Booysendal Transaction update

Further to the joint announcement on 6 June 2008 regarding the Booysendal Transaction ("the Transaction"), shareholders of Mvela Resources and Northam are advised that all contractual elements of the Transaction have been concluded. There remains one regulatory Condition Precedent outstanding, that being the consent for the transfer of control of the New Order prospecting rights under the Minerals and Petroleum Resources Development Act. Shareholders will be advised in due course when this is received and the transaction is implemented.

8 July 2008

Sponsor to Mvela Resources
J.P. Morgan Equities

Sponsor to Northam
Barnard Jacobs Mellet
Corporate Finance (Pty) Limited