ANNOUNCES THE APPOINTMENT OF ITS NEW CHIEF EXECUTIVE OFFICER

Johannesburg, 24 February 2009 - Metorex Limited the diversified mining group listed on the JSE, is pleased to announce that Mr. Terence Philip Goodlace has been appointed as Chief Executive and Director on the Board with effect from 2nd March 2009. His role will focus on core operations across the company’s base metals, precious metals and industrial minerals structure, as well as new project development and investor relations. Terence was most recently Group Chief Operating Officer at Goldfields overseeing a workforce of some 60,000 employees across nine mining operations including deep level and open pit operations. He has extensive experience in general management, production, strategy and corporate finance.

Chairman of the Board, Mr Rob Still said; "We welcome Terence on board to lead the company in his new designation as Chief Executive. He brings a wealth and diversity of experience to the position and his expertise on the ground and 'turn-around' experience will help us realise the company's enormous potential. The Board whole heartedly supports his appointment and we look forward to an exciting future under his leadership."

Charles Needham will remain an executive director and Managing Director of Metorex Ltd with specific responsibilities for corporate affairs, including government and stakeholder relationship management, corporate governance and responsibility for subsidiary board affairs, human resources and project development.

Still added; "We operate in some of the most dynamic regions in Africa which require extensive relationship management skills, dedication and operational excellence. Charles has established significant momentum in the DRC and we look forward to his continued support. Our priority remains to complete the commissioning and production ramp up at our Ruashi II operation. "

The group's refocus strategy means that it has prioritised the commissioning and ramp-up of its Ruashi II operations and the reduction of group debt by means of the sale of non-core assets and other corporate transactions, while maintaining profitability and cash flow from core operations.

For further enquiries please contact:
Metorex        Rob Still             Tel: 011 438 4100
College Hill  Jacques de Bie  Tel: 011 447 3030

Notes to Editors:

Mr Goodlace has extensive experience including;

• From 1977 to 1998 he worked at Kinross and Evander Gold Mines in various roles. He left as General Manager and Head of Operations when Gencor sold their mines to Goldfields.
• For the past ten years he remained with Gold Fields first as Senior Manager in Corporate Finance and then as Senior Vice President and Head of Strategic Planning. After several more years experience abroad in Australia and South America, Mr. Goodlace was Executive Vice President and Head of South African Operations in 2007/8. His experience was focused on capital initiatives including the South Deep phase 1 project for close to half a billion US Dollars.
• In 2008 Mr Goodlace was Group Chief Operating Officer for a Goldfields portfolio comprising 9 operations producing some 4 million ounces of gold per annum with a combined workforce of 60,000 employees. The operations comprise 4 deep level mines in South Africa, two operations in Western Australia which comprise both open pit and underground mining and two mines in Ghana which are open pit operations. Additionally, the Cerro Corona mine which is an open pit copper gold porphyry operation in Peru.

Educational Background

• National Diploma - Metalliferous Mining, (Witwatersrand Technikon)                      1984/85
• Mine Managers Certificate of Competency (Metalliferous Mining)                           1988
• Bachelor of Commerce (UNISA) - with Distinctions                                                 1994
• Programme for Management Development (University of Cape Town)                   1995
• Master of Business Administration (MBA University of Wales) - with Distinctions  2000

Memberships

• Member of the Mine Rescue team                                                                             1989
• Member of the Gold Fields Executive Committee                                                       2007
• Member of the Gold Fields Board and Executive Committee                                     2008

Metorex Mining

Metorex is a mid-cap, multi commodity mining group with quality assets and extensive operating experience in sub-Saharan Africa. The company's DRC title review process was finalised this month, providing certainty on operational arrangements with authorities in the strategic South East area of the copper belt.

Metorex presents an investment case for increased exposure to mineral rich DRC/Zambian opportunities and risk diversification through its multi-commodity portfolio. It is one of the only
South African listed copper cobalt producers in both Zambia and the DRC and was recently re-capitalised through successful refinancing.