Kenmare Resources : Update

31 March 2015

Kenmare Resources (LSE: KMR, ISE: KMR), one of the leading producers of titanium minerals, is pleased to announce that it agreed with its project lenders to extend the date for delivery of a budget for 2015 to 30 April 2015.

Kenmare, the project lenders and Absa Bank Limited ("Absa"), a member of Barclays, have made substantial progress towards agreeing the principal terms of a further financing amendment. This amendment remains subject to finalisation of terms, approval by each lender and their insurers and approval by the Irish Takeover Panel. The Company envisages that this deal will extend the maturity of the current facilities and substantially reduce fixed amortisation requirements in favour of a cash-sweep mechanism.

In conjunction with the financing amendment, project lenders are considering the provision of a new super-senior debt facility, which will rank ahead of existing debt, and may be drawn to service working capital and other requirements as necessary.

Kenmare is pleased to announce that grid power was restored to the Mine on 28 March 2015, following the recent flooding in northern Mozambique.

The Company will provide further details as soon as it is able.

For further information, please contact:

Kenmare Resources plc
Michael Carvill, Managing Director
Tel: [phone]
Mob: + 353 87 674 0110

Tony McCluskey, Financial Director
Tel: [phone]
Mob: + 353 87 674 0346

Jeremy Dibb, Corporate Development and Investor Relations Manager
Tel: [phone]
Mob: + 353 87 943 0367

Murray Consultants
Joe Heron
Tel: [phone]
Mob: [phone]

Buchanan
Bobby Morse / Gordon Poole
Tel: [phone]

The Directors of Kenmare accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise. The distribution of this announcement in jurisdictions outside Ireland or the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.

A person interested in 1% or more of any class of relevant securities of Kenmare or Iluka may have disclosure obligations under Rule 8.3 of the Irish Takeover Rules, effective from 26 June 2014, the date of the commencement of the offer period for Kenmare under the Irish Takeover Rules.