Mineralogy announces market purchase of Waratah Coal Inc. common shares

    BRISBANE, Australia, Oct. 9 /CNW/ - Mineralogy Pty Ltd. ("Mineralogy")
announces that on October 8, 2008 it purchased, in the normal course through
the facilities of the TSX Venture Exchange, 14,000 common shares of Waratah
Coal Inc. ("Waratah", TSX-V: WCI) at a price of $1.40. Mineralogy has now
purchased a total of 14,000 common shares of Waratah (representing
approximately 0.02% of the issued and outstanding common shares) at an average
price of $1.40 since its take-over bid for Waratah was commenced on October 3,
2008. Together with the 10,734,200 common shares owned by Mineralogy as of the
date of the launch of its take-over bid, Mineralogy now owns 10,748,200 common
shares of Waratah (representing approximately 19.07% of the issued and
outstanding common shares).
    Mineralogy's intention to make market purchases during the currency of
its take-over bid for Waratah was disclosed in its formal offer and take-over
bid circular dated October 3, 2008 (available without charge through the
internet 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 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: please contact Professor Clive Palmer at +61
4090 44489 or send inquires to mineralogy@mineralogy.com.au

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