Resignation of director

29 December 2014

African Minerals Limited

(or "the Company")

Resignation of director

African Minerals Limited (AIM: AMI) announces that Ian Cockerill, one of its independent non-executive directors, advised the Company on 24 December 2014 of his resignation as a director of the Company with immediate effect.

Frank Timis, Executive Chairman of African Minerals, said:

"I would like to thank Ian for his contribution to our board and his efforts on behalf of the Company since he joined the Board in July 2013. The Company and the Board have appreciated Ian's experience during this time and we wish him success in his future endeavours."

Contacts:

African Minerals Limited

+44 20 3435 7600

Matthew Hird / Francis O'Neill

Tavistock

+44 20 7920 3150

Jos Simson / Nuala Gallagher / Mike Bartlett

Jefferies

+44 20 7029 8000

Nick Adams / Alex Collins

About African Minerals

African Minerals operates the Tonkolili Iron Ore Project (the "Project") in Sierra Leone, with a JORC compliant resource of 12.8Bnt. The Project, which currently has a 60+ year mine-life, is being developed in a number of staged expansions. In 2013, African Minerals completed sales of 12.1Mt to its customers.

Phase II expansion contemplates the production of an expanded tonnage including the establishment of a high grade concentrate product with the project ramping up to 25Mtpa.

The Company has also developed significant port and rail infrastructure to support the operation of the Project, via its subsidiary African Rail and Port Services (SL) Limited ("ARPS"), in which the Government of Sierra Leone ("GoSL") has a 10% free carried interest.

The Project companies are currently owned 75% by AML, and 25% by Shandong Iron and Steel Group ("SISG"), except for ARPS, which is currently owned 75% by AML and 25% by SISG, with the GoSL having the right to a 10% free carried interest from AML.

www.african-minerals.com