Change of Nominated Adviser and Broker

4 February 2013

African Minerals Limited ("AML" or "the Company")

Change of Nominated Adviser and Broker

African Minerals Limited (AIM : AMI) is pleased to announce the appointment of Jefferies Hoare Govett, a division of Jefferies International Limited, as Nominated Adviser and Broker to the Company with immediate effect.

Contacts:

African Minerals Limited

+44 20 3435 7600

Mike Jones

FTI Consulting

+44 20 7831 3113

Billy Clegg / Ben Brewerton / Oliver Winters

Jefferies

+44 20 7029 8000

Nick Adams / Thomas Rider

Peter Bacchus / Richard Allan

About African Minerals Limited

AML is developing its Tonkolili Iron Ore Project (the "Project") in Sierra Leone, with a JORC compliant resource of 12.8Bnt. The Project, which currently has a 60+ year mine-life, is being developed in a number of staged expansions. The current Project operations are expected to produce 20 million tonnes of iron ore per annum at full capacity, with this run-rate of production expected to be achieved in Q2 2013.

The next stage of Project expansion now contemplates the production of up to 35Mtpa of 64% high grade hematite concentrate and the expansion of the current port facilities at Pepel, expected to enter production in 2016.

The Company has also developed significant port and rail infrastructure to support the operation of the Project, via its subsidiary African Rail and Port Services (SL) Limited ("ARPS"), in which the Government of Sierra Leone ("GoSL") has a 10% free carried interest.

The Project companies are currently owned 75% by AML, and 25% by Shandong Iron and Steel Group ("SISG"), except for ARPS, which is currently owned 75% by AML and 25% by SISG, with the GoSL having a 10% free carried interest.

www.african-minerals.com

African Minerals Limited