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PET - Petmin - Update on developments on Veremo Investment PETMIN LIMITED Incorporated in the Republic of South Africa Registration Number 1972/001062/06 Share Code JSE: PET & ISIN: ZAE000076014 Share Code AIM: PTMN ("Petmin" or "the Company") UPDATE ON DEVELOPMENTS ON VEREMO INVESTMENT The board would like to update shareholders regarding recent market reports regarding our Veremo Holdings (Pty) Ltd ("Veremo") investment. Petmin is a 25 percent shareholder in Veremo and 75 percent is ultimately controlled by Kermas Limited ("Kermas"). Veremo is the owner of 70 percent of the Stoffberg magnatite project containing iron ore and titanium ("the Project"). Kermas Limited, Korean steel company Dongbu Steel Limited ("Dongbu") and Korean state-run KORES ("the Parties") announced last week that they had signed a Memorandum of Understanding ("MOU") to develop the Project. In terms of the MOU the Parties intend to develop the project in Stoffberg north of Johannesburg at an estimated capital cost of $475 million, to produce 1.2 million tonnes of pig iron per year from 2013. The two Korean firms intend to buy 50 percent of the plant`s output. Petmin`s position in Veremo remains unchanged and Petmin is working closely with Kermas on all aspects of the Project and believes these recent events signal a positive trend for the future development of the project Johannesburg 1 June 2010 Enquiries: Petmin Bradley Doig (COO) +27 824 597 818 Nominated Advisor (AIM) Numis Securities Limited John Harrison +44 207 260 1000 Sponsor and Corporate Advisor (JSE) River Group Andrew Lianos +27 834 408 365 Date: 01/06/2010 09:01:03 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.
