AQP.L Regulatory News (AQP)

15 May 2009 07:00

AQUARIUS PLATINUM LIMITED

ASX, LSE & JSE

ASX / LSE / JSE ANNOUNCEMENT

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE

RELEVANT LAWS OF SUCH JURISDICTION 15 May 2009

Extension of Implementation Agreement and Irrevocable Undertakings to 29 May

2009

Further to the announcement by Ridge Mining plc ("Ridge") yesterday that it has entered into loan agreements for the funding of the Blue Ridge mine, Aquarius Platinum Limited ("Aquarius") announces that it has agreed extensions to (i) the implementation agreement that it entered into with Ridge on 26 March 2009 (the "Implementation Agreement") in relation to the takeover offer by Aquarius for the entire issued and to be issued share capital of Ridge (the "Possible Acquisition") and (ii) the irrevocable undertakings to vote in favour of the Possible Acquisition given by Blackrock Investment Management (UK) Ltd. and Gold Mountains (H.K.) International Mining Company Ltd. (a wholly owned subsidiary of Zijin Mining Group Co. Ltd.).

The Implementation Agreement contained a requirement for an announcement pursuant to Rule 2.5 of the UK Takeover Code in relation to the Proposed Acquisition to be released on or prior to 15 May 2009 (the "Rule 2.5 Announcement") in order for a scheme of arrangement in relation to the Proposed Acquisition (the "Scheme") to proceed. This date has now been extended to 29 May 2009.

The irrevocable undertakings given by Blackrock Investment Management (UK) Ltd. and Gold Mountains (H.K.) International Mining Company Ltd. in relation to 10,120,000 and 18,423,000 Ridge shares respectively (being in aggregate 31.0 per cent. of Ridge's issued ordinary share capital) have also been extended to 29 May 2009. Accordingly, these irrevocable undertakings will lapse if the Rule 2.5 Announcement is not released on or prior to 29 May 2009, or if the Scheme does not become

effective, lapses or is withdrawn. In addition, the irrevocable undertaking given by Blackrock Investment Management (UK) Ltd. will also lapse on 31 October 2009 or if a higher competing offer is made by a third party.

The irrevocable undertakings given by the directors of Ridge to vote in favour of the Proposed Acquisition, being in respect of an aggregate 1,540,017 Ridge shares which represent approximately 1.7 per cent. of the existing issued ordinary share capital, also remain in full force and effect. These irrevocable undertakings will lapse if the Implementation Agreement is terminated or if the Scheme does not become effective, lapses or is withdrawn.

As announced by Ridge yesterday, the parties are endeavouring to satisfy the conditions precedent to the Blue Ridge funding, including South African Reserve Bank approval, as soon as practicable. The obligation on Aquarius to release the Rule 2.5 Announcement is conditional on the arrangement, on terms satisfactory to Aquarius acting reasonably in its absolute discretion, of sufficient bridge funding for the continued operation of the Blue Ridge mine. As announced previously, the only other precondition to release of the Rule 2.5 Announcement, relating to Aquarius' capital raising, has been satisfied.

Enquiries:Aquarius In Australia: In the UK & South Africa Willi Boehm Nick Bias Tel: +61 (0)8 9367 5211 Tel: +41 (0)79 888 1642 REGISTERED OFFICE

Aquarius Platinum Limited ● Clarendon House ● 2 Church Street ● Hamilton HMCX Bermuda

Email: info@aquariusplatinum.com

Telephone: +61 8 9367 5211

Dealing disclosure requirements

Under the provisions of Rule 8.3 of the UK Takeover Code, if any person is, or becomes, "interested" (directly or indirectly) in 1 per cent. or more of any class of "relevant securities" of Aquarius or of Ridge, all "dealings" in any "relevant securities" of that company (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30 pm (GMT) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of Aquarius or Ridge, they will be deemed to be a single person for the purpose of Rule 8.3.

Under the provisions of Rule 8.1 of the UK Takeover Code, all "dealings" in "relevant securities" of Aquarius or of Ridge by Aquarius or Ridge, or by any of their respective "associates", must be disclosed by no later than 12.00 noon (GMT) on the London business day following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk.

"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.

Terms in quotation marks are defined in the UK Takeover Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel.

A copy of this announcement will be available on Aquarius' website (www.aquariusplatinum.com).