Highlights for the six months ended 28 February 2009

• Strategic investment in Miranda by Yakani
• Sesikhona Kliprand project moves into the production phase
• Developed and strengthened portfolio of coal assets in KwaZulu-Natal
• Updated CPR released on Amajuba and Uithoek projects
• Mining right applications submitted on Amajuba and Uithoek projects

Today, Miranda announced that for the six months ended 28 February 2009, the net asset value and net tangible asset value of the company amounted to R344.4 million and R25.8 million respectively (2008: R344.9 million and R28.0 million). This was equivalent to 139.2 cents per share (“cps”) and 10.4 cps (2008: 160.3 cps and 13.0 cps).

Operating expenses amounted to R11.2 million due to increased expenditure on most of its coal assets. The resultant net loss for the period was R10.4 million which included interest accrued from investments.

Miranda has accelerated the development of its KwaZulu-Natal coal asset base up the value chain. As a result the group attained further success in consolidating its coal interests with satisfying exploration results achieved through concentrated expenditure on key assets. By developing its targeted coal projects and considerable pipeline the group expects to yield positive cash flow results in the next 6 to 12 months. Miranda will produce high grade coking coal and anthracite, which means that the group’s coal projects will not be dependent on local Eskom demand fluctuations.

In November 2008, Yakani came on board as Miranda Mineral’s strategic and operational BEE partner, with an initial investment of a general issue of shares for cash for R17.2 million. Yakani has since increased its stake in Miranda to 34% by buying shares in the open market. Yakani comes on board as a BEE partner with strategic and operational expertise.

Miranda was granted its first mining license for their Sesikhona Kliprand Colliery (Pty) Ltd (“Sesikhona”) project in KwaZulu-Natal. This is the first in Miranda`s pipeline of coal projects to move into production phase. Miranda will maintain full operation of this project as it moves into production phase. The initial 5 year phase involves simple open-cast extraction.

Two mining right applications were submitted to the DME for the group’s Uithoek and Amajuba projects in KZN. The DME has accepted the application for Uithoek while the Amajuba project’s mining right application is currently under appeal. A second phase drilling program was successfully completed on Miranda Coal’s Amajuba project, the results of the exploration program, consisted of 23 new cored boreholes confirming a resource of approximately 38.1 million tonnes.

Miranda has decided to delay further large exploration spending in its other divisions until commodity market conditions improve. The group will continue to consider possible opportunistic-type acquisitions and/ or joint ventures with minimum cash requirements that provide a strategic fit with the Miranda business model, which is to build a pipeline of prospects and projects with different maturities. Acquisitions will be sought within its four existing divisions of coal, diamonds, precious metals and industrial minerals.

Commenting on the results, Wayne Ison noted, “We have made substantial inroads into developing and moving our KwaZulu-Natal coal assets up the value curve and preparing them for the production phase. This will deliver cash flows at from least one of our projects this year”.

For a detailed account of the numbers, please refer to the complete regulatory announcement issued on SENS

ENDS

ISSUED BY: FDBeachhead
Louise Brugman
(011) 214 2415/ 083 504 1186/ louise.brugman@fd.com

Senzi Dlamini
(011) 214 2420/ 073 494 0030

ON BEHALF OF: Miranda Minerals
Financial Director: Wayne Ison   
012 665 4200

Notes to editors
Miranda is a mineral exploration company that enters into a JV agreement with a potential mining partner to conduct exploration and feasibility on a particular resource (over which Miranda typically will hold a prospecting permit) with a view to upgrading its mineral status to that of either a measured resource, or a probable or proved reserve. On completion of the exploration program, the JV partner will have the exclusive right to mine the project and Miranda will earn a "JV fee" based on an ongoing turnover/ profit percentage or rand amount per ton mined by the JV mining partner.  

Yakani is a wholly-owned subsidiary of the Yakani Group (Pty) Ltd, and is a young and dynamic empowerment group of companies operating in Southern Africa.