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1 18 April 2013 ASX CODE: KAS OUR PRIME COMMODITY IS TIN HIGHLIGHTS Drilling Confirms Continuity & Grade at Achmmach Drilling on sections 3130mE, 3170mE and 3290mE has successfully confirmed position, continuity and grades of the intermediate depth mineralised targets LME TIN PRICE (16/04/13) US$21,270 / T (CASH BUYER) ABOUT KASBAH KASBAH IS AN AUSTRALIAN LISTED MINERAL EXPLORATION AND DEVELOPMENT COMPANY. THE COMPANY IS ADVANCING THE ACHMMACH TIN PROJECT IN THE KINGDOM OF MOROCCO TOWARDS PRODUCTION. Best drilling results from 3130mE include: 0.69% Sn from 209.6m (including 1.59% Sn from 224m) Best drilling results from 3170mE include: 1.93% Sn from 261m (including 2.80% Sn from 261m) 1.00% Sn from 280m (including 2.47% Sn from 284m) (AD204) (AD203) (AD208) PROJECTS ACHMMACH TIN PROJECT BOU EL JAJ TIN PROJECT Best drilling results from 3290mE include: 1.30% Sn from 287m (including 2.22% Sn from 292m) (AD219) CAPITAL STRUCTURE SHARES ON ISSUE: 396M UNLISTED OPTIONS: 23.4M 31/12/12: $19.1M MAJOR SHAREHOLDERS WORLD BANK (IFC) 15.8% AFRICAN LION GROUP 15.1% TRANSAMINE 3.3% TRAXYS 3.3% MGMT & DIRECTORS 3.1% THAISARCO 2.0% CONTACT US : : info@kasbahresources.com : The current drilling at Achmmach will be complete in Quarter 2 and is aimed at: increasing the Measured component of the resource and the total resource tonnage; further defining the high-grade core of the deposit; and defining the extent of the Eastern Zone Shallow (EZS) target. Next Achmmach resource update expected in Quarter Definitive Feasibility Study (DFS) is on schedule for completion in Quarter

2 OVERVIEW Kasbah Resources Limited ( Kasbah, ASX:KAS) is pleased to report the continuation of high grade tin mineralisation from its 40m spaced in-fill drilling program at the Achmmach Tin Project in Morocco. Sections 3130mE, 3170mE and 3290mE have continued to demonstrate the general continuity and predicted grades of the mineralised targets within the March 2013 Resource model (refer Figure 1). DRILLING OBJECTIVE The Meknes Trend within the Achmmach hill has an interpreted strike length of approximately 2km and has been the prime focus of Kasbah s drilling to date. Approximately 1.6km of the Meknes Trend was modelled in the March 2013 Mineral Resource Estimate (refer Table 1) and this estimate utilised predominantly 40m spaced drill sections and three 20m spaced sections. Table 1 Achmmach Tin Project - March 2013 Mineral Resource Estimate (undiluted 0.5% Sn cut off grade) Category M Tonnes Sn % Contained Tin (k tonnes) Measured Indicated Inferred Total The objectives of the resource development drilling program currently underway is to: increase the Measured component of the resource and the total resource tonnage 1 ; further define the high-grade core of the deposit; and define the extent of the EZS target. This drilling program will be complete in Quarter 2, 2013 and a new resource update is expected in Quarter 3, The Quarter 3 resource update will incorporate all the drilling completed across the shallow and deeper targets within the Meknes Trend at Achmmach and underpin the definitive feasibility study ( DFS ) that is currently underway. This DFS will be the basis for a project financing decision for the Achmmach Tin Project and the DFS is scheduled for completion in Quarter 4, Kasbah notes that until the results of the drilling program are returned, the Mineral Resource classification upgrade cannot be guaranteed. 2

3 MARCH 2013 RESOURCE MODEL The 2013 Achmmach Resource model (refer Figure 1) interprets the Meknes Trend of the Achmmach deposit as being defined by several broadly NNE-WSW striking sub-vertical mineralised structures. These sub-vertical structures ( the feeders ) are the presumed conduits for the granite emanated fluids which carry tin mineralisation. As these fluids have come towards the surface they have produced a tourmaline alteration halo within the deposit and have deposited tin mineralisation in favourable trap sites that pervade up and down dip from the feeders ( the branches ). Figure 1: 3D view of Achmmach 2013 Resource model (vertical feeder structures in purple and permeating tourmaline-tin branches in orange) Eight feeders have been modelled in the Achmmach 2013 Resource with more than 50 branching tourmaline-tin envelopes being identified (the naming convention uses the code TZ (tourmaline zone) followed by two figures defining the coordinates of the centroid of the envelope in local grid Easting and RL.) KEY POINTS 3130mE, 3170mE & 3290mE Sections 3130mE, 3170mE and 3290mE are the ninth; tenth and thirteenth 40m spaced drill sections in the Eastern Zone area of the Meknes Trend (refer Figures 2 and 3). Diamond drilling on those sections tested Inferred Resources where the grade, widths and spatial location of interpreted structures were approximate and of lower confidence compared to other resource categories. 3

4 For personal use only Meknes Trend Figure 2: Achmmach Drill Plan within the Meknes Trend Figure 3: Perspective WSW looking view of the 2013 Geological Model (purple shapes represent feeder corridors; orange shapes are branching tourmaline envelopes associated with tin grade) Sections 3130mE, 3170mE and 3290mE shown in green, coordinates in local grid. 4

5 Section 3130mE was tested with AD197; AD204 and AD205 for a total of 1,222.7m (refer Figure 4). Section 3170mE includes AD190; AD203 and AD208 for a total of 1,284.5m (refer Figure 5) while section 3290mE was assessed with AD211; AD215 and AD219 for a total of 1,624.5m (refer Figure 6). Sections 3130mE and 3170mE are within the Eastern Zone of the Meknes Trend with Section 3290mE being the easternmost 40m infill completed section included in the March 2013 Resource model. On these sections the 2013 Resource block model predicted moderate tin grades in 3 branches (TZ_3090_980 at the 970RL; TZ_3150_880 at the 880RL and TZ_3010_820 at the 840RL) and low to moderated grade tin values in three other stacked tourmaline envelopes below the 800RL. On 3290mE the 2013 Resource Model predicted 7 narrow tourmaline envelopes branching southwards up dip from Feeder_8 with moderate grades concentrated in TZ_3010_820 and TZ_3250_800 around the RL. Broad low grade mineralisation was modelled across the wide mafic intrusive in the deeper parts of the section below the 770RL. Drilling on 3130mE and 3170mE has confirmed the general continuity of the mineralised envelopes between sections 3090mE and 3210mE. Grades above the cut-off applied in the PFS were encountered in two tourmaline zones around the 900RL and the 830RL. Section 3290mE (which in-fills the area within 100m of the limit of the 2013 Resource model) returned moderate, above cut off grades from two tourmaline zones at the 790RL to 850RL. On section 3130mE some moderate grade mineralisation was encountered at approximately 120m vertical depth from surface. This zone is possibly a satellite of the Eastern Shallow mineralisation ( ESZ ) whose continuity on section is currently being tested with a separate shallow drill program. At intermediate vertical depths ( m) the 2013 Resource model has moderate grades interpolated in two zones of tourmaline alteration (TZ_3150_880 and TZ_3010_820) carried by relatively continuous North dipping structures carrying quartz-cassiterite veins. On section 3170mE similar grades and thicknesses were encountered in the TZ_3090_980 envelope. TZ_3150_880 also sustained grades and augmented thickness around 900RL while TZ_3010_820 contained high grade mineralisation in the up dip portions that correlates well with previous drilling to the East 1.66% Sn from 257m in AD014 on section 3210mE). The deeper tourmaline envelopes below 800RL were also consistently mineralised at grades around the 0.5% Sn cut off. Section 3290mE delivered moderate grade intervals from two tourmaline zones TZ_3010_820 and TZ_3250_800. Broad moderate to low grade intervals also occur in the extensive mafic intrusive in the deepest parts of this section. 5

6 Figure 4: Cross Section 3130mE Figure 5: Cross Section 3170mE 6

7 Figure 6: Cross Section 3290mE Best drilling results from recent drilling into the Eastern zone on section 3130mE include: AD197: 0.50% Sn from 152.0m; 2.22% Sn from 270.0m; and 0.71% Sn from 383.2m. AD204: 0.81% Sn from 111.0m; 0.69% Sn from 209.6m (including 1.59% Sn from 224.0m); and 0.92% Sn from 274.8m. AD205: 2.01% Sn from 312.0m; 0.77% Sn from 319.0m; 7

8 Best results from on section 3170mE include: AD190: 2.94% Sn from 259.0m AD203: 0.88% Sn from 236.0m; 1.93% Sn from 261.0m (including 2.80% Sn from 261.0m); 1.10% Sn from 353.0m; and 0.49% Sn from 391.0m. AD208: 1.37% Sn from 195.0m; 0.56% Sn from 227.0m; and 1.00% Sn from 280.0m (including 2.47% Sn from 284.0m). Best results from on section 3290mE include: AD211: 0.75% Sn from 291.0m; and 0.52% Sn from 444.0m (including 1.31% Sn from 456.0m). AD215: 0.77% Sn from 308.0m; and 0.69% Sn from 344.0m. AD219: 1.30% Sn from 287.0m (including 2.22% Sn from 292.0m); 0.56% Sn from 305.0m; 0.58% Sn from 328.0m; and 0.71% Sn from 470.0m. 8

9 LOOKING FORWARD The current drilling at Achmmach is aimed at: 1. Increasing the Measured component of the resource and the total resource tonnage; 2. further defining the high-grade core of the deposit; and 3. defining the extent of the EZS target. Five diamond rigs continue with the ongoing resource development program and are focused on: 20m spaced in-fill drill sections (between 2270mE and 2670mE); 40m spaced in-fill and extensional drilling across the Eastern Zone (on sections 3330mE to 3370mE); and close spaced drilling of the Eastern Zone Shallow ( EZS ) mineralisation centred on 3050mE. All in-fill and extensional drilling across Achmmach will be complete in Quarter 2, 2013 and a further resource update for Achmmach is expected to be reported in Quarter 3, The DFS remains on track for completion in Quarter 4, Wayne Bramwell Managing Director For further information please visit: Or info@kasbahresources.com ABOUT KASBAH Kasbah Resources Limited ( Kasbah, ASX: KAS) is rapidly advancing its 100% owned Achmmach Tin Project located in the Kingdom of Morocco. The definitive feasibility study ( DFS ) into the development of a 1Mtpa underground mine, concentrator and associated infrastructure is due for completion in Q4 2013, and Kasbah is targeting first tin production in Toyota Tsusho Corporation ( TTC ) of Japan is Kasbah s development partner in Achmmach. TTC has a right to acquire a 20% interest in the Achmmach Tin Project, having earned a nominal interest of 18.8% to date by paying $16 million in cash to Kasbah in TTC is required to make a final payment to Kasbah within 90 days of completion of the DFS to earn its 20% interest. 9

10 COMPETENT PERSONS STATEMENTS The information in this announcement is based on information compiled by Mr Jeffrey Lindhorst, a Member of the Australasian Institute of Geoscientists (AIG). Mr Lindhorst is a full-time employee of Kasbah Resources Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Lindhorst consents to the inclusion in this report of the matters based on this information in the form and context in which it appears. The information in this announcement that relates to Kasbah Resources Limited s March 2013 Mineral Resource estimate for the Achmmach Tin Project is based on information compiled by Michael Job, who is a full time employee of Quantitative Group Pty Ltd. and a Fellow of the Australasian Institute of Mining and Metallurgy. Michael Job has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a 'Competent Person' as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral resources and Ore Reserves (JORC Code). Michael Job verifies that this Report is based on and fairly and accurately reflects in the form and context in which it appears, the information in the supporting documentation relating to Mineral Resources. 10

11 APPENDIX A: Significant Intersections A Hole ID Section ID Collar UTM 30N WGS84 N Collar UTM 30N WGS84 E From (m) To (m) Down-hole interval (m) Tin Grade B Sn % AD mE AD mE incl AD mE AD mE AD mE incl AD mE incl AD mE incl AD mE AD mE incl A Significant intersections >100m below natural surface selection criteria: 0.5% Sn and 5m down-hole and 3m down-hole < 0.5% Sn included; or 0.5% Sn and 2.5 %Tin-metres metal accumulation down-hole and 3m down-hole consecutive < 0.5% Sn included. B grades adjusted for recovery. 11

12 APPENDIX B: Drill-Hole Collar Details Hole ID Collar UTM 30N WGS84 N Collar UTM 30N WGS84 E RL (m) Azimuth TRUE Dip Depth AD AD AD AD AD AD AD AD AD APPENDIX C: Assay Data Drill Hole From (m) To (m) Sample Width Tin Grade B Sn% AD AD AD

13 Drill Hole From (m) To (m) Sample Width Tin Grade B Sn% AD

14 Drill Hole From (m) To (m) Sample Width Tin Grade B Sn% AD AD AD

15 Drill Hole From (m) To (m) Sample Width Tin Grade B Sn% AD AD

16 Drill Hole From (m) To (m) Sample Width Tin Grade B Sn% B grades adjusted for recovery 16