Minemakers Ltd.: Sandpiper Phosphate Project Definitive Feasibility Study on Track for March 2012 Completion

Indicative Term Sheets Received from Debt Providers

TORONTO, ONTARIO -- (Marketwire) -- 03/20/12 -- Minemakers Limited (TSX: MAK)(ASX: MAK) (NAMIBIAN: MMS), as a shareholder of the joint venture company Namibian Marine Phosphate (Pty) Limited ("NMP" or the "Joint Venture"), is pleased to provide an update on progress with the Definitive Feasibility Study ("DFS") and discussions pertaining to the potential debt financing of the Sandpiper Marine Phosphate Project ("the Project" or "Sandpiper") in Namibia.

NMP is an incorporated joint venture between Minemakers 42.5%, Australian listed UCL Resources Limited (ASX: UCL) 42.5%, and Namibian registered Tungeni Investments c.c. ("Tungeni") 15%, who are jointly working toward the development of the Project.


DFS Status

The DFS is nearing completion and representatives of the Joint Venture met with lead consultant Bateman Advanced Technologies Limited ("Bateman") in Johannesburg during the week of 12 March 2012 to review progress on the study.

Bateman is now compiling the study report after completing the 4 principal work programs, being:

Phase 1 - Laboratory test-work to confirm process parameters
Phase 2 - Pilot test-work to produce a bulk concentrate for marketing and
design input
Phase 3 - Basic engineering for the process plant
Phase 4 - Front-end engineering design for the process plant


The sub-consultants that have worked with Bateman to complete the DFS include:

- Jan de Nul NV - Dredging

- Paterson & Cooke Consulting Engineers (Pty) Ltd - Pipeline and slurry handling systems

- Lithon Project Consultants (Pty) Ltd - Infrastructure, civils, ponds and logistics

- Enviro Dynamics - Environment including ongoing EIA and EMPR studies

The final DFS report is on schedule for completion at the end of March 2012. Following this, assuming the DFS outcome suggests the Project will be economically viable, the Joint Venture will seek to finalise key items that remain outstanding (including necessary government permits for land acquisition and environmental approvals) for the Project to move into the financing and development phase.


Debt Financing

The Joint Venture has commenced discussions with potential financiers in relation to Sandpiper's debt funding requirements and has mandated Wimmer Financial LLP as Financial Adviser on structuring the project debt requirements.

A number of meetings have already been held with prospective debt providers and non-binding, preliminary and indicative term sheets have been received. To ensure that the potential debt providers were fully appraised of the Project status, a briefing session was held in Johannesburg on 15 March 2012, where Project and debt-related matters were discussed in an open forum with the Joint Venture representatives and consultants.


Product Marketing

Product marketing has been advanced with the appointment of CRU, which has been commissioned to provide an independent 'Lenders' Market Report' covering:

- The phosphate rock market (for merchant sales as a direct application fertilizer or as a feedstock for single super phosphate or phosphoric acid production, which themselves are intermediate products in the manufacture of nitrogen/phosphorus/potassium-enhanced fertilizers);

- An assessment on the marketability of Sandpiper's phosphate rock production; and

- The cost-competitiveness of the Sandpiper Project.

CRU's report will form an integral part of the DFS and is expected to provide a solid base from which the Joint Venture's marketing strategy will be developed.

Market opportunities for Sandpiper's "Namphos" phosphate concentrate product have been indicated as:

- Direct Application Phosphate Rock ("DAPR") - Recent tests by Bateman on concentrate characteristics demonstrate that the Namphos product is a highly reactive rock concentrate and is probably suitable for direct application in appropriate soil and climatic conditions;

- Single Super Phosphate ("SSP") - Bateman has completed laboratory bench test-work on the suitability of the rock concentrate to be used in SSP production, with positive results; and

- Rock Phosphate feed for Phosphoric Acid ("PA") - preliminary test-work has indicated the Namphos product may be used to produce PA. Further pilot test-work is being conducted to ascertain its characteristics for commercial production of PA.

Ambassador Tonata Itenge-Emvula, the representative of Tungeni, the Namibian joint venture partner in NMP, said: "We are very pleased with the pro-active approach by the Joint Venture partners UCL, Minemakers and Tungeni to all aspects of the DFS, and most recently the debt financing and marketing, which has been led by UCL. The Project has advanced very quickly over the past 18 months as a direct result of the combined efforts of the Joint Venture team and consultants and we are now well placed to move to the next stage in the development of the world class Sandpiper Marine Phosphate Project."

The Joint Venture partners look forward to providing further updates on the progress of the matters referred to above, as the Joint Venture advances towards a final decision to develop the Project.


Andrew Drummond, Executive Chairman

The qualified person in relation to this press release is Andrew Drummond, who is Executive Chairman of the Company and a Fellow of The Australian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Drummond has sufficient experience deemed 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' and a 'Qualified Person' as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI43-101"). Mr Drummond consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

For further information regarding the Sandpiper Marine Phosphate Programme, please refer to Minemakers' NI43-101 compliant technical report entitled "Updated Estimation of Phosphate Resources for the Sandpiper Project in EPLs 3415 and 3323, Namibia", dated March 11, 2011 and available on SEDAR at www.sedar.com.


Cautionary Statement Regarding Forward-Looking Information

All statements, trend analysis and other information contained in this report relative to markets for Minemakers' trends in resources, recoveries, production and anticipated expense levels, as well as other statements about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Minemakers does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.

ABN 48 116 296 541



Contacts:

Minemakers Limited
Mr Andrew Drummond
Executive Chairman
+61 8 9264 7000
+61 8 9264 7099 (FAX)
www.minemakers.com.au

Magnus Investor Relations & Corporate Communication
Mr John Gardner
+61 413 355 997