Bellzone Mining plc and Anglo Aluminum Corp.: Third Party Access to 300 MTPA Infrastructure in Guinea

KAMLOOPS, 10/24/11 - Bellzone Mining plc (AIM: BZM) ('Bellzone' or the 'Company'), is pleased to announce that it has signed a Memorandum of Understanding ('MOU') with Anglo Aluminum Corp (TSX VENTURE: ALU) regarding the latter's access as a third party commercial user of the port and rail infrastructure being developed by China International Fund Limited ('CIF') for Bellzone's 100% owned Kalia Mine Project in Guinea, West Africa.

Anglo Aluminum Corp ('Anglo') is a Canadian TSX-Venture Exchange listed company (trading symbol 'ALU') that is developing bauxite resources in Guinea. Anglo has conducted Aster image analysis and preliminary exploration drilling at Mamou Dalaba in the south of Guinea and this supports historical data that shows the project area has the potential to host large bauxite deposits. Anglo is also planning additional resource drilling in early 2012.

Bellzone signed an infrastructure accord ('the Accord') with the Republic of Guinea in June 2010, which became law in August 2010, for the exclusive right to complete the technical and economic feasibility studies for the rail and port infrastructure required to transport and export iron ore from its Kalia Project.

In relation to the agreement reached by Bellzone with CIF, the infrastructure will be developed through Kalia Horizon Minerals Pte Ltd ('KHM'), a CIF subsidiary in which Bellzone has a 10% carrying interest. KHM received funding of US$40 million from CIF to conduct the nearly completed infrastructure feasibility studies for the 300mtpa multi user rail and deep water port located at Matakan at Ile de Kabak.

Nik Zuks, CEO of Bellzone stated: 'The signing of the tripartite MOU with Anglo demonstrates the commitment of CIF, through KHM, to allow third party use on the rail and port infrastructure that is being developed. This facility will accelerate the development of resource projects that will bring significant benefits to Guinea.'

Jim Gillis, CEO of Anglo Aluminum commented: 'With infrastructure agreements in place, the development of bauxite mining at Mamou Dalaba is a step closer to being realised, and we look forward to working closely with all parties to bring this to fruition.'

Alain Fanaie, CEO China Sonangol, speaking as the representative for CIF, said: 'The development of this port and rail corridor represents a new milestone for the mining industry, and it will create further value for Guinea.'


Editors' notes: About the infrastructure:

The Accord provided Bellzone with:
- Exclusive access rights over the identified 300 km rail route and Matakan port site at Ile Kabak, 50 kilometres south east of Conakry, for the 30 month duration of the Accord from August 2010

- 30 months to complete feasibility studies and finalise the infrastructure convention

- An agreement that the Republic of Guinea will facilitate all administrative processes that contribute to the optimal completion of the feasibility studies

- A Certificate of Exclusive Build, Operate and Transfer ('B.O.T.') Dealer on signing of the infrastructure convention


Development of the 300 million ton per annum capacity rail and port facility, available for third party use, is on schedule:

- Socioeconomic and Environmental Impact Assessment studies ('SEIA') and ('EIA') awarded in December 2010 are progressing well and are due for completion in November 2011.

- Design options for the multi-berth port layout at Matakan at Ile Kabak have been completed and the detailed feasibility study report is due for completion in Q1 2012, after receiving final oceanographic and meteorological surveys, which are approximately 80% complete.

- Land survey work has been completed.

- The dual track, 300mtpa rail route alignment has been finalised with all topographic survey and geotechnical assessments completed.

- Final optimisation to minimise construction times and overall costs is progressing.

- The detailed rail feasibility study report is expected to be completed in Q4 2011.


About Bellzone Mining Plc

Bellzone Mining plc is an exploration and resource development company with iron ore and nickel / copper permits in the Republic of Guinea, West Africa.


Kalia Mine

The Company's flagship project, the Kalia Mine Project, is planned to commence production in 2014 and be producing iron ore and iron ore concentrate at a rate of 50 million tonnes per annum in 2018. The Kalia Mine Project has a 6.16 billion tonnes magnetite JORC resource and an oxide JORC resource of 193 million tonnes. A Supergene BIF JORC resource of 92.5 million tonnes at 36.5% Fe has been delineated and shows the potential to upgrade to produce 37 million tonnes of 63% Fe material. The oxide and Supergene BIF resources have been established from just 10.5% of the 55km2 of the mapped surface oxides on the Kalia permit. Drilling results and internal estimates indicate that the Kalia Mine Project has the potential to host more than 10 billion tonnes of magnetite and 2 billion tonnes of oxide.


CIF - Project, Financing & Infrastructure Partner

Bellzone has a Definitive Agreement ('Agreement') with China International Fund Limited ('CIF'). The Agreement gives CIF right of first refusal to purchase the Kalia Mine Project's production at market rates and CIF commits to providing Bellzone commercially related funding for the development of the Kalia Mine Project.

The Agreement contains CIF's commitment to fund and build commercially operated rail and port infrastructure that will enable Bellzone to export production from the Kalia Mine Project. The infrastructure is being developed by Kalia Horizon Minerals Pte Limited, an entity that is 90% owned by CIF with Bellzone having a 10% carried interest.

The Agreement provides for Bellzone to be the most favoured customer with permanent priority access.


Forecariah JV

Bellzone and CIF also have fully funded a joint venture to undertake the accelerated exploration and development programme at CIF's Forecariah iron permits that lie between 30 and 80 kilometres from the Guinea coast. Production is scheduled to start in Q1 2012 with an initial production rate of 3-4 mtpa of oxide ore, ramping to a rate of 10 mtpa in 2013.


Other activities

Bellzone has completed a mapping and surface sampling programme identifying highly prospective targets at its Sadeka Nickel/Copper Project. A VTEM aerial survey is currently being conducted to further define areas for a targeted drilling programme.

Bellzone has acquired the rights to buy 70% of Compagnie Miniere de L'Ouest Africain SA, incorporated and holding tenements in Mali. The company is undertaking geological studies on the tenements which are prospective for iron ore before making an investment decision.


About China Sonangol and China International Fund Limited ('CS Group')

CS Group is headquartered in Hong Kong Special Administrative Region of China, and has investment footprints in 3 continents and more than 20 countries.

The primary activities of CS Group is in oil, gas and mineral exploration and production, commodities trading and is also globally active in real estate and infrastructure development, where in particular, through China International Fund, it has participated in the rehabilitation and development of new and existing transport infrastructure in Angola such as New Luanda International Airport, where it is envisioned to be a major airport hub in West Africa, and rehabilitated main railways in Angola. CIF has also constructed 3 large scale logistics base in Angola, as the logistical backbone to support its infrastructure and industrial implementation and development program, consisting cement and brick production plants, sand and stone quarries, as well as production of industrial materials such as steel sheets and plastic pipes.

With the strengths of its experience in large scale infrastructure development in Africa, CS group is in the position to accelerate the iron ore exploration and production with its Joint Venture partner Bellzone Mining PLC.

CS Group has a vision for Africa. This vision is, through South-South cooperation, where in partnership with private industry and with the government, CS Group will develop public transport infrastructure such as road, rail, seaports and airports to improve connectivity and accessibility, as well as public utilities, agriculture, aqua culture, public housing, construction materials, mining and oil and gas projects, where its commercial objectives are aligned with the needs of countries to develop the economy and improve, ultimately, the living standards of the people.



Contacts:

Bellzone Mining plc
Nik Zuks/Graham Fyfe
+61 (0) 8 9420 8900

Canaccord Genuity Limited
Nominated Adviser and Joint Broker to Bellzone
Andrew Chubb/Tarica Mpinga
+44 (0)20 7050 6500

Renaissance Capital Limited
Joint Broker to Bellzone
Jeremy Wrathall
+44 (0)20 7367 7777

Tavistock (UK)
Jos Simson/Paul Youens
+44 (0)20 7 9203 150 / +44 (0)7899 870 450

PPR (Australia)
David Ikin
+61 (0) 8 9388 0944 / +61 (0) 408 438 772