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Withdrawal of cautionary announcement

14 January 2009

Withdrawal of cautionary announcement regarding the following proposed inter-conditional transactions:

• The unbundling by Mvela Resources of its entire shareholding in Northam to its shareholders;
• The acquisition by Implats of the entire issued share capital of Northam; and
• The acquisition by Implats of the entire share capital of Mvela Resources, post the unbundling of Northam

Shareholders of Mvela Resources, Northam and Implats (“Shareholders”) are referred to the joint announcements by Mvela Resources, Northam and Implats (‘the Parties”) dated 2 October 2008, 19 November 2008 and 7 January 2009 and to the announcements by Mvela Resources and Northam dated 20 October 2008 and 27 October 2008, regarding the proposed acquisition by Implats of the entire issued share capital of Mvela Resources and Northam through a series of inter-conditional transactions (the “Proposed Transaction”).

Shareholders are advised that due to the current global economic climate as well as the ongoing volatility in commodity and equity prices, the Parties have not been able to agree on equitable ratios for the implementation of the Proposed Transaction. Negotiations have therefore been terminated. Although the near-term outlook for the platinum sector remains challenging, the Parties continue to believe in the long-term fundamentals of the industry.

Shareholders of Mvela Resources, Northam and Implats are advised that the cautionary announcement published on 19 November 2008 has been withdrawn and that they are no longer required to exercise caution in their share dealings.

Johannesburg
14 January 2009

Financial advisor to Implats:
Morgan Stanley South Africa (Pty) Ltd

Legal advisor to Implats:
Bell Dewar Inc.

Financial advisors to Mvela Resources:
JPMorgan Chase Bank N.A. (Johannesburg branch) and
N M Rothschild & Sons South Africa (Pty) Ltd

Legal advisor to Mvela Resources:
Bowman Gilfillan

Independent expert advisor to Northam and Mvela Resources:
Barnard Jacobs Mellet Corporate Finance (Pty) Limited

Legal advisor to Northam:
Brink Cohen Le Roux Inc.

Sponsor to Implats:
Deutsche Securities (SA) (Pty) Ltd

Sponsor to Mvela Resources:
JPMorgan Equities Ltd

Sponsor to Northam:
Barnard Jacobs Mellet Corporate Finance (Pty) Ltd