Kaboko Mining Ltd : Exploration Update

ASX Announcement

24 September 2013

Company Announcements Office Australian Securities Exchange Level 6, 20 Bridge Street

SYDNEY NSW 2000

Via E Lodgement

Exploration and Corporate Update

Zambian focused manganese company Kaboko Mining Limited (ASX: KAB) (Kaboko or the Company) is pleased to confirm that its exploration program is currently underway at its Northern Zambian manganese project at Mansa with 17 holes (870m) drilled to date as part of a 1,200m program. The indicative results from initial drilling are very encouraging and the Company intends to expand the program by drilling additional deeper holes targeting confirmation of the known mineralisation area and potential extension of this area. Further details of drilling results will be provided once available. These drilling results will be used to in conjunction with the recent scoping study to prepare a JORC compliant resource statement at the Mansa Project.

Drilling at Mansa Project, Zambia

On 4 September 2013 the Company announced the allotment of 170,440,000 new options exercisable at

$0.012 on or before 31 August 2016 in accordance with the Entitlement Issue Prospectus dated 2 August

2013. The Company confirms the completion of the option rights issue shortfall of 121,975,898 attaching new options exercisable at $0.012 on or before 31 August 2013. Funds raised from the Option Rights Issue totalled $292,415 before costs.

For and on behalf of the Board

Tokkas Van Heerden CEO

Ground Floor, 1 Havelock Street, West Perth, WA 6005 P.O. Box 684, West Perth, WA 6872 T [phone] F [phone]

Suite 1A, Prince's House, 38 Jermyn Street, London SW1Y 6DN T + 44 207 025 7040 F [phone]

www.kabokomining.com

For further information please contact:

Investors | Shareholders

Shannon Robinson

Director | Corporate Relations

T: [phone]

E: [e-mail]
W: www.kabokomining.com

Media

David Tasker

Professional Public Relations

T: [phone]

About Kaboko Mining Limited

Kaboko Mining Limited (ASX:KAB) is an ASX listed exploration, development and mining company primarily focused on establishing itself as a major producer and exporter of high grade manganese ore from its portfolio of assets in Zambia. Kaboko currently holds majority interests in 5 large scale prospecting licenses and 2 small scale mining licenses covering over 2,700km2 in established and
highly prospective manganese mining regions in Zambia. The Company is focused on the development of its large license holdings and establishing long-term sustainable production of a high grade and high quality manganese ore initially from its Mansa, Northern Zambian Projects. In 2012 the Company concluded strategic off-take and funding agreements with Sinosteel Australia Limited and Noble Resources Limited that are proposed to be used to complete further exploration and to advance its projects towards full-scale commercial production.

Forward Looking Statement

Certain statements made during or in connection with this communication, including, without limitation, those concerning the economic outlook for the manganese market, expectations regarding manganese ore prices, production, cash costs and other operating results growth prospects and the outlook of Kaboko's operations including the likely commencement of commercial operations of the Emmanuel, Kanona and Mansa, Northern Zambian Projects, its liquidity and the capital resources and expenditure, contain or comprise certain forward-looking statements regarding the Company's development and exploration operations economic performance and financial condition. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory environment and other government actions, fluctuations in manganese ore prices and exchange rates and business and operational risk management. For a discussion of such factors refer to the Company's most recent annual report and half year report. The Company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events.

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