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BASE RESOURCES LIMITED - 2020 Mineral Resources and Ore Reserves Statement

AIM and Media Release 

13 August 2020

2020 Mineral Resources and Ore Reserves StatementBASE RESOURCES LIMITED

Key Points

The 2020 Mineral Resources and Ore Reserves estimates for (ASX & AIM: BSE) ( or the ) are summarised in the table below together with the 2019 Mineral Resources and Ore Reserves estimates for comparison.Base Resources LimitedBase ResourcesCompany

Table subject to rounding differences. *Rutile reported is rutile + leucoxene mineral species. ^ Recovered Leucoxene will be split between Rutile and Chloride Ilmenite products depending on product specification requirements.

Mineral Resources and Ore Reserves estimates in this statement are reported in accordance with the JORC Code (2012 edition).  Accordingly, this statement should be read in conjunction with the respective explanatory Mineral Resources and Ore Reserves information included in the following announcements:1

[  ASX announcements are available at .]     Note (1):https://baseresources.com.au/investors/announcements/

Kwale Deposits

The Company’s 100% owned Kwale Mineral Sands Operations () in is located approximately 50 kilometres south of Mombasa and 10 kilometres inland from the Kenyan coast.  The Company’s wholly owned subsidiary, , holds Prospecting Licence 2018/0119 () which hosts the Kwale South Dune and North Dune deposits.  The majority of the Kwale South Dune deposit resides within Special Mining Lease No. 23 (), which sits within PL119 and is currently being mined.  A pre-feasibility study is currently underway to assess the potential to mine the North Dune deposit. Kwale OperationsPL119SML23KenyaBase Titanium Limited

is the operator of Kwale Operations and has a net attributable interest of 100% in the 2020 Kwale Mineral Resources and Ore Reserves estimates.Base Resources

Mineral Resources

The 2020 Kwale Mineral Resources, as at , are estimated to be 246 million tonnes () at an average heavy mineral () grade of 2.0% for 4.9Mt of contained HM, at a 1% HM cut-off grade. 30 June 2020MtHM

2020 Kwale Mineral Resources estimate compared with the 2019 estimate at a 1% HM cut-off grade.Table 2:

Table subject to rounding differences.  Mineral Resources are inclusive of Kwale South Dune Ore Reserves.

The 2020 Kwale Mineral Resources estimate represents a decrease of 13.5% in material tonnes and 18.5% in contained HM tonnes when compared with the 2019 Kwale Mineral Resources estimate. 

The decrease was solely to the Kwale South Dune Mineral Resources which are estimated to be 76Mt at an average HM grade of 3.1% for 2.3Mt of contained HM as at , a decrease of 38Mt containing 1.1Mt of HM to the 2019 estimate.  The decrease was due to:30 June 2020

The Kwale North Dune Mineral Resources as at are unchanged from the 2019 estimate.30 June 2020

[  Refer to Base Resources’ market announcement “Updated Kwale South Dune Mineral Resources and Ore Reserves estimate” released on , which is available at .] 27 July 2020https://baseresources.com.au/investors/announcements/Note (2):

Ore Reserves

Contained within the Kwale South Dune Mineral Resources are the Kwale Ore Reserves, estimated as at to be 40Mt at an average HM grade of 3.4% for 1.4Mt of contained HM. 30 June 2020

 The 2020 Kwale Ore Reserves estimate compared with the 2019 estimate.Table 3:

Table subject to rounding differences.

The 2020 Kwale Ore Reserves estimate represents a decrease of 35% in total ore tonnes and 41% in contained HM tonnes compared to the 2019 Kwale Ore Reserves estimate.  This decrease was due to:

The estimated material and contained HM tonnes for the 2020 Kwale South Dune Mineral Resources are significantly higher than the 2020 Kwale South Dune Ore Reserves estimate because the Ore Reserves are constrained within SML23, whereas the Mineral Resources are constrained within the much larger PL119.  Mining tenure arrangements are being progressed with the to extend the SML23 boundary to incorporate some of these additional Mineral Resources as a precursor to an anticipated updated Ore Reserves estimate. Kenyan Ministry of Petroleum and Mining

No Ore Reserves estimate has been completed for the Kwale North Dune deposit. 

Ranobe Deposit

The Company’s 100% owned is based on the Ranobe deposit, located approximately 45 kilometres north of the town of Toliara and 15km inland from the coast in south west .  The Ranobe deposit sits within 37242, which is a mining lease under Malagasy law.  The Company is currently progressing the project towards development, with a definitive feasibility study completed in .Toliara ProjectMadagascarPermis d’ExploitationDecember 20193

is the operator of the and has a net attributable interest of 100% in the 2020 Ranobe Mineral Resources and Ore Reserves estimates.Base ResourcesToliara Project

[  Refer to Base Resources’ market announcement “DFS reinforces Toliara Project’s status as a world class mineral sands developmentreleased on , which is available at .] 12 December 2019https://baseresources.com.au/investors/announcements/Note (3):

Mineral Resources

The 2020 Ranobe Mineral Resources are estimated to be 1,293Mt at an average HM grade of 5.1% for 66Mt of contained HM, based on a 1.5% HM cut-off grade.  The Ranobe Mineral Resources at are unchanged from the 2019 estimate.30 June 2020

The 2020 Ranobe Mineral Resources estimate, compared with the 2019 estimate, at a 1.5% HM cut-off grade.Table 4:

Table subject to rounding differences.  Mineral Resources are inclusive of Ranobe Ore Reserves. * Rutile reported in the table is rutile + leucoxene mineral species.

Ore Reserves

Contained within the Ranobe Mineral Resources are the Ranobe Ore Reserves, estimated as at to be 586Mt at an average HM grade of 6.5% for 38Mt of contained HM.  The Ranobe Ore Reserves estimate as at are unchanged from the maiden estimate announced on . 30 June 202030 June 20206 December 20194

The 2020 Ranobe Ore Reserves estimate.Table 5:

Table subject to rounding differences. ^ Recovered Leucoxene will be split between Rutile and Chloride Ilmenite products depending on product specification requirements.

[ Refer to Base Resources’ market announcement “Maiden Ranobe Ore Reserves Estimate” released on , which is available at .]Note (4):6 December 2019https://baseresources.com.au/investors/announcements/

Mineral Resources and Ore Reserves Governance

A summary of the governance, internal controls and estimation process applicable to Base Resources’ Mineral Resources and Ore Reserves estimates are as follows:

Mineral Resources

Ore Reserves

Competent Persons’ Statements

The 2020 Mineral Resources and Ore Reserves Statement has been approved by the following competent persons on the basis detailed below:

Mineral Resources – South Dune Deposit

The information in this announcement that relates to the Kwale South Dune Mineral Resources estimate is based on, and fairly represents, information and supporting documentation prepared by Mr. .  is a Member of .  is employed by , he holds equity securities in , and is entitled to participate in Base Resources’ long-term incentive plan and receive equity securities under that plan.  Details about that plan are included in Base Resources’ 2019 Annual Report.  has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code and as a qualified person for the purposes of the AIM Rules for Companies.  has reviewed this announcement and consents to the inclusion in this announcement of the Kwale South Dune Mineral Resources estimate and supporting information in the form and context in which the relevant information appears.Scott CarruthersMr. CarruthersMr. CarruthersMr. CarruthersMr. CarruthersThe Australasian Institute of Mining and MetallurgyBase ResourcesBase Resources

Mineral Resources – North Dune Deposit

The information in this announcement that relates to Kwale North Dune Mineral Resources estimate is based on, and fairly represents, information and supporting documentation prepared by Mr. Greg Jones, who acts as a Consultant Geologist for and is employed by IHC Robbins.  Mr. Jones is a Member of and has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code and as a qualified person for the purposes of the AIM Rules for Companies.  has reviewed this announcement and consents to the inclusion in this announcement of the Kwale North Dune Mineral Resources estimate and supporting information in the form and context in which it appears.Base ResourcesThe Australasian Institute of Mining and MetallurgyMr. Jones

Ore Reserves – South Dune Deposit

The information in this announcement that relates to the Kwale South Dune Ore Reserves estimate is based on, and fairly represents, information and supporting documentation prepared by Mr. Per Scrimshaw and Mr. .  and are both Members of .  is employed by Entech, a mining consultancy engaged by Base Resources.  is employed by , he holds equity securities in , and is entitled to participate in Base Resources’ long-term incentive plan and receive equity securities under that plan.  Details about that plan are included in the Company’s 2019 Annual Report.  and each have sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity which they are each undertaking to qualify as Competent Persons as defined in the JORC Code and as qualified persons for the purposes of the AIM Rules for Companies.  and have each reviewed this announcement and consent to the inclusion in this announcement of the South Dune Ore Reserves estimate and supporting information in the form and context in which it appears.Scott CarruthersMr. ScrimshawMr. CarruthersMr. ScrimshawMr. CarruthersMr. ScrimshawMr. CarruthersMr. ScrimshawMr. CarruthersThe Australasian Institute of Mining and MetallurgyBase ResourcesBase Resources

Mineral Resources – Ranobe Deposit

The information in this announcement that relates to the Ranobe Mineral Resources estimate is based on, and fairly represents, information and supporting documentation prepared by Mr. , who acts as Consultant Geologist for and is employed by IHC Robbins.  Mr. Jones is a Member of and has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code and as a qualified person for the purposes of the AIM Rules for Companies.  Mr. Jones has reviewed this announcement and consents to the inclusion in this announcement of the Ranobe Mineral Resources estimate and supporting information in the form and context in which it appears.Greg JonesBase ResourcesThe Australasian Institute of Mining and Metallurgy

Ore Reserves – Ranobe Deposit

The information in this announcement that relates to Ranobe Ore Reserves estimate is based on, and fairly represents, information and supporting documentation prepared by Mr. and Mr. .  Mr. Sykes and are both members of .  acts as a Consultant for Base Resources.  is employed by , he holds equity securities in , and is entitled to participate in Base Resources’ long-term incentive plan and receive equity securities under that plan.  Details about that plan are included in the Company’s 2019 Annual Report.  Both and have sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity which they are each undertaking to qualify as a Competent Person as defined in the JORC Code and as qualified persons for the purposes of the AIM Rules for Companies.  and have each reviewed this announcement and consent to the inclusion in this announcement of the Ranobe Ore Reserves estimate and the supporting information in the form and context in which the relevant information appears.Chris SykesScott CarruthersMr. CarruthersMr. SykesMining EngineerMr. CarruthersMr. SykesMr. CarruthersMr. SykesMr. CarruthersThe Australasian Institute of Mining and MetallurgyBase ResourcesBase Resources

Glossary

ENDS.

For further information contact:

AboutBase Resources

is an Australian based, African focused, mineral sands producer and developer with a track record of project delivery and operational performance.  The company operates the established Kwale Operations in and is developing the in Madagascar.  is an ASX and AIM listed company.  Further details about are available atBase ResourcesToliara ProjectBase ResourcesBase ResourcesKenyawww.baseresources.com.au

Level 1, , 6005 Email:  Phone: +61 (0)8 9413 7400 Fax: +61 (0)8 9322 8912PRINCIPAL & REGISTERED OFFICE




50 Kings Park RoadWest Perth, Western Australia[email protected]

Phone: +61 (0)8 9480 2500NOMINATED ADVISOR
RFC Ambrian Limited


Stephen Allen

/ Detlir Elezi Phone: +44 20 3207 7800  BROKER Berenberg



Matthew Armitt

--  Maiden Ranobe Ore Reserves estimate for the  announced on
         of 586Mt at an average HM grade of 6.5% containing 38Mt
        of in-situ HM.
    --  Kwale South Dune Mineral Resources and Ore Reserves estimates were
        reduced by mining depletion in the year to , as well as by a
        5% reduction in the estimated material bulk density, sterilisation of
        sub-economic material and a reduction in the size of the prospecting
        licence omitting some low-grade material, with the total effect of:
            --  Reducing the South Dune Mineral Resources by 38Mt containing
                1.1Mt of in situ HM.
            --  Reducing the South Dune Ore Reserves by 22Mt containing 0.9Mt of
                in situ HM.Toliara Project6 December 201930 June 2020
2020                                  2019
                   as at 30 June 2020                    as at 30 June 2019

                                 HM Assemblage                               HM
        Tonnes   HM  HM  SL  OS                  Tonnes   HM  HM  SL  OS Assemblage
Deposit
                                ILM RUT LEUC ZIR                         ILM RUT ZIR

          (Mt) (Mt) (%) (%) (%) (%) (%)  (%) (%)   (Mt) (Mt) (%) (%) (%) (%) (%) (%)

            Mineral Resources (Measured + Indicated + Inferred, inclusive of Ore
                                         Reserves)

Kwale      246  4.9 2.0  34   2  51  13    -   5    285  6.0 2.1  33   2  52  13   6

Ranobe   1,293   66 5.1   6   0  72  2*    -   6  1,293   66 5.1   6   0  72   2   6

                              Ore Reserves (Proved + Probable)

Kwale       40  1.4 3.4  26 1.7  57  13 -      6     62  2.3 3.8  27   3  57  13   6

Ranobe     586   38 6.5 3.9 0.1  74 1.1 0.9^ 5.9      -    -   -   -   -   -   -   -
Deposit                      Announcement        Estimate Date    Release Date
                             Title

Kwale South  Mineral         Updated Kwale       31 March 2020    27 July 2020
Dune         Resources & Ore South Dune
             Reserves        Mineral
                             Resources and
                             Ore Reserves
                             estimate

Kwale North  Mineral         Mineral Resource       1 May 2019      1 May 2019
Dune         Resources       for Kwale North
                             Dune deposit

Ranobe       Ore Reserves    Maiden Ranobe    27 November 2019 6 December 2019
                             Ore Reserves
                             Estimate

Ranobe       Mineral         Updated Ranobe    23 January 2019 23 January 2019
             Resources       Deposit Mineral
                             Resources
                             (corrected)

2019         Mineral         2019 Mineral         30 June 2019  21 August 2019
Comparatives Resources & Ore Resources and
             Reserves        Ore Reserves
                             Statement
2020                                2019
                  as at 30 June 2020                  as at 30 June 2019

                                      HM                                  HM
          Tonnes   HM  HM  SL  OS Assemblage  Tonnes   HM  HM  SL  OS Assemblage
Category
                                  ILM RUT ZIR                         ILM RUT ZIR

            (Mt) (Mt) (%) (%) (%) (%) (%) (%)   (Mt) (Mt) (%) (%) (%) (%) (%) (%)

                                Kwale South Dune

Measured      55  1.8 3.2  24   1  58  14   6     81  2.6 3.2  25   1  59  14   6

Indicated     20  0.6 2.9  26   7  52  12   6     33  0.8 2.5  26   7  52  12   6

Total         76  2.3 3.1  25   3  57  13   6    114  3.5 3.0  25   3  56  13   6

                                Kwale North Dune

Indicated    136  2.1 1.5  38   2  45  12   5    136  2.1 1.5  38   2  45  12   5

Inferred      34  0.5 1.4  36   3  46  13   6     34  0.5 1.4  36   3  46  13   6

Total        171  2.6 1.5  38   2  45  12   5    171  2.6 1.5  38   2  45  12   5

                          Total Kwale Mineral Resources

Measured      55  1.8 3.2  24   1  58  14   6     81  2.6 3.2  25   1  59  14   6

Indicated    157  2.7 1.7  37   2  47  12   5    169  2.9 1.7  36   3  47  12   5

Inferred      34  0.5 1.4  36   3  46  13   6     34  0.5 1.4  36   3  46  13   6

Total        246  4.9 2.0  34   2  51  13   5    285  6.0 2.1  33   2  52  13   6
--  Mining depletion, decreasing material by 18.5Mt containing 0.67Mt of HM.
    --  Mining sterilisation of 12.0Mt of material and 0.25Mt of contained HM
        comprising material that was not mined as it was not considered economic
        to do so.
    --  A 5% reduction in the estimated material bulk density, decreasing
        material by 5.7Mt containing 0.17Mt of HM compared to the 2019
        estimate.As announced on 27 , the reduction in estimated
        material bulk density was the result of routine reconciliations
        undertaken between the resource model predictions and run-of-mine
        operating data gained for ore mined since mining commenced on the Kwale
        South Dune in .
    --  A prospecting licence area reduction, decreasing material by 2.2Mt
        containing 0.03Mt of HM. The previous prospecting tenure instrument,
        Special Prospecting Licence 173, which was granted under the previous
        Kenyan Mining Act, was converted to PL119 in , which was granted
        under the 2016 Kenyan Mining Act, requiring a 50% reduction in size.
        Material excluded by the reduction was not considered economic.July 20202July 2019May 2018
2020                                2019
                 as at 30 June 2020                  as at 30 June 2019

                                     HM                                  HM
         Tonnes   HM  HM  SL  OS Assemblage  Tonnes   HM  HM  SL  OS Assemblage
Category
                                 ILM RUT ZIR                         ILM RUT ZIR

           (Mt) (Mt) (%) (%) (%) (%) (%) (%)   (Mt) (Mt) (%) (%) (%) (%) (%) (%)

                                Kwale South Dune

Proved       35  1.2 3.5  26 0.8  58  14   6     39  1.6 4.0  27   1  59  14   6

Probable      5  0.2 2.9  27   7  51  12   5     23  0.8 3.3  26   5  53  13   6

Total        40  1.4 3.4  26 1.7  57  13   6     62  2.3 3.8  27   3  57  13   6
--  Mining depletion, decreasing ore by 18.3Mt containing 0.68Mt of HM.
    --  A 5% reduction in the estimated material bulk density of the resource
        model, decreasing ore by 3.1Mt containing 0.11Mt of HM.
    --  Other minor changes, including updates to the resource model (other than
        for material bulk density), altering the mine design to reflect the
        switch from dozer mining to hydraulic mining and sterilisation of ore,
        resulting in total reduction in ore of 0.16Mt containing 0.16Mt of HM.
2020                                  2019
                    as at 30 June 2020                    as at 30 June 2019

                     In                  HM                 In                 HM
          Material Situ  HM  SL  OS  Assemblage  Material Situ  HM  SL OS  Assemblage
Category             HM                                     HM
                                    ILM RUT* ZIR                          ILM RUT* ZIR

              (Mt) (Mt) (%) (%) (%) (%)  (%) (%)     (Mt) (Mt) (%) (%)    (%)  (%) (%)

                               Ranobe Mineral Resources

Measured       419   28 6.6   4   0  75    2   6      419   28 6.6   4  0  75    2   6

Indicated      375   18 4.9   8   1  72    2   6      375   18 4.9   8  1  72    2   6

Inferred       499   20 3.9   7   1  70    2   5      499   20 3.9   7  1  70    2   5

Total        1,293   66 5.1   6   0  72    2   6    1,293   66 5.1   6  0  72    2   6
2020                                     2019
                    as at 30 June 2020                       as at 30 June 2020

Deposit  Tonnes   HM  HM  SL  OS  HM Assemblage   Tonnes  HM  HM  SL  OS   HM Assemblage

                                 ILM RUT LEUC ZIR                         ILM RUT LEUC ZIR

           (Mt) (Mt) (%) (%) (%) (%) (%)  (%) (%)   (Mt) (Mt) (%) (%) (%) (%) (%)  (%) (%)

                                   Ranobe Ore Reserves

Proved      347   24 7.0 3.8 0.1  75 1.0  1.0 5.9                   N/A

Probable    239   14 5.8 4.2 0.2  73 1.3  0.8 5.7                   N/A

Total       586   38 6.5 3.9 0.1  74 1.1 0.9^ 5.9                   N/A
--  Review and validation of drilling and sampling methodology and data
        spacing, geological logging, data collection and storage, sampling and
        analytical quality control.
    --  Geological interpretation – review of known and interpreted structure,
        lithology and weathering controls.
    --  Estimation methodology – relevant to mineralisation style and proposed
        mining methodology.
    --  Comparison of estimation results with previous mineral resources models,
        and with results using alternate modelling methodologies.
    --  Visual validation of block model against raw composite data.
    --  Use of external competent persons to assist in preparation of Mineral
        Resources estimate updates.
--  Review of potential mining methodology to suit deposit and
        mineralisation characteristics.
    --  Review of potential Modifying Factors, including cost assumptions and
        commodity prices to be utilised in mining evaluation.
    --  Ore Reserves estimate updates initiated with material changes in the
        above assumptions.
    --  Optimisation using appropriate software packages for open pit
        evaluation.
    --  Design based on optimisation results.
    --  Use of external competent persons to assist in preparation of Ore
        Reserves estimates.
Assemblage         The relative proportion of valuable heavy mineral components
                   of ilmenite, rutile, zircon and, where applicable, leucoxene.

Competent Person   The JORC Code requires that a Competent Person must be a
                   Member or Fellow of , or of the ,
                   or of a ‘Recognised Professional Organisation’. A Competent
                   Person must have a minimum of five years’ experience working
                   with the style of mineralisation or type of deposit under
                   consideration and relevant to the activity which that person
                   is undertaking.

Cut-off grade      The lowest grade of mineralised material that is thought to
                   be economically mineable and available. Typically used by
                    to define which material is reported in a
                   Mineral Resource estimate.

Grade              A physical or chemical measurement of the characteristics of
                   the material of interest. In this context, the grade is
                   always a percentage and the characteristics are heavy
                   mineral, oversize, slime and the various product minerals
                   (ilmenite, rutile etc).

Heavy mineral      In mineral sands, minerals with a specific gravity greater
                   than 2.85 t/m3.

ILM                Ilmenite, a valuable heavy mineral.

Indicated Resource An Indicated Mineral Resource is that part of a Mineral
                   Resource for which quantity, grade (or quality), densities,
                   shape and physical characteristics are estimated with
                   sufficient confidence to allow the application of Modifying
                   Factors in sufficient detail to support mine planning and
                   evaluation of the economic viability of the deposit.

Inferred Resource  An Inferred Mineral Resource is that part of a Mineral
                   Resource for which quantity and grade (or quality) are
                   estimated on the basis of limited geological evidence and
                   sampling. Geological evidence is sufficient to imply but not
                   verify geological and grade (or quality) continuity. It is
                   based on exploration, sampling and testing information
                   gathered through appropriate techniques from locations such
                   as outcrops, trenches, pits, workings and drill holes.

JORC Code          The 2012 Edition of the Australasian Code for Reporting of
                   Exploration Results, Mineral Resources and Ore Reserves, as
                   published by the  of ,  and .

LEUC               Leucoxene, a valuable heavy mineral.

Measured Resources A Measured Mineral Resource is that part of a Mineral
                   Resource for which quantity, grade (or quality), densities,
                   shape, and physical characteristics are estimated with
                   confidence sufficient to allow the application of Modifying
                   Factors to support detailed mine planning and final
                   evaluation of the economic viability of the deposit.

Modifying Factors  Modifying Factors are considerations used to convert Mineral
                   Resources to Ore Reserves. These include, but are not
                   restricted to, mining, processing, metallurgical,
                   infrastructure, economic, marketing, legal, environmental,
                   social and governmental factors.

Mineral Resources  Mineral Resources are a concentration or occurrence of solid
                   material of economic interest in or on the Earth’s crust in
                   such form, grade (or quality), and quantity that there are
                   reasonable prospects for eventual economic extraction. The
                   location, quantity, grade (or quality), continuity and other
                   geological characteristics of a Mineral Resource are known,
                   estimated or interpreted from specific geological evidence
                   and knowledge, including sampling. Mineral Resources are
                   sub-divided, in order of increasing geological confidence,
                   into Inferred, Indicated and Measured categories.

Ore Reserves       Ore Reserves are those portions of Mineral Resources that,
                   after the application of all Modifying Factors, result in an
                   estimated tonnage and grade which, in the opinion of the
                   Competent Person making the estimates, can be the basis of a
                   technically and economically viable project, after taking
                   account of material relevant Modifying Factors.

OS                 Oversize material.

Probable Reserve   A Probable Ore Reserve is the economically mineable part of
                   an Indicated, and in some circumstances, a Measured Mineral
                   Resource. The confidence in the Modifying Factors applying to
                   a Probable Ore Reserve is lower than that applying to a
                   Proved Ore Reserve.

Proved Reserve     A Proved Ore Reserve is the economically mineable part of a
                   Measured Mineral Resource. A Proved Ore Reserve implies a
                   high degree of confidence in the Modifying Factors.

RUT                Rutile, a valuable heavy mineral.

SL                 Slimes, being a waste product from the processing of mineral
                   sands.

ZIR                Zircon, a valuable heavy mineral.The Australasian Institute of Mining and
                   MetallurgyAustralian Institute of GeoscientistsBase ResourcesJoint Ore Reserves CommitteeThe
                   Australasian Institute of Mining and MetallurgyAustralian
                   Institute of GeoscientistsMinerals Council of Australia
,  and Investor  Media Relations
Relations

                                    

Tel: +61 (8) 9413 7426                             and 

Mobile: +61 (0) 488 093 763                       Tel: +44 (0) 207 920 3150

Email:James FullerJos SimsonBarnaby HaywardManager CommunicationsBase ResourcesTavistock CommunicationsUK[email protected]

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