Option to acquire ship, proposed capital raising

For immediate release 18 February 2010

NAMIBIAN RESOURCES PLC ("the Company" or "Namibian")

Signing of option to acquire offshore diamond recovery ship and proposed capital raising to fund the purchase.

Namibian Resources Plc is pleased to announce, further to the announcement on 19 October 2009, that, through its 100% owned subsidiary Sonnberg Diamonds (Namibia) (Pty) Ltd, it has entered into an exclusive three month option agreement for a nominal sum with the owner, in Namibia, of an offshore diamond recovery ship to purchase that ship. The option is solely at the Company's call and is inter alia subject to completion of due diligence and raising the necessary finance. The purchase price is NAM$13m (£1.1 million). The ship, which is in full working order and currently actively mining, will, on completion of the acquisition, provide Sonnberg with immediate diamond production. Based upon past records, the Directors estimate that the ship is capable of a long-term average rate of production of over 1000 ct per month.

The ship is equipped with an integrated diamond mining and recovery system based around a 10 t per hour Dense Media System. Mining is by 250 mm (approximately 10") dredge pump, operated remotely (i.e. without diver guidance). The ship is fully self-contained and operates a three-week per month cruise schedule on the inner continental shelf mining at depths of between 20 and 40 m. Once acquired, it is proposed to upgrade the ship by fitting a real-time, sea-bed visualisation system which will result in more efficient mining and increased diamond production.

The ship has been operating for over five years on contract to the Namdeb Diamond Corporation with whom Sonnberg has its existing onshore diamond mining and prospecting contract. Namdeb are fully appraised of Sonnberg's intention to purchase the ship and negotiations to provide Sonnberg with a contract to operate the ship are well advanced. The ship was subject to production restrictions during 2009 because of the weak diamond market; however the owner of the ship reported diamond sales of NAM$14.4m (£1.2 million) year ended 28 February 2009.

Sonnberg Diamonds will thus establish a marine diamond mining division to complement its onshore operations and provide a diversity of diamond production. A very experienced offshore diamond mining professional has been identified as manager of Sonnberg's marine division.

At its Pomona onshore contract area, Sonnberg has resumed limited operations and taken on additional staff in early January It has been engaged in bringing the mining and processing equipment back to an operational level and mining is due to start this month although it is unlikely that any revenue will be earned in the year ending 28 February 2010. The pick-up in diamond prices in US dollar terms in the second half of 2009 has been offset by a strengthening during 2009 of the Namibian dollar against the US dollar such that a return to full mining operations at Pomona is not currently justified. However, while the diamond market recovers Sonnberg will focus on limited production from small, high-grade areas and carry out prospecting operations to better define resources for future mining. The Board remains confident that the Pomona contract area will support a viable diamond mining operation in the years to come.

In order to fund the purchase and upgrade of the ship and carry on operations at Pomona, Namibian is seeking to raise £2 million by means of a placement. When final terms of purchase are agreed, the Company will seek shareholder approval to increase the authorised capital. A further announcement will be made in due course.

Namibian's Board is excited by this development which they believe has the potential to:

·; double the company's diamond producing capacity;

·; provide immediate, operationally profitable production despite the current diamond market conditions;

·; diversify the sources of production, thus reducing risk; and

·; enhance the Company's long-term relationship with Namdeb.

Enquiries

Tony Carlton - Chief Executive - Tel: 020 8726 0900

Oliver Plummer - Finance Director - Tel: 020 7381 0100

Roland Cornish - Beaumont Cornish Limited - Tel 020 7628 3396

Simon Frost

Priscilla Ross - Keith Bayley Rogers & Co Limited -Tel: 0203 100 8300

Important Notice

This announcement ("announcement"), for which the board of Namibian Resources PLC are solely responsible, does not constitute or form part of any offer for sale or solicitation of any offer to buy or subscribe for any securities, nor does it or any part of it form part of an invitation or inducement to enter into investment activity under Section 21 of the Financial Services Markets Act 2000.

Any placing referred to above will be solely directed at Investment Professionals and Sophisticated investors only as defined in the Financial Services Markets Act 2000. In such context, no undertaking, representation, warranty or other assurance, express or implied, is made or given by or on behalf of the Company or any of its directors, officers, partners, employees, agents or advisers or any other person as to the accuracy or completeness of the information or opinions contained in the announcement and no responsibility or liability is accepted by any of them for any such information or opinions or for any errors, omissions, misstatements, negligence or otherwise for any other communication written or otherwise.

Neither this announcement nor any copy thereof may be taken or transmitted into the United States of America or its territories or possessions (the 'United States') or distributed directly or indirectly, in the United States, or to any US Person as defined in Regulation S under the Securities Act 1933 as amended, including US resident corporations, or other entities organised under the laws of the United States or any state thereof or non-US, branches or agencies of such corporations or entities or into Canada, Australia, Japan or the Republic of Ireland. Neither this announcement nor any copy thereof may be taken or transmitted into or distributed in Canada, Australia, Japan or the Republic of Ireland or any other jurisdiction which prohibits the same except in compliance with applicable securities laws. Any failure to comply with this restriction may constitute a violation of Unites States or other national securities laws.