Frank is cool with it :)Executive Chairman, Frank Timis,...

Frank is cool with it :)

Executive Chairman, Frank Timis, commented:

"We are pleased to have reached agreement with Cape Lambert to provide them access to export routes for the Marampa Iron Ore Project and we are happy to retain our ownership of this important transportation infrastructure. The surplus capacity in the infrastructure system that we are constructing will mean that this Marampa tonnage is in addition to African Minerals' initial Phase 1 capacity of 12Mtpa. Sierra Leone will benefit from this additional tonnage through the successful development of a further project by another operator, and African Minerals will also benefit through its own equity holding in Cape Lambert."

African Minerals is also pleased to announce that, further to its press release of 22 December 2010, the Company has made good progress towards completion of its Secured Loan Facility. Final form legal documentation has been circulated to the lenders for signature, and the Company will make a further more detailed announcement upon completion.

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