MINERAL COMMODITIES LTD

==> picture [81 x 51] intentionally omitted <==

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: [email protected] Web: www.mncom.com.au

2 June 2009

Australian Stock Exchange Company Announcements Office

INITIAL ASSAYS FROM EXPLORATORY DRILLING PROGRAM CONFIRM THE PRESENCE OF URANIUM MINERALISATION
A 2,300M RC PROGRAM IS UNDERWAY

Uranium Assays Confirm Uraniferous Calcrete Horizons

Mineral Commodities (MRC) is pleased to announce that initial exploration by Africa Uranium Limited (“AUL”) has defined a large calcrete basin in the southern part of the project area. This work was done using ground probing radar (“GPR”). Coincident with the southern most parts of the basin are radiometric (uranium) anomalies.

An 11 hole exploration drilling program has been completed to test the GPR results and some of the radiometric targets. These holes were widely spread as they were primarily designed to verify the thickness of calcrete.

In the southern part of the calcrete basin three of these holes (HMB008, 012, 017) intersected shallow uraniferous horizons within the calcrete. Initial identification of the uraniferous horizons was through in field measurements using a hand held Niton instrument. Based on these analyses, a selection of samples was sent for check XRF laboratory analysis. These results are now to hand and confirm the Niton results.

Hole ID	Interval	Niton U3O8 ppm	XRF U3O8 ppm	Rock type
HMB008	4-5	114	116	calcrete
HMB012	4–5	121	122	calcrete
HMB017	6- 7	142	158	calcrete

The assaying program is continuing and results will be released when they become available.

RC Drilling to Commence Immediately

A 2,300m RC drilling program is underway designed to determine the extent and tenor of the uraniferous horizons intersected in the previous drilling program. The hole depths will generally be shallow with the maximum depth anticipated to be 40m but most holes will be less than 20m.

This drilling program has been designed to cover an area measuring approximately 35 square kilometres. The hole spacing is nominally 500m.

-2-

This drilling phase of the program is due for completion by the end of June and will only test a small area containing the thinnest part of the prospective calcrete basin. Additional drilling will be required to complete the first pass testing of the basin.

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: [email protected]

Competent Persons

The information in this announcement that relates to Mineral Resources and Exploration Results is based on information reviewed and compiled by Greg Steemson who is a Fellow of the Australian Institute of Geoscientists. Greg Steemson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Greg Steemson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

==> picture [686 x 512] intentionally omitted <==

----- Start of picture text -----

N
5 kms
EPL 3664
MB 8
MB 17
MB 12
Africa Uranium Limited Hoasib Project EPL 3664 Existing drill hole Proposed drillhole Figure 1
----- End of picture text -----

About 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 in Namibia in return for equity in AUL.

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 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.

==> picture [351 x 348] intentionally omitted <==

==> picture [366 x 318] intentionally omitted <==

AI assistant

MINERAL COMMODITIES LTD Regulatory Filings 2009

65371_rns_2009-06-01_ed2686cf-1ac2-4360-8914-e9f3c6c2983d.pdf