MINBOS RESOURCES LIMITED — Capital/Financing Update 2010

Nov 23, 2010

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ASX ANNOUNCEMENT

24 November 2010

DRILLING COMPLETED ON FIRST PRIORITY AREA AT CABINDA PHOSPHATE PROJECT

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HIGHLIGHTS

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• Successful completion of 78 drill holes totalling 3,523 metres drilled on the Mongo Tando area

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• Significant extensions to the previous identified mineralisation identified in Mongo Tando South

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• Initial field results confirm historic drilling intercepts and mineralisation widths

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• Field preparation complete on three of four priority areas, with sample preparation facility commissioned on site

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• Samples from Mongo Tando area shipped and received by laboratory for assay, with first tranche of results expected within 3 weeks

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• Drill rig is completing 33% above budgeted daily metres

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• Drilling commenced on 2[nd] priority area – Ueca

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Emerging Phosphate developer Minbos Resources Limited ( Minbos or Company ) (ASX code: MNB) is pleased to announce the completion of drilling on the Mongo Tando area of its Cabinda Phosphate Project in the Republic of Angola and dispatch of the first batch of samples from Mongo Tando to Set Point Laboratories in Johannesburg for assay.

Drilling commenced on Mongo Tando on the 1 October 2010, the original program consisted of 63 drill holes totalling 3,720 metres with results from the field identifying significant extension to the orebody in the southern area. A revised drilling program has incorporated 15 additional holes to increase the number to 78 holes totalling 3,523 metres. Based on these results, more drilling is planned in this area that may see the mineralisation extended by up to 4kms to the south.

Perth Office: 21 Teddington Road, Burswood, WA 6100 Australia Tel: +61 (08) 9486 2333 South African Office: 42 Kyalami Boulevard, Kyalami, Business Park Kyalami, Johannesburg Tel: +27 11 466 9462 Email: info@minbos.com Website: www.minbos.com.au

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During this period the Company mobilised sample preparation equipment to the site and completed setup and quality control procedures for the sample preparation facility with a laboratory technician from Set Point Laboratories now based in Cabinda to manage the sample preparation facility.

The first batch of samples consisting mainly of samples from the Mongo Tando central area has been dispatched to Set Point Laboratories in Johannesburg for assay with initial results expected to be received within three weeks. The Company will be shipping samples to the laboratory on a weekly basis with an expected turnaround time of two weeks.

Mongo Tando - Recently completed drilling

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Drilling has now commenced on the next priority area – Ueca. Historical drilling defined significant potential resources at Ueca which will be targeted by the current program of 41 holes. To date 13 holes have been completed at Ueca and the company is pleased to report better than expected thicknesses of mineralisation.

The drill rig mobilised from Wallis drilling is averaging 200m per day which is 33% percent above what was budgeted for and the company is confident that it will achieve its target of classifying the resources in its 4 priority project areas in Cabinda to a JORC compliant inferred category and then upgrading of priority inferred areas to JORC compliant indicated category during the 1[st] half of 2011.

Perth Office: 21 Teddington Road, Burswood, WA 6100 Australia Tel: +61 (08) 9486 2333 South African Office: 42 Kyalami Boulevard, Kyalami, Business Park Kyalami, Johannesburg Tel: +27 11 466 9462 Email: info@minbos.com Website: www.minbos.com.au

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Covered sample area

Drilling at Mongo Tando

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Drilling Mongo Tando

Phosphate Mineralisation in drill cuttings

For more information:

Peter Richards Minbos Resources Executive Chairman (08) 9486 2333

Ryan McKinlay Purple Communications (08) 6314 6300 0408 347 282

The information in this report has been reviewed and approved for release by Mr Tom Evers, MSc, Pr.Sci.Nat, who has over 20 years experience in mineral exploration, and who is the companies Chief Geologist and full-time employee and has sufficient experience in relation to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined by the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (The JORC Code 2004 Edition). Mr Evers has consented to inclusion of this information in the form and context in which it appears.

Perth Office: 21 Teddington Road, Burswood, WA 6100 Australia Tel: +61 (08) 9486 2333 South African Office: 42 Kyalami Boulevard, Kyalami, Business Park Kyalami, Johannesburg Tel: +27 11 466 9462 Email: info@minbos.com Website: www.minbos.com.au

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About Minbos

Minbos Resources Limited is an exploration company focussed on the development of the phosphate province centred on the Cabinda Province of Angola and the adjoining areas of the far western DRC. Minbos through its subsidiaries and joint ventures has access to over 400,000 ha of highly prospective ground that has seen over 45,000m of drilling previoulsy. Minbos is targeting the generation of a JORC resource in the first half of 2011.

The Company’s strategy has been to specifically target development of low cost phosphate projects, in order to tap into the growing global demand for fertilisers. Phosphate is an essential component in certain agricultural fertilisers, with the market supported by the increasing global demand for food and bio-fuel products.

For more information, visit www.minbos.com

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Perth Office: 21 Teddington Road, Burswood, WA 6100 Australia Tel: +61 (08) 9486 2333 South African Office: 42 Kyalami Boulevard, Kyalami, Business Park Kyalami, Johannesburg Tel: +27 11 466 9462 Email: info@minbos.com Website: www.minbos.com.au