US$20 Million in Additional Funding Secured

ASX, AIM and Media Release

23 December 2014

                            BASE RESOURCES LIMITED                             
                  US$20 MILLION IN ADDITIONAL FUNDING SECURED                  

Base Resources Limited (ASX & AIM: BSE) ("Base" or the "Company"), is pleased
to advise that it has executed a US$20 million unsecured debt facility with one
of its major shareholders, Taurus Funds Management ("Taurus") ("Taurus
Facility"). The Taurus Facility will provide corporate working capital and the
funding necessary to deliver up to US$15 million in additional liquidity to the
Kwale Project by 30 June 2015, if required. This commitment was a condition of
the recently completed rescheduling of the Kwale Project Debt Facility.

The Taurus Facility has the following key terms:

  * Repayments are only made from the permitted distributions from the Kwale
    Project every six months, commencing 31 December 2015.
   
  * Commitment fee of 2% on any undrawn balance.
   
  * Interest rate of 10% on the drawn balance.
   
  * Upfront fee of 2% plus establishment costs.
   
  * Loan maturity date of 31 December 2016.
   
  * Taurus is entitled to 61,425,061 unlisted options over unissued fully paid
    ordinary shares, for nil consideration and exercisable at A$0.40 with half
    being issued at execution and half pro-rata on facility drawdown above US$5
    million. The options expire on 31 December 2018 and have no vesting
    conditions.
   
The Taurus Facility puts Base on a sound financial footing, providing a source
of additional funding for the Kwale Project should it be needed, the means to
satisfy the US$15 million addition liquidity covenant and US$5 million in
corporate funding.

A full PDF version of this announcement is available from www.asx.com.au and on
the Company's website at www.baseresources.com.au.  

For further enquiries contact:

Base Resources Limited
Tim Carstens
Managing Director
Phone: [phone]

RFC Ambrian Limited (Nominated Adviser and Broker)
As Nominated Adviser                  As Broker
Andrew Thomson or Trinity McIntyre    Jonathan Williams
Phone: [phone]             Phone: [phone]

Africapractice (East Africa) (Kenyan Media Relations)
David Maingi/ James Njuguna/Joan Kimani
Phone: [phone]
Email: [e-mail]

Tavistock Communications (UK Media Relations)
Jos Simson / Emily Fenton / Nuala Gallagher
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
Mike Stirzaker       Non-Executive Director
Malcolm Macpherson   Non-Executive Director
Winton Willesee     Company Secretary

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


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