Kazax Minerals Inc. ("Kazax" or the "Company") (TSX VENTURE:KZX) is pleased to
announce that it has restructured its Share Purchase Agreement (SPA) for the
purchase of 100% of beneficial interest of the Lomonosovskoye Limited Liability
Partnership (LLLP); who in turn hold the unrestricted exploration and production
rights to the Lomonosovskoye iron ore deposit (Deposit); located in the Kostanay
Oblast in Kazakhstan. 


At this time Safin own 100% of LLLP. After the restructuring the State Agency
Tobol will take a 25% interest in the project; that is:




a.  Kazax own 75% of LLLP; and 
b.  Tobol own 25% of LLLP.



Tobol is the regional Government agency tasked with the promotion of economic
development within the Kostanay region and brings strong local partnership into
the mine development team. Tobol's active involvement in the current planning;
reserve registration and licensing phase will aid the timely development of the
Deposit. Mr Arman Aliyev (Chairman of Tobol) welcomed their participation in the
Lomonosovskoye Mine at a recent meeting with Kazax and stated, "Tobol keenly
anticipates working in partnership with Kazax to bring the mine into production
in a timely and safe manner. Tobol's local knowledge and experience will be a
great help to Kazax; particularly in the short term where mining approvals and
land tenure are being secured."


SPA Changes

The value of Kazax's transaction is US$56,383,200 (previously $75,483,200) with
the revised payment terms of:




1.  The initial SPA payment of USD$13,587,040 comprises a cash payment of
    USD$6,933,784 and that number of shares of the Company equal to USD$
    4,615,200 divided by a deemed value of $0.20 per share and a Capital
    Gains Tax (CGT) payment of USD$2,038,056. This payment and share issue
    to be made upon the closure of all the conditions precedent within the
    SPA.

2.  The balance of SPA cash payments (i.e. cash + CGT) totaling
    USD$30,460,960 made in eight (8) equal quarterly payments commencing on
    30th March 2013. CGT payments of USD$5,640,144 are included within this
    balance of SPA cash payments amount.

3.  The balance of shares of the Company equal to USD$7,140,000 divided by
    volume weighted average trading price for the five days prior to the
    issue.



The Conditions Precedent and other materiel terms and conditions within the SPA
remain unchanged.


The revised agreement is subject to final regulatory approval.

About Tobol

Social and entrepreneurial corporation (SEC) "Tobol" is a national company which
was specially created in October 2007 by the Government of the Republic of
Kazakhstan for promotion of economic development in the Kostanay region by
consolidating public and private assets. Tobol's mission is to enable the
effective business management of the regional state assets for social and
economic development of the region. Tobol aims to hold a multi-industry
investment portfolio comprising regional assets.


Tobol's specific tasks include:



a.  identification of state assets which are the most attractive for
    business development; 
b.  involvement of business-structures into business relations; 
c.  developing of effective and competitive productions; 
d.  creation of favorable environment for investment and innovation
    attraction; 
e.  diversification of export potential of the northern region of
    Kazakhstan; and 
f.  corporate management of company processes.



Project Status

The project team continues to progress the feasibility study. The milestones to
submit the applications for the registration of the state reserve and the
approval to start pre-strip and mining operations remains on target for the end
of 2012. Start-up of the pre-stripping operation remains on target for the 1st
half of 2013.


The confirmation drilling program was completed in August 2012 and the NI43101
Jorc modeling is scheduled for completion by November 2012. Detailed mine
planning continues along with engineering on the beneficiation plant.


Initial discussions with Chinese and Russian Mills have commenced; with the
initial focus on confirmation of the product technical specifications.
Commercial discussions will commence in October 2012.


About the Company

Kazax Minerals Inc. is a mining exploration and development company focusing on
iron ore. Other world-wide target acquisitions are being sought. Kazax aims to
be a significant mid-tier international mine exploration and development company
in the iron ore sector.


For additional information readers are invited to review additional corporate
and property information available on SEDAR at www.sedar.com.


ON BEHALF OF THE BOARD

David Savage, President and Chairman of the Board

Forward-Looking Statements

This news release contains forward-looking statements and forward-looking
information within the meaning of applicable securities laws. The use of any of
the words "expect", "anticipate", "continue", "estimate", "objective",
"ongoing", "may", "will", "project", "should", "schedule", "believe", "plans",
"intends" and similar expressions are intended to identify forward-looking
information or statements. More particularly and without limitation, this news
release contains forward looking statements and information concerning the
Company s future operations and prospects. The forward-looking statements and
information are based on certain key expectations and assumptions made by the
Company, including expectations and assumptions concerning equipment and crew
availability, and joint venture partner financial capability. Although the
Company believes that the expectations and assumptions on which such
forward-looking statements and information are based are reasonable, undue
reliance should not be placed on the forward looking statements and information
because the Company can give no assurance that they will prove to be correct. By
its nature, such forward-looking information is subject to various risks and
uncertainties, which could cause the Company's actual results and experience to
differ materially from the anticipated results or expectations expressed. These
risks and uncertainties include, but are not limited to, reservoir performance,
labour, equipment and material costs, access to capital markets, interest and
currency exchange rates, and political and economic conditions. Additional
information on these and other factors is available in continuous disclosure
materials filed by the Company with Canadian securities regulators. Readers are
cautioned not to place undue reliance on this forward-looking information, which
is given as of the date it is expressed in this news release or otherwise, and
to not use future-oriented information or financial outlooks for anything other
than their intended purpose. The Company undertakes no obligation to update
publicly or revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by law.