PALLINGHURST ACQUISITION OF A CONTROLLING INTEREST IN PLATMIN LIMITED DECLARED UNCONDITIONAL

Hamilton, Bermuda - 19 December, 2008 - Pallinghurst Resources Limited (PALLRES.BH) Shareholders are referred to the announcement released on SENS on Thursday, 11 December 2008, relating to the acquisition by the PGM Consortium of a controlling interest in Platmin and the formal announcement released by Platmin on today's date, entitled "Platmin completes first tranche of USD175 million equity financing; director changes completed", and are further advised that the conditions precedent set out in the Initial Announcement have been fulfilled.

Pursuant to the fulfillment of the Conditions Precedent and the settlement of the acquisition consideration of USD 125 million, the PGM Consortium have subscribed for and been allotted 184,886,627 common shares in Platmin, equivalent to 62.36% of the total issued share capital of Platmin. In terms of the Investors and Subscription Agreement entered into between, inter alia, the PGM Consortium and the Bakgatla-Ba-Kgafela Tribe ("Bakgatla"), by no later than 31 March 2009, the PGM Consortium or the Bakgatla, through an entity jointly owned with the PGM Consortium, as the case may be, will subscribe for and be issued a further 73,529,411 Common Shares for an acquisition consideration of R500 million ("Bakgatla Subscription"). At which date, the PGM Consortium and Bakgatla shall in aggregate hold a 69.84% interest in Platmin.

At the date of this announcement PRGL had acquired an effective 16.12% interest in Platmin for an acquisition consideration of USD32.3 million. Pursuant to the Bakgatla Subscription, such interest is anticipated to decrease to 12.92%.

Mr. Brian P. Gilbertson and Mr. Arne H. Frandsen have been formally appointed as directors of Platmin. 

Guernsey

19 December 2008