ASX Announcement

1 March 2012

EXXARO HAS COMMENCED MAILING CHEQUES TO AFRICAN IRON SHAREHOLDERS AND LISTED OPTIONHOLDERS

African Iron Limited (ASX: AKI) ("African Iron" or "the Company") is pleased to announce that Exxaro has advised that it has commenced mailing cheques to African Iron shareholders and listed optionholders who have accepted the takeover offer in accordance with the following schedule:

A. SHAREHOLDERS AND LISTED OPTIONHOLDERS THAT ACCEPTED THE EXXARO OFFERS ON OR PRIOR TO 17 FEBRUARY 2012: