FERRUM CRESCENT LIMITED - Change of Adviser

Change of Adviser

FERRUM CRESCENT 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: AU000000WRL8


23rd March 2015


                                Ferrum Crescent Limited
     ("Ferrum Crescent", the "Company" or the "Group")(ASX: FCR, AIM: FCR, JSE: FCR)

                                        Change of Adviser

Ferrum Crescent, the ASX, AIM and JSE Limited quoted iron ore developer, today announces that it
has appointed Beaufort Securities (“Beaufort”) as broker to the Company with immediate effect.

The new appointment comes due to the suspension of business of Hume Securities and the ability of
Beaufort to offer analyst research continuity. Beaufort will provide broking support to Ferrum
Crescent following the Company’s restart of the bankable feasibility study at the Moonlight Iron
Project located in Limpopo Province in the north of South Africa.

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


 Australia enquiries:                          UK enquiries:
 Ferrum Crescent Limited                       Ferrum Crescent Limited
 Tom Revy T: +61 8 9367 5681                   Laurence Read (UK representative)
 Managing Director                             T: +44 7557672432
                                               RFC Ambrian Limited (Nominated Adviser)
                                               Andrew Thomson/Oliver Morse
                                               T: +61 8 9480 2500
                                               Beaufort Securities (Broker)
                                               Tim Chandler
                                               T: +44 (0)20 7382 8300


 South Africa enquiries:                       Bravura Capital (Pty) Ltd
                                               Doné Hattingh
                                               T (direct): +27 11 459 5037



Notes to Editors
Ferrum Crescent’s principal project is the Moonlight Iron Project located in Limpopo Province in the
north of South Africa. The Moonlight Deposit (upon which the Moonlight Iron Project or "Moonlight"
or the "Project" is based) is a magnetite deposit located on the farms Moonlight, Gouda Fontein and
Julietta and is the main operational focus for the Company. Iscor, which explored the Project in the
1980s and '90s, reported mineralisation, capable of producing a concentrate grading 68.7% iron. At
the time, Iscor concluded that the deposit, which was described as comparable to the world's best,
was easily mineable due to its low waste-to-ore ratio. The beneficiation attributes of Moonlight ore
are extremely impressive, with low-intensity magnetic separation considered suitable for optimum
concentration.

Metallurgical tests of Moonlight material, undertaken since by Ferrum, suggest that Iscor's results
are conservative, that good metal recoveries can be achieved, and that the resulting concentrates
have a high iron content and only negligible impurities, at grind sizes considered to be the industry
standard (P80 of 75 – 125 microns).

Key features of the Project are:

    -    JORC (2012) compliant Mineral Resource;

    -    Historical drilling, drilling by the Group, geological modelling and high density geophysical survey
         conducted by the Company in 2012 confirm huge tonnage upside potential;

    -    30 year Mining Right granted;

    -    Environmental licence (EIA) in place for the Moonlight mining area (approved 4 April 2013);

    -    Metallurgical test work indicates the potential for high quality pellets in excess of 69% iron and low
         deleterious elements possible (DR grade pellets for use in direct reduction iron/electric arc steel-
         making processes);

    -    Low stripping ratio; slurry pipeline>pellet plant at rail head (Thabazimbi); export through Richards
         Bay;

    -    Duferco offtake partner (4.5 mtpa plus first right on 1.5 mtpa if not sold domestically);

    -    Independent valuation 2014 – The Mineral Corporation's independent valuation of the Project
         released to the market on 11 June 2014;

    -    Located near Kumba railhead at Thabazimbi (Kumba operation depleting in grade), Limpopo Province,
         northern South Africa;

    -    New Eskom power (4,800MW) commissioning first 800MW module;

    -    Richards Bay port expansion for iron ore products.

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