MINERAL COMMODITIES LTD — Capital/Financing Update 2008

Oct 6, 2008

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Mineral Commodities Ltd ABN 39 008 478 653

Unit 15, Level 1, 51-53 Kewdale Road Welshpool, Perth, Western Australia 6106 PO Box 235, Welshpool DC, Perth Western Australia 6986 Telephone: 61 8 9353 4890 Facsimile: 61 8 9353 4894 Email: info@mncom.com.au Web: www.mncom.com.au

7 October, 2008

Company Announcements Office Australian Stock Exchange Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2000

Dear Sir/Madam,

PETRO VENTURES INTERNATIONAL LIMITED (PETRO) STERLING ANNOUNCES RESULTS OF SUCCESSFUL EAST BREAGH TEST WELL - UK SOUTHERN NORTH SEA AND ANA 2 APPRAISAL WELL, ROMANIAN BLACK SEA

The Directors of Mineral Commodities Limited are pleased to advise that TSX listed, Sterling Resources Ltd (“Sterling”) has announced the successful drilling of the East Breagh well located on Block 42/13 in the UK Southern North Sea and the Ana-2 appraisal well, in the Romanian Black Sea.

Petro, a company in which Mineral Commodities Limited has a substantial interest, has a 5% interest in the Breagh Block 42/12 and 42/13 and a 20% working interest in the Pelican and Midia Blocks in the Black Sea, Romania.

EAST BREAGH

Sterling has advised that “ After detecting the presence of gas and sand while drilling at 7,500 feet (7,363 feet of true vertical depth (tvd)), a 110 foot core was taken. Drilling was then resumed and the well reached a final depth of 8,000 feet tvd subsea on September 30th, with gas shows of up to 20% while coring and drilling.

Preliminary analyses of both the core and the well logs indicate two gas bearing intervals with approximately 72 feet net sand in total. The upper section shows 30 feet of high quality reservoir with porosity of up to 18% and permeability up to 50 millidarcy (md), confirmed from core data. Preliminary geological analysis indicates that these upper gas sands correlate with the sands encountered in the previously drilled West Breagh well (42/13-3) four kilometres away.”

With these encouraging results Sterling has stated that they plan to test the Upper and Lower reservoir sections over the next couple of weeks to complete their evaluation confirming the presence of gas within the eastern part of the Breagh structure was the primary objective of the well. Although still to be confirmed, current data points to a common gas water contact between the west and east areas. Following the test results and integration of all of the new well data Sterling will assess the impact on overall development planning for Breagh.

-2-

ANA 2

The East Breagh well follows successful completion of the Ana-2 appraisal well, in the Romanian Black Sea in mid September. Ana-2 was drilled as a follow up appraisal well following the Ana-1 discovery well which was drilled and tested earlier this year.

The Ana-2 well encountered gas within the Doina Main Sand Formation at 1,121 metres true vertical depth subsea (TVDss), some 10 metres shallower than originally mapped. The well has been extensively evaluated with electric logs, MDT pressure tests and a collection of wireline gas samples. These results confirm the presence of a 39 metre gas column with a net pay of 23 metres in high quality reservoir sands with porosity of up to 32% and good permeability.

The pressure data also confirms a gas water contact consistent with the earlier Ana-1 well. The reservoir sands encountered in the Ana-2 well are equivalent to, or slightly better, than those encountered in Ana-1. The original Ana-1 well tested gas, at rates up to 20 million cubic feet of gas per day (MMcf/d) under conditions restricted by equipment. Under unrestricted conditions, a final completed rate in excess of 30 MMcf/d per well is anticipated.

The Ana-2 well also encountered a 5 meter gas bearing reservoir in a shallower horizon at 766 metres TVDss. This shallower horizon was also present in the Ana-1 well and will be further evaluated, in order to determine its feasibility as a new reservoir.

The well reached a total depth of 1,600 metres in mid September and was located approximately 750 metres north west of the original Ana-1 seabed location. Following conclusion of the successful acquisition of the logging suite, the well is now being suspended and rig release is expected by the end of the week. Ana-2 was directionally drilled from a seabed template which provides re-entry capability for both of the Ana wells for future production.

The drilling results from Ana-2 confirm the continuity of the reservoir sands and Sterling’s theory that this area of the field may be higher than originally mapped. The well has proven positive on both accounts and Sterling will be able to upgrade the gas in place estimates for the field based on the results of this successful well.

Yours faithfully

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Mark V. Caruso Managing Director

For further information please contact Mark Caruso or Robert Barras +61 8 9353 4890