doubling share price announcement, page-4

Rapidly rising global demand for rock phosphate, which has driven world prices from US$50/
tonne a year ago to US$200/tonne today, has had a strongly favourable impact on
Minemakers’ (ASX:MAK) Wonarah project in the Northern Territory.
The drive into biofuels production by countries, such as the United States, is pushing
demand for phosphate fertilisers, with predictable impact on prices.
Minemakers’ Wonarah phosphate project, near Tennant Creek in the Northern Territory,
which has previously been assessed and drilled by Rio Tinto Ltd, is poised to become a
substantial beneficiary of these recent rises in phosphate rock prices.
An independent cost scoping study for Wonarah in early 2007 indicated that, depending on
various mining, transportation and exchange rate scenarios, a price of almost A$100/tonne
was required for economic viability.
Current world prices appear to indicate potential for a highly profitable, large and long-term
operation at Wonarah with a short payback period.

At Wonarah, in only the Northern sector of the known mineralization, a JORC compliant 1.95
billion tonnes at 14.4% P205 was estimated by Rio Tinto. In the main zone, the most
intensely drilled to date, there were JORC compliant estimates of between 72 and 115 Mt at
22-23% P205.
This zone is adjacent to the Barkly Highway which gives direct bitumen road access to the
standard gauge rail link at Tennant Creek.
Wonarah is Australia’s largest known undeveloped rock phosphate deposit. It is 100%
owned by Minemakers except for some sub-areas, including the ones containing the 72-115
Mt deposit, for which there is a 10% clawback provision in favour of the previous owner.
The Company has begun to assemble data for commitment to a bankable feasibility study, a
decision on which will be made by the Board as soon as all information is available. More
details will be provided in the forthcoming quarterly report.
Minemakers’ Managing Director, Andrew Drummond, said:
“This is what Minemakers is all about – acquiring major mineral deposits with
large and expensive databases, and then capitalising on commodity price
increases. The rocketed phosphate price gives potential for great benefit to
the Company and its shareholders”.
Andrew Drummond
Managing Director
WONARAH HISTORY
Wonarah was discovered in the 1960s and has been subject to several phases of investigation
– the results of which will enable Minemakers to fast-track towards a development decision.
It occurs in a similar geological setting to Australia’s only phosphate producing centre, at
Phosphate Hill near Mt Isa, which is now owned by Incitec Pivot Limited.
Wonarah’s previous lack of transport infrastructure, combined with earlier low phosphate
prices have resulted in negative project economics in the past. However, the changed world
supply-demand situation and price for rock phosphate, a sea freight cost advantage to Asia
compared with alternative Middle Eastern and North African suppliers and proximity to the
recently constructed Alice Springs – Darwin railway line are now all impacting favourably on
the economic potential of Wonarah.
Minemakers acquired the Wonarah Project as part of its IPO portfolio and further details on
past evaluation efforts, the area subject to clawback, and other matters can be viewed in the
2006 IPO Prospectus on the Company’s website.