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Pin to quick picksBisichi Regulatory News (BISI)

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Disposal of 49% Shareholding in Ezimbokodweni Mining

29 Nov 2011 12:56

29 November 2011

BISICHI MINING PLC ("Bisichi" or the "Company") Disposal of 49% Shareholding in Ezimbokodweni Mining (Pty) Ltd("Ezimbokodweni")

Bisichi Mining PLC ('Bisichi'),the mining company with direct coal mining operations in South Africa announces that on 24 June 2011 it disposed of its 49% shareholding in Ezimbokodweni Mining (Pty) Ltd("Ezimbokodweni")to Hasty Shelf Trade and Invest 17 (Proprietary) Limited ("HSTI"). Ezimbokodweni has contracted to purchase the prospecting right in relation to Mineral Area 2 (a portion of Mineral Area 1) of the farm Geluk 276, Registration Division JS, Mpumalanga Province, measuring 919.0666 hectares, and the surface rights in relation to portion 2 of the farm Geluk 276, Registration Division JS, Mpumalanga Province, measuring 250 hectares, registered under Deed of transfer number T80810/89 (the "Pegasus" project). The Pegasus project is currently owned by BHP Billiton Energy Coal South Africa and is an undeveloped export quality thermal coal deposit, situated 10km from Witbank contiguous to the Exxaro Inyanda colliery.

The consideration for the sale of the 49% is R54.2million cash payable to Bisichi Mining PLC, R12.4m of which (plus accrued interest) relates to repayment of intercompany loans. The sale of the shares is subject to several conditions precedent including but not limited to:

1. South African Reserve Bank and Exchange Control Approval

2. Ministerial consent from the South African Department of Mineral Resources in relation to the transfer of the above mentioned prospecting right to Ezimbokodweni.

Accordingly, shareholders should note that there is no guarantee that the transaction will complete. Further information will be provided in due course.

The Company previously recognised the shareholding at a value of £682,000 at 30 June 2011 and recognised a profit/loss of £nil in respect of the six months to 30 June 2011.

Should the transaction complete the proceeds will be used for the further development of the company.

The Company also notes that Wescoal Holdings Limited has reported that it has conditionally acquired the 51% shareholding in Ezimbokodweni not previously owned by Bisichi. Further details on this transaction can be found at [http:// www.investoreports.com/wescoal/news/sens/]

For further information please contact: ​

Andrew Heller, Bisichi Mining PLC 020 7415 5030

End

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