ASSORE LIMITED - Assmang has conditionally subscribed for a 19.9% interest in Ironridge

Assmang has conditionally subscribed for a 19.9% interest in Ironridge

ASSORE LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1950/037394/06
Share code: ASR
ISIN: ZAE000146932


ASSMANG HAS CONDITIONALLY SUBSCRIBED FOR A 19.9% INTEREST IN
IRONRIDGE

ASSORE LIMITED (ASSORE) AND AFRICAN RAINBOW MINERALS LIMITED (ARM)
EACH OWN 50% OF ASSMANG

Assmang has entered into a Share Subscription Agreement with IronRidge
Resources Limited (IronRidge), an Australian registered company that is currently
focused on the exploration of its iron ore prospecting licences in Gabon. In terms
of the Share Subscription Agreement, Assmang has subscribed for a 19.9% equity
interest in IronRidge for a consideration of GBP11.74million. The subscription will
be completed pursuant to the fulfilment of certain conditions, which include the
admission of IronRidge to the Alternative Investment Market (AIM) of the London
Stock Exchange plc.

IronRidge holds three prospecting licenses in Gabon, covering approximately 5
352km2 , the exploitation of which could potentially create world class iron ore
mining projects. The Tchibanga and Tchibanga North license areas in Gabon are
located about 60km from the coast and the port of Mayumba. The Belinga Sud
license area lies within 140km of Booue town on the Trans–Gabon railway.

All the above opportunities are early-stage. The Assore and ARM Boards of
Directors however believe in the long-term potential of IronRidge. Its interest in
the company offers Assmang exposure to some of West Africa’s promising iron
ore opportunities and could facilitate Assmang’s long-term access to high grade
iron ore with competitive capital and operating costs.

This investment in IronRidge forms an important component of Assore and ARM’s
objectives to evaluate, secure and develop long-term, value enhancing, strategic
investments on the African continent and elsewhere.
ENDS
For all related queries, please contact:

Alistair McAdam
Group Manager - New Business
Office: +27 11 770 6800
Email: McAdam@assore.com

Johannesburg
29 April 2014

Sponsor:
The Standard Bank of South Africa Limited

Financial adviser to Assmang Proprietary Limited:
The Standard Bank of South Africa Limited

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