Share Buyback

23 November 2012

Share Buyback

Zanaga Iron Ore Company Limited (the "Company") (AIM:ZIOC) announces, further to the authority granted to the Company by shareholders at the AGM held on 26 July 2012 to buyback shares, that on 22 November 2012, the Company purchased 187,500 shares of no par value in the Company ("Shares") at an average price of £0.3573 per Share representing 0.07 per cent of the Shares in issue.

The 187,500 Shares purchased by the Company will be cancelled in due course and the total voting rights in the Company will be reduced to 279,876,341.

The above total voting rights figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify the Company of their interests in, or a change to their interest in, the Company.

Each director of the Company has confirmed that he and his related parties will not sell shares in the Buyback.

For further information please contact:

Zanaga Iron Ore

Corporate Development and Andrew Trahar

Investor Relations Manager +44 20 7399 1105

Liberum Capital Limited

Nominated Adviser, Financial Chris Bowman, Christopher Britton

Adviser and Joint Corporate Broker and Christopher Kololian

+44 20 3100 2000

Citigroup Global Markets Limited

Joint Corporate Broker Alex Carter

+44 20 7986 4000

Pelham Bell Pottinger

Financial PR Charles Vivian

and Daniel Thole

+44 20 7861 3232