MINBOS RESOURCES LIMITED — Capital/Financing Update 2013

Apr 16, 2013

ASX ANNOUNCEMENT/MEDIA RELEASE

ASX Code: MNB MINBOS REACHES PERFORMANCE MILESTONE: PERTH OFFICE Level 1, 278 Stirling Highway Claremont WA 6010 INDICATED RESOURCE DEFINED AT KANZI PHOSPHATE PROJECT Australia T: +61 8 9476 4500 E: info@minbos.com W: www.minbos.com  Southern Section of the Kanzi Resource upgraded from Inferred to Indicated JORC Category SOUTH AFRICAN OFFICE Ground Floor, Unit 1, Ferndale Mews  Maiden JORC Inferred Resource of 46Mt @ 17.2% P2O5 (as announced on 25 October 2011) 15 Dover Street now upgraded to Indicated Resource of 58.5Mt @ 14.2% P2O5 in accordance with the JORC Randburg, Johannesburg 2194 Guidelines South Africa

INDICATED RESOURCE DEFINED AT KANZI PHOSPHATE PROJECT

Highlights

• 27% increase in tonnage and 5% increase in contained P2O5

• This upgrade allows the Definitive Feasibility Study to progress

• Initial focus on smaller operation to speed up path to production

• Class C Performance Share hurdles achieved

The Board of Minbos Resources Limited ( Minbos or the Company ) is pleased to announce that in a resource report issued by Coffey Mining (Pty) Ltd ( Coffey ), the resource in the Southern Section of the Kanzi Project in the Democratic Republic of the Congo ( DRC ) has been upgraded from the previously announced (25 October 2011) Inferred Resource of 46Mt @17.2% P2O5 to an Indicated Resource of 58.5Mt at 14.2% P2O5. in accordance with the JORC Guidelines.

This is a 27% increase in tonnage and 5% increase in contained P2O5 for the Southern Section of the Kanzi Project in the DRC.

Resource upgrade work for the northern area of the Kanzi deposit, that accounts for the difference to the latest resource number of 66Mt (6 August 2012), is ongoing and an updated total Resource statement will be announced once the outstanding assays (as shown in Figure 1) are completed.

Minbos Managing Director Scott Sullivan said: “ This is a very positive development for the Company as we work towards our goal of developing our West African phosphate assets. We plan on focusing initially on a smaller operation at Kanzi in order to speed up the path to production and cash flow, and will then seek to expand the operation to its optimal size.”

The Resource was estimated from a subset of the Aircore drilling samples processed by Minbos in 2012. The Mineral Resource has been delineated as shown in Figure 2. Domain 1 consists of two

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ASX ANNOUNCEMENT/MEDIA RELEASE

horizons of phosphate material, a high grade bottom layer and low grade top layer. Domain 2 consists of one horizon of phosphate material, a high grade bottom layer.

The Resources were calculated at a cut off grade of 5% P2O5.

The Summary Indicated Resource statement for the Kanzi Project Southern Section is detailed in Table 1 below.

Indicated Mineral Resource	Indicated Mineral Resource	Indicated Mineral Resource	Indicated Mineral Resource	Indicated Mineral Resource	Indicated Mineral Resource	Indicated Mineral Resource
		Tonnes (Mt)	P2O5 (%)	CaO (%)	Fe2O3 (%)	Al2O3 (%)	MgO (%)	SiO2 (%)	CaO/ P2O5
Domain	Layer
1	Top Layer	9.5	8.3	11.5	3.3	8.7	2.8	51.6	1.38
1	Bottom Layer	31.2	14.9	20.7	2.4	5.5	1.3	45.4	1.39
2	Bottom Layer	17.8	16.1	20.8	2.5	5.4	0.8	45.6	1.30
Total		58.5	14.2	19.2	2.6	6.0	1.4	46.5	1.36

Table 1: Indicated Mineral Resource Summary for Kanzi

Definitive Feasibility Study for a nominal 300Kt Kanzi Project is being considered

Minbos has undertaken initial studies in the form of a Phase 1 logistics study to assess whether a smaller Kanzi Project with significantly reduced capital is feasible and desirable to facilitate a quicker path to production, market and cash flow. This will provide cash flow for organic growth and to pursue the regions high exploration potential.

The study examined, in particular, the path for getting Kanzi’s concentrate product to market. This work has identified the likely route being barging on the Congo river which is approximately 6km from the project and trans shipping of the concentrate. Phase 2 of the study will commence in Q2 and will firm up capital and logistics solutions.

The Definitive Feasibility Study for this reduced scale project is expected to be complete by the end of 2013.

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ASX ANNOUNCEMENT/MEDIA RELEASE

Class ‘C’ Performance Shares

Under the Binding Heads of Agreement ( HOA ) dated 15 April 2010, Minbos 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 10,000,000 Class B Performance Shares ( Performance Shares ). These were to convert into fully paid ordinary shares upon the successful delineation of a JORC compliant Indicated Resource of greater than 25 million tonnes at an average in situ grade of greater than 12.5% P2O5 within the area covered by the licences specified in the HOA within 24 months of the issue of these shares ( Milestone ). At the Company’s AGM held on 19 November 2012, shareholders approved the establishment of Class C Performance Shares to replace the lapsing Class B Performance Shares and extended the expiry date of the Milestone to 18 April 2013.

The Company has received technical documentation from Coffey that has confirmed the Milestone has been met.

To give effect to the conversion of the Performance Shares, an Appendix 3B will follow to issue 10,000,000 fully paid ordinary shares upon conversion of the Class C Performance Shares.

Exploration Upside

After the commencement of the Kanzi Bankable Feasibility Study (BFS), Minbos will start evaluating the significant potential of the regional exploration concessions held by the JV.

Historical exploration work identified various zones of mineralisation at additional deposits throughout the licence areas. Through the experience gained in exploration activities across the border in Cabinda, Minbos is confident that the potential exists to discover and define significant additional deposits and resources in the region. The Resources of Minbos’ Angolan and DRC operations and the resources of Cominco’s Hinda Project in the ROC are all located in the same geological basin. Refer Figure 3.

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Figure 1: Distribution of Boreholes – Kanzi Project

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Figure 2: Mineral Resources domains Kanzi

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Figure 3: ROC, Angola and DRC Phosphate Mineral Provinces

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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’ 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.

For further information please contact:

Scott Sullivan For media enquiries contact: Managing Director David Ikin – Professional Public Relations scott@minbos.com email: david.ikin@ppr.com.au +61 (0) 8 9476 4500 +61 (0) 8 9388 0944

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.

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