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PET
PET
PET - Petmin Limited - Update on developments on Veremo investment
PETMIN LIMITED
Incorporated in the Republic of South Africa
Registration Number 1972/001062/06
Share Code JSE: PET & ISIN: ZAE000076014
Share Code AIM: PTMN
("Petmin" or "the Company")
Update on developments on Veremo investment
The Petmin board would like to update shareholders regarding
our Veremo Holdings (Pty) Ltd ("Veremo") investment.
Petmin is a 25 percent shareholder in Veremo and 75 percent is
ultimately controlled by Kermas Limited ("Kermas"). Veremo is
the owner of the Stoffberg magnetite project containing iron
ore and titanium ("the Project").
Veremo and MCC International Incorporation Ltd ("MCC"), one of
China`s foremost state controlled companies (which has inter
alia been active in mining and processing in Africa for more
than 25 years), today announced in Beijing that they had
signed a Memorandum of Understanding ("MOU") to appoint MCC as
the EPC contractor on a turnkey basis for the Veremo Project.
Petmin`s position in Veremo remains unchanged and Petmin is
working closely with Kermas on all aspects of the Project and
believes that the signing of the MOU signals a positive trend
for the future development of the project.
Enquiries:
Petmin
Bradley Doig (COO)
+27 82 459 7818
Nominated Advisor (AIM)
Numis Securities Limited
John Harrison
+44 20 7260 1000
Sponsor and Corporate Advisor (JSE)
River Group
Andrew Lianos
+27 834 408 365
25 August 2010
Johannesburg
Date: 25/08/2010 10:29:24 Produced by the JSE SENS Department.
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