Issue of Equity

Noventa Limited

("Noventa" or the "Company")

Additional Subscriptions for Ordinary Shares & Convertible Preference Shares

31 March 2011

Noventa (AIM:NVTA TSX:NTA), the Mozambican miner and producer of tantalum concentrate, is pleased to announce the issue of the final tranche of the Additional Subscription Shares (as announced and defined on 3 September 2010). 497,658 ordinary shares of 0.8p each ("Ordinary Shares") have been issued at a price of 131.74p per share (as adjusted by the Company's 20:1 share consolidation announced on 4 March 2011), raising a total of £655,615 (approximately US$1,049,000). An application has been made to admit the Ordinary Shares issued under the final tranche of the Additional Subscription Shares to trading on AIM with effect from 1 April 2011. Following the issue of the final tranche of the Additional Subscription Shares, Compagnie Internationale de Participations Bancaires et Financieres SA will hold 5.70% of the Company's enlarged Ordinary Share capital.

In addition, an administrative error occurred during the Company's recent placing of convertible preference shares of £1.00 each ("Convertible Preference Shares" or "CPS"), previously announced on 21 March 2011. As a result of this error, an application for 118,540 CPS from an existing shareholder of the Company was not received by the Company's brokers prior to the closing of the issue. The board of Noventa believes it is in the best interests of the Company to retrospectively accept this application, and as a result will issue a further 118,540 CPS on the same terms and for the same purposes as announced on 21 March 2011 (the "Additional CPS Subscription"). This will raise a further US$500,002 for the Company at a price of US$4.218 per CPS. No commission is payable on the Additional Subscription.

Following the issue of the final tranche of the Additional Subscription Shares and the Additional Subscription, the CPS would represent 9.73 per cent. of the Company's enlarged issued Ordinary Share capital (as enlarged by the theoretical conversion of all the CPS) if fully converted at today's date.

The Additional Subscription is conditional, inter alia, on admission of the CPS to trading on the PLUS Quoted Market operated by PLUS Markets plc ("PLUS"). The Company can confirm that an application has been made to admit the CPS (including those issued under the Additional Subscription) and the Company's Ordinary Shares to trading on PLUS and trading in both classes of share capital are expected to commence at 8.00 a.m. on Monday 11 April 2011 ("Admission").

On Admission, the Company will have 26,194,609 Ordinary Shares and 2,822,290 Convertible Preference Shares in issue. The Company does not hold any Ordinary or Convertible Preference Shares in treasury.

For further information please contact:

Eric F. Kohn TD

Chairman

Noventa Limited

+41 22 8500560

+41 79 5030150

www.noventa.net

Nick Harriss/Emily Staples

Religare Capital Markets (UK) Limited (Nominated Adviser)

+44 20 7444 0800

Andrew Chubb/Kit Stephenson

Canaccord Genuity Limited (Broker)+44 20 7050 6500

Daniel BriggsReligare Capital Markets plc (Broker)+44 20 7444 0500

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain information contained or incorporated by reference in this release, including any information as to the Noventa's strategy, projects, plans, prospects, future outlook, anticipated events or results or future financial or operating performance, constitutes "forward-looking statements" within the meaning of Canadian securities laws. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements can often, but not always, be identified by the use of words such as "plans", "expects", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "predicts", "potential", "continue" or "believes", or variations (including negative variations) of such words; or statements that certain actions, events or results "may", "could", "would", "should", "might", "potential to", or "will" be taken, occur or be achieved or other similar expressions concerning matters that are not historical facts. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made or incorporated in this press release are qualified by these cautionary statements.

Forward-looking statements are necessarily based on a number of factors, estimates and assumptions that, while considered reasonable by Noventa as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Readers are also cautioned that forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Noventa to differ materially from those expressed or implied in the forward-looking statements. Certain of these risks and uncertainties are described in more detail in Noventa's Annual Information Form dated March 15, 2010, which is available on SEDAR at www.sedar.com.

Although Noventa has attempted to identify statements containing important factors that could cause actual actions, event or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this document based on the opinions and estimates of management on the date statements containing such forward looking information are made, and Noventa disclaims any obligation to update any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward looking information.