200 Unsecured Variable Rate Loan Notes of US$500,000 each ("the Notes") maturity date 30 September 2013 under the Exchange’s provisions for Restricted Marketing to Qualified Investors and Section V of the BSX Listing Regulations pertaining to International Issuers of Debt Securities. It is estimated that the net proceeds of the issuance will be US$100 million.

The Notes are to be issued on or around 31 December 2011 by African Minerals UK Limited ("AMUK").

African Minerals (UK) Limited is a limited liability company incorporated under the laws of England and Wales. AMUK is a wholly owned subsidiary of African Minerals Limited an exempted Bermuda company listed on London’s AIM (AML).