Minemakers Limited: Sandpiper Project Feasibility Study-Inclusion of Economic Analysis

TORONTO, ONTARIO -- (Marketwire) -- 04/18/12 -- Minemakers Limited (TSX: MAK)(ASX: MAK)(NAMIBIAN: MMS) (Minemakers) notes the announcement today from its joint venture partner, UCL Resources Limited (UCL), regarding the results of the Feasibility Study on the Sandpiper marine rock phosphate project (Project).

UCL's announcement contains details of economic analysis including calculation of NPV, IRR and payback periods for the Project. Minemakers does not currently consider that it has a reasonable basis to release such information nor does it endorse the economic analysis released by UCL.

Minemakers also notes that the NPV and IRR estimates prepared by UCL are stated as being on a "geared" basis, but no assumptions on Project debt levels or terms are provided.

In Minemakers' view, further clarity is required on some material items before it will be in a position to provide an economic analysis of the Project. As such it considers publishing economic analysis now to be premature. These other material items may arise from further work being undertaken on the water sourcing strategy (which was not included in the Feasibility Study), in addition to the ongoing optimisation of capital and operating expenses.

Andrew Drummond

Managing Director

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