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UCL Resources Ltd, Potential of the Sandpiper Marine Phosphate Project Improved by Updated DFS Confirmation

UCL Resources Limited (ASX–“UCL”) is pleased to announce the updated positive technical and financial outcomes from the independent Definitive Feasibility Study (“DFS”) on the Sandpiper Marine Phosphate Project (“Sandpiper” or “the Project”).

The Sandpiper Project is located offshore from the Namibian coast and is held by the joint venture company, Namibian Marine Phosphate (Pty) Limited (“NMP”). NMP is owned by UCL (42.5%), Omani registered Mawarid Mining LLC (42.5%) and Namibian registered Tungeni Investments (Pty) Ltd (15%).

Results of Updated positive Definitive Feasibility Study

The updated Definitive Feasibility Study (“DFS”) highlights 3 areas of improvement compared to the previous announcement made in April 2012, they are:

-  Steady state cash unit costs (assuming a 3.0Mtpa operation) FOB cost (ex Walvis Bay) – US$52.05 (January 2013, excl. royalties) compared to US$59.70 (March 2012, excl. royalties)

-  Reduction in the capital cost to US$323.2m from US$326.3m

-  An improved selling price (average of US$116.60/t compared to US$105.10/t).

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