Bushveld Minerals Regulatory News (BMN)

19 July 2013

Bushveld Minerals Limited

("Bushveld" or the "Company")

Update on Takeover Bid for Lemur Resources

Summary

·; Bushveld voting power increases to 14.3% in relation to off-market take-over offer for ASX listed Lemur Resources Limited

Bushveld announces it has submitted a Form 604 to the ASX on 19 July 2013 to notify a change of interest in ASX listed Lemur Resources Limited ("Lemur Resources").

Bushveld now holds an interest of 14.30% due to acceptances of the Company's takeover bid for all of the fully paid ordinary shares in respect of its off-market take-over offer for Lemur Resources announced on 13 May 2013.

The Company held 5,150,000 ordinary shares (being a holding of 2.3%) in Lemur prior to the takeover offer. Following the acceptances from various shareholders the Company is now interested in 27,530,147 (being a holding of 14.3%) ordinary shares of Lemur Resources.

Fortune Mojapelo, CEO of the Company commented, "We are pleased to see the acceptances come in as this provides further affirmation of the value inherent on the bid, placed by the existing Lemur shareholders. We look forward to receiving more acceptances over the coming weeks and we will keep shareholders updated on progress with the takeover bid for Lemur Resources."

Enquiries: info@bushveldminerals.com