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PGL - Pallinghurst Resources (Guernsey) - Gemfields Resources Plc announces a proposed offer for Tanzanite One Limited Pallinghurst Resources (Guernsey) Limited Registration Number: 47656 (Incorporated in Guernsey) ISIN: GG00B27Y8Z93 BSX share code: PALLRES JSE share code: PGL ("Pallinghurst" or "the Company") GEMFIELDS RESOURCES PLC ANNOUNCES A PROPOSED OFFER FOR TANZANITE ONE LIMITED Shareholders in Pallinghurst are referred to the announcement made by Gemfields Resources plc ("Gemfields") today regarding a proposed offer ("the Proposed Offer") for Tanzanite One Limited ("T1") of 45 pence for each T1 ordinary share ("T1 Share"). The Proposed Offer would entitle T1 shareholders to elect to receive as consideration for their T1 Shares either cash or ordinary shares in the issue share capital of Gemfields, or any combination thereof. The Proposed Offer values the entire issued share capital of T1 at approximately GBP 33 million representing a premium of approximately 76.5%. over the middle- market quotation of a T1 Share of 25.5 pence at the close of business on 29 August 2008, the last trading day prior to Gemfields` recent acquisition of T1 Shares on the open market. Arne H Frandsen CEO of Pallinghurst commented: "Gemfields` proposed offer for Tanzanite One is the logical next step to broaden Pallinghurst`s coloured gemstone platform and the range of exceptional stones that may be marketed using the Faberge brand." The full text of the Gemfields Proposed Offer for Tanzanite One Limited is available from www.gemfields.co.uk 12 September 2008 Investment bank and sponsor Investec Bank Limited Enquiries Pallinghurst Resources (Guernsey) Arne H. Frandsen, CEO +44 (0) 20 751 83399 College Hill +27 (0) 11 447 3030 Johannes van Niekerk +27 (0) 82 921 9110 Background notes Pallinghurst Resources (Guernsey) Limited Pallinghurst is a specialist equity investment vehicle with an objective to invest in the natural resources sector globally across the commodities spectrum with a primary focus on underperforming assets. The company targets investments in businesses that hold mines, smelters, refineries and processing plants. Pallinghurst owns 47.5% in Faberge and an effective 28% interest in Gemfields through portfolio company Rox Limited. Pallinghurst has secured a manganese investment in the Kalahari Basin in South Africa to develop a platform to source and supply raw materials to the steel industry and in addition secured two PGM investments on the western limb of the Bushveld Igneous Complex in partnership with the Bakgatla-Ba-Kgafela Tribe. Date: 12/09/2008 15:49:02 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
