Mineralogy to take up additional Waratah shares and prepares for compulsory acquisition

    BRISBANE, Australia and VANCOUVER, Canada, Jan. 6 /CNW/ - Mineralogy Pty
Ltd. ("Mineralogy") announced today that Mineralogy, through its wholly-owned
subsidiary Mineralogy Canada Acquisition Corp. ("MCAC"), will take up an
additional 1,294,661 common shares (the "Shares") of Waratah Coal Inc.
("Waratah", TSX-V/ASX: WCI), representing roughly 2.1% of the issued and
outstanding Shares, under its offer (the "Offer") to acquire all of the Shares
of Waratah for $1.60 per Share. Together with Shares previously purchased,
Mineralogy and its affiliates will now own approximately 56,923,017 Shares,
representing roughly 92.8% of the issued and outstanding Shares.
    It was also announced that the Offer expired at 5:00 p.m. (Vancouver
time) on January 5, 2009. In total, approximately 46,168,517 Shares were
validly deposited to the Offer and all of those Shares have been or will be
taken up by MCAC. The Shares taken up under the Offer will represent roughly
91.3% of the issued and outstanding Shares not owned by MCAC or its affiliates
prior to the launch of the Offer.
    Since MCAC will have acquired more than 90% of the Shares under the
Offer, excluding those Shares already owned by MCAC or its affiliates prior to
the launch of the Offer, MCAC intends to proceed with the compulsory
acquisition of the remaining Shares for the same $1.60 per Share
consideration, as provided for in the Business Corporations Act (British
Columbia). A notice of compulsory acquisition will be mailed to each of
Waratah's remaining shareholders shortly and will be available on

    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 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
and Waratah disclaim any intention or obligations to revise or update such

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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