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Filing of Final Prospectus for initial public offering and announcement of TSX listing date of Non-South African Exploration Assets held through TEAL

7 November 2005

Johannesburg, 7 November 2005 – African Rainbow Minerals Limited (“ARM”) (JSE : ARI) today announced that TEAL Exploration & Mining Incorporated (“TEAL”) has filed a final prospectus with the securities regulatory authorities in each of the provinces and territories of Canada in connection with TEAL’s initial public offering of 17.8 million common shares at a price of C$2.25 per share.

The size of TEAL’s offering is approximately C$40 million. Closing of the offering is anticipated to occur on November 15, 2005. RBC Capital Markets was the sole book runner and colead manager, and Haywood Securities was colead manager, to the offering.

TEAL has granted to the underwriters an over allotment option to purchase up to 2.67 million additional common shares at C$2.25 per share, which is exercisable, in whole or in part, until 30 days after the closing of the offering. The Toronto Stock Exchange has conditionally approved the listing of TEAL common shares under the trading symbol “TL”.

Prior to the closing of the offering, TEAL will acquire all of the Non-South African mineral development and exploration portfolio of ARM, which will hold 35 million common shares in TEAL and will be a 66% shareholder on listing.

André Wilkens, CEO of ARM commented: “We are very pleased with the acceptances and support received from global institutions. ARM is excited about this significant step in its African growth strategy.”

“The proceeds from the IPO will be used to advance four mineral projects through feasibility and towards development, as well as exploration work to be performed on other highpriority targets,” commented Rick Menell, President and Chief Executive of TEAL.

The Executive Chairman of ARM, Patrice Motsepe, has been appointed Chairman of TEAL. Other ARM directors who will serve on the TEAL board are former President of Mozambique Joaquim Chissano, Michael King, André Wilkens and Frank Abbott.

TEAL is a mineral development and exploration company. TEAL is currently focused on its properties located in Zambia, Namibia and the Democratic Republic of Congo, and continues to seek other opportunities, mainly in southern and central Africa. Management has targeted four specific projects, the Konkola North, Mwambashi and Kalumines copper projects, as well as the Otjikoto gold project, each of which is being progressed towards feasibility and development decisions.

A copy of TEAL’s final prospectus will available at www.sedar.com

Further Notes:

Konkola North Copper Project – TEAL currently 100%

Located within the greater Konkola area of the Zambian Copperbelt, Konkola North has an identified inferred mineral resource of 78.8 million tonnes at a grade of 2.14% copper. This defined resource is contained within only the east and south limb areas of the project. Historic records and more recently drilled results relating to other areas of Konkola North indicate a further inferred mineral resource of approximately 107 million tonnes at grades of 2.30% and 63 million tonnes at grades of 3.88% copper. At the south limb, TEAL intends to focus initially on the development of a high-grade region of this vast deposit by reequipping the existing infrastructure, which includes a 423 metre vertical shaft, two ventilation shafts and three ore haulage levels. Konkola North is subject to a buying right of up to 20% (with a 5% carried interest) by ZCCM Investment Holdings plc, a company controlled by the Zambian Government.

Mwambashi Copper Project – TEAL 70%

Mwambashi is located on the Zambian Copperbelt and is held within TEAL’s Copperbelt Joint Venture Exploration Area, a joint venture with Korea Zinc Company, Limited. This project represents TEAL’s nearest to production prospect. An indicated mineral resource of approximately 8.6 million tonnes at 2.43% copper and 0.07% cobalt has been identified. TEAL is currently undertaking a feasibility study that it expects to finalize within six months. Following a positive outcome, TEAL could pursue open pit development with low capital requirements due to the likely availability of nearby processing facilities.

Otjikoto Gold Project and Otavi Exploration Area – TEAL 100%

Otjikoto is located within the Otavi Exploration Area in north central Namibia where TEAL made a new discovery of vein hosted gold mineralization. TEAL has undertaken resource estimation work at Otjikoto and an inferred mineral resource of approximately 870,000 ounces of gold has been defined to date at a grade of 1.06g/t. TEAL’s management believes the resource is open-ended and has the potential for the delineation of further resources. TEAL hopes to expand and upgrade the current resource base through further drilling and expects to undertake a feasibility study within 36 months.

Kalumines CopperCobalt Project – TEAL 60%

Situated in the Democratic Republic of Congo, in close proximity to Lubumbashi, Kalumines is a joint venture with La Générale des Carrières et des Mines (“Gécamines”). The project area hosts four near surface areas of copper mineralization that TEAL believes may be exploitable using open-pit mining techniques. Previous owners undertook drilling, trenching and pitting and copper and cobalt mineralization was identified over a strike length of 3 kilometers. TEAL has agreed with Gécamines to complete a feasibility study on the project by May 2007. Two primary areas of interest within the Kalumines area, Lupoto and Kasonta, contain historical inferred mineral resources of 6.7 million tonnes and 1.5 million tonnes, respectively. Lupoto contains grades of approximately 3.13% copper, while Kasonta is grading 5.18% copper.

For more information please contact:

Pieter Rörich
Executive: Corporate Development
Office: +27 11 779 1300
Mobile: +27 82 570 5064
pieter.rorich@arm.co.za

Corné Bobbert
Corporate Development
Office: +27 11 779 1478
Mobile: +27 83 380 6614
corne.bobbert@arm.co.za

Forward-Looking Information:

Statements contained in this news release that are not historical facts are forward-looking statements that involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although TEAL believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this press release. TEAL disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, which may be made in a province or territory of Canada only after the time a receipt for the final prospectus or other authorization is obtained from the applicable provincial or territorial securities regulatory authority, nor shall there be any sale or any acceptance of an offer to buy the common shares in any state, province or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under securities laws of any such state, province or other jurisdiction. The common shares of TEAL have not been, and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered in the United States absent registration or an application for exemption from the registration requirements of U.S. securities laws.

Investor Relations

Jongisa Magagula
Executive Director: Investor Relations and New Business Development

Telephone: +27 (0) 11 779 1300
E-mail: jongisa.magagula@arm.co.za



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