Company Information for Minerva Resources plc

AIM-MVA

www.minervaresources.com

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AIM; MVA

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Company Statement

Minerva Resources plc (AIM:MVA) (“Minerva Resources” or “the Company”) is a UK based mineral exploration and development company intent on delivering shareholder value by increasing and developing mineral resources in a socially and environmentally responsible manner. The main focus of the Company is resource development in Ethiopia, where it has first mover advantage on highly prospective ground on the Arabian-Nubian shield. Key projects include the Tulu Kapi and Gugi gold prospects and the Yubdo Platinum Mine.

Minerva Resources was formed in July 2007 through the reverse takeover by Ambrian Capital plc of Palladex plc (admitted to AIM in February 2004) and Ethiopian Resources Limited. The company is progressing the exploration and development of the Tulu Kapi and Gugi gold projects and expanding the small scale Yubdo platinum mine in Ethiopia, operating a Geotechnical Services and Drilling Division in Kyrgyzstan and is a partner in exploration joint ventures for gold, diamonds and platinum in Sierra Leone.

Revenues are derived from the Yubdo platinum mine and the geotechnical services and drilling division.

The Company’s core objective remains the identification and delineation of commercially viable assets capable of driving shareholder value.

Current Operations

The key activities are:

Tulu Kapi Gold Project, Ethiopia (100% Minerva Resources)

Tulu Kapi was mined in the 1930a and further encouraging drill results were obtained by the UNDP in the 1970s and Tan Range Exploration in the 1990s. Mineralisation, with significant grade values, has been established, to depth over a strike length of some 480 metres of the 500 metres length initial target zone, following additional mapping and drilling by Minerva Resources.

The mineralization is open in both directions along strike and at depth. The intersection of ).7m at 27.0 g/t Au in UNDP hole 10, situated 570 metres to the north of the target zone, indicates a potential major increase in the total strike length of the prospect. A phase two 3,000 metre drilling programme is underway.

ACA Howe, independent resource sector consultants, state “the intersections and style of mineralization encountered at Tulu Kapi indicate significant potential for a large gold resource”.

Gugi Gold Project, Ethiopia (100% Minerva Resources)

Located 7km from Tulu Kapi, Gugi is the standout prospect among several identified in the Yubdo exploration Licence area. It is a green field discovery made by the Minerva Resources’ team, identified through soil geochemistry and trenching. One trench returned 68.5m at 9.6 g/t Au, while the second returned 32.6m at 6.8 g/t Au. A 3,000m drilling programme is expected to be commissioned shortly.

Yubdo Platinum Mine, Ethiopia (51% Minerva Resources and Management)

The Yubdo platinum mine was a small scale artisanal working when the former Golden Prospect Mining Company (Ambrian Capital plc) assumed management from a local entrepreneur in mid 2005. It is the sole platinum producing company in Ethiopia.

Minerva Resources has increased output through improved equipment, management and technical input. Following initial mineral processing test work, a pilot gravity recovery processing plant has been constructed at Yubdo. It is expected that platinum production will increase from the present annual rate of 100 ounces to 400 ounces. Resource definition and mineral processing test work continues with the objective of the design and implementation of a large scale open pit and processing operation.

Geotechnical Services and Drilling Division (100% Minerva Resources)

Palladex Geotechservice is a technical services and drilling company operating from the Kyrgyz Republic offering contract drilling, geological and engineering services throughout the Former Soviet Union. Since September 2000, a number of drilling contracts have been completed, generating an estimated £400,000 of revenue for the company. The company has five wholly owned drill rigs, using a combination of Canadian, Russian and Chinese equipment, ancillary equipment and a team of geologists and operators. Palladex Geotechservice is looking to consolidate its position as a service provider in the region, generating stable cash flow from existing equipment prior to expanding the business.

Exploration Joint Ventures

The Company is participating in the following Joint Ventures in Sierra Leone:

Lake Sonfon Gold Project – Sulu Mountains (50%, diluting to 24.5%, Minerva Resources)

Golden Star Resources (Canada), as manager, is earning in to a 51% interest into two contiguous gold exploration licences held by Minerva Resources and Mano River Resources Inc (Canada). Mano River and Minerva Resources will hold 24.5% each on the completion of this phase of the Joint Venture. Golden Star can earn up to 85%.

Lake Sonfon Diamond Project – Sulu Mountains (50% Minerva Resources)
Mano River resources Inc (50%) manages the project
York Platinum Project – Freetown Peninsula (80% Minerva Resources)
The project is managed by Jubilee Platinum plc (20%)

Geographical Spread

Ethiopia, Sierra Leone, Kyrgyz Republic

Board of Directors and Key Management

Andrew Daley, Non-executive Chairman, aged 59

A mining engineer by training Andrew initially spent 11 years on mining projects in Africa, including stints with Anglo American, Rio Tinto and Conoco Minerals - followed by 3 years as senior engineer with Fluor Australia. Since 1983 Andrew has specialised in the resource finance sector. He has held the positions of executive director and state manager of National Australia Bank’s Investment Bank, Sydney, head of Barclays Australia’s resource team in Sydney, head of Chase Manhattan’s project finance team in Melbourne and more recently director of Barclays Capital mining team in London.

Andrew is a director of Investor Resources Finance Pty Ltd, a non-executive director of Gladstone Pacific Nickel Ltd (a company quoted on AIM), Pan Australian Resources Ltd, Kentor Gold Ltd and Chairman of Dragon Mining Limited (all listed on the Australian Stock Exchange).

Terry Ward, Managing Director, Aged 66

Terry is a mining engineer by training and has over 30 years of industry experience. Positions of responsibility have included: managing director of Bogoso Gold Limited, Ghana - directeur général of Mines D’Or D’Akjoujt S.A., Mauritania - general manager (operations), Tom Price, Hamersley Iron Limited, Australia - general manager, Mary Kathleen Uranium Ltd - general manager (development) Rudall River Uranium Project (Kintyre), Australia and executive manager, ALF Management Limited (the manager of the African Lion Fund). Since early 2002, Terry has been an independent consultant for several United Kingdom companies, including Ambrian Capital plc.

He is the non-executive Chairman of Uranex NL, listed on the Australian Stock Exchange, and a non-executive director of Geiger Counter Ltd, listed on the Jersey Stock Exchange.

Merlin Marr-Johnson, Executive Director - Development, Aged 36

Merlin was a founding director and the Chief Executive Officer of Palladex plc from inception to the transformation of the company to Minerva Resources. Merlin was formerly a commodities and equity analyst with HSBC. Prior to this he had worked as a geologist for Rio Tinto PLC in Southern Africa. Merlin holds a BSc (Hons) in geology from Manchester University and an MSc DIC from the Royal School of Mines, Imperial College.

John Bottomley, Non-executive Finance Director and Company Secretary, aged 62

John is head of Company Secretarial Services at Sprecher Grier Halberstam LLP, Solicitors, and is company secretary to both AIM-quoted and listed companies as well as holding a number of non-executive directorships. John is also a Fellow of the Institute of Chartered Secretaries and Administrators, having qualified as a chartered secretary in 1972 whilst with predecessor firms to PricewaterhouseCoopers. John then worked for a number of property companies and was a director of Robert Fraser & Partners Limited, an authorised institution, between 1985 and 1992.

Robert Edwards, non-executive Director, Aged 40

Rob holds a Bachelor of Engineering degree from the Camborne School of Mines and worked in the mining industry for Anglo Platinum and Goldfields of South Africa before joining HSBC in 1997 as a gold mining analyst. Rob went on to become the director of Southern African metals and mining research for HSBC prior to joining Renaissance Capital in 2002. Rob is currently the director of the Metals & Mining research at Renaissance Capital based in Moscow. In this capacity, he is involved in the research of privately and publicly held Russian resource companies including the assessment of private equity opportunities within the sector.

Roger Clegg, non-executive, Aged 36

Roger is a qualified executive for Nominated Adviser purposes, and is a corporate finance adviser within Ambrian Partners Limited. He is also a director in Ambrian Asset Management and Commodity Trading Businesses. Roger has 10 years’ investment banking experience after 4 years as an exploration geologist with ACA Howe. He joined Ambrian from the Mining & Metals Team at Barclays Capital where he was an Associate Director responsible for mining clients in Africa, Russia and Australasia. Roger previously worked in the Project Finance Division at Dresdner Kleinwort Benson and as a Mining Equity Analyst at Williams de Broë. Roger graduated from the Royal School of Mines in 1997 with a BSc and an MSc in Mineral Project Appraisal. Roger is President of the Royal School of Mines Association.

Senior Management Team

Dr. Kebede Hailu Belete – Chief Geologist and General Manager, Ethiopia

Dr. Kebede graduated with a B.Sc (Hons) Applied Geology from Addis Ababa University, Ethiopia in1985, an MPhil Economic Geology from Leicester University, UK, in 1991 and a PhD from Graz University, Austria, in 2000. He worked for the Geological Survey of Ethiopia for 17 years and received scholarship funding for his overseas studies from the UNDP in 1986. Since 2001, he has worked for Golden Prospect Mining Company and he and his team are responsible for the discoveries at Tulu Kapi and Gugi.

Rashid Jaboev – General Manager, Technical Services Division, Kyrgyz Republic

Rashid is an exploration engineer by training with over 27 years of experience in the metals and mining sector in a variety of exploration and new business functions. He has worked in Central Asia, Russia and Africa in a number of leadership roles, including the period 1983-1988 as Head of the Technology Department, North Kyrgyz Geological Expedition.

Company Address

15 Bolton Street
London, London, United Kingdom W1J 8BG


Telephone:	+44 (0) 20 7629 4801
Facsimile:	+44 (0) 20 7491 2639
Email:	info[at]minervaresources.com
Website:	http://www.minervaresources.com

Additional Address/Key Contact

Registered Office
30 Farringdon Street
London EC4A 4HJ
United Kingdom

Year End

30 September

Nominated Brokers

WH Ireland, London, UK

Nominated Advisors

WH Ireland, London, UK

Broker/Analyst Reports

12/09/07 - t1ps Report

Major Shareholders

Name of Shareholder	Quantity	%
HSBC Global Custody Nominee (UK) Limited	3,784,486	3.39%
LR Nominees Limited	3,111,226	2.78%
Pershing Keen Nominees Ltd	3,678,742	3.29%
Pershing Keen Nominees Ltd	9,524,392	8.52%

Most Recent Statement

30/06/08 - Interim Results for the six months ended 31 March 2008
17/06/08 - Drilling Contract - Kyrgyzstan
03/06/08 - Exploration Update - Tulu Kapi Gold Project, Ethiopia
02/04/08 - Sale of Kyrgyzstan Exploration Licences
31/03/08 - Agreement to increase holding in Yubdo Platinum & Gold Development PLC, Ethiopia
31/03/08 - Final Results

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