VOLT RESOURCES LIMITED — Capital/Financing Update 2011

Jul 13, 2011

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MOZAMBI COAL LTD

(ASX: “MOZ”, “Company” or “Mozambi”)

ASX RELEASE

14 JULY 2011

ACQUISITION OF NEW EXPLORATION LICENCE IN ZAMBEZE COAL BASIN

Mozambi Coal Limited is pleased to announce that it has entered into a Memorandum of Understanding (“MOU”) with Xiluva Mineral Resources Limitada (“Xiluva”) to acquire 80% of exploration licence 2738L in the Tete Province, Mozambique.

Highlights

• Exploration licence 2738L is located in the Zambeze coal basin in Mozambique, one of the world’s largest undeveloped coal basins

• Potential for 25.8 square kilometres of coal-bearing Lower Karoo sediments, and a Target Mineralisation of between 1.86 to 2.32 billion tonnes*

• Private placement with major shareholder Polo Resources Plc (Polo) to raise A$1,875,000 to finance the acquisition.

Licence Summary

Exploration licence 2738L is situated approximately 115km to the west of the city of Tete within the Songo district and covers 224km[2] .

The central portion of the Zambeze River Basin in this area covers a graben-controlled portion of the Moatize-Minjova Coal Basin which constitutes part of the Zambeze trough that contains substantial coal measures. Coal mining at Moatize

has been ongoing (underground) since 1940. The main Productive Series Coal Measures comprises seven seams, five of which are considered economically exploitable.

Mozambi Coal Limited ACN 106 353 253 Level 2, 640Murray Street, West Perth, Western Australia 6005 Tel: (+618) 93210774 Fax: (+618) 6314 1557

Field traverses within the 2738L concession indicate both Matinde and Cadzi Sandstones which are the overlying stratigraphic units and based on this information the Company has identified a 25.8km[2] area within the Lower Karoo formation with potential to contain coal-bearing sediments.

Within the Zambeze Basin, productive coal seams may be encountered below all Karoo Formations. The basin is known to have the potential to host 1.8 million tonnes per km[2 ] per 1.0m thickness of coal. Table 1 shows the total coal tonnage potential for 2738L if 40-50m of coal measures are present

Table 1: 2738L Coal Potential.

Unit	Area km2	Bt for 40m coals	Bt for 50m coals
Lower Karoo	25.8	1.86*	2.32*

• This exploration target is conceptual in nature. There has been insufficient exploration to define a mineral resource under JORC guidelines and it is uncertain whether further exploration will result in the determination of a mineral resource. This conceptual target may or may not be outlined with future work, either in whole or in part.

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Location of 2738L in relation to 3245L and 3246L

Key Acquisition Terms

Mozambi will earn an 80% interest in 2738L following:

• Payment of US$25,000 to Xiluva upon signing MOU for surface tax and bonds

• Payment of US$250,000 to Xiluva on submission of an application requesting the transfer of 2738L to the National Directorate of Mines in Mozambique

• A final payment of US$1,250,000 to Xiluva upon successful transfer of 2738L and the completion of legal and technical due diligence by Mozambi.

Mozambi Coal Limited ACN 106 353 253 Level 2, 640Murray Street, West Perth, Western Australia 6005 Tel: (+618) 93210774 Fax: (+618) 6314 1557

Capital Raising – Polo Resources Plc

In order to fund the acquisition and an initial exploration programme for 2738L, the Company is pleased to announce that it has successfully negotiated a private placement with major shareholder Polo on the following terms:

• The issue of 7,500,000 ordinary shares at A$0.25 to raise A$1,875,000.

• The issue of 2,500,000 unlisted options with an exercise price of $0.30 expiring in 2 years from the date of issue.

Mr Shiv Madan, Managing Director of Mozambi commented:

“We are very pleased with the acquisition as it represents both a significant increase to our target mineralisation as well as a strengthening of our position in the region. We will continue to target high quality tenements hosting coal with open cut potential. We are also pleased to have Polo’s continued support through this important phase of the company’s development.”

About Mozambi

Mozambi Coal Ltd is a coal exploration company listed on the Australian Securities Exchange under ASX code MOZ. The Company is an Africa-focused coal exploration company with exploration licenses in Mozambique, East Africa, and intends to grow its land holdings in the region through the acquisition of further assets.

The Company has a 70% interest in two mineral exploration licenses 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. Global mining companies including Rio Tinto, Vale, Jindal Steel and ENRC have undertaken coal exploration and development projects in the basin.

The combined tenement areas already held by the Company cover approximately 385km[2] , and include two tenements, 3245L (“Tete West” project) and 3246L (“Muturara” project). 3245L is located 12km west of the city of Tete and extends over 182km[2] lying immediately South West of Rio Tinto’s tenement 946L. 3246L is located 58km[2] southeast of the city of Tete and covers approximately 202km[2] and is located 45km southeast of the Vale owned Moatize Coal Mining Camp.

Map of Mozambique within Africa

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Mozambi Coal Limited ACN 106 353 253 Level 2, 640Murray Street, West Perth, Western Australia 6005 Tel: (+618) 93210774 Fax: (+618) 6314 1557

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.

Further information:

Ryan Broom

Chief Financial Officer

Tel: +61 (0)8 9321 0774

Email: ryanb@mozambicoal.com.au

Mozambi Coal Limited ACN 106 353 253 Level 2, 640Murray Street, West Perth, Western Australia 6005 Tel: (+618) 93210774 Fax: (+618) 6314 1557