Announcement

The New Africa Mining Fund II (“NAMF II or “the Fund”) has resolved to discontinue seeking new investment opportunities. The junior mining industry has since the commencement date of NAMF II at the beginning of 2011 suffered a continuous downward trend as evidenced by the performance of the publically listed juniors. During this period NAMF II was unable to find value commensurate with the risk of the sector and as a consequence did not conclude any significant transactions. NAMF II is a limited life investment vehicle and is now approaching the end of its investment period. Mining and exploration requires a longer term view than what was available to the Fund; and accordingly it was considered commercially sensible to discontinue the investment period.