Completion of Fundraising

11 November 2010

African Minerals Limited (the "Company")

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO UNITED STATES, AUSTRALIA, SOUTH AFRICA OR JAPAN

Successful fundraising to raise approximately $307 million through the issue of new common shares

With reference to its press release earlier today, African Minerals is pleased to announce that it has successfully raised approximately $307m (£191.3 million) through a placing (the "Placing") of 45,000,000 new ordinary shares of $0.01 each (the "Shares") at a price of 425p per Share (the "Placing Price").

Payment and delivery of the Shares is expected to take place on 18 November 2010, subject to customary conditions including, amongst others, absence of any material adverse change, no breach of warranties and the Shares being admitted to trading on AIM.

Application has been made for listing and admission to trading of the Shares on AIM, which are also expected to take place on 18 November 2010.

After settlement of the Offering, African Minerals' total issued share capital will consist of 317,575,943 Shares.

Canaccord Genuity Limited, Dundee Securities Corporation, GMP Securities Europe and Mirabaud Securities LLP acted as joint placing agents in the Offering.

Commenting on the Placing, Frank Timis, Executive Chairman said: "We are delighted with the tremendous response internationally from a broad range of high quality institutional investors. We view this as a major endorsement of the quality of African Minerals' Tonkolili Project, our team and Sierra Leone. We are now well placed to become a significant independent iron ore producer. Having completed a highly successful equity fundraise, we now look forward to completing our planned debt facility."

Contacts

African Minerals Limited +44 20 7104 2800

Alan Watling / Miguel Perry

Canaccord Genuity Limited

Nomad and Joint Placing Agent +44 20 7050 6500

Robert Finlay

Guy Blakeney

Dundee Securities Limited +001 416 350 3250

Joint Placing Agent

David Anderson

GMP Securities Europe LLP +44 20 7647 2800

Joint Placing Agent

Andrew Young

Mirabaud Securities LLP +44 20 7878 3360

Joint Placing Agent

Rory Scott

Pelham Bell Pottinger +44 20 7861 3232

Public Relations

Klara Kaczmarek

Philippe Polman