MINBOS RESOURCES LIMITED — Capital/Financing Update 2013

Dec 4, 2013

05 December 13

ASX Code: MNB PERTH OFFICE Level 1, 278 Stirling Hwy Claremont WA 6010 Australia T: +61 8 9322 9295 E: info@minbos.com W: www.minbos.com

ABN: 93 141 175 493

ASX ANNOUNCEMENT/MEDIA RELEASE

ADDITIONAL INFORMATION ON RESOURCE UPGRADE FOR THE

CABINDA LICENCES IN ANGOLA

HIGHLIGHTS:

• Measured Resource of 5.0Mt at 23.0% P2O5 reported for Cacata

• Cacata grade increases by 4.1%

• Mongo Tando tonnes increase by 91.8Mt or 78.5% and an Indicated Resource of 24.8Mt at 11.5% P2O5 reported

• Cabinda tonnes overall increase by 87.2Mt or 28.7%

• Cabinda contained Phosphate increase of 4.1% overall

• Resources reported according to JORC Code 2012 Edition

• Upgrade includes structural re-interpretation and uniform cut off grades of 5% for each project

• Performance Milestone for the Cabinda Project is confirmed

Minbos Resources Limited (“ Minbos ” or “ Company ”) (ASX:MNB) is pleased to release additional geological information on its latest resource upgrade for the Cabinda Project in Angola and an increase in total resource tonnes to 391.3Mt, an increase of 28.7% over the full Cabinda Resources reported in December 2011.

GEOLOGY

The Cabinda phosphate deposits are of the Florida/Morocco sedimentary type and occur in several beds of marine and coastal/fluvial origin. The high grade phosphate gravels are found at the top of a generally coarsening upwards sedimentary cycle of Cretaceous to Recent age in the Congo and Gabon Basins on the Atlantic Coast of Angola, the DRC, Republic of Congo and Gabon. This sedimentary package also hosts the petroleum and salt (potash) deposits of the region. The phosphate deposits are found in three grabens developed sub parallel to the Atlantic Coast.

The deposits are of Maastrichtian (Upper Cretaceous) or Eocene age and locally referred to as the Lower Phosphate Member (LPM), Pebbly Foraminiferal Clay and Limestone Unit (PFCL) and the Upper Phosphate Member (UPM). The LPM is a regionally extensive marine sequence of low grade phosphatic and barren sediments with remnants preserved in the grabens in Cabinda. The PFCL

05 December 13

ASX Code: MNB PERTH OFFICE Level 1, 278 Stirling Hwy Claremont WA 6010 Australia T: +61 8 9322 9295 E: info@minbos.com W: www.minbos.com

ABN: 93 141 175 493

which overlies the LPM hosts a gravel unit near the top of the sequence that may contain beds of low to moderate grade phosphate. The UPM is found only in the grabens and is interpreted to be formed within these structures as a primary deposit or reworking of the older sediments. The unit consists of gravels and sands of teeth, bones, pellets and nodules containing phosphate minerals and hosts the high grade mineralization at Cacata and Chivovo. The known deposits in Cabinda are shown in Figure 1. Four of these, Mongo Tando, Cacata, Chivovo and Chibuete have Mineral Resources.

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Figure 1: Cabinda deposits regional layout

DRILLING AND SAMPLING

All areas of Cabinda have been sampled using a Wallis Aircore rig which uses a reverse circulation technique suitable for unconsolidated and soft material. The technique produces a sample containing powder, chips and occasionally pieces of core. Samples are collected for runs of one metre. Samples are dried and crushed to 95% or more particles less than 2.8mm (95% passing 2800). Samples are split to obtain a 200g sample. Samples are then composited for a 400g sample representing 2m. Composited samples are not combined on the proportional weight of the recovered mass, but simply as 200g samples of each 1m sample. Variability testing has shown that

05 December 13

ASX Code: MNB PERTH OFFICE Level 1, 278 Stirling Hwy Claremont WA 6010 Australia T: +61 8 9322 9295 E: info@minbos.com W: www.minbos.com

ABN: 93 141 175 493

no significant sampling bias is introduced by this method. Drill spacing for Aircore is at either at a nominal grid 500m x500m or 250m x250m.

Diamond core drilling has been completed at Cacata on a 100m x100m grid in the Central portion of the deposit to evaluate the short scale variability. In addition some of the boreholes were twinned with Aircore holes to assess the accuracy of the Aircore drilling at both Cacata and Chivovo. Sample preparation for the diamond boreholes is the same as for the Aircore samples. Density measurements of the deposit were taken on the cored samples.

Samples are assayed for the following suite

	Table 1 Assay Suite
Method	Parameter
XRF	P2O5, CaO, MgO, MnO, Al2O3, Fe2O3,K2O,Na2O,SiO2,TiO2,Cr2O3,V2O—all samples
ICP	As, Cd, Cu, Pb, U3O8, Zn, Hg --every 10thsample
Other as appropriate	LOI, S, --All samples F, Total C, CO2, Organic C-- every 10thsample

BENEFICIATION TESTWORK

Beneficiation testwork confirmed upgradeability of +23% P2O5 to +30% with scrubbing and screening and upgradeability of <23% P2O5 by flotation. Testwork to date has only included composite samples of >16%P2O5. Samples in the 5-15% range have similar characteristics to the lowest grade samples tested, but have not had testwork to determine actual processing parameters. These low grade portions have all been classified as Inferred.

MINING

Is has been assumed from the Scoping Study that the initial mining operations for the high grade area of Cacata will be undertaken as an owner-operator mine. Limited stripping is envisaged for most of the mining areas and will coincide with phosphate production. The designed pit will be mined through conventional truck and shovel mining methods applying a rollover technique, with phosphate removal being followed by backfilling of overburden material and topsoil. It is envisaged that this will be a free dig operation where no drilling and blasting activities are required.

Approximately one hectare of initial clearing and grubbing of vegetation for the pits is assumed for the establishment of mining operations. Topsoil is stripped and placed on an initial topsoil dump which will be used for backfilling as mined out areas are rehabilitated.

05 December 13

ASX Code: MNB PERTH OFFICE Level 1, 278 Stirling Hwy Claremont WA 6010 Australia T: +61 8 9322 9295 E: info@minbos.com W: www.minbos.com

ABN: 93 141 175 493

MINERAL RESOURCES

Mineral Resource estimation is by inverse distance power weighting method. Weighting power was either 3, for close spaced drillholes, or 2 for wider spacing. In all areas, the deposits were divided into sedimentary packages based on sedimentary structure and major oxide chemistry. Grade estimations were undertaken within sedimentary packages. Mineral resources were classified based on the results of the Scoping Study of 2012.

Cacata and Chivovo are expected to utilise known technology and mining methods generally used in similar operations in the industry.

Mineral Resources were classified based on the following parameters:

	Table 2 Mineral Resource Classification Parameters
Parameter	Measured	Indicated	Inferred
Drill Spacing	100x100m, diamond drill core and Aircore	<=250m, Aircore only	Generally <=500m, Aircore only
Geology	Continuous mineralization, contiguous minable blocks, detailed sedimentology,	Continuous mineralization, contiguous blocks of mineralization, sedimentological units identifiable	Mineralization may be discontinuous, stratigraphy poorly defined-
Processing method, based on beneficiation testwork and current industry technology	Grade distribution and contaminants known in detail, processing method can be defined as either Scrubbing and screening or flotation	Grade distribution and contaminants known processing method can be defined as either Scrubbing and screening or flotation	Grade distribution poorly known or processing parameters uncertain, flotation assumed
Cut-off grade, based on beneficiation testwork, PEA 2012 and current industry technology	Estimated Block Grade of >5% P2O5, Average grade of>7%P2O5 Additional parameters may be applied for classification by different processing methods	Estimated Block Grade of >5% P2O5, Average grade of>7%P2O5 Additional parameters may be applied for classification by different processing methods.	Estimated Block Grade of >5% P2O5,Average grade of>7%P2O5
Mining, based on PEA 2012 Standard opencast mining, selection on 125m blocks	Sufficient detail for mine planning	Some selection assumed, sufficient detail for preliminary mine planning	Insufficient detail for mine planning

The current update includes changes only to Cacata, Chivovo and Mongo Tando. Chibuete was not reassessed during this exercise. The phosphatic sediments at Ueca do not meet the criteria for classification as mineral resources at this time.

05 December 13

ASX Code: MNB PERTH OFFICE Level 1, 278 Stirling Hwy Claremont WA 6010 Australia T: +61 8 9322 9295 E: info@minbos.com W: www.minbos.com ABN: 93 141 175 493

CACATA

As previously announced, a limited diamond drilling program of 8 in-fill holes on a 100m x 100m grid was drilled to test the variability of the deposit over short ranges and 8 twin holes were drilled to confirm assay results and geology.

Beneficiation testwork confirmed upgradeability of +23% P2O5 to +30% with scrubbing and screening and upgradeability of <23% P2O5 by flotation.

A Measured Resource of 5Mt at 23% P2O5 has been defined. An additional 10.2Mt at 25.3% P2O5 has been classified as Indicated.

Re-interpretation of the Cacata stratigraphy has lead to a separation of the phosphate bearing horizons into two distinct units (Figure 2). The northern unit (UPM) has dense drilling and contains the Measured and Indicated Mineral Resources. The southern unit (PFCL) has sparser drilling, less defined mineralization and has been downgraded to an Inferred Mineral Resource of 11.8Mt at 8.8% P2O5.

05 December 13

ASX Code: MNB PERTH OFFICE Level 1, 278 Stirling Hwy Claremont WA 6010 Australia T: +61 8 9322 9295 E: info@minbos.com W: www.minbos.com ABN: 93 141 175 493

Figure 2 Cacata Prospect –Geology Top figure shows full extent of the deposit with drilling. Bottom figure shows the detail of the high grade UPM portion

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Grades - Red (>23%), Orange (20%-23%), Yellow (17%-20%), Green (12.5%-17%), Lt Blue (5%-12.5%), Dk Blue (<5%) (screen capture image not to scale)

MONGO TANDO

Mongo Tando has been upgraded to an Indicated Resource of 24.8Mt at 11.5% P2O5 and Inferred Resource of 184.0Mt at 8.0% P2O5.

Since December 2011, the geology of Mongo Tando has been completely reinterpreted (Figure 3). Additional data from 38 boreholes which became available in 2012 and surface surveys of the

05 December 13

ASX Code: MNB PERTH OFFICE Level 1, 278 Stirling Hwy Claremont WA 6010 Australia T: +61 8 9322 9295 E: info@minbos.com W: www.minbos.com

ABN: 93 141 175 493

historical boreholes and the topography lead to major changes in the database used for mineral resource estimation. Mongo Tando Central contains both the UPM and the PFCL units as at Cacata, leading to a thicker deposit than was originally thought. At Mongo Tando North, phosphate is found over large areas, however individual layers are discontinuous due to faulting and erosion. Mongo Tando South contains lower grade phosphate layers over the entire area.

The major increase in tonnage is primarily due to material that has been included as a result of a better understanding of the potential beneficiation process, which has allowed a lowering of potential minimum average feed grades from 12.5% P2O5 to 7.0% P2O5 resulting in a cut-off grade for the mineral resource of 5% P2O5. All Indicated Resources are in Mongo Tando Central. Inferred Resources are spread over all three areas.

Figure 3 Mongo Tando Modelled Geology (P2O5 grades are for top layer only, UTM Zone M32 coordinates shown)

==> picture [449 x 335] intentionally omitted <==

Grades - Red (>23%), Orange (20%-23%), Yellow (17%-20%), Green (12.5%-17%), Lt Blue (5%-12.5%), Dk Blue (<5%). Boreholes shown in Red

05 December 13

ASX Code: MNB PERTH OFFICE Level 1, 278 Stirling Hwy Claremont WA 6010 Australia T: +61 8 9322 9295 E: info@minbos.com

W: www.minbos.com

ABN: 93 141 175 493

CHIVOVO

4 diamond drill holes for a total of 97.6m were drilled at Chivovo (Figure 4) which has resulted in an upgrade to an Indicated Resource of 6.5Mt at 20.5% P2O5.

The new boreholes conformed the grades in the Aircore holes and the deposit was not reestimated. The small drop in the tonnage is a result of the Scoping Study, which identified a small portion in the far north of the deposit as not potentially economically extractable at the time.

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Figure 4
Chivovo Prospect Geology
Top and Bottom views
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Grades - Red (>23%), Orange (20%-23%), Yellow (17%-20%), Green (12.5%-17%), Lt Blue (5%-12.5%), Dk Blue (<5%) (screen capture image not to scale)

05 December 13

ASX Code: MNB PERTH OFFICE Level 1, 278 Stirling Hwy Claremont WA 6010 Australia T: +61 8 9322 9295 E: info@minbos.com W: www.minbos.com

ABN: 93 141 175 493

The Chivovo deposit lies some 40km along strike from Cacata and the ground between them, including the Cambota target, presents execellent prospectivity for high grade targets.

Scott Sullivan, Minbos Resources Managing Director and Executive Chairman said “ The Mongo Tando resource is turning into a very large tonnage singular deposit that presents future opportunties to examine a mine coupled to a fertiliser plant. The upgrade of the Cacata resource into a Measured Category is an important confidence booster for input into the BFS and the prospectivity of the area around Cacata is excellent, potentially leading to satelite mines that could continue to feed high grade ore into the Cacata processing plant long into the future ”.

For further geological information please refer to Appendix 1 – Table 1 of the JORC Code.

Table 3: October 2013 resources compared to last announcement in December 2011

		October 2013	October 2013	October 2013	December 2011	December 2011	December 2011
Project	Category	Tonnes Mt	Grade % P2O5	Cut Off % P2O5	Tonnes Mt	Grade % P2O5	Cut Off % P2O5
Cacata	Measured	5.0	23.0	5.0
	Indicated	10.2	25.3	5.0	30.4	17.0	5.0
	Inferred	11.8	8.8	5.0
	Sub Total	27.0	17.7	5.0
Mongo Tando	Indicated	24.8	11.5	5.0
	Inferred	184.0	8.0	5.0	117.0	13.7	5.0
	Sub Total	208.8	8.4	5.0
Chivovo	Indicated	6.5	20.5	5.0
	Inferred				6.7	20.3	10.0
Chibuete	Inferred	149.0	8.3	5.0	150.0	8.3	5.0
Total		391.3	9.2		304.1	11.5

Competent Persons Statement

The information in this report has been reviewed and approved for release by Ms Kathleen Body, Pr.Sci.Nat, who has over 18 years of experience in mineral exploration and mineral resource estimation. Ms Body is a Principal Consultant and full-time employee of Coffey Mining (South Africa) (Pty) Ltd and contracted to Minbos. She 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 2012 Edition). Ms Body has consented to inclusion of this information in the form and context in which it appears.

05 December 13

ASX Code: MNB PERTH OFFICE Level 1, 278 Stirling Hwy Claremont WA 6010 Australia T: +61 8 9322 9295 E: info@minbos.com W: www.minbos.com

ABN: 93 141 175 493

PERFORMANCE MILESTONE CONFIRMED

Under a Binding Heads of Agreement dated 15 April 2010, Minbos agreed to purchase 100% of the share capital of Tunan Mining Limited (“ Acquisition ”) of which part of the consideration paid to the original vendors (“ Vendors ”) was the issue of 25,000,000 Class A Performance Shares (“ Performance Shares” ). These were to convert into fully paid ordinary shares in Minbos 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” ).

As announced on 11 April 2012, an interim technical report from Coffey Mining Pty Ltd (“ Coffey ”) confirmed that the Milestone had been met. To give effect to the terms for the conversion of the Performance Shares following satisfaction of the Milestone, the Performance Shares were converted to 25,000,000 fully paid ordinary shares in Minbos on 16 April 2012 (“ Converted Shares ”).

On 11 April 2012 it was also announced that Minbos and the Vendors had agreed to a voluntary holding lock on the Converted Shares subject to the results of a final technical report from Coffey (“ Coffey Final Report ”). The terms of this agreement were set out in a deed between Minbos and the Vendors dated on or about 10 April 2012 (“ Conversion Deed ”). Under the terms of the Conversion Deed following receipt of the Coffey Final Report the voluntary holding lock would be lifted and either:

• (i) all of the Converted Shares released to the Vendors; or

(ii) a portion of the Converted Shares would be bought back and cancelled by Minbos and the balance released to the Vendors,

in accordance with the formula set out in Appendix 2 (“ Conversion Formula ”).

Minbos has received the Coffey Final Report which confirms that the resource tonnage achieved is 391.3 million tonnes at an average grade of 9.2%. This equates to a conversion factor of 112% and consistent with the terms of the Conversion Formula requires Minbos to remove the holding lock and release all of the Converted Shares to the Vendors.

ENDS

For further information please contact:

Scott Sullivan For media enquiries contact: Managing Director David Ikin – Professional Public Relations scott@minbos.com david.ikin@ppr.com.au +61 (0) 8 9322 9295 +61 (0) 8 9388 0944

05 December 13

ASX Code: MNB PERTH OFFICE Level 1, 278 Stirling Hwy Claremont WA 6010 Australia T: +61 8 9322 9295 E: info@minbos.com W: www.minbos.com ABN: 93 141 175 493

About Minbos

Minbos Resources Limited ( ASX:MNB ) is an ASX-listed exploration and development company focused on phosphate 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 ore.

Minbos is focussing on the development of the high grade Cacata project in Cabinda and the high grade Kanzi project in the far western DRC whilst growing its current resource base in incremental stages on the remaining deposits in both areas.

The Company’s strategy is to specifically target the exploration and development of low cost fertiliserbased 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

APPENDIX 1 - MINBOS RESOURCES LIMITED – TABLE 1 of the JORC Code 2012

Section 1: Sampling Techniques and Data

Section 1: Sampling Techniques and Data	Section 1: Sampling Techniques and Data	Section 1: Sampling Techniques and Data
Criteria	Aspect of Work	Compliance
Sampling techniques	Nature and quality of sampling Sample representivity Aspects of the determination of mineralisation that are Material to the Public Report	Primary Mineral Resource drilling used Aircore drilling (a Reverse Circulation drilling type where samples retrieved are pulverized in the drilling process.) to obtain 1m samples. Full samples were collected at the drill site. Confirmation drilling in selected locations was by conventional diamond drilling and collected core of the target horizon and some of the overburden. Sample weights of the Aircore drilling were monitored against expected recoveries. Twin twinning of drillholes with both Aircore and diamond drilling showed no substantial differences in the assay results. Depth errors in the Aircore drilling were small and not material to the Mineral Resource estimation. Aircore samples were dried before being crushed. Rotary splitter was used to split the samples and approximately 1kg was taken for analyses. Samples were pulverised and then analysed by XRF for all major oxides, Cl, S and LOI. A Random 10% of the samples were submitted for analyses for U, F, As, Cd, Cu, Pb, Zn, Hg, TOC,C,CO2 Hand-held XRF was used on site to assess the limits of the mineralized zone. At Chibuete and Ueca and parts of Mango Tando samples identified by this method may have been rejected for assay if they were analysed at below 3% P2O5. In only one case was this found to be an erroneous measurement.
Drilling techniques	Drill type and details	A standard Aircore drilling was used. All holes were drilled vertically. Because of the unconsolidated/semi- consolidated nature of the material drilled the sidewalls of the holes were unstable and no downhole surveys were conducted. Any deviation from the vertical is not material to the results of the mineral resource estimation.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Relationship between sample recovery and grade	Sample recovery was measured through the weight of the samples taken. Drillers’ experience on the phosphate deposits and constant supervision of drilling by Senior Geologist ensured that sample recovery is of an acceptable standard. Results of twin drilling and variability testing by MINBOS show no correlation between sample recovery and grade.
Logging	Type of logging and appropriateness to use of data qualitative or quantitative logging Length/proportion of core logged	Logging of geology and mineralization was done to a level of detail to support appropriate Mineral Resource estimation and other studies. Quantitative logging was done on all samples according the generally accepted standards for description of sedimentary rocks. Chip trays were kept for future reference. ½ Core was retained. 1m samples were collected and logged from Aircore. Drill runs for the diamond drilling were in 1 m runs but sampling was done on geology and may have deviated from 1m samples.

APPENDIX 1 - MINBOS RESOURCES LIMITED – TABLE 1 of the JORC Code 2012

Criteria	Aspect of Work	Compliance
Sub-sampling techniques and sample preparation	Sub-sampling nature of core samples Sub-sampling nature if non-core samples quality and appropriateness of the sample preparation technique Quality control procedures for all sub-sampling stages Measures to ensure sampling is representative of the in situ material Appropriateness of sample size	Half core was taken where core could be split with a blade. Where rock was severely incompetent approximately half of the material was removed from one side of the pile in the core box. Rotary splitting was used to subsample the Aircore samples An appropriate and tested quality control program was implemented. Blanks samples were used to detect contamination. Duplicates samples were taken at the first crush and pulp stages to assess subsampling errors. In areas of economic interest the full intersection of mineralization was sampled, samples were of uniform sized and treated in the same manner. In lower grade areas some samples tested below 3% P2O5may have been excluded as waste. The drilling process results in a partially pulverized and homogenized sample. Samples are at least 2 orders of magnitude large than the largest particles. !m samples are considered appropriate.
Quality of assay data and laboratory tests	Nature, quality and appropriateness of the assaying and laboratory procedures Description of other analytical techniques Quality control procedures and levels of accuracy and precision	Samples were analysed for major oxides using the XRF, Contaminants were assayed using a variety of techniques including ICP, ISE, thermal combustion. A handheld XRF instrument was used to determine mineralization boundaries in the field. Results were not used for mineral resource estimation. Deposit appropriate certified reference materials were used as quality control samples for phosphate only. There are no commercially available standard reference materials for the full oxide suite for phosphate deposits. Quality control procedures included standards, blanks, duplicates, variability testing on sample preparation procedures, multiple drilling techniques and twinning of drillholes. Umpire assays have not been done however accuracy has been demonstrated to a high level of confidence with the procedures in place. Levels of precision and accuracy have been monitored over three years. Accuracy and precision have been consistent and good.
Verification of sampling and assaying	Verification of significant intersections The use of twinned holes. Description of other analytical techniques Quality control procedures and levels of accuracy and precision Documentation of primary data, data entry procedures, data verification, data storage protocols	Verification of some intersection was done by the CP during site visits. 8 Cacata 4 Chivovo Assay method is the same as for Aircore samples. None. Assays are considered a complete suite for sedimentary phosphate deposits. Quality control procedures included standards, blanks, duplicates, variability testing on sample preparation procedures, multiple drilling techniques and twinning of drillholes. Umpire assays have not been done however accuracy has been demonstrated to a high level of confidence with the procedures in place. Data entry and storage process are simple and use hand written logs and Excel spreadsheets. No detailed written protocols are considered necessary.

APPENDIX 1 - MINBOS RESOURCES LIMITED – TABLE 1 of the JORC Code 2012

Criteria	Aspect of Work	Compliance
	Adjustment to assay data	Assays are considered accurate. No adjustments were made to the assays_._
Location of data points	Accuracy and quality of surveys used Grid system used Quality and adequacy of topographic control.	All collar locations have been survey by DGPS or Theodolite as necessary by a qualified surveyor and are considered accurate. UTM, WGS84 The positions of the collars have been surveyed. No topographic survey has been conducted and a detailed topographic map is not available.
Data spacing and distribution	Data spacing data spacing and distribution sufficiency for geological and grade continuity Compositing	Sampling has been on regular grids at approximately 125m, 250m or 500m spacing intersecting the full target. Large gaps are only where there is no target horizon present. The distribution is sufficient to establish geology and grade continuity in the areas of economic interest. Areas known to be lower grade with potential mining more than 15years beyond the start of any production may be incompletely sampled. The mineral resource classification has taken this into account. Aircore samples as all samples are 1m. Assays were done mostly on 2m composite samples. 1m assay samples were occasionally used where there were no adjacent samples to make up a composite (i.e. at geological contacts).
Orientation of data in relation to geological structure	Deposit type and confirming unbiased sampling Orientation of drilling and key mineralised structure	Sampling has been on regular grids at approximately 125m, 250m or 500m spacing intersecting the full target. Smaller spaced sampling has been in areas of economic interest but is not considered to have caused sampling bias. All drillholes are drilled at -90 degrees. The phosphate deposits are essentially horizontal..
Sample security	Sample security	There are no security issues associated with this deposit. Possibility of major contamination or deliberate alteration is very low. Samples were put in the exploration camp where the site staff was staying. Samples were secured and there were always personnel on site camp. Samples sent to South Africa have a full set of shipping documents.

APPENDIX 1 - MINBOS RESOURCES LIMITED – TABLE 1 of the JORC Code 2012

Section 2: Reporting of Exploration Results

Section 2: Reporting of Exploration Results	Section 2: Reporting of Exploration Results	Section 2: Reporting of Exploration Results
Criteria	Aspect of Work	Compliance
Mineral tenement and land tenure status	Tenement details and land usage Security of the tenure	The Cabinda Project Exploration License is held by Mongo Tando Limitada S.A in which Minbos holds a 50% share. The license (No 0006/06/01/L.P./GOV.ANG.MGM/2010) covers 1,909km² and was been granted for three years expiring on 20th January 2013. The license requires an expenditure commitment of US$1,000,000. New legislation has delayed the renewal process, however the Exploration license is still recognised and an application for renewal of the License has been submitted and is in the final stages of approval. It covers all of the known phosphate deposits in Cabinda
Exploration done by other parties	Exploration done by other parties	Exploration was conducted by Mongo Tando Limitada of which MINBOS is one of the Partners.
Geology	Deposit type, geological setting and style of mineralisation.	Phosphate deposits and phosphatic horizons are located in the Atlantic coastal basin within the Cretaceous and Eocene sediments. Deposits are similar to those found in Morocco, Saudi Arabia and Florida and consist of marine and fluvial gravels sands and silts. Regionally extensive low grade deposits of phosphatic sand and silts are found in the Late Cretaceous Maastrichtian sediments. The sequence can be up to 80m thick with three mineralized layers separated by thick barren layers. Thicker sequences are found preserved in grabens. These Maastrichtian sediments are referred to in Angola and the Lower Phosphate Marker. Younger more restricted deposits of medium to high grade phosphatic gravels and sands are found developed in grabens aligned sub parallel to the Atlantic coastline. Phosphates are found on the upper most layers of the Eocene aged Pebbly Foraminiferal Clay and limestone unit (PFCL) and the Overlying Eocene/Ypresian unit Known in Angola as the Upper Phosphate Marker. The PFCL consists of phosphatic sands and lesser gravels with no limestone. There is however a dolomitic matrix in this unit sampled at Cacata and Mongo Tando. A partial sequence has been intersected at Cacata and Mongo Tando. The Phosphorite layers of the UPM are sandy, with some gravels and overlain by sandstone and argillites. A rich fauna was found in which the following fossils have been identified: Odontaspis speyeri Dartevelle (shark-teeth), Physodon tertius Winkler (mackerel shark-teeth), Pristis lathami Galeotti (sawfish) and other. Remains found in pits dug by MTL are teeth, jawbones and coprolites. The UPM is 6-38m thick in the MINBOS properties. Mineralization styles vary over the Cabinda deposits from very high grade gravels with coprolites, pellets, teeth and bones to silty fine grained phosphorite with low grade regular deposits of phosphates. The phosphorite beds consist of three main mineral phases, a phosphate phase of mainly apatite/francolite, a sand phase of predominantly silica/quartz and a clay phase of primarily iron-potassium rich clay minerals. These phases are clearly seen in the assay results from high grade phosphates and show grouped distributions of Fe2O3-Al2O3, SiO2 and CaO-P2O5. Except for K2O, other major oxides have very low grades. At lower phosphate grades the distributions are more complex and dolomite is a component of most of the deposits
Drill hole Information	A summary of all information material to drill holes	Over 360 holes have been drilled on the property in 2010 and 2011. Drillholes have been publically disclosed in the following announcement. 15.05.2012

APPENDIX 1 - MINBOS RESOURCES LIMITED – TABLE 1 of the JORC Code 2012

Criteria	Aspect of Work	Compliance
	Explanation of exclusion of information material to all drill holes	There is no new drilling information since these announcements.
Data aggregation methods	Material aspects of data aggregation methods declared Detail of aggregation methods if very varied Assumptions used for any reporting of metal equivalent	No cutting and capping or weighting was done. Samples are all of uniform size. No aggregation is used in the reporting of results in this announcement. There are no metals in this deposit. There is only one product, Calcium phosphate/Calcium fluorophosphate
Relationship between mineralisation widths and intercept lengths	Relationship between mineralisation widths and intercept lengths	Intercept widths are true widths of the mineralization.
	Geometry of the mineralisation with respect to the drill hole Clear statement If only the down hole lengths are reported,	Drilling is generally oriented on a grid parallel to the major dimensions and drillhole intersect the mineralization perpendicular to the layering.
Diagrams	Appropriate maps and sections	Basic maps and sections have been included in the report and the company website. Detailed maps are not included in the public announcements as they cannot be fit to the required format due to the large volume of data and size of the deposit.
Balanced reporting	Comprehensive and balanced reporting of all Exploration Results	Comprehensive reporting of results is not practical due to the large volume of data. Some of these results have been reported in previous reports and public announcements.
Other substantive exploration data	Other meaningful and material exploration data	There is no additional data material to the project.
Further work	The nature and scale of planned further work Diagrams clearly highlighting the areas of possible extensions	Additional drilling or bulk sampling will only be considered as part of advanced studies at the pre-feasibility or feasibility level and will be based on operational requirements determined during these studies.

APPENDIX 1 - MINBOS RESOURCES LIMITED – TABLE 1 of the JORC Code 2012

Section 3 Estimation and Reporting of Mineral Resources

Criteria	Aspect of Work	Compliance
Database integrity	Measures taken to ensure data integrity Data validation procedures used.	Supervision and hard copy checking against the electronic version were done. Original certificates from the labs were used. Spot checks of hand written logs and electronic copies were made. Geological boundaries were cross- validated with assay information for consistency.
Site visits	Material and meaningful information in respect of the site visit Explanation of why no site visit was undertaken	The CP has visited the site on 3 occasions during drilling operations to assess drilling and sampling methods, inspect samples and institute changes where needed.
Geological interpretation	Confidence in the geological interpretation of the mineral deposit. Nature of the data used and assumptions made. The effect of alternative interpretations on Mineral Resource estimation. The use of geology in guiding and controlling Mineral Resource estimation. The factors affecting continuity both of grade and geology.	The geology is well understood. Surface surveys, collar data, geological data and assay results were all used in Mineral Resource estimation. None. The geology is well understood and there are no alternative interpretations. Structure and sedimentological characteristics were used to define homogeneous domains. Deposits are marine, lagoonal, and fluvial. There is good sedimentological and chemical continuity at the scale of mining. Structural continuity is good to poor depending on the deposits.
Dimensions	The extent and variability of the dimensions of the Mineral Resource	5 deposits range from 2-15km long by 250m to 2.5km wide. Thickness can be more than 50m
Estimation and modelling techniques	The nature and appropriateness of the estimation technique(s) applied and key assumptions Details in respect of check estimates, previous estimates or production records	Grades of the major elements estimated are not highly skewed and there are no extreme values that require cutting or capping. Domaining is on the basis of geology and whole rock chemistry and varies by deposit. Estimation was based in the inverse distance interpolation and extrapolation was generally less than one block from the nearest borehole. Exceptions are documented. Data analysis and estimation were carried out using Datamine and Isatis software. Due to the large volume of information parameters are not given in this table but are documented in the full Mineral Resource report. Resource models were validated using statistical and visual checks. This study is an update of the previous modeling. Previous models were compared with the present ones. No production has taken place.

APPENDIX 1 - MINBOS RESOURCES LIMITED – TABLE 1 of the JORC Code 2012

Criteria	Aspect of Work	Compliance
	The assumptions made regarding recovery of by-products. Estimation of deleterious elements or other non-grade variables of economic significance Block size details Any assumptions behind modelling of selective mining units.	No by-products are expected to be recovered from the processed material. All oxides were used in the estimation. Contaminants, S, Cd, F, Cl, Hg and base metals were all below the maximum limits and not estimated. Block sizes varied with each deposit within but were not less than ½ drill spacing. Selective mining unit modelling is not appropriate to the deposit at this time.
Estimation and modelling techniques (continued)	Assumptions about correlation between variables.	Correlation studies were conducted and found the P2O5and CaO has the strongest correction. However CaO is present in more than one mineral species and alteration in some zones has changed the relationship between the two elements. P2O5and CaO were treated as independent. There is a strong inverse relationship between SiO2and P2O5. The two elements are found in physically distinct mineral species and are independent of each other.
	Description of how the geological interpretation was used to control the resource estimates. Discussion of basis for using or not using grade cutting or capping. The process of validation,	Domains were chosen on the basis of chemical and sedimentological and characteristics. Geometry of the top and bottom contacts was used in the estimation search parameters No capping or cutting was done as there are no extreme values. Visual comparison of the model to the drillhole traces was done. Comparison of the means for the different oxides from the model and drillhole data was conducted.
Moisture	Details of moisture in relation to tonnage and method of determination	Tonnages were estimated as dry.
Cut-off parameters	The basis of the adopted cut-off grade(s) or quality parameters applied.	Cut-offs were applied based on the results of the beneficiation testwork and recoveries achieved of similar deposits currently being mined.
Mining factors or assumptions	Details in respect of mining factors and assumptions	Conventional open pit mining can be done as the mineralization is near the surface and overburden is sand.
Metallurgical factors or assumptions	Details in respect of metallurgical factors and assumptions	High Grade portions of the Cacata deposits (>23% P2O5and <30%SiO2) can be processed scrubbing and screening. This may also be the case for parts of Chivovo and Mongo Tando Central. This has been tested for Cacata and Chivovo. The lower grade portions of the deposit can be upgraded by adding a floatation circuit. This has been shown by preliminary testwork at Cacata. Testwork is confirmed that a concentrate produced is suitable for phosphoric acid production.

APPENDIX 1 - MINBOS RESOURCES LIMITED – TABLE 1 of the JORC Code 2012

Criteria	Aspect of Work	Compliance
Environmental factors or assumptions	Details in respect of environmental factors and assumptions	Land degradation and noise/air pollution are the factors to be considered when mining. Minor agricultural activities will be disturbed and some settlements will need to be relocated. Contaminants normally associated with phosphate deposits are at or below levels seen in operations at similar deposits. No major environmental issue has been identified at this stage.
Bulk density	Details in respect of bulk density measurements Adequacy in respect of voids in bulk density determination Bulk density assumptions for all materials	Density was measured from drill core at three locations, the Cacata and Chivovo in the current drilling and at Mongo Tando in the historical drilling. All density is dry density. Density calculated measured weight/drilled volume. Drilled volume is the length of material * nominal diameter of the core. This method was used to account for swelling in the core when extracted from the core barrel and/or shrinking due to dehydration in the drying process. Immersion methods could not be used due to the unconsolidated nature of the drilled material. Weights were measured form short core lengths and multiple runs in filled core boxes. Methodology for the historical data is not known. All three sets of density measurements had similar means. Whole rock was measured before crushing. Porosity was preserved in the measured rock. A mean density of the phosphate was used. The densities measured were in a narrow range and in the presumed bulk mining methods to be used would local variability in density is unlikely to be a major variable.
Classification	Basis for the classification of the Mineral Resources	Drillhole spacing, drill type, density measurements, geology and grade continuity and processing factors were considered when classifying the mineral resources.
	Whether appropriate account has been taken of all relevant factors Whether the result appropriately reflects the Competent Person’s view of the deposit	All known factors related to Mineral Resource Classifications where considered The results reflect the Competent Person’s view of the MTL phosphate deposits.
Audits or reviews.	The results of any audits or reviews of Mineral Resource estimates.	A resource geologist from the joint venture partners was involved in the reviews of the work done. No reviews external to the project have been undertaken as there is not current requirement for this.
Discussion of relative accuracy/ confidence	Statement of the relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed appropriate by the Competent Person. statement to specify if global or local estimates, and, relevance to technical and economic evaluation. Documentation should include assumptions made and the procedures used Comparison of estimate with production data, where available	The confidence on the Mineral Resource estimation is moderate to high. There is high confidence on geological and grade continuity at Cacata, Chivovo and parts of Mongo Tando Central and low to moderate confidence in the other areas. Local estimates were conducted by stratigraphic/sedimentological unit using the inverse power of distance to obtain reasonable grade/tonnage distributions. Distributions are not highly skewed and any bias in the mean deposit grade is expected to be low. The tonnages and grades of the Mineral Resource models are stated in the report. There is no production at any MTL site.

APPENDIX 2: CONVERSI ON FORMULA

The Conversion Formula will comprise an adjustment to both the final JORC resource tonnes and grade relative to the Milestone with a view to deriving a total number of Shares to be issued on conversion of the Class A Performance Shares. The Conversion Formula will comprise the following steps:

• (a) The Conversion Formula will comprise as adjustment to both the final JORC resource tonnes and grade relative to the Milestone with a view to deriving a total number of Shares to be issued on conversion of the Class A Performance Shares. The Conversion Formula will comprise the following steps:

• (b) Tonnes Adjustment Factor: will equal the Final JORC Resource Tonnes divided by the Milestone Tonnes of 250Mt;

• (c) Grade Adjustment Factor: will equal the Final JORC Grade minus 0.25% divided by the Milestone grade of 12.5%;

• (d) Conversion Factor: multiply the Tonnes Adjustment Factor by the Grade Adjustment Factor to derive the Conversion Factor. If the Conversion Factor is 75% or less, the Conversion Factor will equal to 0%;

• (e) Total number of Shares issued on conversion of the Class A Performance Shares: multiply the Conversion Factor by the total number of Class A Performance Shares, as set out below;

• (f) Example:

• (i) Tonnage Adjustment Factor: assuming the Final JORC Resource Tonnes equal 240Mt, the Tonnage Adjustment Factor will equal 240Mt/250Mt = 96%;

• (ii) Grade Adjustment Factor: assuming the Final JORC Resource grade equals 12.0% P2O5 The Grade Adjustment Factor will equal (12.0%-0.25%)/12.5% = 94%;

• (iii) Conversion Factor: equates to 96% x 94% = 90%;

• (iv) Number of Class A Performance Shares issued: equates to Conversion Factor of 90% multiplied by the Number of Class A Performance Shares of 25 million = 22.6 million

Where:

“Final JORC Resource Tonnes” means the total number of tonnes JORC compliant resource of P2O5 set out in the Revised Report as delineated on the Licences.

“Final JORC Resource Grade” means the final JORC resource grade for the Final JORC Tonnes as set out in the Revised Report.