Mineralogy announces commencement of compulsory acquisition

    BRISBANE, Australia, Jan. 12 /CNW/ - Mineralogy Pty Ltd. ("Mineralogy")
announced today that Mineralogy Canada Acquisition Corp. ("Mineralogy
Canada"), a direct wholly-owned subsidiary of Mineralogy, has mailed a notice
of compulsory acquisition to all remaining holders of the common shares of
Waratah Coal Inc. (the "Waratah Shares").
    Following the January 5, 2009 expiration of Mineralogy Canada's offer to
acquire all of the issued and outstanding Waratah Shares for Cdn$1.60 per
Waratah Share (the "Offer"), Mineralogy Canada owns approximately 92.8% of the
issued and outstanding Waratah Shares.
    Since the Offer was accepted by holders of more than 90% of the Waratah
Shares, other than Waratah Shares held as of the date of the original Offer by
Mineralogy, Mineralogy Canada and their affiliates, Mineralogy Canada is now
exercising its right under the compulsory acquisition provisions of the
Business Corporations Act (British Columbia) to acquire all outstanding
Waratah Shares not already owned by Mineralogy Canada at the same price of
Cdn$1.60 per Waratah Share. Further details are provided in Mineralogy
Canada's Notice of Compulsory Acquisition available at www.sedar.com.

    About Mineralogy
    Mineralogy is a privately-held Australian resource company controlled by
Professor Clive Palmer that is engaged in the exploration for and development
of mineral resources. Mineralogy has extensive experience in implementing
large-scale resource development projects in Australia. For more information
about Mineralogy, visit the company's website at www.mineralogy.com.au.

    Forward Looking Information
    This news release may contain forward looking statements, being
statements which are not historical facts, including, without limitation,
statements regarding the compulsory acquisition of Waratah Shares by
Mineralogy and discussion of future plans and objectives. There can be no
assurance that such statements will prove accurate. Such statements are
necessarily based on a number of estimates and assumptions that are subject to
numerous risks and uncertainties that could cause actual results and future
events to differ materially from those anticipated or projected. Mineralogy
and Waratah Coal Inc. disclaim any intention or obligations to revise or
update such statements.

For further information:

For further information: Professor Clive Palmer, +61 4 0904 4489, or
send inquires to mineralogy@mineralogy.com.au

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