MINBOS RESOURCES LIMITED — Interim / Quarterly Report 2010

Jan 30, 2011

==> picture [177 x 60] intentionally omitted <==

ASX ANNOUNCEMENT 28[th ] January 2011

DECEMBER QUARTER HIGHLIGHTS

==> picture [10 x 11] intentionally omitted <==

• Minbos started trading on the ASX (ASX Code : MNB ) on 18th October. The IPO raised AUD$8m through the issue of 40 million new shares at a price of AUD$0.20 per share

==> picture [10 x 10] intentionally omitted <==

• The aircore drill rig that Minbos mobilised from Wallis Drilling in Australia arrived in Angola and drilling activities commenced during November on the Cabinda Phosphate project

==> picture [10 x 11] intentionally omitted <==

• 1[st] Phase drilling was completed on 2 priority project areas within the Cabinda Phosphate project area, being Mongo Tando and Ueca

==> picture [10 x 11] intentionally omitted <==

• A sample preparation facility was installed and operating at Cabinda project office

==> picture [10 x 10] intentionally omitted <==

• The 1[st] batch of samples from Mongo Tando were received from Setpoint in January with results confirming historical data that increases the confidence in the stated exploration target of 333mt to 538mt with historic grades of 10 to 20% P2O5.

Cabinda Phosphate Project

The Cabinda Phosphate project exploration license covers an area of 1909km[2] in the Cabinda province of the Republic of Angola. Significant historical exploration work was undertaken in the past and the project area had over 45,000m of historical drilling completed on it.

The current work program being carried out by Minbos is targeting the generation of JORC compliant resources for the project area in the first half of 2011.

Mongo Tando Deposit – Exploration Activities Summary

The Mongo Tando deposit was the focal point of historic exploration work in the Minbos concession area. Minbos commenced drilling on Mongo Tando in November 2010. By the end of December 2010, 60 holes had been completed for 3,241m and samples from the holes were shipped to Set Point Laboratories in Johannesburg for analysis.

Additional drilling is planned in both the Mongo Tando north and Mongo Tando south area.

Subsequent to the quarter, results for Mongo Tando were received (ASX release 21 January 2011). Significant results included:

• M-001; 6 to 14 meters, 8 meters grading on average 19.84 % P2O5

• M-064; 60 to 64 meters, 4 meters grading on average 20.39 % P2O5

• M-007; 25 to 33 meters, 8 meters grading on average 17.43 % P2O5

• M-009; 52 to 64 meters, 12 meters grading on average 16.77 % P2O5

• M-069; 52 to 61 meters, 9 meters grading on average 16.68 % P2O5

• M-027; 19 to 23 meters, 4 meters grading on average 16.09 % P2O5

The board is extremely pleased with these results as they replicate those of previous exploration and support the exploration target and base financial modelling that Minbos undertook as part of its acquisition of the leases.

Ueca Deposit

The Ueca deposit lies approximately 5km north of the Mongo Tando area. Field results from the drilling undertaken by Minbos defined a strike length of approximately 5,600 metres and width of mineralisation ranging between 300 to 500 meters, while the mineralisation has thicknesses of between 4 and 35 metres.

The northern extent of the Ueca deposit remains open and additional drilling is planned in this area.

Perth Office: 21 Teddington Road, Burswood, WA 6100 Australia Tel: +61 (08) 9486 2333 South African Office: 42 Kyalami Boulevard, Kyalami, Business Park Kyalami, Johannesburg Tel: +27 11 466 9462 Email: info@minbos.com Website: www.minbos.com.au

==> picture [439 x 619] intentionally omitted <==

Figure 1: Overview of finalized and future drilling in the Mongo Tando Area

Perth Office: 21 Teddington Road, Burswood, WA 6100 Australia Tel: +61 (08) 9486 2333 South African Office: 42 Kyalami Boulevard, Kyalami, Business Park Kyalami, Johannesburg Tel: +27 11 466 9462 Email: info@minbos.com Website: www.minbos.com.au

==> picture [442 x 609] intentionally omitted <==

Figure 2: Overview of finalized and future drilling in the Ueca Area

Perth Office: 21 Teddington Road, Burswood, WA 6100 Australia Tel: +61 (08) 9486 2333 South African Office: 42 Kyalami Boulevard, Kyalami, Business Park Kyalami, Johannesburg Tel: +27 11 466 9462 Email: info@minbos.com Website: www.minbos.com.au

Cacata Deposit

Limited drilling on the Cacata deposit was undertaken late in December.

==> picture [420 x 579] intentionally omitted <==

Figure 3: Drilling planned for Cacata

Perth Office: 21 Teddington Road, Burswood, WA 6100 Australia Tel: +61 (08) 9486 2333 South African Office: 42 Kyalami Boulevard, Kyalami, Business Park Kyalami, Johannesburg Tel: +27 11 466 9462 Email: info@minbos.com Website: www.minbos.com.au

Pre-Feasibility Study Activities

The Pre-Feasibility Study (PFS) team has continued to negotiate and finalise contracts across the various disciplines.

Activities of the PFS are expected to gather momentum once assay results are received and initial resource models have been run.

FINANCE

At 31[st] December 2010, the company had cash reserves of $5.85m.

Activities for 1[st] Quarter of 2011

• Drilling is ongoing in the Cabinda Phosphate project area, with the objective of completing the remaining two areas (Cacata and Chibuete) and completing the additional drilling planned for the Mongo Tando and Ueca areas. Assaying of the samples generated from drilling activities continues.

• Investigation of mobilising a diamond drill rig to complement the aircore drill rig currently on site in Cabinda is also underway. The aim of this potential diamond drilling is to:

• Provide detailed geological information regarding mineralisation

• Twin holes to ensure sample integrity

• Provide information regarding waste/gangue material

• Commencement of exploration activities in the DRC is planned.

• Marketing at the following conferences:

• Indaba Mining Conference in Cape Town, South Africa – February

• FMB Africa Fertilizer Conference & Exhibition, Morocco – March

• Mines and Money Conference, Hong Kong – March

• Australia Roadshow – Proposed March

For and on behalf of the Board,

Peter Richards

Executive Chairman

Minbos Resources Limited

The information in this report which relates to Exploration Activities and results 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.

Perth Office: 21 Teddington Road, Burswood, WA 6100 Australia Tel: +61 (08) 9486 2333 South African Office: 42 Kyalami Boulevard, Kyalami, Business Park Kyalami, Johannesburg Tel: +27 11 466 9462 Email: info@minbos.com Website: www.minbos.com.au

Perth Office: 21 Teddington Road, Burswood, WA 6100 Australia Tel: +61 (08) 9486 2333 South African Office: 42 Kyalami Boulevard, Kyalami, Business Park Kyalami, Johannesburg Tel: +27 11 466 9462 Email: info@minbos.com Website: www.minbos.com.au