MTX
MEMTX                                                                           
MTX - Metorex Completes The Sale Of Phoenix Platinum (Pty) Limited ("Phoenix")  
METOREX LIMITED                                                                 
(Incorporated in the Republic of South Africa)                                  
(Registration number 1934/005478/06)                                            
Share code: MTX                                                                 
ISIN: ZAE000022745                                                              
("Metorex" or "the Company")                                                    
Metorex completes the sale of Phoenix Platinum (Pty) Limited ("Phoenix")        
21 May 2009 -- Metorex, the diversified mining group listed on the JSE Limited, 
today announced that in accordance with its stated strategy of non-core asset   
disposals, it has completed the sale of Phoenix to Pan African Resources Plc    
("PAR") for an overall cash consideration to the amount of R71,3 million.       
Metorex is progressing with its drive to dispose of certain assets within its   
portfolio.  The objective is to generate sufficient liquidity for purposes of   
its near-term debt commitments whilst funding the Ruashi project during its     
ongoing build-up phase.  Further announcements will be made as and when         
respective disposals are concluded.                                             
Chief Executive Officer Terence Goodlace said; "Metorex continues to advance its
asset disposal strategy while remaining keenly focused on the Ruashi project and
ramping up our copper and cobalt production.  This sale is one of several       
fundamental steps in our strategy, as we build momentum in turning the Company  
around."                                                                        
PAR accelerated its four-month option after detailed sampling indicated that    
grades were as expected from an earlier pre-feasibility study conducted by      
Metorex. All the conditions for this transaction have been met.                 
Further Cautionary Announcement                                                 
Metorex shareholders are advised that the Company remains involved in           
negotiations which may have an effect on the price of the Company`s securities. 
Accordingly, shareholders should continue to exercise caution when dealing in   
their Metorex securities until a further announcement is made.                  
For further enquiries please contact:                                           
Metorex             CEO, Terence Goodlace    Tel: 011 880 3155                  
                   CFO, Maritz Smith                                            
College Hill        Jacques de Bie           Tel: 011 447 3030                  
                   Hayley Crane                                                 
Johannesburg                                                                    
21 May 2009                                                                     
Corporate Advisor and Sponsor: Barnard Jacobs Mellet Corporate                  
                                  Finance (Pty) Limited                         
Date: 21/05/2009 09:29:02 Produced by the JSE SENS Department.                  
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