MINERAL COMMODITIES LTD — Capital/Financing Update 2009

May 6, 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

7 May 2009

Australian Stock Exchange Company Announcements Office

Uranium Exploration Agreement – Completion of Due Diligence

Mineral Commodities Limited (MRC) is pleased to advise that it has completed due diligence to its satisfaction on the business and operations of Africa Uranium Limited (AUL).

As announced on 27 April 2009, MRC has entered into a letter of agreement (Agreement) with AUL which provides for MRC to have exclusive rights to fund AUL’s mineral exploration activities in return for equity in AUL. MRC is finalizing the formal subscription agreement, with the issue of shares to AUL expected to occur immediately following MRC’s AGM on 29 May 2009.

MRC and AUL will now commence exploration on the Hoasib Project (EL3446) with significant programs planned for the current and next quarter. Further details will be provided shortly.

Yours faithfully

Greg Steemson 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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Africa Uranium Limited

AUL is an unlisted public company with uranium projects in Namibia and South Africa

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 and 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. During the recent field program, AUL drilled 11 wide spaced (> 1km) exploratory holes. Assays for these holes are awaited; however, in field assessment suggests that at least three of these holes intersected uraniferous horizons. AUL is preparing for follow up drilling to infill the areas on a 500m x 500m grid to outline the possible extent of these occurrences.

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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