Offer Update-Completion of Compulsory Acquisition (7504A)

TIDMKAH

RNS Number : 7504A

CGNPC Uranium Resources Co., Ltd

03 April 2012

Offer Update - Completion of Compulsory Acquisition

On 8 December 2011 CGNPC Uranium Resources Co., Ltd. ("CGNPC-URC") announced that the boards of Kalahari Minerals plc ("Kalahari") and CGNPC-URC had reached agreement on the terms of a recommended cash offer for the entire issued and to be issued share capital of Kalahari (the "Offer"), the full terms and conditions to which were set out in the offer document issued by Taurus Mineral Limited ("Taurus") (a company formed at the direction of CGNPC-URC) on 5 January 2012.

On 17 February 2012, having received acceptances in respect of more than 90 per cent of the Kalahari Shares to which the Offer related, Taurus announced its intention to exercise its rights under Chapter 3 of Part 28 of the Companies Act 2006 (the "Act") to acquire compulsorily the remaining Kalahari Shares on the same terms as the Offer (the "Squeeze-out Procedure").

On 21 February 2012, Taurus posted a formal notice (the "Notice") to each Kalahari Shareholder who had not yet validly accepted the Offer pursuant to section 979 of the Act. The Notice set out the intention of Taurus to compulsorily acquire all outstanding Kalahari Shares on the same terms as the Offer pursuant to Chapter 3 of Part 28 of the Act.

Taurus announces that pursuant to completion of the Squeeze-out Procedure, it has now acquired 100 per cent of the issued share capital of Kalahari.

Cancellation of Listing

Further to the announcement made on 17 February 2012, the boards of directors of Kalahari and Taurus announce that with effect from 7.00 a.m. on 4 April 2012, the admission of Kalahari Shares to trading on AIM will be cancelled.

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