PET - Petmin - Finalisation of the sale of Petmin`s 100% interest in BAOBAB and

PET - Petmin - Finalisation of the sale of Petmin`s 100% interest in BAOBAB and 
further cautionary                                                              
PETMIN LIMITED                                                                  
(Previously Petra Mining Limited)                                               
Incorporated in the Republic of South Africa                                    
Registration Number 1972/001062/06                                              
Share Code: PET      &       ISIN: ZAE000010237                                 
("Petmin", "the company" or "the group")                                        
FINALISATION OF THE SALE OF PETMIN`S 100% INTEREST IN BAOBAB TO GVM AND FURTHER 
CAUTIONARY                                                                      
Shareholders are referred to the Interim Financial Statements published on SENS 
on 5 March 2007, an extract of which is depicted below:                         
GVM SALE                                                                        
"The Company has reached an agreement with GVM Metals Limited to dispose of its 
investment in Baobab for an amount of GBP 2.5 million (+/- R35 million) ("the   
disposal consideration"). The sale is subject to Ministerial approval, by no    
later than 30 April 2007, in terms of the Mineral and Petroleum Resources       
Development Act, 2002. In accordance with IFRS, assets of R1.5 million have been
disclosed as assets held for sale and are carried at cost which is lower than   
their net realisable value. Revenue on the sale will be recorded when the last  
remaining suspensive condition is satisfied."                                   
The board is pleased to announce that all the conditions precedent have been    
met, the disposal consideration has been received and the transaction is now    
complete.                                                                       
FURTHER CAUTIONERY                                                              
Shareholders are advised that the company is still in negotiations, which if    
successfully concluded may have a material effect on the price of the company`s 
securities.  Accordingly, shareholders are advised to exercise caution when     
dealing in Petmin`s securities until a full announcement is made.               
Sponsor                                                                         
River Group                                                                     
Johannesburg                                                                    
28 May 2007                                                                     
Date: 28/05/2007 09:46:29 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department.