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Wed 13 Apr 2005, 17:27 Futher Cautionary Announcement
Merafe Resources Limited - Futher Cautionary Announcement                       
Merafe Resources Limited                                                        
(formerly South African Chrome and Alloys Limited)                              
(Incorporated in the Republic of South Africa)                                  
(Registration number 1987/003452/06)                                            
(`Merafe` or `the Company `)                                                    
Share Code: MRF                                                                 
ISIN number: ZAE000060000                                                       
Further cautionary announcement                                                 
Further to the previous cautionary announcements, the last of                   
which was dated 2 March 2005, shareholders are advised that                     
negotiations referred to in those announcements are at an advanced              
stage. If these negotiations are successfully concluded, it may                 
have a material effect on the trading price of the Company`s                    
shares. The directors of Merafe expect that these negotiations                  
will be finalised shortly and will be followed by a more detailed               
announcement. Shareholders are, accordingly, advised to continue                
to exercise caution when dealing in their Merafe shares until such              
further announcement is made.                                                   
13 April 2005                                                                   
Johannesburg                                                                    
Sponsor                                                                         
ABSA                                                                            
Corporate & Merchant Bank                                                       
Corporate Finance                                                               
A division of ABSA Bank Limited                                                 
Reg No 1986/004794/06                                                           
Transactional Sponsor                                                           
Investec Corporate Finance                                                      
Investec Bank Limited                                                           
(Registration number 1969/004763/06)
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