shale processing agreement the future of Boss is bright.

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Figure 1: Burkina Faso simpli f ied geolo g y (Neo-Pr o terozoic s e diments – pale yell o w, Birimia n Greens t one Belts – green, ba s ement gra n ites – pink ) and Boss E nergy Limit e d explora t ion permit s (pink o u tlines – gr a nted permits, red outli n es – permit applicati o ns)

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Figure 2 : Golden H ill Project BRGM 200 K geology a nd Boss E n ergy Limit e d explora t ion permit s (pink o u tlines). Tar k waian se d iments (pale brown), rhyolite-syenite intrusives (orange), andesite , basalt, dacite (bl u e), tuff ( m edium green), volca n o-sedimentary schist s (pale gre e n), basalt , gabbr o (purple), b asement granites – (p i nk)

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Figure 3 : Golden H ill Project p rospects ( l abelled), p revious dril l ing (black dots), maj o r drainag e (blue li n es), roads (red lines) a nd Boss E n ergy Limit e d explorati o n permits (pink outlin e s) over A u in soil i m age

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Figure 4 : Gourma Project a r tisanal workings (lab e lled) and Boss Ener g y Limited exploratio n permits (pink outl i nes) over BRGM 200 K geology. Phyllites and pelitic schists (bri g ht green) , tuffaceous schists and mafi c tuffs (me d ium gree n ), leucocr a tic alkalin e gneiss (li g ht green) , basalt, andesite, m icrodiorite and undiff e rentiated mafic volc a nic units ( p ale blue), diorite an d gabbr o (medium b lue), post t ectonic gr a nite (red), basement g ranites (pi n k).

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Figure 5 : Gourma Project pro s pects (lab e lled), rec e nt rock chip samples (red stars), interprete d structures (black lines), post- E burnean dolerite dyk e s (green li n es) and B o ss Energy exploratio n permits (pink outli n es) over a e romagneti c image (R M I).

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Figure 6 : Tambiga Hill artisanal workings – looking NE

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Figure 7 : NE-trendi n g pits, sha f ts and coll u vial workings at the Diabatou Pr o spect.

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Figure 8 : Collapse d artisanal o pen pit at t he Tampo r a prospect (Foutouri Permit).

For further information please contact;

Leigh Ryan - Managing Director: +61 (0) 427 093 043 Tom Grove – Director: +61 (0) 409 992 852 Website: www.bossenergy.com

Boss Energy 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. Mr Ryan is a member of the Australian Institute of Geoscientists and 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.