News: Initiation Report: DSO potential for phosphate developer

Minbos Resources is an ASX listed company which plans to develop the high grade Cacata rock phosphate project in Angola. Minbos has significantly changed their corporate structure and strategy over the past 12 months including:

• Appointment of a new and experienced CEO;
• Focus on the high grade portion of the Cacata Project;
• Consolidation of the Angolan assets ownership (negotiations commenced); and
• Repayment of the convertible notes.

We have determined an un-risked valuation for Minbos of $0.048/share.  However, as a number of our key assumptions require confirmation, we have applied a discount of 50% to our valuation, which lowers our current valuation to $0.024/share.  We will review our risk weighting post the release of an updated study on the project that we believe will be released during 2H15.