COMINCO RESOURCES LIMITED ( Cominco or the Company ) Successful Scoping Study for Hinda Phosphate Project, Congo Brazzaville

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1 14 th November 2012 COMINCO RESOURCES LIMITED ( Cominco or the Company ) Successful Scoping Study for Hinda Phosphate Project, Congo Brazzaville Economic and technical merit of a World-Class, Tier 1 mine confirmed Mining, Beneficiation and Export of 4 Mtpa 32 Phosrock concentrate o Capex of $616m o 2-year payback of capital o Internal Rate of Return 40 ungeared, after tax o 12 of US$1.03 billion ungeared, after tax o Environmentally sustainable o Cash Cost of $35.64/t - lowest quartile of industry costs o Long term sales price $135/tonne o Top 10 Global Producer o Mine Life +30 years Second Stage to include a 2Mtpa fertiliser plant o Capex US$1.86 billion o IRR 25.4 ungeared, after tax o 12 US$1.86 billion, ungeared, after tax Strong benefits to Congolese people Board approves commencement of Pre- Feasibility Study Cominco Resources Limited, the emerging private mineral producer developing the Hinda Phosphate Project ( The Project ) in Congo Brazzaville, is pleased to announce the successful conclusion of the comprehensive Scoping Study for construction of an open-cut mine, beneficiation plant, slurry pipeline and shiploading facilities, for the sale of 4 Mtpa of phosphate rock concentrate. At a capital cost of $616m, the Project will generate an IRR of 40 and an ungeared, after tax NPV of $1.03 billion at 12 discount rate. The Project will repay capital invested within the first 2 years production. A second stage development of an integrated fertiliser plant producing 2Mtpa of Di-Ammonium-Phosphate (DAP) fertiliser will cost an additional US$1.89 billion and increase ungeared NPV at 12 to US$1.86 billion. The Study was conducted by a panel of independent technical consultants (listed below) and is the culmination of three years drilling, metallurgical testwork and engineering studies costing in excess of $15 million. The standard and amount of work completed goes far beyond that normally applied to a Scoping Study and reflects the robust results received. Benefits to Congo Brazzaville The Hinda Phosphate Project will provide increasing economic and social benefits to Congo Brazzaville. Cominco s work has had a positive effect on local populations, not only in the field of employment but also in terms of infrastructure development, increasing environmental Cominco Resources Limited BVI Company Palm Grove House, PO Box 438, Road Town, Tortola, British Virgin Islands Cominco S.A. 150, Avenue Moe Vangoula, Galérie du Marché Plateau, Centre- ville, B.P. 282, République du Congo, Tel Cominco Resources (UK) Limited 169 Piccadilly, London, W1J 9EH Tel

2 awareness and promoting sustainable wildlife management. Cominco currently counts on a large team of Congolese and expatriate experts who work together to reinforce the technical capacity of our team. Given the level of cutting-edge technology employed in the Project, Cominco requires skills that are quite different from those currently utilised in the local oil industry. The project will directly employ over 400 people in Stage 1 and over 1,300 in stage 2. Indirect employment opportunities for service providers and other parallel industries are expected to multiply total employment numbers fivefold. Over the long term, the skills mastered by our Congolese team members will be transferred to other mining and nonmining projects in the country. Whist the precise terms of the taxation relief in the early phase of production is yet to be negotiated; the Hinda Project is expected in the long-term to contribute significant tax revenues to the Government. Stage 1 alone will contribute around 3 of Congo s GDP. Scoping Study Roderick Smith, Chief Executive Officer commented, The results of the Scoping Study underscore the strong economic parameters of the Hinda Project which when in production will propel Cominco into the top 10 phosphate producers globally and bring significant benefits to Congo Brazzaville. The JORC compliant Mineral Resource of 454 million tonnes at 11.5 P 2 O 5 represents one of the largest undeveloped, economic phosphate deposits in the world, and would support a mine life in excess of 30 years producing 4Mtpa of beneficiated phosphate rock concentrate. With the support of our shareholders we have been able to commit to extensive work toward the Prefeasibility Study, and fast track completion for H The mine could have one of the lowest carbon footprints globally due to the use of truckless mining, in-pit crushing and conveying, and transport to the nearby port site by slurry pipeline. These methods generate less than 20 of the carbon emissions produced by diesel truck alternatives, and take advantage of the local power surplus, generated from otherwise flared natural gas. The Hinda project enjoys a number of operating cost advantages, which ensures that the cash operating cost at $35.64/tonne FOB, fall within the lowest quartile of industry costs. The deposit is flat lying, close to surface and believed to be the thickest phosphate deposit in the world averaging 60m. The overburden to ore ratio of 0.49 to 1 in the first five years, and 1:1 life of mine is unmatched by any producing or proposed phosphate mine. The ore is soft and free-diggable, and will be mined using continuous miners and electric excavators, inpit crushing and overland conveyors to the beneficiation plant. Concentrate will be pumped as slurry to the port site, dried and exported through a purpose-built jetty and shiploader. In an industry typified by long transport distances and expensive infrastructure requirements, the Hinda Project is located on the coastal plane just 37km from Pointe Noire, the largest West African port. The site is also served by an existing 220kV power grid, new highway and a railway. Testwork on diamond cores has achieved a concentrate grade of 32 P 2 O 5 using conventional technology. The process flowsheet incorporates slimes removal followed by Page 2 of 5

3 flotation to separate phosphate mineral from silica and carbonate species. The capital cost for the Project is set out below: Hinda Phosphate Project Capex - Stage 1 US$'000 Mining Fleet, IPCC (electric hydraulic excavators and conveyors) 64,538 Beneficiation Plant Hinda 182,959 Slurry Pipeline from Hinda to Pointe Indienne 66,000 Filtration, Drying, Product Storage Pointe Indienne 72,000 Jetty and Shiploader - Pt Indienne 93,290 Tails Disposal 2,600 Gas Supply Line to Pointe Indienne 10,640 Administration Buildings, Workshops, Store. Water supply 3,381 Project Roads 5,700 Construction and Permanent Accommodation, mobile equipment 3,400 Grid Power Supply to Hinda and Pt Indienne 13,730 Main Contractor EPCM 20,698 Contingency 51,744 Owner's Costs Stage 1 25,372 Total Installed Cost $616,051 Prefeasibility Study Work has commenced on a Pre-Feasibility Study which itself costing over $10m, will address the geological, mining engineering, processing, environmental and social impact, infrastructure and manpower aspects of the Hinda Project in detail. The Pre Feasibility Study will be undertaken by independent external consultants and will be completed in the first half of 2013 and likely be immediately followed by a Definitive Feasibility Study starting mid The current JORC compliant Mineral Resource Estimate, prepared by CSA Global is based upon 373 reverse circulation and 11 HQ3 diamond holes for 29,999m drilled by Cominco up to mid December The Company has since drilled a further 255 predominantly infill holes for 19,397m, the results of which will be incorporated into a new Mineral Resource Estimate due for release in Q Work is well underway for the prefeasibility study with diamond core holes completed for metallurgical samples, having arrived at laboratories in Florida, Israel and Australia. A series of 8-inch bores have been being drilled for comprehensive hydrology testwork. Cominco s own new custom-built multipurpose rig is currently drilling further geotechnical diamond core holes. The directors and staff of Cominco would like to thank the following consultants for their contributions to the Scoping Study: CSA Global (UK) Ltd Coffey Mining Pty Ltd KEMWorks Technology Inc. Resource block modelling and mine planning. Geotechnical testwork and modelling.. Beneficiation testwork, design and costing of fertiliser plant. Jacobs Engineering Further beneficiation testwork and flowsheet development. Beneficiation Capex and Opex estimation. Ausenco PSI EGIS International A Roth and Associates Slurry pipeline design for phosrock transport and cost estimates. Port option studies and cost estimation. Energy supply and cost studies. Marketing studies for the sale and export of phosrock and fertiliser products. Page 3 of 5

4 SLR (South Africa) Hydrology studies and institution of measurement procedures. K Harcourt and Associates Social and Environmental studies. Exploration Planning and Supervision Afrex Geoservices Limited Macquarie Capital Financing For more information please visit our website: Enquires: Cominco Resources: Roderick Smith +44 (0) Tavistock Communications (Media enquiries) Jos Simson +44 (0) Ed Portman About Cominco Resources Limited Cominco Resources Limited is an emerging mineral producer, developing the 100 owned Hinda phosphate project in the West African Republic of Congo, (often referred to as Congo Brazzaville to distinguish it from the unrelated DRC). The Hinda project is host to a 454.4Mt JORC Resource at 11.5 P JORC Compliant Insitu Mineral Resource Estimate (CSA) as at 6 April 2012, Reported by CSA Global at 7 P 2Q 5 Cut-Off Classification Mt P 2O 5 MgO Fe 2O 3 Al 2O 3 U 3O 8 ppm F ppm CO 2 CaO SiO 2 In-Situ Density Indicated , Inferred , Total MRE , The Hinda project has considerable infrastructure advantages most notably being located on a major highway and railway, only 37km from Pointe Noire, West Africa s largest port. The country has a power surplus and large quantities of stranded gas, enabling Cominco to develop a mine with low energy cost compared to competitors. A Scoping Study, completed in August 2012, confirmed the economic and technical merit of a World-Class Tier 1 mine capable of producing and exporting of 4 Mtpa 32 Phosrock concentrate. Phosphates are nutrients essential to human, animal and plant life. Phosphate is essential to meet the needs of a growing world. With the world's population expected to climb to 8.5 billion people by 2040, estimates are that food production will need to increase more than 2 percent annually just to maintain minimum dietary requirements for preventing malnourishment - a problem that currently affects some 2 billion people. With dwindling arable land due to urbanization and desertification, increasing intensity of agriculture relies on increasing supplies of phosphate to feed the growing population. Page 4 of 5

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