Update on 49% shareholding in Ezimbokodweni Mining

18 Jan 2012 16:58

18 January 2012

BISICHI MINING PLC ("Bisichi" or the "Company")

Update on disposal of 49% Shareholding in Ezimbokodweni Mining (Pty) Ltd ("Ezimbokodweni")

On the 29 November 2011, Bisichi Mining PLC ('Bisichi'), the mining company with direct coal mining operations in South Africa, announced that it was disposing of its 49% shareholding in Ezimbokodweni to Hasty Shelf Trade and Invest 17 (Proprietary) Limited ("HSTI").

Bisichi announced that the agreement entered into for the sale of the shares was subject to the fulfilment of several conditions precedent. The deadline for meeting such conditions was 10 January 2012 or such later date as the parties may agree in writing. The fulfilment of all the conditions precedent has not been met and accordingly the Agreement has lapsed.

The parties are currently in discussions to re-enter into a new agreement on similar terms. The Company will update shareholders in due course.

Further details on the initial transaction can be found in the announcement made by Bisichi on the 29 November 2011 at http://www.bisichi.co.uk/Announcements.aspx

For further information please contact:

Andrew Heller, Bisichi Mining PLC 020 7415 5030

End