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Update regarding the proposed unbundling of Pioneer Coal (Proprietary) Limited

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18 Nov 2010

SACOIL HOLDINGS LIMITED

(Formerly SA Mineral Resources Corporation Limited)

(Incorporated in the Republic of South Africa)

(Registration number 1993/000460/06)

Share code: SCL and ISIN: ZAE000127460

("SacOil")

Update regarding the proposed unbundling of Pioneer Coal (Proprietary) Limited

SacOil shareholders are referred to the detailed announcements relating to the proposed unbundling of Pioneer Coal (Proprietary) Limited ("Pioneer Coal") dated 15 December 2008 and 25 March 2009 and are advised that the unbundling will not proceed on the basis as detailed in these announcements. However, Pioneer Coal is currently seeking coal exploration assets and once it makes a suitable acquisition, it is intended that such shares will be distributed to SacOil`s shareholders by way of an unbundling.

 

Midrand

18 November 2010

 

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