Kazax Minerals Inc.

As President of Kazax Minerals Inc. ("KazaX" or the "Company") I would like to take this opportunity to update you, one of our many shareholders, on the progress being made by our team on our flagship opportunity "Lomonosovskoye Iron Mine" (that's pronounced 'lo-mo-nos-ver'skoya') that we are presently developing in Kazakhstan.

During March 2012 KazaX came in to existence and at that time we received approval from the TSX.V to complete the share purchase agreement with Safin Element GmBH to acquire all of Safin's 100% beneficial interest in the Lomonosovskoye Iron Ore Deposit in Kazakhstan. In April 2012, Mining Associates Ltd., issued the fully independent Technical Report¹ (which was fully compliant with Canada's strict National Instrument 43-101 requirements) and interpreted that "The Lomonosovsky Project contains significant magnetite iron mineralization in two adjacent deposits which have similar geological settings to the nearby operating magnetite iron open pit and underground mines in the Rudnyi region". The Qualified Person then concluded "Significant skarn type iron mineralization exists at the Lomonosovsky Project".

With a positive report in hand, a completed in-house risk analysis and approval from the Board of Directors, KazaX mobilized a team to Kazakhstan and began preparations for the long approval and permitting processes required to bring the Lomonosovskoye prospect to commercial operation.

In October 2012 Mining Associates Ltd. were recommissioned to review and revise their NI 43-101 report², using updated and new information which included a visit to site by the Mining Associates Ltd. Qualified Person and project economic assessment. Again, this report was fully compliant with Canada's strict National Instrument 43-101 requirements. Mining Associates Ltd. drew the following conclusions:

• Significant skarn type iron mineralization exists at the Lomonosovsky Project.
• The Lomonosovsky Project has a very favourable location due to its proximity to transportation routes and infrastructure.
• The historical drill-holes have been validated by a current drilling program and close examination of the statistics between old and current drilling has deemed that the historical holes are suitable to be included in this resource estimate.
• The techniques applied in the sampling, logging and storing of core are deemed appropriate QA/QC procedures and standards.
• The ore deposit remains open at depth and along the lateral extents in certain areas as well as being under-drilled in the mid portion between the NW and Central deposits.
• Selective sampling within mineralized zones has required a weighting factor to be applied to the estimation model; future drilling should be fully sampled within the interpreted mineralised zone to fill in these gaps and allow estimation of the waste as well as ore.
• Following a more rigorous and reliable testing of density, a calculated density has been applied to iron bearing blocks within the block model, rather than fixed values as in the past.

Today we are pleased to announce completion of the acquisition (the "Acquisition") of a 75% interest (the "LP Interest") in the Lomonosovskoye Limited Liability Partnership (the "LP") from Safin Element GmbH ("Safin") as previously announced on December 19, 2011 and updated on March 15, 2012 and October 16, 2012. Following completion of the Acquisition, the LP is now owned 75% by KazaX and 25% by the Kazakhstan state agency Tobol. Pursuant to a subsoil use contract between the LP and the Ministry of Industry and New Technologies of Kazakhstan ("MINT"), the LP holds unrestricted exploration and production rights to the Lomonosovskoye iron ore deposit located in the Kostanay Oblast, Kazakhstan (the "Deposit").

Our commitment and success in driving this project ahead amidst the current challenging economic conditions is due to our dedicated professional team relentlessly forging ahead to achieve our commercial operation date of 2015.

For additional and public information, our investors are invited to review information available on SEDAR at www.sedar.com, our website www.kazaxmineralsinc.com and to follow us on Twitter at @kazax_minerals.

ON BEHALF OF THE BOARD

David Savage,

President and CEO

FOR ADDITIONAL INFORMATION or TO REGISTER FOR REGULAR NEWS UPDATES, PLEASE CONTACT:
david.price@kazaxmineralsinc.com

Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "schedule", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward looking statements and information concerning the Company s future operations and prospects. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including expectations and assumptions concerning equipment and crew availability, and joint venture partner financial capability. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because the Company can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the Company's actual results and experience to differ materially from the anticipated results or expectations, expressed. These risks and uncertainties include, but are not limited to, reservoir performance, labour, equipment and material costs, access to capital markets, interest and currency exchange rates, and political and economic conditions. Additional information on these and other factors is available in continuous disclosure materials filed by the Company with Canadian securities regulators. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and to not use future-oriented information or financial outlooks for anything other than their intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

¹ INDEPENDENT TECHNICAL REPORT ON THE LOMONOSOVSKY IRON PROJECT, REPUBLIC OF KAZAKHSTAN, Prepared by Mining Associates Limited. Submitted: 12 April 2012

² INDEPENDENT TECHNICAL REPORT ON THE LOMONOSOVSKY IRON PROJECT, REPUBLIC OF KAZAKHSTAN, Prepared by Mining Associates Limited. Submitted: 12 April 2012