AIM and Media Release 

    11 January 2016

    BASE RESOURCES LIMITED
    Lapse of Unexercised Options

    Base Resources Limited (ASX & AIM: BSE) ("Base") advises that 8.5 million
    options with an exercise price of A$0.25 and 7.1 million options with an
    exercise price of A$0.09 have lapsed unexercised following their expiry on
    9 January 2016.

    The lapsed options were held by (among others) Base directors Tim Carstens
    (5 million options), Colin Bwye (8.6 million options) and Sam Willis (600,000
    options).  The share holdings of each of the directors remains unchanged.

    Base now has the following shares, options and performance rights on issue:

      * 563,902,771 fully paid ordinary shares.
      * 61,425,061 options (exercise price of A$0.40, expiring 31 December 2018).
      * 62,527,889 performance rights issued pursuant to the terms of the Base Long
        Term Incentive Plan.

    A PDF version of this release, together with ASX Appendix 3Ys providing further
    detail of the relevant director holdings, are available from http://
    www.asx.com.au/ and on the company's website:  http://www.baseresources.com.au/
    .

    ENDS

    CORPORATE PROFILE

    Directors
    Keith Spence (Non-Executive Chairman)
    Tim Carstens (Managing Director)
    Colin Bwye (Executive Director)
    Sam Willis (Non-Executive Director)
    Michael Anderson (Non-Executive Director)
    Michael Stirzaker (Non-Executive Director)
    Malcolm Macpherson (Non-Executive Director)

    Company Secretary
    Chadwick Poletti

    NOMINATED ADVISOR & BROKER
    RFC Ambrian Limited
    As Nominated Adviser:
    Andrew Thomson / Stephen Allen
    Phone: +61 (0)8 9480 2500
    As Broker:
    Jonathan Williams
    Phone: +44 20 3440 6800

    SHARE REGISTRY:  ASX
    Computershare Investor Services Pty Limited
    Level 11, 172 St Georges Terrace
    PERTH WA 6000
    Enquiries: 1300 850 505 / +61 (3) 9415 4000
    http://www.computershare.com.au/

    SHARE REGISTRY:  AIM
    Computershare Investor Services PLC
    The Pavilions
    Bridgwater Road
    BRISTOL BS99 6ZZ
    Enquiries: +44 (0) 870 702 0003
    http://www.computershare.co.uk/

    AUSTRALIAN MEDIA RELATIONS
    Cannings Purple
    Warrick Hazeldine / Annette Ellis
    Email: whazeldine@canningspurple.com.au /
    aellis@canningspurple.com.au
    Phone: +61 (0)8 6314 6300

    UK MEDIA RELATIONS
    Tavistock Communications
    Jos Simson / Emily Fenton
    Phone: +44 (0) 207 920 3150

    KENYA MEDIA RELATIONS
    Africapractice (East Africa)
    Evelyn Njoroge / James Njuguna/Joan Kimani
    Phone: +254 (0)20 239 6899
    Email: jkimani@africapractice.com

    PRINCIPAL & REGISTERED OFFICE
    Level 1, 50 Kings Park Road
    West Perth, Western Australia, 6005
    Email:  info@baseresources.com.au
    Phone: +61 (0)8 9413 7400
    Fax: +61 (0)8 9322 8912