marine phosphate sampling plans well advanced

ACN 078 606 434
Level 3, 46 Ord Street West Perth WA 6005, PO Box 1153 West Perth WA 6872
ASX AND MEDIA RELEASE
26 May 2008
MARINE PHOSPHATE SAMPLING PLANS WELL ADVANCED
In light of the recent suspension of joint mining operations with DFI, Bonaparte Diamond Mines NL (ASX code: BON) (“Bonaparte or the Company”) announces that its marine activities will now focus on development of its phosphate project. Planning is at an advanced stage for systematic sampling of phosphatic seabed sediments in the 1000km2 Meob Project area (EPL3323) for commencement mid 2008. A scoping study and initial mineral resource are expected by the end of 2008.
The Company’s exploration target for EPL3323 is 40 to 50 million tonnes of unconsolidated phosphatic sediment with a grade of 10-15% P2O5. A preliminary process flowsheet is being investigated incorporating conventional suction dredging and simple onshore beneficiation with the objective of producing 3 million tonnes of enhanced grade (up to 35%) rock phosphate per annum.
The preliminary sampling by Bonaparte during 2007 showed phosphate grades in EPL3323 (1000km2 area) to be consistent with historic sampling and demonstrated potential for enrichment to commercial grades (up to 35% P2O5).
The phosphate deposits off Namibia were delineated during regional studies in the 1970’s but have remained undeveloped to date. Bonaparte’s specialist marine exploration and mining skills place it in a strong position to develop its marine phosphate projects on the back of the significant upward shift in the phosphate price cycle in 2008.
Application has been made for nine new exclusive exploration licences covering an additional 9000km2 in areas of phosphate enrichment indicated by previous regional sampling and mapping. Tel +61 (08) 9483 3500 Fax +61 (08) 9483 3599 Website www.bonaparte.com.au
The Meob Project and EPL application areas are held in Joint Venture with Namibian partners Tungeni Investments cc 30% Bonaparte holds 70% interest and is the project operator.
Mike Woodborne, Bonaparte Managing Director commented “We are in a strong position to develop a very significant marine phosphate resource from which we establish a position as a global player in the world phosphate market. The Namibian licence areas are well situated for access to existing port facilities at Walvis Bay and thereby for prime access to fertiliser markets along the Atlantic seaboard, particularly in Brazil as well as in Africa.”
Michael W Woodborne
Managing Director
+ 61 8 9483 3500
The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Michael W Woodborne (M.Sc, AusIMM, AIG, Pr.Sci.Nat), who is an employee of the Company. Mr Woodborne has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being undertaken to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”. Mr Woodborne consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Level 3, 46 Ord Street West Perth WA 6005, PO Box 1153 West Perth WA 6872
Tel +61 (08) 9483 3500 Fax +61 (08) 9483 3599 Website www.bonaparte.com.au