Extension of Minemakers' Offer Update-ASIC Relief Obtained

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

TORONTO, ONTARIO -- (Marketwire - April 10, 2012) - Minemakers Limited (TSX: MAK) (ASX: MAK) (NAMIBIAN: MMS) ("Minemakers") is pleased to announce that the Australian Securities & Investments Commission ("ASIC") has granted relief from certain provisions of the Corporations Act 2001 (Cth) which enables Minemakers to extend its off-market takeover bid for all of the ordinary shares in UCL Resources Limited ("Offer") so that the Offer will now close at 7.00pm (Sydney time) on 8 May 2012 unless further extended or withdrawn.

In accordance with the conditions of relief granted by ASIC, the terms of the Offer are modified as follows:
(a) the closing date of the Offer is extended to 7.00pm (Sydney time) on 8 May 2012;

(b) the date by which Minemakers must give notice regarding the status of conditions of the extended Offer is 1 May 2012; and

(c) UCL Shareholders who accept the Offer prior to 11 April 2012 will have the right to withdraw their acceptances by giving notice of withdrawal of their acceptance to Minemakers before 5.00pm (Sydney time) on 30 April 2012.

Further information about the ASIC relief will be contained in Minemakers' third supplementary bidder's statement, expected to be lodged tomorrow.


Andrew Drummond
Executive Chairman


ABN 48 116 296 541



Contact Information

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