Press Releases

Sydney, Mar 10, 2008 (ABN Newswire) - Expectations for significant phosphate (P2O5) mineralisation over an extensive area of Bonaparte's 1000km2 Meob Project off Namibia have been well supported by the assay results from eight, widely spaced reconnaissance samples. The surface grab samples were collected at intervals of 2km over a 14km long east/west traverse at the southern end of the tenement in late 2007.

Total sample assays varied from 1 - 18% P2O5, with a simple screening of the samples resulting in a significant grade increase in the fine fraction (<1mm) to 3 - 23% P2O5. Removal of carbonates and minor volatiles produced a considerable enrichment of P2O5 further increasing the fine fraction grades to 7 - 35% P2O5. In marine mining and dredging operations, separation of the fine sediment fraction (<1mm) is easily and routinely done through in-field screening.

The initial reconnaissance sampling was intended to verify, in a small part of the tenement, the increased phosphate mineralisation zones delineated from historic regional seabed mapping of the 1980s and to confirm the viability of the available sampling equipment to test adequately for phosphate. Managing Director Mike

Woodborne said: "We are thrilled with these initial phosphate mineralisation results which show that we have an exciting project that could have potential for a major phosphate accumulation. Clearly the Meob Project merits an ongoing high level investigation and we are planning a more detailed sampling and evaluation programme for later this year. Our team has the capacity, the skills and the experience to take this project forward".

Meob Project

The project is held by the Bonaparte Tungeni Joint Venture Company in which Bonaparte holds 70% and is the operator. The sample analysis was completed by the University of Cape Town, Geological Sciences Department, in South Africa. A summary of the assay results is tabulated below.

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Sample                               Wt % Size 
                                     Distribution 
         Weight  Percentage P2O5     (whole sample)
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Number  Total   <1mm   <1mm          <1mm size 
        Sample        (Carbonate     fraction
                       Free)* 
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1       1.89    2.52    6.52          75%
2       2.41    3.00    6.97          72%
3      18.07   23.49   35.37          57%
4       5.20   13.12   25.56          31%
5       3.15    5.69    10.16         35%
6       2.78    5.48    8.62          39%
7       2.48    5.98    8.61          34%
8       0.82    4.46    8.89          22%
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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.

Contact

Michael W Woodborne Managing Director TEL: + 61 8 9483 3500