Director/PDMR Shareholding

Sierra Rutile Limited

Director Share Dealings

London, UK, 22 May 2012: Sierra Rutile Limited ("the Company") has received notice that, Mr Jan Castro, the Non-Executive Chairman of the Company, has on the 21st of May 2012 purchased 20,000 ordinary shares of no par value ("Ordinary Shares") at a price of 59.5 pence per share.

Following this share purchase, Mr Jan Castro's beneficial interest in the Company is 587,000 Ordinary Shares.

ENDS

For further information:

Sierra Rutile Limited Telephone: +44 (0)20 7074 1800

John Sisay, Chief Executive Officer /

Joe Connolly, Chief Financial Officer

Canaccord Genuity Limited Telephone: +44 (0)20 7523 8350

John Prior / Adam Miller

Kreab Gavin Anderson Telephone: +44 (0)20 7074 1800

Fergus Wylie sierrarutile@kreabgavinanderson.com