MINBOS RESOURCES LIMITED — Capital/Financing Update 2011

Oct 24, 2011

Perth Office South African Office Suite 2, Level 3 42 Kyalami Boulevard 1292 Hay Street Kyalami Business Park, West Perth, WA, 6005 Kyalami, Johannesburg PO Box 1974 West Perth WA 6872 T: +61 (08) 6140 2449 T: +27 11 466-8516/7 F: +61 (08) 6314 1587 F: +27 11 466-8523 E: info@minbos.com W: www.minbos.com

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25 October 2011 ASX ANNOUNCEMENT

MAIDEN HIGH GRADE JORC RESOURCE OF 31MT @ 21.4% P2O5 AT KANZI PROJECT IN THE DRC SURPASSES EXPECTATIONS

Highlights

• 46Mt @ 17.2 % P2O5 ( Including a high grade zone of 31Mt @ 21.4% P2O5 ) total JORC Inferred resource defined for the Kanzi Project.

• Resource provides basis for immediate assessment of a Bankable Feasibility Study on Kanzi.

KANZI PHOSPHATE PROJECT, DRC

Emerging Phosphate developer Minbos Resources Limited (Minbos) (ASX: MNB) is pleased to announce a maiden JORC Inferred resource estimate for its 100% owned Kanzi project in the Democratic Republic of Congo (license 12040 concession area).

Kanzi contains a JORC Inferred resource of 46Mt @ 17.2 % P2O5 (including a high grade zone of 31Mt @ 21.4% P2O5).

Coffey Mining Pty Ltd (Coffey), the Company’s independent Resource and Mining consultant has compiled and reviewed all relevant drill hole data and geological information, developed a geological model and used this to derive the stated resource. Datamine TM software was used to develop wireframes of the logged Upper Phosphate Member geological structure, a 3D block model and used inverse distance squared methodology to derive grades throughout the model.

Table 1 – Kanzi Resource Estimate

	Kanzi Project – Total Inferred Resource – Permit area 12040	Kanzi Project – Total Inferred Resource – Permit area 12040
Sample Cut-off grade **(P2O5) **	Total Tons (Million)	Average P2O5 grade (%)
0%	46	17.2%
12.5%	31	21.4%

Minbos Executive Chairman, Peter Richards, commented:

“The maiden Inferred resource at Kanzi is a great result for Minbos, and an important milestone in the development of the Kanzi project. The maiden resource surpasses the company’s initial expectations for Kanzi both in terms of tonnage and grade.

Internal numbers for Kanzi suggest the deposit has the potential to be developed into a low cost phosphate rock producer. As such, the Company plans to immediately assess the potential of moving directly in to a Bankable Feasibility Study.

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Minbos now has two high grade deposits with combined resources of over 50mt @ 21.4% P2O5, Cacata in the Cabinda province of Angola and Kanzi in the DRC. Both deposits are high grade and capable of fast-track development, positioning the Company to capitalise on the increasing demand for fertilisers as it aims to be a supplier to the world fertiliser market.”

The Kanzi Project

Kanzi is located in the far west of the DRC, 35kms (via a recently constructed tar road) from the operating port of Boma, on the Congo River in the DRC.

The high grade resource estimate for the deposit, detailed above, combined with the deposits close proximity to an operating port, indicates that the project has the potential to be a low capex and opex producer of phosphate rock. As such the company plans to immediately investigate commencing a Bankable Feasibility study to assess the potential of establishing a 1Mtpa phosphate rock export operation from Kanzi and will update the market accordingly.

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Figure 1 – Kanzi project location

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Competent Persons Statement

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 company’s Chief Geologist and fulltime 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.

About Minbos

Minbos Resources Limited is an exploration company focused on the development of phosphate and potash bearing ore within the Cabinda Province of Angola and the adjoining areas of the far western DRC. Through its subsidiaries and joint ventures, the Company is exploring over 400,000ha of highly prospective ground hosting phosphate and potash bearing ore. Minbos is growing its current Resource base in incremental stages as it drills out the known deposits during 2011.

The Company’s strategy is to specifically target the exploration and development of low cost fertiliser-based commodities in order to tap into the growing global demand for fertilisers. Phosphate and potash are 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

For more information:

Peter Richards Robbie McCrae Minbos Resources Minbos Resources Executive Chairman CEO peter@minbos.com robbie@minbos.com (+61) 08 6140 2449 (+27) 82 319 2690

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