Update on Disposal of Iron Ore Assets

Sylvania Platinum Limited

("Sylvania Platinum", "Sylvania" or the "Company")

(AIM: SLP)

Update on Disposal of Iron Ore Assets

Sylvania Platinum notes the announcement made today by Mercury Recycling Group plc ("Mercury").

The directors of the Company, having consulted with the directors of Mercury, confirm that the disposal is proceeding in line with the announced timetable. Therefore, subject to the approval of the shareholders of Mercury, completion of the sale of the Iron Ore Assets and re-admission of the enlarged Mercury Group to trading on AIM is expected to occur on 16 August 2012.

The announcement by Mercury refers to purported claims to occupancy rights over land subject to the prospecting rights which Mercury is in the process of acquiring from Sylvania and inter alia states that Mercury has obtained legal opinions that conclude that the said tribe does not have any valid entitlements which could impact on the enlarged Mercury group's rights to prospect.

ENDS

CORPORATE INFORMATION

Registered office: Sylvania Platinum Limited

Clarendon House

2 Church Street

Hamilton HM 11

Bermuda

Postal address: PO Box 524

Wembley WA 6913

Australia

Sylvania Website: www.sylvaniaplatinum.com

CONTACT DETAILS

South Africa: Terry McConnachie Nigel Trevarthen

(CEO) (Deputy CEO)

Sylvania Platinum Limited Sylvania Platinum Limited

+27 (11) 673 1171 +27 (11) 673 1171

Louis Carroll

(Director/Assistant Company Secretary)

Sylvania Platinum

+44 (0) 7969 170 622

Australia: Richard Rossiter Grant Button

(Chairman) (Director/Assistant Company Secretary)

Sylvania Platinum Limited Sylvania Platinum Limited

+61 (8) 9226 4777 +61 (8) 9226 4777

United Kingdom: Samantha Harrison Martin Eales/James Kelly

RFC Ambrian Limited RBC Capital Markets

Nominated Advisor Joint Broker

+44 (0) 20 3440 6800 +44 (0) 20 7653 4000

Graham Herring/Beth Harris

Newgate Threadneedle

+44 (0) 20 7653 9850