Mr. Trevor Smith reports

KAZAX PROVIDES UPDATE ON LOMONOSOVSKOYE PROJECT

Kazax Minerals Inc. is in discussions with Safin Element GmbH to reschedule the cash payment of $4-million (U.S.) due to Safin in connection with the terms of the acquisition of a 74.99-per-cent interest in the Lomonosovskoye limited liability partnership from Safin. Under the current terms of the acquisition, the company was due to make a payment to Safin of $4-million (U.S.) on Jan. 15, 2015. Pursuant to the terms of the acquisition, Safin has agreed not to enforce this payment until such amount is overdue by 90 days. While the extended deadline has expired, the company is in negotiations with Safin to resolve the matter. The company will provide a further news release on the discussions with Safin in due course.