Quarterly report for the period ended 30 September 2012

30 October 2012

Highlights and summary:  Cobalt resource estimates have more than doubled in 12 months

A resource update in late July has shown that over a 12 month period BPL has upgraded estimation of the contained cobalt (“Co”) of the project in reportable JORC Inferred Mineral Resources from 32 million pounds to 66 million pounds. In addition, the evaluation has also estimated between 63-101 million pounds of Potential* contained cobalt (of similar average grade).

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