MINE RESTORATION INVESTMENTS LTD - Further cautionary announcement

Further cautionary announcement

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


                    FURTHER CAUTIONARY ANNOUNCEMENT


The JSE Limited (“JSE”) introduced the pro-active monitoring of
annual financial statements in 2011. In terms of this process, annual
financial statements of companies listed on the exchange operated by
the JSE are selected and reviewed to determine the level of
compliance with International Financial Reporting Standards (“IFRS”).

The Company’s annual financial statements for the year ended
28 February 2013 (“2013 AFS”) have been selected for review by the
JSE. Several queries from the JSE have arisen from this process which
the Company has investigated in full.

The directors wish to inform shareholders that the provisional result
of this investigation is that the 2013 AFS and the interim results
for the period ended 31 August 2013 (“August 2013 Interims”) are
misstated, which may be material in amount and nature. The subject of
the error is the accounting and disclosures for the reverse
acquisition of MRI by Western Utilities Corporation Proprietary
Limited (“Restatement”). The line items of the 2013 AFS and the
August 2013 Interims that are expected to be restated, which is
subject to change, is as follows:

  -   Other Income;
  -   Goodwill;
  -   Stated Capital;
  -   Reverse Acquisition Reserve; and
  -   Retained Earnings.

Consequently, further to the detailed cautionary announcement dated
21 February 2014 regarding the conversion of debt, the Company wishes
to advise shareholders to also exercise caution when dealing in MRI’s
securities until further details regarding the Restatement is made.
Johannesburg

20 March 2014

Corporate Advisor:
AfrAsia Corporate Finance Proprietary Limited

Designated Advisor:
Sasfin Capital (a division of Sasfin Bank Limited)

Date: 20/03/2014 09:47:00 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.