MRF - Merafe Resources Limited - Dealings in securities by executive directors

MRF - Merafe Resources Limited - Dealings in securities by executive directors  
and company secretary                                                           
MERAFE RESOURCES LIMITED                                                        
(Incorporated in the Republic of South Africa)                                  
(Registration number 1987/003452/06)                                            
Share Code: MRF                                                                 
ISIN: ZAE000060000                                                              
("Merafe Resources")                                                            
DEALINGS IN SECURITIES BY EXECUTIVE DIRECTORS AND COMPANY SECRETARY             
In terms of paragraph 3.63 - 3.66 of the Listings Requirements of the JSE       
Limited, the following information is disclosed in respect of the top up grant  
of Restricted Shares to the executive directors and the company secretary of    
Merafe Resources in terms of the Merafe Resources Limited Share Incentive Scheme
approved by shareholders on 13 April 2010.                                      
These Restricted Shares are Merafe Resources` ordinary shares that are issued at
no cost to eligible employees at the volume weighted average price of R1,51 per 
ordinary share for the 30 days preceding 1 April 2011 and accepted on 8 April   
2011.                                                                           
These Restricted Shares are held on a direct beneficial basis.                  
Name                                    Number of Restricted   Value            
                                       Shares granted                           
SP Elliot (Chief Executive Officer)     595 587                R901 420         
B McBride (Commercial Director)         363 151                R549 630         
ZJ Matlala (Chief Financial Officer)    418 950                R634 081         
A Mahendranath (Company secretary)       99 059                R149 926         
The vesting of these shares shall be as to one third on 8 April 2014, one third 
on 8 April 2015 and one third on 8 April 2016 and are subject to a mix of time- 
based and performance-based vesting criteria.                                   
Authority to transact has been obtained and the transactions set out above were 
done off-market.                                                                
Sandton                                                                         
12 April 2011                                                                   
Sponsor                                                                         
Deutsche Securities (SA) (Proprietary) Limited                                  
Date: 12/04/2011 14:40:01 Supplied by www.sharenet.co.za                     
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