MINBOS RESOURCES LIMITED — Capital/Financing Update 2012

Apr 15, 2012

Perth Office South African Office 108 Outram Street 42 Kyalami Boulevard West Perth, WA, 6005 Kyalami Business Park, Kyalami, Johannesburg PO Box 1346 West Perth WA 6872 T: +61 (08) 9476 4500 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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Monday, 16 April 2012

ASX ANNOUNCEMENT

UPDATE TO JORC COMPLIANT RESOURCE

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As a follow up to the Company’s announcement (dated 11 April 2012), the Company originally stated a mineral resource of 253.8Mt at 12.6% P2O5. This figure was slightly misstated and after consulting the interim technical report provided by Coffey Mining Pty Ltd (Coffey), the Company would like to provide a re-statement to the mineral resource of 254.1Mt at 12.6% P2O5 (confirming that the Performance Milestone criteria has been successfully met) and provide further detail of what this resource comprises:

		Tonnes	Grade	Cutoff
			% P2O5	%
Mongo Tando	Inferred	117,724,000	13.59	5.00
Cacata	Indicated	30,395,000	17.16	5.00
Chivovo	Inferred	6,691,000	20.26	10.00
Chibuete	Inferred	99,283,000	9.38	7.10
Total		254,093,000	12.55

Background of Performance Milestone

Under the Binding Heads of Agreement dated 15 April 2010, Minbos Resources Limited (“Minbos” or the “Company”) agreed to purchase 100% of the share capital of Tunan Mining Limited (the holder of the Project licences) (“ Tunan” ) of which part of the consideration paid to the original Vendors was the issue of 25,000,000 Class A Performance Shares (“ Performance Shares” ). These were to convert into fully paid ordinary shares upon the successful delineation of a JORC compliant resource of at least 250mt at an average insitu grade of greater than 12.5% P2O5 within the area covered by the Cabinda project within 18 months of the issue of these shares (“ Milestone” ).

The Company has received an interim technical report from Coffey Mining Pty Ltd (Coffey) that confirmed the Milestone had been met. However, Coffey is in the process of completing an updated, final technical report on the resource and the Company has negotiated an arrangement with the Vendors of Tunan to vary the number of ordinary shares they receive should there be a downgrade to the JORC compliant resource at the Company’s Cabinda Project.

Pending receipt of the final technical report, the Vendors have agreed to a voluntary holding lock on the ordinary shares that have been issued on conversion of the Performance Shares. If the final technical report re-confirms that the Milestone has been achieved, then the holding lock shall lift. If the mineral resource is downgraded, then the Vendors and the Company have agreed to cancel some of the ordinary shares issued to the Vendors based on a defined formula, subject to receipt of shareholder approval.

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Minbos Resources Limited – Announcement – 16 April 2012 1

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While the Company is confident that the final technical report will confirm that the Milestone has been satisfied, the arrangement above is considered a prudent measure.

To give effect to the conversion of the Performance Shares, subject to the terms and conditions of the Deed, an Appendix 3B will follow to issue 25,000,000 fully paid ordinary shares upon conversion of the Class A Performance Shares. As noted above, these shares are subject to a voluntary escrow and are also subject to an ASX escrow until 18 October 2012.

Competent Persons Statement

The information in this report that relates to Mineral Resources have been compiled by Kathleen Body (Pr Sci Nat). Kathleen Body is a full time employee of Coffey Mining (South Africa)(Pty) Ltd. The Mineral Resource Estimate is based on data and geological information supplied by the MTL JV. Kathleen Body has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that she is undertaking to qualify as a Competent Person as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves. Kathleen Body consents to the inclusion in this report of the matters based on her information in the form and context that the information appears.

For more information:

For more information please visit the Company’s website www.minbos.com or please contact:

Peter Richards Robbie McCrae Minbos Resources Minbos Resources Executive Chairman Chief Executive Officer peter@minbos.com robbie@minbos.com (+61) 08 9476 4500 (+27) 11 466 8516

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

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Minbos Resources Limited – Announcement – 16 April 2012

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