ANSHAN IRON & STEEL GROUP CORPORATION (ANSTEEL)

Gindalbie Metals Limited advise that the Chinese Government has given its formal approval for the company’s previously announced $162.06 million share placement to its joint venture partner, the leading Chinese steel and iron ore company Ansteel. Following receipt of Foreign Investment Review Board (FIRB) approval in May, the Chinese Government approval is the final remaining condition required for Gindalbie to complete the allotment of 190,658,824 shares to Angang Group Hong Kong (Holdings) Limited or its nominee at a price of A$0.85 per share. Once the share placement is completed, AnSteel and Gindalbie will be able to make the final equity contributions, of A$143.68 million each, to complete the entire A$534 million equity component of the funding package for the Karara Iron Ore Project. Gindalbie and AnSteel will be working to complete the placement procedures within the next seven days.