Update on the coal briquetting project and board restructure 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 THE COAL BRIQUETTING PROJECT AND BOARD RESTRUCTURE COAL BRIQUETTING PROJECT Shareholders are referred to the previous announcement released on SENS on 15 October 2013, which provided an update on the briquetting project. Further to that update, the commissioning of the Group’s coal briquetting plant continues to progress well with conclusion hereof expected by the end of the year. During the commissioning phase, the Company has produced sufficient screened coal fines to provide bulk samples to possible interested customers for specification testing. Product continues to be produced and modified whilst the commissioning runs its course. BOARD RESTRUCTURE Given that the Company’s current and short to medium term focus has and will be on the production of coal briquettes, the Company has taken a view to restructure the board to gear up expertise and experience in mining and resources. This restructure has taken place over the last couple of months with the resignation of non-executive directors who were part of the Company prior to the acquisition of Western Utilities Corporation (Pty) Ltd. In terms of paragraph 3.59 of the Listings Requirements of the JSE Limited (“JSE”), the Company is required to disclose all changes to the board, which changes are detailed below. In light of the positive progress of the briquetting project, the near completion thereof and owing to executive responsibilities required at DRD Gold, Jaco Schoeman has stepped down as Chief Executive Officer (“CEO”) of the Company with effect from 15 November 2013. Jaco quoted “I am pleased with the progress made to date and the status of the project and am comfortable with and confident in the foundation from which the project will perform and grow. I no longer have sufficient time to manage and grow the project given my outside responsibilities as best as I would like and have faith in the team that remains.” The board is grateful to Jaco for his contribution to the Company as well as his perseverance and determination in getting the Company to where it is today, the board wishes him all the best. Jaco will be replaced by non-executive director Richard Tait with effect from 15 November 2013, whose role will change to that of CEO until such time as the Company has conducted its search for a suitable candidate to spearhead the long term growth of the Company. Richard has relevant mining experience, having worked for Anglo American in Mali and South Africa early in his career, and managed GEM’s investment in RioZim in Zimbabwe from 2012 until earlier this year. He also has significant investment banking experience, working for Goldman Sachs and Credit Suisse First Boston in the UK and Australia, and then for Standard Bank in South Africa and Mauritius. Richard holds a B.Sc. (Chemical Engineering), B.Comm. (Economics and Quantitative Management) and an Executive MBA, and is currently managing director of AfrAsia Corporate Finance (Pty) Ltd. In order to align the board with corporate governance principles set out in the JSE Listings Requirements as well as to the strengthen the mining and resources experience of the board, the board is pleased to announced the appointment of Mr Syd Caddy as an independent, non- executive director with immediate effect. Syd has more than 40 years’ of South African gold, uranium and base metal experience in both shallow and ultra-deep level mining environments. He has carried the General Manager appointments for the Black Mountain, Kloof and West Driefontein mines and has also been appointed to various positions within JCI Limited, First Uranium Corporation and Gold One International Limited, including those of Consulting Engineer, Chief Operating Officer and Managing Director. He is currently fulfilling the role of CEO at JSE listed Bauba Platinum Limited. Syd is a registered Professional Engineer, and a Fellow of both the Southern African and Australian Institutes of Mining and Metallurgy. He is also a Past President of The Association of Mine Managers. The Company welcomes Richard to the executive management team and Syd to the board. Johannesburg 18 November 2013 Corporate Advisor: AfrAsia Corporate Finance Proprietary Limited Designated Advisor: Sasfin Capital (a division of Sasfin Bank Limited) Date: 18/11/2013 11:34:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.