CRC.L Regulatory News (CRC)

31 Dec 2007 07:00

Not for release, publication or distribution in or into the United States of America, Canada, Australia, Republic of South Africa or Japan

For immediate release 31 December 2007

Offer by Metorex Limited ("Metorex") for Copper Resources Corporation ("CRC") Offer Update and Offer extended

On 5 December 2007, Metorex announced the terms of an offer to acquire the entire issued and to be issued share capital of CRC (the "Offer"). The Offer Document setting out the full terms of the Offer was posted to CRC Shareholders on 5 December 2007.

Terms defined in the Offer Document have the same meaning in this announcement.

Level of acceptances and ownership

The Board of Metorex announces that by 3.00 p.m. on 28 December 2007, being the First Closing Date of the Offer, Metorex had received valid acceptances of the Offer in respect of a total of 5,471,004 CRC Shares, representing approximately 6.42 per cent. of the issued share capital of CRC which together with 33,293,392 CRC Shares beneficially owned by Metorex, representing 39.06 per cent. of the issued share capital of CRC, total 38,764,396 CRC Shares representing 45.48 per cent. of the issued share capital of CRC.

Save as disclosed in this announcement, neither Metorex nor any of the Metorex Directors, nor any member of their immediate families, nor any person with whom Metorex has an arrangement, had an interest in or a right to subscribe for any relevant securities or had any short position in relation to relevant securities (whether conditional or absolute and whether in the money or otherwise), including any short position under a derivative, any agreement to sell or any delivery obligations or right to require another person to purchase or take delivery, nor had any of the foregoing dealt in any relevant securities during the Offer Period.

No CRC Shares have been borrowed or lent by Metorex or any person acting in concert with it.

Extension of the Offer

Metorex announces that the Offer, which remains subject to the terms and conditions set out in the Offer Document (including acceptances being received in respect of not less than 50 per cent. of the voting rights in CRC) has been extended and will remain open for acceptance until 3.00 p.m. on the next closing date, which will be on Monday 7 January 2008.

To accept the Offer

To accept the Offer in respect of CRC Shares held in certificated form, the Form of Acceptance should be completed, signed and returned in accordance with the instructions set out in the Offer Document and on the Form of Acceptance as soon as possible, and in any event so as to be received by Capita Registrars, Corporate Actions, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU by no later than 3.00p.m. (London Time) on 7 January 2008. Additional Forms of Acceptance are available from Capita Registrars on 0870 162 3121 or, if calling from outside the United Kingdom, on +44 20 8639 3399.

To accept the Offer in respect of CRC Shares represented by depositary receipts in uncertificated form (that is, in CREST), CRC Shareholders should follow the procedure set out in paragraph 17.2 of Part I of the Offer Document.

Enquiries:Metorex Limited:Charles NeedhamTel: +27 (0)11 880 3155

South African corporate adviser and South African sponsor to Metorex Limited:

Barnard Jacobs Mellet Corporate Finance (Pty) Ltd

Cobus Human

Tel: +27 (0)11 283 0344

South African financial public relations adviser to Metorex Limited:

College HillNicholas WilliamsTel: +27 (0)11 447 3030