MINBOS RESOURCES LIMITED — Interim / Quarterly Report 2011

Apr 28, 2011

QUARTERLY ACTIVITES REPORT AS AT 31 MARCH 2011

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Highlights during the quarter:

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ASX Code: MNB

Cabinda

Securities on Issue

46.6m Ordinary Shares (quoted)

21.7m Ordinary Shares (restricted)

35m Performance Shares (restricted)

14.6m Options (unlisted)

Directors

Peter Richards (Exec. Chairman)

David Reeves (Non-Exec. Director)

Faldi Ismail (Non-Exec. Director)

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• Maiden Inferred JORC resource estimate announced for Mongo Tando deposit of 75mt @ 12.6% P2O5. This resource was subsequently upgraded to 117mt at 13.6% P2O5 after the quarters end. Mongo Tando is the 1[st] of the four deposits within the Cabinda project which make up the exploration target provided by Coffey Mining of 333mt – 538mt @ 10 – 20% P2O5.

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• Ueca resource calculation underway after completion of drilling.

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• High grade intersections from initial drilling in Cacata deposit show potential for DSO ore:

• 25m @ 25.05% P2O5; including 33.17% P2O5;

• 19m @ 27.58% P2O5; including 32.58% P2O5.

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• 300kg of sample shipped to Laboratory in the USA for the commencement of initial metallurgical test work.

John Ciganek (Non-Exec. Director)

Domingoes Catuilichi (Non-Exec Director)

Contact details:

Perth Office

Suite 2, Level 3 1292 Hay Street West Perth WA 6005

PO Box 1974 West Perth WA 6872

T: +61 08 6140 2449 F: +61 08 6314 1587

South African Office

42 Kyalami Boulevard Kyalami Business Park Kyalami Johannesburg

Democratic Republic of Congo (DRC)

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• Drill contract signed with Wallis drilling for rig for DRC.

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• Rig shipped from Walvis Bay in Namibia to Boma Port in the DRC.

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• Infrastructure for commencement of drilling established.

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• Drilling to commence in 2[nd] Quarter 2011.

Marketing

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• Attendance at Indaba Mining Conference in Cape Town.

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• Interstate and international roadshow completed during March, included Sydney, Melbourne, Perth and Hong Kong.

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• Attendance at FMB African Fertilizer Conference in Marrakesh, Morocco.

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• Attendance at Mines and Money Conference in Hong Kong.

Finance

T: +27 11 466 9462 F: +27 86 560 6998

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• At the end of March 2011, the company had cash reserves of $4.32m.

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Cabinda Phosphate Deposit

Historical exploration within the Cabinda license area defined 4 priority ore bodies, Mongo Tando, Ueca, Cacata and Chibuete. These formed the basis for the exploration target provided by Coffey Mining of 333mt – 538mt @ 10 – 20% P2O5 for the project. The current work program being carried out by Minbos is targeting the delieneation of a combined JORC compliant resource for the Cabinda project area by the 3[rd] quarter of 2011.

Mongo Tando Deposit

A maiden inferred JORC resource estimate for the Mongo Tando deposit of 75mt @ 12.6% P2O5 was announced during the quarter. Subsequent to the end of the quarter, an updated resource based on new drilling was reported as 117mt at 13.6% P2O5 at a cut-off grade of 5%.

An overview map of the Mongo Tando area detailing finalised drilling is included at Figure 1 below.

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Figure 1: Overview of finalised aircore drilling in the Mongo Tando area

Results from all positive holes drilled at Mongo Tando that were drilled vertically into the flat lying phosphatic beds are presented in Table 1 below.

Minbos Resources Limited – Quarterly Activities Report – 31 March 2011

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Table 1: Summary of aircore drill results

					Mongo Tando Central	Mongo Tando Central	Mongo Tando Central	Mongo Tando Central
Drill Hole	East	North	From	To	thickness	P2O5	Fe2O3	CaO	SiO2	AL2O3	**MgO **	CaO/P2O5	Cd
MTR-064	184227 182912 183647 183992 183202 183040 183845 184189 183872 183436 184777 184626 183110 184583 184057 183309 184727 183506 183695 184040 183414 183838	9430674 9431336 9431085 9431133 9430944 9431072 9430937 9431021 9431212 9430823 9430569 9430366 9431189 9430721 9431272 9431041 9430914 9430893 9430728 9430823 9431341 9430604	60 0 25 52 52 36 30 53 42 45 58 72 23 62 30 41 49 46 51 57 15 55	64 14 33 64 61 45 41 65 58 57 61 75 31 70 36 53 53 52 61 66 23 61	4 14 8 12 9 9 11 12 16 12 3 3.00 8 8 6.00 12 4 6 10 9 8 6	20.39 19.21 17.43 16.77 16.68 15.08 14.81 13.55 12.83 12.78 12.77 12.69 12.64 11.68 11.67 11.24 10.35 9.73 9.61 4.04 3.82 2.26	4.32 1.33 1.02 1.57 0.99 1.28 1.79 1.56 1.67 1.36 1.86 2.69 1.17 1.54 2.06 1.57 1.64 1.41 1.52 2.64 3.54 2.01	28.83 24.68 24.40 23.05 23.53 20.10 20.76 18.96 17.89 18.32 17.39 16.94 16.96 21.20 15.39 16.26 13.51 12.25 13.49 3.84 3.06 3.16	36.13 42.89 46.31 45.57 46.59 51.48 48.81 53.75 55.15 55.95 47.63 48.27 58.53 45.92 59.68 57.47 63.24 64.78 64.68 62.76 76.60 76.84	3.84 4.40 3.74 4.27 3.84 4.67 4.70 4.77 4.55 4.12 6.47 7.03 3.63 3.36 5.22 4.93 4.61 4.62 4.09 7.93 5.73 7.01	0.28 0.19 0.31 0.33 0.31 0.24 0.43 0.26 0.38 0.33 0.43 0.50 0.19 2.78 0.27 0.48 0.29 0.32 0.35 0.44 0.33 0.27	1.41 1.28 1.40 1.37 1.41 1.33 1.40 1.40 1.39 1.43 1.36 1.33 1.34 1.82 1.32 1.45 1.30 1.26 1.40 0.95 0.80 1.40	20.98 30.45 42.95 17.99 47.90 33.26 34.77 19.88 47.20 51.47 25.58 30.85 50.17 36.85
MTR-001-A
MTR-007
MTR-009-A
MTR-069
MTR-068
MTR-008-A
MTR-045-A
MTR-071
MTR-065
MTR-129
MTR-130
MTR-002-A
MTR-050
MTR-126
MTR-003-A
MTR-127
MTR-004-A
MTR-066
MTR-044
MTR-070
MTR-067

					Mongo Tando North	Mongo Tando North	Mongo Tando North	Mongo Tando North
Drill Hole	East	North	From	To	thickness	P2O5	Fe2O3	CaO	SiO2	AL2O3	**MgO **	CaO/P2O5	Cd
MTR-027	177214	9433117	19	23	4	16.09	1.61	23.03	47.30	4.80	0.40	1.43
MTR-149	177340	9432768	27	34	7	15.30	1.26	21.90	48.40	4.79	0.43	1.43	37.80
MTR-036	179584	9430031	47	56	9	14.86	1.50	22.07	48.59	3.93	0.36	1.49	27.17
MTR-302	178471	9430548	38	44	6	14.77	1.50	21.46	48.76	4.74	0.37	1.45	32.43
MTR-304	179007	9431565	45	49	4	14.46	1.57	20.66	51.35	3.45	0.30	1.43	51.20
MTR-301	178331	9430764	50	56	6	13.04	1.31	21.36	47.93	5.10	0.90	1.64	36.57
MTR-139	177963	9433000	46	52	6	12.93	1.61	18.43	52.88	5.17	0.48	1.43	37.40
MTR-102	177796	9432809	38	44	6	12.71	2.00	18.38	54.76	4.42	0.27	1.45	19.24
MTR-315	180266	9431672	48	52	4	12.27	1.34	19.01	53.35	4.35	0.85	1.55	20.02
MTR-314	177430	9433324	44	50	6	12.14	1.03	27.47	36.97	3.20	2.50	2.26	11.56
MTR-101	177478	9432529	28	36	8	11.22	1.65	15.66	56.83	5.90	0.48	1.40
MTR-305	179070	9431345	55	61	6	11.11	1.52	17.65	53.33	4.53	1.30	1.59	11.61
MTR-307	178615	9430349	39	40	1	10.55	1.71	14.59	62.10	4.30	0.30	1.38	52.20
MTR-148	177507	9432954	42	47	5	10.16	1.35	22.62	44.27	4.17	2.03	2.23	15.80
MTR-033	179097	9432498	34	38	4	9.75	1.39	16.14	53.95	5.65	1.60	1.66
MTR-313	177805	9433221	31	35	4	9.42	1.92	12.00	63.00	5.90	0.40	1.27	68.50
MTR-310	178445	9430171	59	61	2	8.21	1.97	10.90	64.50	6.00	0.40	1.33	14.06
MTR-311	178077	9433141	33	35	2	6.91	2.37	6.63	69.10	6.90	0.30	0.96	54.50
MTR-300	184795	9428156	42	45	3	4.64	1.76	6.38	75.43	5.20	0.30	1.37	20.77
MTR-319	180381	9431917	35	37	2	1.71	1.51	19.84	53.85	3.25	0.35	11.60	14.45
MTR-034	180192	9430819	16	20	4	1.32	1.57	21.01	50.85	4.50	0.50	15.91
MTR-035	179890	9430425	12	16	4	0.77	1.31	5.16	32.45	3.50	0.25	6.75

Minbos Resources Limited – Quarterly Activities Report – 31 March 2011 3

					Mongo Tando Central	Mongo Tando Central	Mongo Tando Central	Mongo Tando Central
Drill Hole	East	North	From	To	thickness	P2O5	Fe2O3	CaO	SiO2	AL2O3	**MgO **	CaO/P2O5	Cd
MTR-054	184988 184825 184766 185512 185266 185003 185873	9429412 9428280 9427388 9428416 9427325 9426999 9427187	44 38 41 44 35 32 20	48 42 58 54 41 34 30	4 4 17 10 6 2 10	12.91 12.83 12.59 12.18 10.67 10.67 10.65	1.73 1.35 1.28 1.93 1.20 1.67 1.85	17.44 17.29 17.34 16.83 15.21 15.07 14.71	57.60 56.65 57.42 57.12 62.43 62.40 60.62	4.15 4.60 4.14 4.44 3.83 4.30 4.60	0.25 0.35 0.23 0.32 0.20 0.30 0.38	1.35 1.35 1.38 1.38 1.43 1.41 1.38
MTR-111
MTR-024
MTR-056
MTR-138
MTR-122
MTR-019
MTR-121	185142 185433 186757 185214	9427180 9427498 9427186 9427985	34 37 35 23	38 39 43 31	4 2 8 8	10.22 9.90 9.59 9.46	1.35 1.13 1.39 1.52	14.64 14.18 13.77 12.97	63.60 62.70 62.16 64.03	3.50 4.20 4.86 4.75	0.25 0.20 0.46 0.35	1.43 1.43 1.44 1.37
MTR-137
MTR-117
MTR-017
MTR-110	184978 184915 186315 185426 186375 185726 185133 185575 185661 186401 184836 187242 184696 186745 185821	9428485 9427589 9427819 9426595 9427092 9426990 9429607 9426793 9428619 9426733 9426790 9427774 9429023 9426305 9426291	27 50 56 20 34 20 60 24 56 29 26 47 35 23 19	31 54 60 26 50 32 64 33 63 43 32 49 43 27 21	4 4 4 6 16 12 4 9 7 14 6 2 8 4 2	8.56 8.46 7.93 7.75 7.07 6.36 6.23 5.82 5.52 5.36 4.71 3.98 3.21 2.85 1.29	1.78 1.75 2.15 1.99 1.66 1.68 2.66 1.92 2.11 1.86 1.91 1.77 1.58 2.35 2.21	11.68 11.11 11.46 11.17 21.25 9.06 10.18 9.49 17.87 19.37 6.07 5.34 13.38 3.57 1.14	63.85 67.01 65.10 68.93 47.93 72.07 64.05 70.66 43.24 55.99 74.63 78.90 57.85 79.40 85.50	4.90 4.87 6.05 3.97 3.54 4.15 4.65 4.93 4.56 3.37 5.47 5.10 5.15 6.10 5.40	0.30 0.32 0.40 0.27 2.59 0.23 1.65 0.34 5.99 0.44 0.30 0.30 2.70 0.30 0.20	1.36 1.31 1.44 1.44 3.00 1.42 1.63 1.63 3.24 3.61 1.29 1.34 4.18 1.25 0.88
MTR-021
MTR-058
MTR-025
MTR-076
MTR-022
MTR-055
MTR-023
MTR-057
MTR-075
MTR-113
MTR-120
MTR-052
MTR-074
MTR-116

Ueca Deposit

The Ueca deposit is the second of the four deposits within the Cabinda Project area. Drilling was carried out during the last quarter of 2010 and an additional 14 holes were drilled on Ueca during this quarter. Data from original drilling as well as additional drilling has been submitted to Coffey Mining for the purpose of calculating an inferred JORC compliant resource estimate.

An overview map of the Ueca area detailing finalised drilling is included as Figure 2 below.

Minbos Resources Limited – Quarterly Activities Report – 31 March 2011

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Figure 2: Overview of finalised aircore drilling in the Ueca area.

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Minbos Resources Limited – Quarterly Activities Report – 31 March 2011

Results of all positive aircore drill holes finalised in the Ueca area are presented in Table 2 below.

Table 2: Summary of Ueca aircore drill results

Hole	East	North	From	To	Thickness	P2O5	Fe2O3	CaO	SiO2	AL2O3	**MgO **	CaO/P2O5
UER-059	192508 191381 191195 191451 191285 191957 191433 191789 192452 191864 191694 191959 192635 192049 192895 192735 191600 192120 192247 192683 192347 192305 191166 191049 191293 192693 192142 191249 191330 192994 192545 191083 191198 192361 191101 192040 192366	9437720 9439691 9440441 9439733 9440208 9438844 9440008 9439047 9437701 9438826 9439284 9438586 9437212 9438620 9436791 9437020 9439512 9438392 9438150 9437489 9437924 9438290 9441523 9441443 9440988 9436739 9438124 9441250 9440510 9436550 9437461 9441489 9440728 9437390 9440307 9438346 9438193	28 14 6 16 24 16 25 11 23 11 24 23 31 17 20 48 23 11 22 7 21 22 25 20 22 24 18 22 15 16 26 13 20 33 9 15 9	30 20 8 24 34 18 33 21 28 21 36 33 38 19 25 55 33 23 28 9 29 24 31 26 31 31 22 28 17 18 27 15 40 41 15 30 16	2 6 2 8 10 2 8 10 5 10 12 10 7 2 5 7 10 12 6 2 8 2 6 6 9 7 4 6 2 2 1 2 20 8 6 15 7	20.95 16.27 12.79 12.17 11.43 11.30 10.98 10.50 10.47 10.45 10.44 10.37 10.29 10.23 10.00 9.82 9.64 9.12 9.05 9.04 9.01 8.45 7.29 7.16 6.95 6.80 6.72 5.99 5.69 5.39 5.28 5.16 2.69 2.27 1.35 1.26 0.78	3.46 1.08 1.45 0.98 1.25 2.06 1.43 1.41 1.74 1.21 1.38 1.14 1.28 1.51 1.24 1.41 1.36 1.44 1.44 2.08 1.15 2.28 1.50 1.48 1.78 1.34 1.30 2.21 1.40 2.11 2.17 1.53 1.75 2.72 2.71 1.64 1.62	26.88 21.36 18.52 16.54 15.56 15.86 15.00 14.10 14.10 13.96 14.04 13.85 13.42 14.43 13.06 13.04 13.00 13.28 12.51 12.32 12.18 14.21 11.54 9.85 8.89 7.60 8.66 6.39 7.30 5.47 6.38 4.87 6.70 5.74 1.92 3.86 7.01	34.80 50.90 54.10 59.03 60.78 55.90 61.45 61.90 61.62 62.52 63.48 63.68 63.86 59.20 65.77 64.83 64.96 64.35 66.47 63.10 66.09 56.40 66.43 70.87 72.14 73.77 72.65 73.92 76.50 72.40 73.00 75.70 72.82 71.28 75.68 81.22 70.14	4.50 3.57 5.10 3.78 4.12 5.30 4.10 4.56 4.14 4.04 3.85 3.92 3.94 5.80 3.87 4.04 4.08 4.00 3.93 5.80 4.40 5.50 4.33 3.70 4.53 4.63 4.25 5.13 3.90 5.50 5.90 5.80 4.89 5.75 9.23 3.62 4.21	0.50 0.17 0.40 0.20 0.24 0.40 0.23 0.20 0.14 0.18 0.13 0.18 0.14 0.40 0.13 0.21 0.18 0.37 0.07 0.40 0.21 1.20 0.53 0.10 0.22 0.11 0.20 0.17 0.40 0.20 0.30 0.20 1.82 2.30 0.65 1.52 3.33	1.28 1.31 1.45 1.36 1.36 1.40 1.37 1.34 1.35 1.34 1.34 1.34 1.30 1.41 1.31 1.33 1.35 1.46 1.38 1.36 1.35 1.68 1.58 1.38 1.28 1.12 1.29 1.07 1.28 1.01 1.21 0.94 2.49 2.53 1.42 3.06 8.99
UER-030
UER-008
UER-011
UER-009
UER-015
UER-010
UER-014
UER-020
UER-067
UER-013
UER-065
UER-022
UER-016
UER-024
UER-023
UER-012
UER-017
UER-018
UER-035
UER-019
UER-050
UER-027
UER-026
UER-006
UER-054
UER-063
UER-005
UER-029
UER-025
UER-021
UER-004
UER-007
UER-034
UER-028
UER-032
UER-062

Cacata Deposit

The Cacata deposit is the third of the four priority deposits within the Cabinda project. Rain from the results interrupted drilling carried out on Cacata in the previous quarter received during the current quarter. These results are very pleasing and will provide the basis to assess the Direct Shipping Ore (DSO) potential of Cacata.

The highlights are as follows:

• CCR-007 , from 32 to 57 meters, 25 meters grading 25.04% P2O5 including an interval of 8 meters grading 33.17% P2O5 ; and

• CCR-999, from 9 to 28 meters, 19 meters grading 27.58% P2O5 including an interval of 11 meters grading 32.58% P2O5.

An overview map of the Cacata area detailing finalised and planned drilling is included at Figure 3 below.

Minbos Resources Limited – Quarterly Activities Report – 31 March 2011

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Figure 3: Overview of finalised and planned drilling in the Cacata area

Results from holes in the Cacata area that were drilled vertically into the flat lying phosphatic beds are presented Table 3 below.

Table 3: Cacata Results

Hole	**East **	North	**From **	To	Thickness	P2O5	Fe2O3	CaO	**SiO2 **	AL2O3	MgO
CCR-007 CCR-013 CCR-999	223317 227273 223507	9412409 9410550 9412024	32 33 9	57 47 28	25 14 19	25.04 6.15 27.58	1.88 2.45 1.65	37.57 13.35 42.15	23.13 63.53 9.78	2.73 2.56 2.39	0.65 2.51 0.45

Holes CCR 005, 006, 011, 012, 014, 015, 017, 018, 019, 022, 023 and 025 did not intersect any mineralisation.

Minbos Resources Limited – Quarterly Activities Report – 31 March 2011

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DRC Project

The aircore drill rig from Wallis Drilling was shipped from Walvis Bay in Namibia to the port of Boma in the DRC and all required infrastructure was established to support the drilling program.

Consistent with the strategy in Cabinda which is leveraging historical information, a targeted drill campaign will commence on the Kanzi lease. The aim of this campaign is to define a JORC compliant resource which if successful will enable a scoping study to be undertaken to model the resource as a standalone operation utilising its inherent logistical benefits such as its adjacent location to the Port of Boma.

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Figure 4: Figure showing initial mapping and site of previous drilling activities on Kanzi.

Minbos Resources Limited – Quarterly Activities Report – 31 March 2011

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Financial

At 31[st] March 2011, the company had cash reserves of $4.32m.

Activities for 2nd Quarter of 2011

• Drilling activities will commence in the DRC, with the objective of defining a JORC complaint resource over the Kanzi deposit..

• Drilling activities will recommence in Cabinda at Cacata during May, followed by the Chibuete deposit, with the objective of publishing a global resource for the Cabinda project.

• Some regional drilling on the Chivovo and Cambota areas will be done to confirm the existence of high grade ore in the area and if confirmed an assessment will be done to determine whether additional drilling will have the potential to define a resource at Chivovo.

• Initial metallurgical test work will be completed and results received and published.

• Discussions with contractors to carry out the next phase of drilling, diamond drilling, will be finalised and the rig mobilized, the aim of this diamond drilling is to: o Provide detailed geological information regarding mineralization o Upgrade selected resources from inferred to indicated.

• Ongoing marketing and presenting of Minbos to grow market awareness.

-ENDS-

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 companies Chief Geologist and full-time 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.

Minbos Resources Limited – Quarterly Activities Report – 31 March 2011

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About Minbos

Minbos Resources Limited is an exploration company focussed on the development of the phosphate province centred on the Cabinda Province of Angola and the adjoining areas of the far western DRC.

Minbos through its subsidiaries and joint ventures has access to over 400,000 ha of highly prospective ground that is activley being drilled by Minbos. Minbos is growing its current Inferred Resource base of 117mt at 13.6% P2O5 in incremental stages as it drills out the known deposits during the first half of 2011.

The Company’s strategy has been to specifically target development of low cost phosphate projects, 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

Overview of licenses

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Minbos Resources Limited – Quarterly Activities Report – 31 March 2011

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