PALLINGHURST RESOURCES LIMITED - Tshipi Mines its First Manganese Ore

Tshipi Mines its First Manganese Ore

 PALLINGHURST RESOURCES LIMITED
 (Incorporated in Guernsey)
 (Guernsey registration Number: 47656)
 (South African external company registration number 2009/012636/10)
  Share code on the BSX: PALLRES ISIN: GG00B27Y8Z93
  Share code on the JSE: PGL
  ("Pallinghurst" or the "Company")



Tshipi successfully mines its first manganese ore

Shareholders are advised that Tshipi é Ntle Manganese Mining (Pty) Ltd (“Tshipi”) mined its first manganese
ore on 10 October 2012, several weeks earlier than planned. Transport of the manganese via rail to Port
Elizabeth is expected to start shortly.

Tshipi is now close to producing its first revenue. For more information see www.tshipi.co.za.

The Company’s interest in Tshipi is via its 16.7% interest in ASX-listed Jupiter Mines Limited (“Jupiter”), which
in turn owns 49.9% of Tshipi. Ntsimbintle Mining, the Broad Based BEE consortium, owns the remaining 50.1%
of Tshipi.

Pallinghurst Chief Executive Arne H. Frandsen commented:

“We are proud that Tshipi has mined its first manganese ore and done so earlier than scheduled and we look
forward to Tshipi’s first revenues and profits. This is an important step in Tshipi’s progression up the value
curve. Pallinghurst has been invested in Tshipi since the outset and we are delighted that its potential is now
being realised.

Today’s announcement represents the first fruit of five years of hard work for Pallinghurst, Ntsimbintle and its
partners. Tshipi has been transformed from a greenfields project to a world class manganese producer, which,
for at least the next 60 years, is set to remain a vital supplier to the world’s steel producers”.

Guernsey

15 October 2012

Sponsor
Investec Bank Limited

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