PGL - PRGL - Acquisition by the company and certain strategic equity partners of

PGL - PRGL - Acquisition by the company and certain strategic equity partners of
a controlling interest in Platmin Limited declared unconditional                
Pallinghurst Resources (Guernsey) Limited                                       
Registration Number: 47656                                                      
(Incorporated in Guernsey)                                                      
ISIN: GG00B27Y8Z93                                                              
BSX share code: PALLRES                                                         
JSE share code: PGL                                                             
("PRGL" or the "Company")                                                       
ACQUISITION BY THE COMPANY AND CERTAIN STRATEGIC EQUITY PARTNERS ("PGM          
CONSORTIUM") OF A CONTROLLING INTEREST IN PLATMIN LIMITED ("PLATMIN")           
DECLARED UNCONDITIONAL                                                          
Shareholders are referred to the announcement released on SENS on Thursday,     
11 December 2008 ("Initial Announcement"), relating to the acquisition by the   
PGM Consortium of a controlling interest in Platmin ("Proposed Transaction")    
and the formal announcement released by Platmin on today`s date, entitled       
"Platmin completes first tranche of USD175 million equity financing; director   
changes completed" ("Platmin Press Release"), and are further advised that the  
conditions precedent set out in the Initial Announcement ("Conditions           
Precedent") have been fulfilled.                                                
Pursuant to the fulfilment of the Conditions Precedent and the settlement of    
the acquisition consideration of USD 125 million, the PGM Consortium have       
subscribed for and been allotted 184,886,627 common shares in Platmin ("Common  
Shares"), equivalent to 62.36% of the total issued share capital of Platmin. In 
terms of the Investors and Subscription Agreement entered into between, inter   
alia, the PGM Consortium and the Bakgatla-Ba-Kgafela Tribe ("Bakgatla"), by no  
later than 31 March 2009, the PGM Consortium or the Bakgatla, through an entity 
jointly owned with the PGM Consortium, as the case may be, will subscribe for   
and be issued a further 73,529,411 Common Shares for an acquisition             
consideration of R500 million ("Bakgatla Subscription"). At which date, the PGM 
Consortium and Bakgatla shall in aggregate hold a 69.84% interest in Platmin.   
At the date of this announcement PRGL had acquired an effective 16.12% interest 
in Platmin for an acquisition consideration of USD32.3 million. Pursuant to     
the Bakgatla Subscription, such interest is anticipated to decrease to 12.92%.  
Mr. Brian P. Gilbertson and Mr. Arne H. Frandsen have been formally appointed   
as directors of Platmin.                                                        
Guernsey                                                                        
19 December 2008                                                                
Sponsor to the Company                                                          
Investec Bank Limit                                                             
Date: 19/12/2008 16:52:20 Supplied by www.sharenet.co.za                     
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