Bellzone Mining Regulatory News (BZM)

7.00 a.m. - 31 January 2011

Bellzone Mining plc

("Bellzone" or the "Company")

Forecariah Update and Company Geological Assessment

·; Bellzone Mining becomes lead project manager of the Forecariah iron ore joint venture

·; Company geological assessment identifies multiple prospective resource development targets including Yomboyeli, Layah, Moussayah, Santiguiyah and Doto

·; Surface samples from Yomboyeli returned assays in the range of 55% to 60% contained Fe and indicate potential for a direct shipping ore ("DSO")

·; Extensive oxides mapped across the other prospective targets on Forecariah licence present potential for additional saleable oxide and DSO product

·; Given the indication of extensive oxide resources the joint venture has targeted production to commence in the first quarter of 2012

Bellzone Mining plc (AIM: BZM), the West African iron ore and nickel/copper company is pleased to provide an update on the Forecariah iron ore joint venture permits ("Forecariah JV Permits") in Guinea, a 50:50 joint venture with its partner, China International Fund Limited ("CIF") originally announced on 2 August 2010.

The Forecariah JV Permits are situated through an area between 40km and 80kms from the south coast of Guinea, with dirt road access to the port of Benti. Both the road and port are readily and economically upgradeable to enable DSO product export.

The Forecariah JV Permits are being jointly developed by both CIF and Bellzone. The JV partners have agreed that Bellzone will lead the resource and project development. A development budget has been agreed and early works are underway with detailed planning for the next phase of development well advanced. Current activities include:

·; Sourcing, interpreting and analysinginformation and reports of previous studies of the area

·; Completion of mapping and surface sampling of the oxide potential

·; Completion of a Company geologist's report (see below for details)

·; Identification of drilling target areas and developing drilling plans

·; Identifying and securing office and administration facilities as well as operational support infrastructure

·; Locating the camp facilities for 80 people

·; Commencing preliminary studies on road and port upgrades

·; Planning magnetic surveys to map the magnetite potential of the permits and to identify the most prospective targets for magnetite drilling to commence.

Forecariah Company Geological Assessment

Following the creation of the Forecariah iron ore joint venture, work commenced to identify and assess the potential of the prospective targets to host mineable quantities of oxide ore.

The results of the investigation and surface sampling identified specific resource targets, confirming the Company's expectations which were derived from a review of historical data that provided the following results:

·; At Yomboyeli, sampling of old pits, tunnels and trenches outlined a ridge of iron oxide with a strike length of over 1200m. The oxide mineralisation extends onto the adjacent plains for hundreds of metres either side of the ridge. Historic pits and tunnels indicate that the surface oxides extend to depths in the tens of metres. The surface samples from this area returned assays of 55% to 60% Fe and indicate the potential for a DSO product.

·; At Layah, to the north of Yomboyeli, is a vast plain of surface iron oxides known locally as "cuirass", with sampling returning encouraging grades. The nature of the material and grades suggest it is potentially upgradeable to an exportable product.

·; At Santiguiyah, 12 kilometres north of Yomboyeli, clasts of haematite/goethite in loose iron fines in the form of scree, was mapped over several square kilometres. The surface samples and historic trenches indicate high potential for significant iron oxide tonnages across this area. The oxide resources lend themselves to simple open pit mining and screening with no or minimal crushing. 

·; Iron oxide at Moussayah, near the regional centre of Doto, was mapped over a length of 10 kilometres. The oxide resource produced similar material to that mapped in the Laya area. Sampling at Moussayah was localised due to terrain and vegetation. Further work at Moussayah is expected to reveal the continuity of the oxide resource at this location.

·; Outside of these initial areas are further known zones of iron oxide occurrence, historical data also indicates further zones of banded iron formations and magnetite outcrops.

Potential Volumes for five Forecariah Prospects (assumes consistent and continuous mineralisation) based on initial Company findings

Length Width Depth In-Situ BD

(m) (m) (m) (t/m3)

Yomboeli 1,500 1,000 25 2.6

(Yaneyah) 1,500 1,000 25 2.4

Layah 8,000 4,000 5 2.4

Moussayah 8,000 4,000 10 2.4

Santiguiyah 13,000 6,000 15 2.4

Doto 3,000 2,000 5 2.4

*Figures used for the definition of Exploration Targets are based on field observations and historic reports made during the December 2010 field due diligence. In - Situ bulk density estimates are based on in - country experience and confirmed by laboratory testing of surface samples.

Nik Zuks, Chief Executive Officer commented "The initial results suggest significant quantities of iron ore in the Forecariah permits, specifically at Yomboyeli, Layah and Moussayah, are available to support a DSO operation.

The location relative to the coast, and existing upgradeable road and port infrastructure, is compelling. We have moved quickly to put together a team to focus on developing these exciting prospects on an accelerated timetable.

The Forecariah team is working to short timeframes and have leveraged our proven systems and process from Kalia.

Forecariah provides Bellzone the opportunity to move into production in the first quarter of 2012. This early production and associated cashflow will add significant value to Bellzone and provide a positive impact on the funding strategies for the Kalia Mine."

The mineral resource information disclosed in this announcement has been reviewed by Peter Batten, BAppSc,, member of the Australasian Institute Mining and Metallurgy. He has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being undertaken, to qualifie as a Competent Person for the purposes of this announcement.

Enquiries:

Bellzone Mining plc

Bellzone Mining plc is an exploration and resource development company with iron ore and nickel / copper permits in the Republic of Guinea, West Africa.

The Company's flagship project, the Kalia Iron Mine has a JORC resource of 3.74 billion tonnes, located on the Kalia I prospect. Drilling results and internal estimates indicate that Kalia Prospect has the potential to host more than 10 billion tonnes of magnetite and 2.55 billion tonnes of oxide at surface.

Exploration work continues to further define the potential at Kalia I on both the magnetite and oxide at surface.

Bellzone is committed to the staged development of the Kalia Iron Project, which includes a 50mtpa iron ore facility, rail and port, with initial production scheduled in 2014. Stage one is planned to bring online 20mtpa direct shipping ore ('DSO') capacity in 2014 and a 10mtpa magnetite concentrator in 2015. Stage two increasing the DSO output to 30mtpa in 2017 and doubling the concentrate capacity to 20mtpa by 2018.

Bellzone signed an Infrastructure Accord with the Republic of Guinea giving the Company exclusive rights to the designated port and rail areas for purposes of conducting studies for the development of the infrastructure leading to the signing of a convention and concession. The infrastructure forms a key part of the Guinea Government's infrastructure strategy and will support the development of iron ore, bauxite and other minerals in Guinea through its availability for third party use.

On 2 August 2010, Bellzone signed definitive agreements with China International Fund ('CIF'). CIF will finance and develop the rail and port infrastructure and offer a finance package to Bellzone for the development of the Kalia Mine in exchange for the first right to purchase 100% of the off-take of the Kalia Mine at market price.

Early works are currently underway at the CIF held Forecariah Iron Permits that lie between 40 and 80kms from the Guinea coast. Bellzone and CIF will jointly develop these permits which are prospective for oxide and magnetite. The oxide has the potential to deliver cash flow from a Direct Shipping Ore project in the short term.

Bellzone has competed an intensive mapping and surface sampling programme and has defined highly prospective drilling targets at its Sadeka Nickel/Copper Project and commenced a drilling programme on these targets in Q4 2010.