Mineral Resources

Loncor Makapela Project Resource Estimate -- April 11, 2012

"A Mineral Resource Estimate was completed for Loncor's Makapela Project in April 2012 - 4.1 million tonnes grading 7.59 g/t Au containing 1 million ounces of gold. Please click here for the "Updated NI 43-101 Independent Technical Report on the Ngayu Gold Project, Effective Date: 29 May 2012".

Table I - Current Mineral Resource estimates at Makapela (with an effective date of April 11, 2012) at various gold cut-offs:

Cut-off Grade
(g/t Au)
Average Grade
(g/t Au)
Gold Content
1.00 5.65 6,302,100 1,143,800
2.00 6.41 5,297,900 1,091,700
2.75* 7.59 4,100,500 1,000,100
3.00 8.07 3,720,400 965,000
4.00 9.64 2,777,200 860,400

Minimum mining true thickness of 1.5 metres. *Cut-off estimated using a US$1,500/oz gold price with appropriate cost parameter assumptions for mining and other economic factors.

Table II - Mineral Resource estimates at Makapela in terms of oxide, transitional and fresh rock (sulfide) categories at a gold cut-off of 2.75 g/t:

Material Type
Inferred Mineral Resource
Average Grade
(g/t Au)
Gold Content
Oxide 454,000 9.50 138,700
Transitional 200,200 8.67  55,800
Fresh Rock 3,446,300 7.27 805,600
TOTAL 4,100,500 7.59  1,000,100

** Tonnes rounded to the nearest '00 and ounces to the nearest '00.

A Grade vs. Tonnage curve using various cut-off grades for the total gold Mineral Resource at Makapela is shown in the graph below:

Qualified Person
Mr. Andrew Neil Clay, Managing Director of Venmyn, is the "qualified person" (as such term is defined in National Instrument 43-101) who is responsible for the Mineral Resource estimates disclosed in this press release. Mr. Clay has reviewed and approved the contents of this press release.

Cautionary Note to U.S. Investors
The United States Securities and Exchange Commission (the "SEC") permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Certain terms are used by the Company, such as "Inferred Resources", that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure in the Company's Form 40-F Registration Statement, File No. 001-35124, which may be secured from the Company, or from the SEC's website at http://www.sec.gov/edgar.shtml.