MINBOS RESOURCES LIMITED — Capital/Financing Update 2012

Nov 15, 2012

16 November 2012

ASX ANNOUNCEMENT/MEDIA RELEASE

OPERATIONS UPDATE CACATA

POSITIVE METALLURGICAL TESTWORK RESULTS

Minbos Resources Limited (“ Minbos ”) (ASX: MNB) is pleased to announce results from the recently completed metallurgical testwork campaign carried out on diamond core from the Company’s Cacata Phosphate Project in the Cabinda Province in the Republic of Angola.

ASX Code: MNB PERTH OFFICE 108 Outram St West Perth WA 6005 Australia T: +61 8 9476 4500 E: info@minbos.com W: www.minbos.com SOUTH AFRICA OFFICE 42 Kyalami Boulevard Kyalami Business Park, Kyalami Johannesburg South Africa T: +27 11 466 8516/7

Highlights:

• Results from metallurgical testwork campaign on diamond drill core confirm results from earlier campaign carried out on aircore

• Simple scrubbing, screening process beneficiates to +34% P2O5 premium concentrate (Moroccan benchmark 31-33% P2O5)

• Upgradeability of the +26% P2O5 Cacata ore as per scoping study confirmed

• Upgradeability of +23% P2O5 Cacata ore to + 34% P2O5 proven

• +23% P2O5 ore provides significant increase in resources for development project

• Upgradeability of lower grade < 23% P2O5 ore confirmed by adding flotation

Minbos Managing Director, Mr Scott Sullivan, said:

“This next set of metallurgical results confirms both the previous metallurgical testwork and the processing route for Cacata ore in the scoping study published earlier this year.

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ASX ANNOUNCEMENT/MEDIA RELEASE

By confirming that the +23% P2O5 material can beneficiate to premium commercial grade concentrate levels of +34% P2O5 , this potentially significantly increases the volume of ore that can be processed at Cacata with a basic beneficiation circuit. This provides the Company with several options to consider during the upcoming BFS; including whether increase the life of mine or increase the throughput and production, both of which will significantly improve the already very attractive economics of Cacata.

The ongoing receipt of positive results on Cacata confirms the Company’s opinion on Cacata and its potential to become a world class low Capex and low Opex producer of the Phosphate Rock.”

Cacata – Metallurgical testwork results - Summary

Four (4) composite core samples from Cacata representing a range of P2O5 grades were selected from the core in Cabinda (refer below) and delivered to Mintek during August of 2012.

These samples were graded as follows:

• 17 - 21% P2O5

• 21 - 23% P2O5

• 23 - 26% P2O5

• 26 - 29% P2O5

The objective of the metallurgical testwork program was to determine a cut-off grade for Cacata ore which distinguished between ore which can be upgraded by scrubbing only and ore which requires milling and floatation to upgrade.

During the Scoping Study that was published earlier this year, an assumption was made that the cut-off grade would be 26% P2O5 for “scrubable” ore at a recovery of 77%.

The work is now complete and in summary, the conclusions are that:

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ASX ANNOUNCEMENT/MEDIA RELEASE

1. The ore grading +23% P2O5 can be upgraded by wet screening and scrubbing thus potentially increasing the quantity of “scrubable” ore at Cacata and thereby affording the options to either increase the life of the mine with a basic low cost, non-flotation processing circuit, or allow the throughput and production to be increased.

2. The ore grading 16% to 23% P2O5 is upgradable by milling and floatation to +33% P2O5.

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Figure 1: Core samples from Cacata

Competent Persons Dave Reeves

The information in this report has been reviewed and approved for release by Mr David Reeves, M. AusIMM, MSAIMM who has over 20 years’ experience in mineral development. Mr Reeves is a nonexecutive director of Minbos. He 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 Reeves has consented to inclusion of this information in the form and context in which it appears.

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ASX ANNOUNCEMENT/MEDIA RELEASE

For further information please contact:

Scott Sullivan Managing Director scott@minbos.com (+61) 8 9476 4500

For media enquiries contact:

David Ikin – Professional Public Relations email: david.ikin@ppr.com.au (+61) 8 9388 0944

About Minbos

Minbos Resources Limited is an exploration and development company with phosphate 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 bearing ore.

Minbos is focussed on the completion of the Bankable Feasibility Studies on the both the High Grade Cacata project in the Cabinda Province of the Angola and the High Grade Kanzi Project in the Bas Congo Province of the DRC.

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 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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