BSR - Basil Read Holdings Limited - Voluntary Business Update

BSR - Basil Read Holdings Limited - Voluntary Business Update                   
Basil Read Holdings Limited                                                     
(Incorporated in the Republic of South Africa)                                  
(Registration Number 1984/007758/06)                                            
Share Code: BSR ISIN: ZAE 000029781                                             
("Basil Read")                                                                  
VOLUNTARY BUSINESS UPDATE                                                       
BASIL READ ENTERS INTO HEADS OF AGREEMENT WITH BEACON HILL RESOURCES PLC        
RELATING TO MINAS MOATIZE COAL MINE IN MOZAMBIQUE                               
Highlights                                                                      
- TWP Projects (Proprietary) Limited ("TWP") appointed to complete definitive   
feasibility study                                                               
- Basil Read to be appointed as principal contractor to build, own and operate  
the coal handling and preparation plant                                         
- Basil Read to be appointed as principal mining contractor for Minas Moatize   
Coal Mine                                                                       
Basil Read is pleased to announce that it has entered into a heads of           
agreement with Beacon Hill Resources Plc for development of the Minas Moatize   
Coal Mine in Mozambique. In terms of stage one of the agreement, TWP has been   
appointed to complete the definitive feasibility study ("DFS"), including the   
design of the coal handling and preparation plant ("CHPP") and opencast mine.   
Subject to the successful completion of the DFS, Basil Read is to be appointed  
as the principal contractor to build, own and operate the CHPP at the mine, as  
well as the principal mining contractor for 4 million tons per annum (mtpa).    
This agreement represents a major engineering, procurement and construct        
("EPC") contract signed by Basil Read following the merger with TWP and         
represents a significant step forward in unlocking the synergies between the    
merged entities.                                                                
The contract further supports Basil Read`s strategy of international expansion  
and its stated intention to undertake larger, more technically challenging      
projects.                                                                       
12 April 2011                                                                   
Johannesburg                                                                    
SASFIN CAPITAL                                                                  
A DIVISION OF SASFIN BANK LIMITED                                               
Date: 12/04/2011 12:37:01 Supplied by www.sharenet.co.za                     
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