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Industrial Minerals Corp Ltd & Niemcor Africa Pty Ltd	Update Date: 10/16/08
Date Announced: 10/09/08
Value (million $USD): 19.1 million U.S. Dollar 28.0 million Australian Dollar

Status: Pending

TRANSACTION DETAILS
Date Announced	10/09/08
Date Originally Announced	10/09/08
Format	Acq. Part. Int.	Acquisition techniques	Privately Negotiated Purc
Attitude	Neutral	Agency	n/a
Value	19.1 million U.S. Dollar 28.0 million Australian Dollar	Advisor Fees	n/a

SYNOPSIS

AUSTRALIA - Niemcor Africa Pty Ltd agreed to acquire a 42.2% stake, or 70 mil ordinary shares, in Industrial Minerals Corp Ltd, a mineral mining company, from Resource Finance & Investment Ltd, for 0.4 Australian dollar (2.551 South African rand/$0.274 US) per share, or a total value of A$28 mil (178.566 mil rand/$19.149 mil), in a privately negotiated transaction. The transaction was subject to shareholder approval.

TARGET
Name	Industrial Minerals Corp Ltd (Australia : IDM)
Industries	Miscellaneous nonmetallic minerals, except fuels; Miscellaneous metal ores, nec; Iron ores; Clay, ceramic, and refractory minerals, nec
City	West Perth,Western Australia
State	n/a
Nation	Australia
Incorporated in	n/a
Public Status	Public
Business Description	Industrial Minerals Corp Ltd, headquartered in Western Australia, is a mineral mining company. It explores for chromite, garnet, zircon, ilmenite, magnetite, kyanite and stauorlite in several ancient mineral sands deposits in the United States of America.
Advisors	NULL
Target Sales	n/a

ACQUIROR
Name	Niemcor Africa Pty Ltd
Industries	Miscellaneous nonmetallic minerals, except fuels; Coal and other minerals and ores
City	Northriding
State	n/a
Nation	South Africa
Incorporated in	n/a
Public Status	Private
Business Description	Niemcor Africa Pty Ltd, located in South Africa, is a mineral mining company. It also wholesales manganese, iron and coal. The company was founded in 2002.
Advisors	NULL
Acquiror Sales	n/a

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