Ann: Minbos Reaches Performance Milestone , page-15

Nath

The company is just missing deadline after deadline.

Firstly, MNB has not even listed a Potash exploration target (they do have historical drill results)after an acquisition on 11/10/2011. The date today is 1/05/2012. WOW.

Secondly, the media articles in march said the scoping study was due in April. Deadline missed again. Shocking.

Finally, the fosters stockbroking report (removed from fosters) said the Potash and scoping study announcements were expected in early 2ndQtr 2012. They obviously have direct communication with the company as it listed the potential Potash Purchase value. It is closer to the middle of the 2nd qtr and not early 2nd Qtr. The forecasting errors continue.

Ueca. This is the second deposit drilled by MNB. I would expect lower grades as per the prospectus. There is no JORC after all this drilling.

One only has to go back to Jan 2011 - Sept 2011 to see the number of project related Price sensitive announcements released. I believe that only one announcement has been released in the last 6 months and that was in late december (Resource Upgrade). Qtlys don't count as they are required disclosure and the other announcements relate to performance shares, director resignation and the capital raising. Companies with momentum over the last few months release news almost every 3 weeks.

And in regards to the qtrly, maybe the company should open a mac D's franchise cooking hash browns because the last qtrly was just re-hashed garbage. It would have been better to include news on financing as discussed in the march highgrade media article.