Petmin - Further Announcement

Petmin - Further Announcement                                                   
Petra Mining Limited                                                            
(Incorporated in the Republic of South Africa)                                  
(Registration number 1972/001062/06)                                            
(Share Code PET; ISIN ZAE 000010237)                                            
("Petmin" or "the company")                                                     
FURTHER ANNOUNCEMENT REGARDING THE DISPOSAL BY PETMIN OF ITS GOLD MINING        
ASSETS AND FURTHER CAUTIONARY                                                   
1.   INTRODUCTION                                                               
Further to the cautionary announcement dated 20 June 2002 and the               
announcement dated 15 July 2002 which detailed the transaction in terms         
of which Petmin will dispose of the total issued share capital of, and          
all loan accounts against Petmin`s subsidiary Petrex (Proprietary)              
Limited, Riverbank Corporate Finance Limited is authorised to announce          
that the parties have agreed to reschedule certain important dates in           
respect of the transaction as a result of unforeseen delays encountered         
with regard to the fulfillment of certain conditions precedent.                 
2.   CIRCULAR TO SHAREHOLDERS AND SALIENT DATES                                 
As a result of these delays, the circular to shareholders containing            
full details of the disposal and convening a general meeting of                 
shareholders to vote on the transaction will only be posted on or about         
5 September 2002, and will contain the following salient dates, which           
are subject to amendment by the JSE Securities Exchange South Africa.           
Any change in these dates will be published on SENS and in the press:           
                                                  2002                          
Last day to lodge form of proxy for the                                         
general meeting, by 10:00                         Monday, 23 September          
General meeting at 10:00                          Thursday, 26 September        
Results announcement of the general meeting                                     
published on SENS                                 Thursday, 26 September        
Results announcement of the general meeting                                     
published in the press                            Friday, 27 September          
3.   PAYMENT OF THE SPECIAL DIVIDEND                                            
The special cash dividend in respect of R12 000 000 (or 15 cents per            
Petmin share) that was announced on 15 July 2002 and declared on 15 July        
2002 will be paid on 2 September 2002, as per the special dividend              
announcement made on 15 July 2002.                                              
4.   APPROVAL OF THE COMPETITION COMMISSION                                     
The approval of the Competition Commission has been obtained.                   
5.   CONDITIONS PRECEDENT                                                       
The transaction now remains subject only to the following conditions            
precedent, which must be fulfilled by the new due dates indicated below:        
-    The completion of the due diligence investigation by 30 August             
2002;                                                                           
-    The Purchaser providing a commitment letter from its bankers in            
respect of a portion of the purchase consideration by 30 August 2002;           
-    The issue of a new water pumping license by the Department of Water        
Affairs and Forestry in respect of Grootvlei No 3 Shaft by 30 September         
2002;                                                                           
-    The remaining regulatory approvals, including the approvals of the         
SRP, JSE, South African Reserve Bank and the TSX Venture Exchange in            
Toronto, to be obtained by 30 September 2002; and                               
-    Approval by the shareholders of Petmin in general meeting to be            
obtained by 30 September 2002;                                                  
6.   EXPECTED CLOSING DATE AND FURTHER CAUTIONARY                               
The expected closing date in respect of the transaction remains 30              
September 2002. Shareholders are accordingly advised to continue to             
exercise caution in dealing in their Petmin securities until a further          
announcement is made.                                                           
Pretoria                                                                        
26 August 2002                                                                  
Date: 26/08/2002 05:43:13 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department