VOLT RESOURCES LIMITED — Capital/Financing Update 2011

Oct 11, 2011

MOZAMBI COAL LTD

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(ASX: “MOZ”, “Company” or “Mozambi”)

ASX RELEASE

12 OCTOBER 2011

EXPLORATION PROGRAMME UPDATE

Mozambi Coal Limited is pleased to announce that, as planned, it has commenced exploration on its Songo license (2738L) situated 115km west of Tete in northern Mozambique (Figure 2). In addition to airborne geophysics, the programme will include firstpass diamond drilling and down-hole geophysics.

The Company has commenced an airborne geophysical survey over its Songo license. The survey is being conducted by Aeroquest Airborne Pty Ltd, a Perth based aerial surveying company with operations in Africa. In addition to its’ Songo license, airborne geophysics will be undertaken on the Company’s Muturara and Tete West licenses during 4Q 2011.

The Company has signed an agreement for a preliminary drilling programme of between 3000 – 5000m of diamond drilling with Major Drilling Mozambique SA to enable it to conduct technical due diligence on its’ Songo license. Drilling will be accompanied by downhole geophysics through South African company Digital Surveying SA. Specialist Australian coal consultants Salva Resources Pvt Ltd has also been appointed to assist the Company with core logging, and sample preparation/handling. The drill programme is expected to commence in the coming week.

The initial drilling programme is scheduled for completion during Q4 2011 or Q2 2012 depending on weather conditions.

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

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 a 70% interest in two mineral exploration licences situated in the Zambeze Coal Basin in Mozambique and in July 2011 announced an agreement to acquire an 80% interest in a third exploration licence, 2738L (“Songo” Project), also within the Zambeze Coal Basin. The Zambeze Coal Basin is an emerging and highly prospective coal region that is within economic reach of the East African coast. Globally significant resources companies including Rio Tinto (LON:RIO), 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 609km[2] , spanning three tenements, 2738L (“Songo” project) 3245L (“Tete West” project) and 3246L (“Muturara” project). 2738L is located 115km west of the city of Tete and 40km southwest of Jindal licence 1218L where a 700 million tonne coal reserve has been identified. 3245L is located 12km West of the city of Tete and extends over 182km[2] , and lies immediately southwest of Rio Tinto tenement 946L. 3246L is located 58km[2] southeast of the city of Tete and covers approximately 202 km[2] . The tenement is located 45km southeast of the Moatize Coal Mining Camp owned by Vale.

Figure 1: Map of Mozambique within Figure 2: Map of Mozambi Coal’s Tenements within Zambeze Africa Basin

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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