MNB – Minbos Resources | Aussie Stock Forums

42% INCREASE IN HIGH GRADE RESOURCES FOR KANZI PROJECT

Highlights include:
● 42% increase in high grade resources to 44Mt @ 21.4% P2O5 (up from 31Mt @ 21.4% P2O5);
● Overall resource increase to 66Mt @ 15.3% P2O5 (up from 46Mt @ 17.2% P2O5)
● Increased high grade resources support up to 2Mtpa Phosphate Rock export operation
● Significant exploration potential already identified to further increase resources at Kanzi

MINBOS TO FAST TRACK KANZI PHOSHPATE PROJECT
Emerging phosphate developer Minbos Resources announce the signing of a Joint Venture agreement (JV) with Allamanda Trading SPRL (“Allamanda”) for the exploration and development of the Kanzi project and surrounding exploration areas in the western Democratic Republic of Congo (“DRC”).

Highlights include:
● JV holds 100% interest in the Kanzi Project
● Exclusive rights over exploration licences covering approximately 200,000 hectares
● Minbos holds 65% interest in the JV

Highlights during June quarter
● The Cacata scoping study (“Scoping Study”) has produced positive results, demonstrating the potential of Cacata as a viable project with forecast pre tax cash flows of US$746m over a 10 year mine life.

● The Scoping Study has confirmed the technical and economic viability of establishing a high grade DSO operation at Cacata and Chivovo to produce 0.8Mtpa of phosphate rock concentrate.

● The joint venture partners are planning to commence the bankable feasibility study (“BFS”) for the Cacata project during the next quarter.

● Cabinda diamond drilling results confirmed the high grade and DSO potential at its Cacata and Chivovo deposits.

● Drilling highlights included:
o CCR 01 from 0.9 to 11.9 metres, 11 metres of mineralisation grading at 31.40% P2O5;
o CCR N1 from 7.61 to 24.7 metres, 17.11 metres of mineralisation grading at 28.95% P2O5; and
o CCR 007D from 8.15 to 24.78 metres, 16.63 metres of mineralisation grading at 28.24% P2O5.

● The Company reached a performance milestone upon reaching a JORC compliant resource of 254.1mt at 12.6% P2O5, which resulted in the conversion of 25 million Class A Performance Shares (“Performance Shares”) into fully paid ordinary shares issued to the original vendors of the project licences.

● Minbos has received several expressions of interest from potential strategic partners with respect to its phosphate projects. Minbos has appointed Everspring Partners, a Sydney based resources focussed advisory firm, to assist in a tender process to identify partners that fit Minbos’ strategic objectives and who are capable of participating in the development and offtake of its projects.

● In engaging Everspring Partners Minbos’ intention is to develop a framework for the orderly submission of offers by interested parties so as to facilitate the identification of the most suitable parties. This process will begin with the preparation and distribution of an Information Memorandum to interested parties.