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Reserve Update and Renewal of Cautionary Announcement
PETMIN LIMITED
Incorporated in the Republic of South Africa
Registration Number 1972/001062/06
Share Code JSE: PET & ISIN: ZAE000076014
("Petmin" or "the Company")
RENEWAL OF CAUTIONARY ANNOUNCEMENT AND RESERVE AND RESOURCE
UPDATE FOR PETMIN’S SOMKHELE ANTHRACITE MINE
Renewal of cautionary announcement
Further to the cautionary announcements dated 9 September 2013 and 30 September 2013,
shareholders are advised that negotiations are still in progress which, if successfully concluded
may have a material effect on the price of the company’s securities.
Accordingly, shareholders are advised to continue exercising caution when dealing in the
Company`s securities until a further announcement is made.
Reserve and Resource update
The Company has just completed an update of the reserves and resources, the results of which
are depicted below:
As previously reported, management’s estimation of the additional resources emanating from the
exploration programme conducted at Petmin’s Somkhele Anthracite Mine has been reviewed and
signed off by SRK Consulting (South Africa) Proprietary Limited (SRK). In a series of reserve
and resource statements dated 16 March 2012, 3 April 2013, 1 May 2013, 24 May 2013, 25
October 2013 and 28 October 2013 SRK has confirmed the following additional resources at
Somkhele:
Mineable Tonnes In Situ (Raw Coal Resources)
Somkhele Resource KwaQubuka
Statement - 2013 Luhlanga KwaQubuka Emalahleni Ophondweni Gwabalanda North Mahujini Total
Opencast Mt Mt Mt Mt Mt Mt Mt Mt
Resources as at 30 June
2012 9.99 3.94 9.29 7.50 7.09 2.13 39.94
Measured 8.61 - 8.62 4.50 4.46 1.30 27.49
Indicated 1.03 3.94 0.67 2.50 1.39 0.80 10.33
Inferred 0.35 - - 0.50 1.24 0.03 2.12
Resources added during
2013 8.35 - 0.54 0.91 1.52 4.08 7.35 22.75
Measured 1.49 - 0.50 0.91 1.17 2.17 5.60 11.84
Indicated 1.3 - 0.04 - - - 1.15 2.49
Inferred 5.56 - - - 0.35 1.91 0.6 8.42
Resources depleted
during 2013 1.28 - - 1.85 0.28 0.15 - 3.56
Measured 1.28 - - - - - - 1.28
Indicated - - - 1.78 0.28 0.15 - 2.21
Inferred - - - 0.07 - - - 0.07
Resources as at 30 June
2013 17.06 3.94 9.83 6.56 8.33 6.06 7.35 59.13
Measured 8.82 0 9.12 5.41 5.63 3.47 5.6 10.56
Indicated 2.33 3.94 0.71 0.72 1.11 0.65 1.15 0.28
Inferred 5.91 0 0 0.43 1.59 1.94 0.6 8.35
TOTAL Mineable In
situ Tonnes as at 30
June 2013 17.06 3.94 9.83 6.56 8.33 6.06 7.35 59.13
Weighted Qualities
CV (MJ/Kg) 21.30 21.36 19.79 23.77 23.90 15.98 21.99
Ash (%) 33.54 35.80 38.00 22.25 29.32 46.35 32.35
Sulphur (%) 0.79 0.70 0.80 0.25 0.29 0.64 0.60
Note: 1 Mr S Nzama reviewed the following areas: KwaQubuka North, Mahujini and Luhlanga.
2 Mrs E. de Klerk reviewed the following areas: Emalahleni, Ophondweni and Gwabalanda. The Ophondweni resources are based on a 1.90 wash product.
The SRK reports confirm that the resources for the areas noted above have increased by 19.19
million tonnes from 39.94 million tonnes to 59.13 million tonnes.
In addition to the opencast resources, SRK has confirmed an underground resource in the
Emalahleni mining area of 6.52 million tonnes.
Management estimates that Somkhele has sufficient reserves for a life-of-mine in excess of 20
years at a production rate of 1.2 million saleable tonnes per annum of metallurgical anthracite.
SRK is busy concluding a review for an updated CPR where after the reserve statement for
Somkhele will be updated. This report is expected to be published during December 2013.
The Coal Resource Statement presented is based on validated exploration data and geological
models created by Dave Grant of Applied Geology and Mining (Pty) Ltd. This data was
validated and compiled by Mr Sello Nzama and Elizabeth de Klerk of SRK in accordance with
SAMREC Code guidelines.
Mr Sello Nzama is a Senior Geologist with SRK and is the Competent Person with responsibility
for reporting these 1Coal Resources. He is registered with SACNASP (Reg No. 400034/10) and
is a member of the Geological Society of South Africa. Mr Nzama is a coal mining geologist
with more than 9 years’ experience in the mining industry and has been involved in the reporting
of Coal Resources on various properties in southern Africa during the past 7 years.
The 2011 and 2012 2Somkhele resources were reviewed by Elizabeth de Klerk (BSc, MSc,
Pr.Sci. Nat No. 400090/08, GSSA), Managing Director of DK Exploration cc (‘DK
Exploration’) and an ex-associate Coal Geologist of SRK.
Elizabeth de Klerk has over 10 years’ experience in the geological exploration and mining
industry. Since 2006 she has focused her career in the coal industry having been involved in all
phases of geological and resource estimation projects from the management of grassroots
exploration programmes, conducting feasibility studies and due diligence evaluations, co-
authoring CPRs through to geological modelling and subsequent resource estimations.
Mr Nzama and Mrs de Klerk consent to the inclusion in the announcement of the matters based
on this information in the form and context in which it appears.
Enquiries:
Petmin
Bradley Doig
+27 11 706 1644
Media
Jonathon Rees (Communications and investor relations)
+27 76 185 1827
Sponsor and Corporate Adviser
River Group
Johannesburg
12 November 2013
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