PRL GLOBAL LTD — Capital/Financing Update 2008

Apr 30, 2008

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Company Announcements Australian Securities Exchange

1 May 2008

Electronic lodgment

Phosphate Resources Ltd – Acquisition of majority stake in the Makou, Jie Mei Yen and Xin Ping phosphate mines

CI Resources Limited owns a 38.77% interest in Phosphate Resources Ltd (the “Company”).

Please find attached disclosure containing details of the acquisition.

Yours sincerely,

Clive Brown Chairman CI Resources

CI Resources Limited ABN 70 006 788 754 PO Box 449, Belmont WA 6984 Telephone: 9485 7222

Form 1003

Disclosure notice for unlisted disclosing entity

ANNEXURE

On the 26[th] April 2008, the Board of Directors of Phosphate Resources Ltd approved the acquisition of the management rights and a majority stake in the Makou, Jie Mei Yen and Xin Ping Phosphate mines in Kaiyang County, Guizhou Province China through its wholly owned subsidiary Phosphate Resources ( China) Ltd ( HK) subject to the approval of the Chinese Government to the consolidation of the mines and the issuance of mining licences and resource rights for them to Phosphate Resources ( Hua-Li )China Ltd.

On completion of all the formalities PRL will be the beneficial owner of 51% of a foreign investment company Phosphate Resources ( Hua-Li) China Ltd registered in China and the other 49% will be held by Guizhou Tianfeng Chem_Phos Co Ltd a Chinese feriliser manufacturer and Xinfeng International Resources Pte Ltd( Sing) a Singaporean investment company wholly owned by Dr Louis Lui of Guizhou, China. Phosphate Resources( China ) Ltd will manage the foreign investment company.

The mines currently produce 120,000 tonnes of high grade phosphate per annum and it is planned to increase that to 300,000 tonnes within 18 months. The total proven high grade phosphate reserves are in excess of 6,000,000 tonnes.

The total acquisition cost will be $7,850,000 and a further capital injection of $1million will be required to upgrade the mine infrastructure to achieve the increased production target. The project will be funded from a combination of the project cash flow, PRL’s current cash reserves and borrowings.

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Kevin Edwards Company Secretary 26 April 2008