MRF - Merafe - Trading statement for the year ended 31 December 2010

MRF - Merafe - Trading statement for the year ended 31 December 2010            
MERAFE RESOURCES LIMITED                                                        
(Incorporated in the Republic of South Africa)                                  
(Registration number 1987/003452/06)                                            
Share code: MRF    ISIN: ZAE000060000                                           
("Merafe")                                                                      
Trading statement for the year ended 31 December 2010                           
In terms of the JSE Limited Listings Requirements, issuers are required to      
publish a trading statement as soon as they are satisfied that a reasonable     
degree of certainty exists that the financial results for the current reporting 
period will differ by at least 20% from those of the prior comparative period.  
Shareholders are advised that Merafe is expecting to report earnings per share  
and headline earnings per share of between 10 cents and 12 cents for the year   
ended 31 December 2010.  This compares with a loss per share and headline loss  
per share of 6 cents for the prior comparative period.                          
Update on cash balance and debt                                                 
At 31 December 2010, Merafe closed with a healthy cash balance of R321m after   
paying a dividend and secondary tax on companies of R53m and repaying R50m of   
long-term debt during the year. Merafe had R300m long-term debt at 31 December  
2010.                                                                           
Shareholders are advised that the financial information on which this trading   
statement is based, has not been reviewed or reported on by Merafe`s auditors   
and is provided in terms of paragraph 3.4(b) of the JSE Limited Listings        
Requirements.  The financial results for the year ended 31 December 2010 are    
expected to be released on SENS on 1 March 2011.                                
Sandton                                                                         
27 January 2011                                                                 
Sponsor                                                                         
Deutsche Securities SA (Pty) Ltd                                                
Date: 27/01/2011 08:00:01 Supplied by www.sharenet.co.za                     
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