MINE RESTORATION INVESTMENTS LTD - Update on briquetting project

Update on briquetting project

MINE RESTORATION INVESTMENTS LIMITED
(formerly Capricorn Investments Holdings Limited)
Incorporated in the Republic of South Africa
Registration number 1987/004821/06
Share Code: MRI
ISIN Code: ZAE000164562
("MRI" or "the Company")




UPDATE ON COMPLETION OF THE ANTHRACITE BRIQUETTING PROJECT
(“BRIQUETTING PROJECT”)

1.     Introduction


Shareholders are referred to the circular dated 2 April 2012
(“the circular”), the SENS announcements dated 23 January
2013, 15 March 2013, wherein they were advised that, inter
alia, due to a number of factors, full production of the
Briquetting Project would be delayed until June 2013, which
delay would impact on the costs of the completion of the
Briquetting Project.


2.Update on completion of the briquetting project


It is expected that the commercial commissioning of the
project will commence in July 2013, with full production
commencing in September 2013.

The reasons for the delay are as follow:

2.1   Excessive rainfall in the months of February 2013 to
      April 2013 has hindered safe working on the site and the
      mine area was being inaccessible for heavy duty
      transport.
2.2   Suitable local mobile machinery was not available in
      order to reduce costs.

2.3   The civil work was delayed because all of the safety and
      medical inductions needed to be completed again to create
      a new system of safety documentation acceptable so that
      the subcontractor could go onto site.

2.4   Due to the nature of the fill area, longer excavation was
      required to be performed and larger amounts of waste
      needed to be removed.

Despite the delays, management is still optimistic about the
project and when it will go into commercial operation.
Revenues generated from this project will be used to further
capitalise the Company and invest and grow the business.
The Company is continuously evaluating various projects for
implementation of the technology.


17 May 2013

Corporate Advisor: AfrAsia Corporate Finance (Pty) Ltd

Designated Advisor

Sasfin Capital (a division of Sasfin Bank Limited)

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