Update on developments on Veremo investment
August 25 2010 - 4:29AM
UK Regulatory
TIDMPTMN
RNS Number : 5953R
Petmin Limited
25 August 2010
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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