Exercise of Options

ASX, AIM and Media Release

2 April 2013

                            BASE RESOURCES LIMITED                             

                              EXERCISE OF OPTIONS                                

Base Resources Limited (ASX:BSE AIM:BSE)(the "Company") announces that it has
today issued 1,400,000 fully paid ordinary shares in the capital of the Company
as a result of the exercise of options to acquire fully paid ordinary shares in
the capital of the Company at an exercise price of A$0.09.

The options were exercised by Mr Colin Bwye, a director of the Company.
Following the above option exercise and share issue, Mr Bwye holds an interest
in the following securities of the Company:

Number    Class

2,243,895 Fully Paid Ordinary Shares (1,400,000 are held directly, 362,414 are
          held indirectly through Mr Bwye's spouse Annette Bwye and 481,481 are held
          indirectly through Bwye Superannuation Fund of which Mr Bwye is a trustee and
          beneficiary)

3,600,000 Unlisted Options (9c, 9 July 2015) (held directly)

5,000,000 Unlisted Options (25c, 9 July 2015) (held directly)

Following the above option exercise and share issue, the Company has the
following securities on issue:

Number      Class

561,840,029 Fully paid ordinary shares

8,500,000   Unlisted options exercisable at A$0.25 on or before 9 July 2015

7,100,000   Unlisted options exercisable at A$0.09 on or before 9 July 2015

1,000,000   Unlisted options exercisable at A$0.25 on or before 30 July 2015

The Company has applied for the new shares to be admitted to trading on both
the ASX and AIM markets. Trading in the new shares on AIM is expected to
commence on or around 5 April 2013.

A full PDF version of the announcement is available at the Company's website: 
www.baseresources.com.au.

ENDS

For further enquiries contact:

Contacts:

Base Resources Limited
Tim Carstens
Managing Director
Email: [e-mail]
Phone: [phone]

RFC Ambrian Limited (Nominated Adviser and Broker)

As Nominated Adviser                    As Broker
Andrew Thomson or Trinity McIntyre      Caspar Shand-Kydd
Phone: [phone]                Phone: [phone]

Tavistock Communications (UK Media Relations)
Jos Simson/ Jessica Fontaine / Emily Fenton
Phone: [phone]

Cannings Purple (Australian Media Relations)
Annette Ellis / Warrick Hazeldine
Email: [e-mail]
[e-mail]
Phone: [phone]

Corporate Details:

Board of Directors:
Andrew King Non-Executive Chairman
Tim Carstens Managing Director 
Colin Bwye Executive Director
Sam Willis Non-Executive Director
Michael Anderson Non-Executive Director
Trevor Schultz Non-Executive Director
Winton Willesee Non-Executive Director/ Company Secretary

Principal & Registered Office:       Contacts:

Level 1                              Email: [e-mail]
50 Kings Park Road                   Phone: [phone]
West Perth WA 6005                   Fax: [phone]