Closing of Debt Funding & Director's Dealing

15 February 2011

African Minerals Limited

 ("African Minerals" or "the Company")

Closing of Secured Debt Funding and Director's Dealing

African Minerals Limited (AIM:AMI), the iron ore project development company that is developing the Tonkolili project in Sierra Leone, West Africa, is pleased to announce that, further to its press release of 4 February 2011, the conditions precedent to closing the Secured Debt Facility Agreement (the "Agreement") have been satisfied and that closing occurred on 14 February 2011.

Under the Agreement commitment fees due to the lenders are payable in New Common Shares in the Company and Warrants convertible into New Common Shares in the Company at 425p per share.

A total of 2,348,399 New Common Shares and 10,442,500 Warrants have been issued pursuant to the Agreement. Application has been made for the New Common Shares to be admitted to trading and admission is expected on or around 16 February 2011. Following admission the Company will have 327,165,791 common shares in issue.

Mr Miguel Perry, a director of the Company, participated in the Secured Debt Funding. Accordingly he will receive 2,811 New Common Shares and 12,500 Warrants.

ENDS

Contacts:

African Minerals Limited +44 20 7104 2280

Mike Jones

 Canaccord Genuity Limited +44 20 7050 6500

Robert Finlay / Guy Blakeney

Aura Financial +44 20 7321 0000

Michael Oke / Andy Mills