offer declared wholly unconditional

Offer declared wholly unconditional

TIDMKAH

RNS Number : 7504W

CGNPC Uranium Resources Co., Ltd

03 February 2012

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

FOR IMMEDIATE RELEASE

3 February 2012

RECOMMENDED CASH OFFER FOR KALAHARI MINERALS PLC ("Kalahari") BY TAURUS MINERAL LIMITED ("Taurus") (A COMPANY FORMED AT THE DIRECTION OF CGNPC URANIUM RESOURCES CO., LTD ("CGNPC-URC") AND THE CHINA-AFRICA DEVELOPMENT FUND ("CADFund"))

Offer declared wholly unconditional

On 8 December 2011 CGNPC-URC announced that the boards of Kalahari and CGNPC-URC had reached agreement on the terms of a recommended cash offer for the entire issued and to be issued share capital of Kalahari (the "Offer"), the full terms and conditions to which were set out in the offer document issued by Taurus on 5 January 2012 (the "Offer Document").

Taurus today announces that all of the conditions to the Offer have been satisfied or waived and, accordingly, the Offer is declared wholly unconditional.

The Offer will remain open until further notice and at least 14 days' notice will be given of the closing of the Offer. Kalahari Shareholders who have not yet accepted the Offer are urged to do so without delay.

Level of Offer acceptances

As at 1:00 p.m. (London time) on 2 February 2012, Taurus had received valid acceptances from Kalahari Shareholders in respect of 227,973,198 Kalahari Shares representing approximately 89.5 per cent. of the existing issued share capital of Kalahari. These acceptances include acceptances received in respect of 9,518,813 Kalahari Shares, representing approximately 3.7 per cent. of the existing issued share capital of Kalahari, which were subject to irrevocable undertakings procured by Taurus from the Kalahari Directors.

The terms of the Kalahari Directors' irrevocable undertakings are set out in paragraph 3 of Appendix 5 to the Offer Document.

Accordingly, as at 1:00 p.m. (London time) on 2 February 2012, Taurus may count 227,973,198 Kalahari Shares, representing approximately 85.3 per cent. of the fully diluted share capital of Kalahari, towards the satisfaction of the acceptance condition, as set out in paragraph 1.1(a) of Part A of Appendix 1 to the Offer Document. Consequently, the acceptance condition has been satisfied.

Interests in relevant securities

Save as disclosed in this announcement or in the Offer Document, as at close of business on 2 February 2012, neither Taurus nor any person acting in concert with Taurus, is interested in or has any rights to subscribe for any Kalahari Shares, nor does any such person have any short position under a derivative, any agreement to sell or any delivery obligation or right to require another person to purchase or take delivery of Kalahari Shares, nor does any such person have any borrowing or lending of Kalahari Shares, except for any borrowed shares which have been either on-lent or sold.

As at the close of business on 1 February 2012, being the latest practicable date prior to the publication of this announcement, the following person acting in concert with Taurus was interested, directly or indirectly, in the following Kalahari relevant securities: