Mineralogy announces date for hearing to cease trade Waratah's shareholder rights plan

    BRISBANE, Australia, Oct. 31 /CNW/ - Mineralogy Pty Ltd. ("Mineralogy")
announced today that it has received notice from the British Columbia
Securities Commission that the hearing of Mineralogy's application to cease
trade the shareholder rights plan, more commonly known as a "poison pill", of
Waratah Coal Inc. ("Waratah", TSX-V: WCI) has been scheduled for November 25,
    Waratah's board of directors announced the adoption of the shareholder
rights plan on October 7, 2008 in response to Mineralogy's offer to acquire
common shares of Waratah, which was announced on October 3, 2008, and
subsequently extended and varied on October 24, 2008.

    About Mineralogy
    Mineralogy is a privately-held Australian resource company controlled by
Professor Clive Palmer that is engaged in the exploration 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 proposed acquisition of Waratah common 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
disclaims any intention or obligations to revise or update such statements.

For further information:

For further information: Professor Clive Palmer at +61 4090 44489 or
send inquires to mineralogy@mineralogy.com.au

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