Namibian Phosphate Projects

Overview

Minemakers acquired its direct equity in the Sandpiper/Meob Joint Venture ("JV") marine phosphate project in offshore Namibia via the acquisition in July 2009 of Bonaparte Diamonds Mines NL ("Bonaparte"). The Company has two projects in Namibia, the Sandpiper/Meob JV and the Rocky Point Project.

Sandpiper/Meob Phosphate Joint Venture Project

EPLs 3323, 4001, 4010, 4021, 3414, 3415. The project is a JV between Minemakers Limited and Union Resources Limited and a Namibian owned company Tungeni Investments cc.

Minemakers	42.5%
Union Resources Ltd	42.5%	(MAK 14.9%)
Tungeni Investments cc	15%	Namibian Partner

The JV was signed in October 2008 to jointly develop the companies' respective and adjacent Meob and Sandpiper marine phosphate projects. The JV is well placed to rapidly develop a new phosphate province in Namibia and controls a substantial part of the most prospective areas. The JV tenements lie in waters approximately 60km off the coast of Namibia and cover a combined area of approximately 8,000km² which includes a major part of the regional phosphate enriched province to the south of Walvis Bay in water depths of 180–300m. These deposits were delineated during regional scientific studies in the 1970s but have remained undeveloped. The deposits occur as unconsolidated sea floor sediments, which now lie within the reach and capability of currently available dredging technology.

The Sandpiper/Meob JV area incorporates phosphate enriched province to the south of Walvis Bay and specifically includes all of the central enriched core area, where published regional mapping shows phosphate concentration of more than 20% by weight.

Minemakers sees development of the Sandpiper/Meob project as the natural expansion strategy for establishing two geographic distribution centres to supply growing global phosphate requirements and places the company in the unique position of having two significant deposits targeting independent fertilizer producers.

The Joint Venture is focused on an accelerated programme for development of the combined areas and plans to commence mining 2011 at a target output of up to 3 million tonnes per annum. In addition to current efforts on resource delineation, investigations and discussions are being progressed with several reputable organizations in the key areas of marine mining/dredging technology, beneficiation and potential offtake candidates.

Reserve & Resources

An initial Resource development programme was completed in the period of October 08 – April 09 and independent estimates of the phosphate Mineral Resources now stand at:

Indicated Category	73.9Mt	20.57% P2O5
Inferred Category	1,507Mt	18.7 % P2O5
Total	1,581Mt	18. 8% P2O5

The defined resources exceeded by 58% the original programme delineation target of .5 – 1 billion tonnes of greater than 15% P₂O₅ and have also confirmed the historical coring and regional mapping data relating to provenance, lateral continuity and grade of the deposit.

Rocky Point Project (Bon 70% Equity)

The Rocky Point Project comprises some 3,000km² in granted licences and a further 1000km² under application. The project area incorporates the core area of the marine phosphate mineralisation province, to the north of Walvis Bay where published regional mapping indicates phosphate content of greater than 20% by weight. The tenements are held by Bonaparte Tungeni Joint Venture Exploration (Namibia) (Pty) in which Bonaparte holds a 70% interest and is the Project Operator. Namibian partners, Tungeni Investments cc hold 30% interest.