Tender Offer

11 Nov 2008 11:00



11 November 2008

TanzaniteOne Response to the Lapse of Gemfields' Tender Offer

TanzaniteOne Limited ("TanzaniteOne" or "the Company") (AIM:TNZ) notes today's statement by Gemfields Resources plc ("Gemfields") (AIM:GEM) that its tender offer for the purchase of up to 30,754,970 of TanzaniteOne common shares has lapsed.

As outlined in TanzaniteOne's letter to shareholders on 4 November 2008, the Board will be writing to shareholders shortly concerning the introduction of appropriate takeover protection into its Bye-laws (to ensure that any future offer for control of the Company would have to treat all TanzaniteOne shareholders equally) and to provide an update on the tsavorite transaction.

Commenting on today's announcement, Ami Mpungwe, Chairman of TanzaniteOne said "TanzaniteOne has a clear growth strategy, which is targeting an increase in production to over 3.1 million carats of tanzanite by 2011 and gemstone diversification, with the impending completion of the tsavorite acquisition. We have an excellent team in place to deliver on this strategy and to fulfil our ultimate ambition to become the world's largest producer and supplier of premium coloured gemstones."

For more information, please visit www.tanzaniteone.com or contact: