Grant of Share Options

15 November 2010

African Minerals Limited

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

Grant of Share Options and Agreement to issue common shares to Director 

African Minerals Limited (AIM:AMI), the iron ore project development company that is developing the Tonkolili project in Sierra Leone, West Africa, announces the following grant of share options and agreement to issue common shares in the Company to Mr Miguel Perry, a director of the Company, pursuant to the terms of his employment contract.

On 15 November 2010, the Company granted 1,250,000 share options (the "First Options") to Mr Perry at an exercise price of 423p. The First Options are exercisable in three equal instalments on the first, second and third anniversaries of Mr Perry's commencement of employment with AML, this being 18 October 2010.

Mr Perry's employment agreement also entitles him to a further grant of 1,000,000 share options (the "Second Options") and the issue of 500,000 common shares in the Company, upon the successful achievement of certain performance related targets. Assuming those targets are achieved, the Second Options will be granted on the third anniversary of Mr Perry's employment with an exercise price of the closing price of the Company's shares on the date of grant of the Second Options. They will vest on the first, second and third anniversaries of the grant date of the Second Options.

Enquiries:

 African Minerals Limited +44 20 7104 2280

Alan Watling / Miguel Perry

Canaccord Genuity Limited +44 20 7050 6500

Robert Finlay

Guy Blakeney

Pelham Bell Pottinger +44 20 7861 3232

Public Relations

Klara Kaczmarek

Philippe Polman