VOLT RESOURCES LIMITED — Capital/Financing Update 2011

May 4, 2011

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MOZAMBI COAL LTD

(ASX: “MOZ”, “Company” or “Mozambi”)

ASX RELEASE

5 MAY 2011

UPDATE ON DRILLING PROGRAMME

Mozambi Coal Ltd is pleased to announce the commencement of the initial drilling programme on its Tete West project (licence 3245L) in Mozambique, East Africa.

Highlights

• Rig secured and drilling contract executed

• Environmental approvals for drilling granted

• Drilling commenced

The drilling program will initially focus on the Tete West project (licence 3245L), where approximately 2,000 metres of HQ diamond drilling in 5 drill holes is planned. These initial drill holes (single shift) will cover an area of approximately 3km[2] in the North East corner of licence 3245L, where ground verification and geological mapping has indicated the potential for coal-bearing Lower Karoo sedimentary package that hosts most of the expanding coal reserves in Mozambique. All holes will be routinely geophysically logged to assist geological and stratigraphical understanding and final depths will be dependent on the base of the target coal formation. Results will be announced as they come to hand.

On completion of drilling at Tete West, the Company expects to drill approximately 1,000m in 1-2 drill holes of HQ diamond core on the northern section of the Muturara licence (3246L). These holes will also be geophysically logged for stratigraphic and geotechnical purposes.

Mozambi Coal Limited ACN 106 353 253 Level 2, 640 Murray Street, West Perth, Western Australia 6005 Tel: (+618) 9321 0774 Fax: (+618) 6314 1557

The Company has signed a drilling contract with Agua Terra Limitada (Agua Terra), a division of Africa’s largest exploration drilling company Geosearch International and part of the Sentula Mining group of companies. The drilling contract will cover the initial drilling programme for both of the Company’s current high-impact exploration projects in Mozambique.

Environmental Approvals for drilling on both Projects have been received from the Department of the Environment, Mozambique.

Managing Director, Shiv Madan said, “This is a great start for Mozambi. After completing the relisting in March, management is very pleased to commence drilling within the planned time frame and we are looking forward to this exciting new chapter in our Company’s short history as an explorer”.

About Mozambi

Mozambi Coal Ltd is a coal exploration company listed on the Australian Securities Exchange under ASX code MOZ. The Company intends to develop as an Africa-focused coal mining company through the exploration and development of its’ existing exploration licences in Mozambique, East Africa, and the acquisition of further assets in the region.

The Company has the right to earn a 70% interest in two mineral exploration licences situated in the Zambeze Coal Basin in Mozambique. The Zambeze Coal Basin an emerging and highly prospective coal region that is within economic reach of the East African coast. Globally significant resources companies including Riversdale Mining (ASX:RIV), Vale, Jindal Steel and ENRC have undertaken coal exploration and development projects in the basin.

The combined tenement size held by the Company is approximately 385km[2] , spanning two tenements, 3245L (“Tete West” project) and 3246L (“Muturara” project). 3245L is located 12km West of the city of Tete and extends over 182 km[2] , and lies immediately South West of Riversdale Mining Limited tenement 946L. 3246L is located 58km[2] South East of the city of Tete and covers approximately 202 km[2] . The tenement is located 45km South East of the Moatize Coal Mining Camp owned by Vale.

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Map of Mozambique within Africa

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Map of Mozambi Coal’s Tenements within Zambeze Basin

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Competent Person’s Statement

The information in this report which relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Brian Varndell, who is a Fellow member of the Australasian Institute of Mining and Metallurgy and independent consultant to the Company. Mr Varndell is an associate of Al Maynard & Associates and has over 35 years of exploration and mining experience in a variety of mineral deposit styles including iron ore mineralisation. Mr Varndell 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”. Mr Varndell consents to inclusion in the report of the matters based on his information in the form and context in which is appears.

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