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Update on Rozynenbosch 104 prospecting right
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")
UPDATE ON ROZYNENBOSCH 104 PROSPECTING RIGHT
Miranda is pleased to announce that Miranda Minerals (Pty) Ltd, a wholly owned subsidiary, has
been granted a Prospecting Right over the farm Rozynenbosch 104, in terms of Section 17 (1) of the
Mineral and Petroleum Resources Development Act 2002, pursuant to an appeal to the Minister of
Mineral Resources dated 17 July 2006.
According to the Company’s 2010 Annual Report, “the project involves a lead, silver, zinc and copper
deposit located on the farm Rozynenbosch, in the Kenhardt district of the Northern Cape. Extensive
exploration by Goldfields and Phelps Dodge in the 1970s and 1980s has resulted in a clearly defined
ore body of about 14 million tonnes, which carries SAMREC indicated resource status.”
Background
Shareholders are referred to the SENS dated 6 October 2011, headed “Business update and Trading
Statement”, in which the then Board and executive management initiated a review of the
Company’s assets. Following this review, the then Board and executive management took the
decision to derecognise the asset and remove it from the balance sheet which had the effect of
reducing the net asset value of the Company by approximately R284 million.
During January 2012, the Board of Directors of the Company was reconstituted which resulted in a
review of the status of this Prospecting Right. After such review, the present Board pursued the
appeal process, which has now resulted in the granting of this Prospecting Right.
Whilst a value of R284 million was placed on this project based on a royalty payment linked to
discounted revenue participation, forecast commodity prices and exchange rates over the life of
mine during February 2006, the executive management is currently undertaking a review of the
valuation model and Shareholders will be informed of the outcome thereof in due course.
Centurion
23 July 2013
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
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