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MMH - Miranda Mineral Holdings Limited - Media Release to be issued with the

Release Date: 29/02/2012 15:50
Code(s): MMH
Wrap Text

MMH - Miranda Mineral Holdings Limited - Media Release to be issued with the integrated report: Miranda Mineral Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 1998/001940/06) Share code: MMH ISIN: ZAE000074019 ("Miranda" or "the Group" or "the Company") MEDIA RELEASE TO BE ISSUED WITH THE INTEGRATED REPORT: Johannesburg, 29 February 2012: Miranda Mineral Holdings, the South African mineral exploration, mining development and investment holding company, today posted its 2011 Integrated Report to shareholders. In his statement to shareholders, the newly elected Chairman, Dr Lelau Mohuba, commented on the renewed focus of the company, "This focus, which includes operations involving the exploitation of coal deposits will create opportunities, as (the company`s new major shareholder) Incubex is seeking to introduce other coal assets to the company". Dr Mohuba added that tremendous progress has been made recently, and said that he was pleased that, "several vexing shareholder, management, legal and financial issues that had occupied the efforts of the Board and management of Miranda for much of the year", had been resolved. These included, resolving the relationship between Miranda and its major shareholder following the conclusion of an agreement that mining investment company, Incubex Minerals Limited, had acquired the shareholding of Global PS Mining Investments Company Limited, totalling 24% of Miranda`s equity. This acquisition also includes Incubex purchasing Global PS`s short-term convertible loan facility and any liabilities and obligations attached to the loan. Dr Mohuba said, "Incubex (has) agreed to settle outstanding financial issues on behalf of the Group and to provide interim working capital and funding to ensure Miranda`s sustainability going forward. The availability of capital to fund interim working and capital requirements, expenditure items and other necessary expenses relating to Miranda`s day-to-day operations and expenses will ensure that the Group approaches 2012 in a considerably stronger position than 2011". In addition, a resolution of the dispute between former Miranda CEO and director, Mr Ron Nel, and Miranda has been reached following an agreement with Mr Nel to abandon a business rescue application and a the court order he had lodged. "The Board," said Dr Mohuba, "is satisfied that the Group is now able to operate in the ordinary course of business". An essential element within the agreement reached between Incubex and Miranda was that both independent and Incubex-nominated directors would assume the positions on the Board vacated by Global PS representatives and the other departing directors, which has now been achieved. Dr Mohuba concluded, "It is expected that Miranda`s long-awaited move into active coal mining will take place during calendar year 2012. The exploitation of reserves within the KwaZulu-Natal coal fields outside Dundee is expected to result in the flow of long-awaited revenues into the company. Once discussions regarding off-take agreements for Sesikhona are finalised, the exploitation of the Sesikhona coal deposits will begin, setting the stage for the company to begin production in fields contiguous to, or near, this primary site". -ends- ABOUT MIRANDA: Listed on the main Board of the JSE Limited, Miranda Mineral Holdings Limited is a South African mineral exploration, mining development and investment holding company. Miranda is focused on the identification, exploration and development of selected coal resource opportunities in South Africa. ABOUT INCUBEX: Incubex is a privately owned, Historically Disadvantaged South African controlled holding company that was formed through the unbundling of the mining interests of Sephaku Holdings Limited during 2010. The Company`s subsidiaries, associates and joint ventures together hold, and are developing, a number of Prospecting and Mining Rights that cover a diverse range of mineral interests in South Africa including coal, tin, diamonds, silica, gold and platinum. Incubex is active in the fields of exploration and the development of mining operations. In addition to the interim funding, Incubex will also provide Miranda with proven mining expertise, a well-respected mining track record, and acknowledged corporate deal-making abilities. ABOUT Dr LELAU MOHUBA: Dr Mohuba is a retired medical practitioner who obtained his MB ChB at the University of Natal in 1980. He retired 22 years later after a distinguished medical career. He joined Boynton/Platmin in 2003 as Business Development Director and assisted the Company to successfully list on both the TSX and AIM in 2006. He is a co-founder of the Sephaku Group and currently serves as Chairman for Sephaku Holdings Limited (JSE listed), Sephaku Cement (Pty) Limited, Sephaku Fluoride Limited and Incubex Minerals Limited. Dr Mohuba joined the Board of Miranda with effect from 20 January 2012. Date: 29/02/2012 15:50:27 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.

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