MINERAL COMMODITIES LTD — Capital/Financing Update 2009

Jun 23, 2009

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Mineral Commodities Ltd

ACN 008 478 653 ABN 39 008 478 653

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

24 June 2009

Australian Stock Exchange Company Announcements Office

Mineral Commodities Limited / Africa Uranium Limited Final Subscription Agreement

Mineral Commodities Limited (MRC) is pleased to advise that it has executed the final subscription agreement with Africa Uranium Limited (AUL) an unlisted public company with uranium projects in Namibia & South Africa.

As announcement on 27 April 2009, MRC had entered in a letter agreement with AUL which provides for MRC to have exclusive rights to fund AUL’s mineral exploration activities in return for equity in AUL.

As contemplated in the initial letter agreement, the final subscription agreement provides for MRC to spend up to US$7 million to earn a 50% equity interest in AUL. It also provides for MRC to obtain a further 1% interest to obtain a controlling interest in AUL.

In addition to the monetary spend; MRC will proceed to issue 2 million fully paid ordinary shares to AUL immediately and a further 2 million shares upon attaining a 50% interest in AUL. MRC’s minimum expenditure commitment is US$1 million. Should MRC cease funding after this expenditure, it shall have earned a 10% equity interest in AUL in addition to its current holding.

MRC is approaching completion of its minimum expenditure commitment and will assess the exploration results to determine whether to proceed to stage 2 funding. This decision is expected by mid to late July 2009.

Yours faithfully

Greg Steemson Managing Director

For enquiries in connection with this release please contact:

Mineral Commodities Limited +61 8 9353 4890 telephone +61 8 9353 4894 facsimile e-mail: info@mineralcommodities.com.au

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About Africa Uranium Limited (“AUL”)

Hoasib Project

AUL has a 70% interest in the Hoasib Project (EPL3664) which is located 80km east of Walvis Bay and the coastal town of Swakopmund in Namibia. It is partially within the Namib Park Nature Reserve in which many of the known Namibian uranium occurrences are located including the Langer Heinrich deposit being mined by Paladin Energy. The Project lies to the immediate south east of the Langer Heinrich Uranium Project (see attached maps).

Early work carried out in relation to EPL 3664 by AUL has located several occurrences of uranium mineralisation.

The proximity to other uranium mines with proven reserves such as Langer Heinrich (Paladin, approx 20km) and the Swakop River Project (Bannerman Resources, adjoining) makes this tenement an extremely exciting prospect.

Usakos Project

The Usakos EPLs are at an application stage within a moratorium area adjacent to the Rossing uranium mine operated and part owned by Rio Tinto. Future work by AUL will depend on the outcome of the Namibian Government’s process in determining the successful applicant.

Karoo Project

AUL also holds projects located in the Karoo Basin in South Africa. These areas were explored in the period 1970 to 1985. The main target is sandstone hosted uranium mineralisation. Exploration on these areas AUL has been limited due to lack of funding.

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