FERRUM CRESCENT LIMITED - Anwar Asian Investment payment schedule update

Anwar Asian Investment payment schedule update

FERRUM CRESCENT LIMITED
(Previously Washington Resources Limited)
(Incorporated and registered in Australia and registered as an
external company in the Republic of South Africa)
(Registration number A.C.N. 097 532 137)
(External company registration number 2011/116305/10)
Share code on the ASX: FCR
Share code on AIM: FCR
Share code on the JSE: FCR          ISIN: AU000000FCR2
(“Ferrum Crescent” or the “Company”)

ANVWAR ASIAN INVESTMENT (“AAI”) PAYMENT SCHEDULE


Highlights


- US$10 million payment by AAI to be made 28 February 2014
Initial payment schedule extended from January 2014 due to
administrative requirements with the Reserve Bank of South
Africa;
- Under agreement AAI will pay US$10m to acquire a 35%
shareholding in Ferrum Iron Ore (Pty) Ltd and US$3.5m
additional funds to contribute to BFS costs;
- Payment will conclude the process begun 23 September 2013,
with Ferrum Crescent announcing signing of   legally binding
letter of intent (“LOI”) with AAI to progress Moonlight BFS
Development to construction ready stage.


Ferrum Crescent, the ASX, AIM and JSE quoted iron ore
developer, today announces that it has agreed with AAI, the
Omani-based group that is acquiring a 35% stake in the
Moonlight Iron Ore Project for a sale price of US$10 million,
to extend the completion of the transaction to 28 February
2014.   The parties are obliged to carry out certain
administrative procedures with the Reserve Bank of South
Africa, with regard to the issue of shares by a South African
company to a non-resident, in order to finalise the structure.


Ferrum Crescent will use the proceeds from the transaction,
together with a further US$3.5 million to be contributed by
AAI towards costs in a staged manner, for the completion of
the Company’s Bankable Feasibility Study (“BFS”) for the
Moonlight Iron Ore Project.


Mr Anvwar Al Balushi, who is Chairman of AAI commented: “We
continue to press on with our strategic plans with respect to
this fine project and are confident that this investment will
have benefits to all stakeholders, in both South Africa and
Oman. I look forward to concluding our work with both Ferrum
and the Reserve Bank of South Africa shortly.”


Mr Ed Nealon, Chairman of Ferrum Crescent, said: “Once we
conclude the necessary steps for issuing shares in our South
African operating subsidiary to AAI, the transaction can be
completed and work commence on completing the Moonlight
Bankable Feasibility Study. Transfer of mine ownership to
overseas investors is perfectly commonplace in South Africa
and the Board of Ferrum is well experienced in working with
the Reserve Bank of South Africa. I look forward to completing
the Moonlight BFS in the next year or so and beginning
construction of an operation producing a high-grade iron
product, located near infrastructure in Northern South
Africa.”


For more information, please visit www.ferrumcrescent.com or
contact:

Australia and Company enquiries:

Ferrum Crescent Limited
Ed Nealon    T: +61 8 9380 9653
Executive Chairman


Bob Hair    T: +61 414 926 302
Managing Director


UK enquiries


Ocean Equities Limited (Broker)
Guy Wilkes    T: +44 (0) 20 7786 4370


RFC Ambrian Limited (Nominated Adviser)
Sarah Wharry/
Jen Boorer    T: +44 (0) 20 3440 6800


Ferrum Crescent Limited
Laurence Read (UK representative)
T: +44 7557672432


South Africa enquiries

Sasfin Capital
Leonard Eiser    T: +27 11 809 7500


15 January 2014
Johannesburg


Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)

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