PET - Petmin Limited - Update on developments on Veremo investment

PET - Petmin Limited - 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 Petmin board would like to update shareholders 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 the Stoffberg magnetite project containing iron                    
ore and titanium ("the Project").                                               
Veremo and MCC International Incorporation Ltd ("MCC"), one of                  
China`s foremost state controlled companies (which has inter                    
alia been active in mining and processing in Africa for more                    
than 25 years), today announced in Beijing that they had                        
signed a Memorandum of Understanding ("MOU") to appoint MCC as                  
the EPC contractor on a turnkey basis for the Veremo Project.                   
Petmin`s position in Veremo remains unchanged and Petmin is                     
working closely with Kermas on all aspects of the Project and                   
believes that the signing of the MOU signals a positive trend                   
for the future development of the project.                                      
Enquiries:                                                                      
Petmin                                                                          
Bradley Doig (COO)                                                              
+27 82 459 7818                                                                 
Nominated Advisor (AIM)                                                         
Numis Securities Limited                                                        
John Harrison                                                                   
+44 20 7260 1000                                                                
Sponsor and Corporate Advisor (JSE)                                             
River Group                                                                     
Andrew Lianos                                                                   
+27 834 408 365                                                                 
25 August 2010                                                                  
Johannesburg                                                                    
Date: 25/08/2010 10:29:24 Supplied by www.sharenet.co.za                     
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