Ann: Resource Estimates for Cabinda Project , page-29

Japan India Peru Phosphate JV!

MNB Proactive Inv!


"Executive chairman Peter Richards said the Cabinda Project can now be benchmarked against other world class phosphate projects and should result in a significant increase in the valuation of Minbos."

Shareholders are witnessing a significant decrease in the valuation of Minbos and not the significant increase that management talk about. Its not a good sign for a non-exec director to be resigning if the company is expecting a significant increase in valuation. MNB should update holders on the Potash DueDil (good/bad etc) or find a phosphate project in Peru. Peru has less sovereign risk than Africa and there has been recent M&A Activity.