MRF - Merafe Resources Limited - Dealings in securities by Executive

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        
R0.88 cents per ordinary share for the 30 days preceding 4 May 2012 and were    
accepted on 4 May 2012.                                                         
These Restricted Shares are held on a direct beneficial basis.                  
Name                                   Number of       Value                    
                                      Restricted                                
                                      Shares granted                            
                                                                                
SP Elliot (Chief Executive Officer)    784 525         R690 382                 
                                                                                
B McBride (Commercial Director)        478 354         R420 952                 
                                                                                
ZJ Matlala (Chief Financial Officer)   551 854         R485 632                 
                                                                                
A Mahendranath (Company secretary)     78 359          R 68 956                 
                                                                                
The vesting of these shares shall be one third on 4 May 2015, one third on 4    
May 2016 and one third on 4 May 2017 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                                                                         
8 May 2012                                                                      
Sponsor:                                                                        
Merrill Lynch South Africa Proprietary Limited                                  
Date: 08/05/2012 13:24:01 Supplied by www.sharenet.co.za                     
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