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HVL
 HVL                                                                             
HVL - Highveld - Cautionary Announcement                                        
Highveld Steel and Vanadium Corporation Limited                                 
Registration No. 1960/001900/06                                                 
(Incorporated in the Republic of South Africa)                                  
("Highveld")                                                                    
Share code: HVL                                                                 
ISIN code:  ZAE000003422                                                        
CAUTIONARY ANNOUNCEMENT                                                         
Shareholders are advised that Highveld is in negotiations with a number of      
interested parties, which if successfully concluded will lead to the sale of    
Transalloys, one of Highveld`s ferro-alloy divisions.                           
A further announcement in this regard will be released if an agreement is       
reached.  Until such time, shareholders are advised to exercise caution when    
dealing in Highveld shares.                                                     
Emalahleni                                                                      
11 June 2007                                                                    
Sponsor:                                                                        
J.P. Morgan Equities Limited                                                    
Date: 11/06/2007 12:30:00 Produced by the JSE SENS Department.

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