subject to deed of company arrangement

Macmin Silver Limited (Subject to Deed of Company Arrangement)
ACN 056 776 160
ASX code: MMN (“Macmin”)



Why are my shares not
appearing on the CHESS
sub-register?




The Deed Administrator has been advised by
the ASX that as the suspension from trading
shares in Macmin has continued for a period
of 60 business days, the CHESS Sub-register
for Macmin has been closed and archived.

CHESS will no longer process messages
affecting holder registration details,
transfers and/or conversions, initiated by
either the issuer or Participants.
The ASX Settlement and Transfer
Corporation revoked approval for Macmin
shares at end of day on Thursday, 5 February
2009 pursuant to ASTC Settlement Rule
8.5.4. At this time, all holdings on the CHESS
Sub-register were converted to the Issuer
Sponsored Sub-register.

Shareholders should note there has been
no change in their shareholding in Macmin
as a result of actions taken by the Deed
Administrator to date and the shares in
Macmin remain suspended from trading.

Deed Administrator’s Update to Shareholders
What is the current status of
Macmin?


The operations of Macmin and its wholly
owned subsidiary, Texas Silver Mines Pty
Ltd, are still on the care and maintenance
program that was instituted by the
Deed Administrator on appointment.
The operations will remain on care and
maintenance while the Deed Administrator
conducts the sales process in order to
preserve the value of the assets.
The heap leaching at the Twin Hills Silver
Mine that the Deed Administrator has
elected to continue has been successful and
will continue while it provides a benefit to
the administration.




How is the sales process
progressing?

The Deed Administrator has received
indicative offers from a number of parties
for the recapitalisation and restructure
of Macmin and/or the sale of the Group’s
assets.

These offers have been short listed
and discussions are progressing with the
short listed parties however it should be
Macmin Silver Limited (Subject to Deed of Company Arrangement)
ACN 056 776 160
ASX code: MMN (“Macmin”) 19 March 2009
noted that it may take several months
before a sale agreement is finalised.

Once a sale agreement is finalised, the Deed
Administrator will then seek creditor
approval to vary the DOCA and complete
the sale.

The indicative offers received range from
restructuring proposals to the sale of
individual assets. The Deed Administrator
is considering all these options in order
to maximise the return to creditors and
shareholders.



Who can I contact for more
information?

The Deed Administrator will continue
to provide further updates by way of
announcements to the ASX. Shareholders
with further queries should refer to previous
announcements.

BRYAN HUGHES
DEED ADMINISTRATOR