MRF - Merafe Resources Limited - Director`s share dealing

MRF - Merafe Resources Limited - Director`s share dealing                       
MERAFE RESOURCES LIMITED                                                        
(Incorporated in the Republic of South Africa)                                  
Company Registration Number: 1987/003452/06                                     
Share code: MRF ISIN: ZAE000060000                                              
("Merafe")                                                                      
Director`s share dealing                                                        
In accordance with the requirements of paragraph 3.63 to 3.74 of the JSE        
Limited Listings Requirements, the following information is disclosed:          
Director:                     SP Elliot                                         
Date of transaction:          13 March 2012                                     
Expiry date:                  7 May 2012                                        
Trade type:                   OTC                                               
Option style:                 European                                          
Underlying:                   Merafe ordinary shares                            
Face value:                   R2 706 610.00                                     
Nature of interest:           Direct beneficial                                 
Number of shares:             3 100 000                                         
Spot:                         R0.873                                            
Counterparty Sells:           R0.95 Strike Put                                  
Counterparty Buys:            R0.98 Strike Call                                 
Net Premium:                  R233 603.77                                       
Nature of transaction:        Unwind of the Zero cost collar entered into on    
15 December 2011 and the subsequent                

                             settlement. Therefore, Mr Elliot has retained      
                             his shareholding in Merafe in this regard.         
Clearance obtained:           Yes                                               
Johannesburg                                                                    
14 March 2012                                                                   
Sponsor                                                                         
Deutsche Securities (SA) (Proprietary) Limited                                  
Date: 14/03/2012 16:51:02 Supplied by www.sharenet.co.za                     
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