PTMN Petmin

RNS Number:3755X
Petmin Limited
29 May 2007





29th May 2007



                                 PETMIN LIMITED

                    ("Petmin", "the Company" or "the Group")



FINALISATION OF THE SALE OF PETMIN'S 100% INTEREST IN BAOBAB TO GVM AND FURTHER
CAUTIONARY


Petmin (AIM:PTMN, JSE:PET) updates shareholders on the sale of the Baobab
investment to GVM.

GVM SALE
As stated in the Interim Financial Statement, published on 5 March 2007, "The
Company has reached an agreement with GVM  Metals Limited to dispose of its
investment in Baobab for an amount of GBP 2.5 million (+/- R35 million) ("the
disposal  consideration"). The sale is subject to Ministerial approval, by no
later than 30 April 2007, in terms of the Mineral  and Petroleum Resources
Development Act, 2002. In accordance with IFRS, assets of R1.5 million have been
disclosed as  assets held for sale and are carried at cost which is lower than
their net realisable value. Revenue on the sale will  be recorded when the last
remaining suspensive condition is satisfied."


The board is pleased to announce that all the conditions precedent have been
met, the disposal consideration has been received and the transaction is now
complete.


FURTHER CAUTIONARY

Shareholders are advised that the company is still in negotiations, which if
successfully concluded may have a material effect on the price of the company's
securities. Accordingly, shareholders are advised to exercise caution when
dealing in Petmin's securities until a full announcement is made.


Ends

Enquiries:

Petmin                                Numis Securities Limited  +44 207 260 1000
Jan Du Preez (CEO)  +27 825 571 979   John Harrison
Bradley Doig (COO)  +27 824 597 818   Nick Stamp
www.petmin.co.za

Parkgreen Communications  +44 207 851 7480
Justine Howarth







                      This information is provided by RNS
            The company news service from the London Stock Exchange

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