---

CIS/ANGL6-CS8 1004JL 28.03.08



SALE OF RIGHTS AGREEMENT





amongst





RUSTENBURG PLATINUM MINES LIMITED





PLATEAU RESOURCES (PROPRIETARY) LIMITED





and





RICHTRAU NO. 207 (PROPRIETARY) LIMITED

(To be renamed Kwanda Platinum Mine (Proprietary) Limited)



---

CIS/ANGL6-CS8 1004(MU3)JL 14/03/2008

TABLE OFCONTENTS


|1.  | PARTIES                                                 | 1 
|--- | ------------------------------------------------------- | --
|    |                                                         |   
|2.  | INTERPRETATION                                          | 1 
|    |                                                         |   
|3.  | INTRODUCTION                                            | 8 
|    |                                                         |   
|4.  | CONVERSION,
      AMENDMENT AND CONSENTS TO CEDE RIGHTS | 9 
|    |                                                         |   
|5.  | SALE
      OF RIGHTS                                    | 11
|    |                                                         |   
|6.  | SUSPENSIVE
      CONDITIONS                             | 11
|    |                                                         |   
|7.  | PURCHASE
      PRICE OF SALE ASSETS                     | 12
|    |                                                         |   
|8.  | PAYMENT
      OF THE PURCHASE PRICE                     | 12
|    |                                                         |   
|9.  | DELIVERY
      OF SALE ASSETS                           | 14
|    |                                                         |   
|10. | INTERIM
      PERIOD                                    | 14
|    |                                                         |   
|11. | BREACH                                                  | 15
|    |                                                         |   
|12. | ARBITRATION                                             | 16
|    |                                                         |   
|13. | DOMICILIUM                                              | 16
|    |                                                         |   
|14. | COSTS                                                   | 18
|    |                                                         |   
|15. | VALUE-ADDED
      TAX                                   | 18
|    |                                                         |   
|16. | GENERAL                                                 | 18



|SCHEDULE
      A: | PROSPECTING
      RIGHTS
|----------------- | ------------------------



---

CIS/ANGL6-CS8 1004(MU3)JL 14/03/2008

SALE OF RIGHTS AGREEMENT

|1. | PARTIES
|-- | -------

|1.1 | PLATEAU RESOURCES (PROPRIETARY)
    LIMITED
|--- | -------------------------------------------
|    |                                            
|1.2 | RUSTENBURG PLATINUM MINES LIMITED          
|    |                                            
|1.3 | RICHTRAU NO. 207 (PROPRIETARY)
    LIMITED 

|2. | INTERPRETATION
|-- | --------------

|2.1 | The headnotes to the clauses of this agreement are
      inserted for reference purposes only and shall in no way govern or affect
      the interpretation hereof.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                    
|2.2 | Unless inconsistent with the context, the expressions set
      forth below shall bear the following meanings:                                                     

| | this Agreement | this sale of rights agreement together with the schedules
      thereto  
| | ---------------- | -------------------------------------------------------------------------
| |                  |                                                                          
| | Closing Date   | the Closing Date defined in the Phase 3 Implementation
      Agreement   
| |                  |                                                                          
| | Effective Date | the date of the fulfilment of the suspensive conditions
      in clause 6
| |                  |                                                                          
| | Income Tax Act | the Income Tax Act, No 58 of 1962                                        



---

|CIS/ANGL6-CS8
|-------------
|1004(MU3)JL  
|14/03/2008   
|Page 2       

| | JV Agreement   | the notarial joint venture agreement concluded between,
      inter alia, Plateau and RPM on 16 May 2002 as amended, regulating their
      rights, interests, entitlements and obligations in respect of the Kwanda
      Project and all schedules or annexes thereto and any agreements entered
      into between RPM and Plateau in relation thereto (save for this Agreement)
| | ---------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                  |                                                                                                                                                                                                                                                                                                                                                                                    
| | Joint Venture  | the joint venture in respect of the Kwanda Project
      established by and between Plateau and RPM in terms of the JV Agreement                                                                                                                                                                                                                                                   
| |                  |                                                                                                                                                                                                                                                                                                                                                                                    
| | Kwanda         | Richtrau No. 207 (Proprietary) Limited (No.
      2008/003368/07), a company incorporated in accordance with the company
      laws of the Republic of South Africa                                                                                                                                                                                                                
| |                  |                                                                                                                                                                                                                                                                                                                                                                                    
| | Kwanda Project | the prospecting and exploration for, mining and
      commercial exploitation of, PGMs in, on or under the Project Area and all
      matters relating or ancillary thereto, as more fully described in the JV
      Agreement                                                                                                                                                     
| |                  |                                                                                                                                                                                                                                                                                                                                                                                    
| | Minister       | the Minister of Minerals and Energy                                                                                                                                                                                                                                                                                                                                                



---

| | Ministerial Consent                    | the consent of the Minister contemplated in section 11(1)
      of the MPRDA                                                                                                                                                                                                                                                                                
| | ---------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                          |                                                                                                                                                                                                                                                                                                                                                             
| | MPRDA                                  | the Mineral and Petroleum Resources Development Act, 2002
      (Act 28 of 2002)                                                                                                                                                                                                                                                                            
| |                                          |                                                                                                                                                                                                                                                                                                                                                             
| | MPTRO                                  | the Mineral and Petroleum Titles Registration Office                                                                                                                                                                                                                                                                                                        
| |                                          |                                                                                                                                                                                                                                                                                                                                                             
| | Ordinary Shares                        | ordinary shares in the issued share capital of Kwanda, as
      constituted from time to time                                                                                                                                                                                                                                                               
| |                                          |                                                                                                                                                                                                                                                                                                                                                             
| | Parties                                | RPM, Plateau and Kwanda                                                                                                                                                                                                                                                                                                                                     
| |                                          |                                                                                                                                                                                                                                                                                                                                                             
| | PGMs                                   | platinum, palladium, rhodium, ruthenium, iridium and
      osmium and the metals and minerals mineralogically associated therewith,
      including but not limited to gold, silver, copper, nickel, chrome and
      cobalt, together with any such metals and minerals which may be extracted
      from the normal mining of the first mentioned minerals
| |                                          |                                                                                                                                                                                                                                                                                                                                                             
| | Phase 3 Implementation
      Agreement | the Phase 3 Implementation Agreement entered or to be
      entered into amongst RPM, Plateau and Richtrau No. 179 (Proprietary)
      Limited                                                                                                                                                                                                              



---

Plateau
    Plateau Resources (Proprietary) Limited (No.
      1996/013879/07), a private company incorporated according to the company
      laws of the Republic of South AfricaProject Area
    the areas covered by the Prospecting Rights and any other
      areas which may from time to time be encompassed by prospecting rights
      and/or mining rights issued to or held by KwandaProject Information
    all and any information of whatever nature, documents,
      books, records, maps, assays, reports, papers, tapes, disks, models and
      the like in respect of, relating to and/or in connection with the Project
      Area in the possession or under the control of Plateau as at the Effective
      Date, including (without limitation) all geological, geophysical,
      geochemical and geostatistical information pertaining thereto which may
      have been obtained, developed or acquired by it in respect of the Project
      AreaProspecting Rights
    the prospecting rights set out in Schedule B which have
      been granted in terms of Item 6 of


---

Schedule II to the MPRDA to RPM and Plateau as to 50%
      (FIFTY PERCENT) undivided shares eachRPM
    Rustenburg Platinum Mines Limited (No. 1931/003380/06), a
      public company incorporated in accordance with the company laws of the
      Republic of South AfricaSale Assets
    collectively, the Prospecting Rights and the Project
      InformationSale of Shares
      Agreements
    the sale of shares agreements entered or to be entered
      into between, inter alia, the Parties for the sale by RPM and Plateau of
      their shareholding in Kwanda to Richtrau No. 179 (Proprietary) LimitedSignature Date
    the date of last signature of this AgreementTransitional
      Arrangements
    the transitional arrangements set out in Schedule II of
      the MPRDA providing for the conversion of old order mineral rights to
      prospecting rights and/or mining rights (as defined in the MPRDA), as the
      case may be.


|2.3 | If any provision in a definition is a substantive
      provision conferring rights or imposing obligations on any Party,
      notwithstanding that it is only in the
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

|    | definition clause, effect shall be given to it as if it
      were a substantive provision of this Agreement.                                                                                                                                 
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                               
|2.4 | Unless inconsistent with the context, an expression which
      denotes any gender includes the other genders; a natural person includes
      an artificial person and vice versa; and the singular includes the plural
      and vice versa.
|    |                                                                                                                                                                                                                                               
|2.5 | Unless inconsistent with the context or save where the
      contrary is expressly indicated:                                                                                                                                                 

|2.5.1 | if any provision in a definition is a substantive
      provision conferring rights or imposing obligations on any Party,
      notwithstanding that it appears only in this interpretation clause, effect
      shall be given to it as if it were a substantive provision of this
      Agreement;                                                                                                                                                                            
|----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|2.5.2 | a reference to "days" shall be construed as calendar days
      unless qualified by the word "business", in which instance a "business
      day" shall be any day other than a Saturday, Sunday or official public
      holiday in the Republic of South Africa. Any reference to "business hours"
      shall be construed as being the hours between 08h30 and 17h00 on any
      business day. Any reference to time shall be based upon South African
      Standard Time;
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|2.5.3 | when any number of days is prescribed in this Agreement,
      same shall be reckoned exclusively of the first and inclusively of the
      last day unless the last day falls on a day which is not a business day,
      in which case the last day shall be the next succeeding business
    day;                                                                                                                                                                            



---

|2.5.4 | in the event that the day for payment of any amount due
      in terms of this Agreement should fall on a day which is not a business
      day, the relevant day for payment shall be the subsequent business
    day;                                                                                                            
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                    
|2.5.5 | in the event that the day for performance of any
      obligation to be performed in terms of this Agreement should fall on a day
      which is not a business day, the relevant day for performance shall be the
      subsequent business day;                                                                                  
|      |                                                                                                                                                                                                                                                                                                                                    
|2.5.6 | any reference in this Agreement to an enactment is to
      that enactment as at the Signature Date and as amended or re-enacted from
      time to time;                                                                                                                                                                          
|      |                                                                                                                                                                                                                                                                                                                                    
|2.5.7 | any reference in this Agreement to this Agreement or to
      any other agreement or document shall be construed as a reference to this
      Agreement or (as the case may be) such other agreement or document, as the
      same may have been, or may from time to time be, amended, varied, novated
      or supplemented; and
|      |                                                                                                                                                                                                                                                                                                                                    
|2.5.8 | no provision of this Agreement constitutes a stipulation
      for the benefit of any person who is not a party to this
  Agreement.                                                                                                                                                                                               

|2.6 | The use of the word "including" followed by a specific
      example shall not be construed as limiting the meaning of the general
      wording preceding it and the eiusdem generisrule shall not be
      applied in the interpretation of such general wording or such specific
      example.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

|2.7  | The expiration or termination of this Agreement shall not
      affect such of the provisions of this Agreement as expressly provide that
      they will operate after any such expiration or termination or which of
      necessity must continue to have effect after such expiration or
      termination, notwithstanding that the clauses themselves do not expressly
      provide for this.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                     
|2.8  | The rule of construction that, in the event of ambiguity,
      the contract shall be interpreted against the party responsible for the
      drafting or preparation of this Agreement, shall not apply.                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                     
|2.9  | The schedules to this Agreement form an integral part
      hereof and words and expressions defined in this Agreement shall bear,
      unless the context otherwise requires, the same meaning in such
      schedules.                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                     
|2.10 | Any defined terms used herein not separately defined in
      clause 2.2 shall bear the meaning assigned thereto in the JV
    Agreement.                                                                                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                     
|2.11 | Any reference in this Agreement to this Agreement or to
      any other agreement shall be construed as a reference to this Agreement or
      such other agreement, as the case may have been, or may from time to time
      be amended, varied or novated.                                                                                                                                       

|3. | INTRODUCTION
|-- | ------------

|3.1 | RPM and Plateau have until the Signature Date conducted
      the Joint Venture in respect of the Kwanda Project pursuant to and in
      terms of the JV Agreement.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

|3.2 | The JV Agreement contemplated that RPM and Plateau would
      in due course incorporate their respective rights and entitlements in
      respect of the Joint Venture into a private limited liability company in
      order, amongst others, to allow for the future commercial exploitation of
      the Kwanda Project.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                              
|3.3 | Plateau and RPM have resolved to proceed with the
      restructuring of their respective interests in the Kwanda Project through
      a private limited liability company, Kwanda, on the terms and conditions
      set out in this Agreement and then to terminate the JV
Agreement.                                     
|    |                                                                                                                                                                                                                                                                                                                              
|3.4 | As at the Signature Date each of RPM and Plateau hold 50
      (FIFTY) ordinary shares in Kwanda and have appointed one director each to
      the Board of Directors of Kwanda.                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                              
|3.5 | The Parties wish to record their agreement in
    writing.                                                                                                                                                                                                                                                                   

|4. | CONVERSION, AMENDMENT AND CONSENTS TO CEDE
      RIGHTS
|-- | -------------------------------------------------------

|4.1 | Without limiting the generality of the foregoing and/or
      the further provisions of this clause 4, in order to expedite the
      incorporation of the Kwanda Project on the basis contemplated in this
      Agreement and to procure the cession to Kwanda of the Prospecting Rights
      in respect of the entire Project Area, Plateau and RPM shall as soon as
      possible after the Signature Date, submit an application for Ministerial
      Consent to the sales referred to in clause 5 and to the cessions of the
      Prospecting Rights to Kwanda.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

|4.2 | If the application for Ministerial Consent to cede the
      Prospecting Rights to Kwanda shall be refused, the Parties shall
      immediately consult with each other in utmost good faith, with a view to
      agreeing and thereafter promptly taking, individually and/or jointly as
      necessary, all such reasonable legal or other steps as they may be advised
      (and which are acceptable to them, acting reasonably) in order to procure
      the lawful and valid cession to Kwanda of an undivided 100% (ONE HUNDRED
      PERCENT) share of the Prospecting Rights in respect of the Project Area,
      on a basis which will not unduly prejudice any of the rights or interests
      of either Plateau or RPM in respect of the Kwanda Project as contemplated
      in the JV Agreement. The Parties recognise that, in such event, such steps
      may include (but are not limited to) the further pursuit by RPM and/or
      Plateau of all and any legal rights or remedies available to it and/or
      them relating to the application referred to in clause 4.1 (including an
      application in terms of s103(4)(b) of the MPRDA and/or the institution of
      review proceedings), it being further agreed that, in such case, the
      Parties shall co-operate fully with and assist each other to prosecute to
      their final end and determination all such administrative, legal, appeal
      and/or review proceedings as may, in the written opinion of senior legal
      counsel appointed by the Parties, be available to them in order to achieve
      their common objective of indirectly vesting in the ultimate shareholders
      of Kwanda, all right, title and interest in and to an undivided 100% share
      of the Prospecting Rights in respect of the Project Area.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|4.3 | Should the steps envisaged in clause 4.2 fail to vest in
      Kwanda title to the Prospecting Rights the Parties shall negotiate in good
      faith alternative                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             



---

structures to place them in
substantially the same commercial position as if the Prospecting Rights had been
ceded to Kwanda.

|5. | SALE OF RIGHTS                               
|-- | ---------------------------------------------
|   |                                              
|   | On and with effect from the Effective
  Date:

|5.1 | Plateau sells, cedes and makes over to Kwanda, which
      hereby purchases and accepts cession of, its undivided 50% (FIFTY PERCENT)
      share of the Prospecting Rights, and its undivided 50% (FIFTY PERCENT)
      share of the Project Information;
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                           
|5.2 | RPM sells, cedes and makes over to Kwanda, which hereby
      purchases and accepts cession of, its undivided 50% (FIFTY PERCENT) share
      of the Prospecting Rights;                                                                                  

|   | subject to the terms and conditions set out in this
      Agreement, it being expressly agreed that to the extent legally necessary
      to implement the Parties intentions as recorded herein the sales in
      clause 5.1 and 5.2 shall constitute one indivisible transaction.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                      
|6. | SUSPENSIVE
CONDITIONS                                                                                                                                                                                                                                                                

|6.1 | This entire Agreement, save for this clause 6 and clauses
      1 to 4.1 (both inclusive) and 11 to 16 (both inclusive) is suspensive
      upon:
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------

|6.1.1 | Kwanda being registered for value-added tax in terms of
      the Value Added Tax Act 1991;
|----- | -------------------------------------------------------------------------------------------



---

|6.1.2 | the Ministerial Consent in respect of all the
      applications referred to in clause 4 being received in writing by any 1
      (ONE) or more of the Parties;                   
|----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                   
|6.1.3 | the Phase 3 Implementation Agreement becoming
      unconditional in accordance with its terms, save insofar as it may be
      conditional on this Agreement being
unconditional.

|6.2 | Should the suspensive conditions not be fulfilled by the
      last date for the fulfilment of the conditions precedent to the Phase 3
      Implementation Agreement, this Agreement shall lapse and cease to be of
      any further force or effect.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|7. | PURCHASE PRICE OF SALE ASSETS                                                                                                   
|-- | --------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                 
|   | Kwanda shall pay to, respectively, RPM and Plateau, the
      following purchase considerations in respect of the Sale
  Assets:

|7.1 | to Plateau, the sum of R15 000 000 (FIFTEEN MILLION
      RAND); and
|--- | --------------------------------------------------------------------
|    |                                                                     
|7.2 | to RPM, the sum of R15 000 000 (FIFTEEN MILLION
    RAND).          

|8. | PAYMENT OF THE PURCHASE PRICE                                                                     
|-- | --------------------------------------------------------------------------------------------------
|   |                                                                                                   
|   | The purchase consideration in respect of the Sale Assets
      shall be paid by Kwanda as follows:

|8.1 | on the Closing Date:
|--- | --------------------



---

|8.1.1 | Kwanda shall discharge its obligation to pay to Plateau
      the purchase consideration payable in respect of its 50% (FIFTY PERCENT)
      of the Prospecting Rights and its interest in the Project Information, by
      the allotment and issue to Plateau, at an issue price (inclusive of share
      premium thereon) of R15 000 000 (FIFTEEN MILLION RAND) in aggregate, of 50
      (FIFTY) Ordinary Shares of R1 (ONE RAND) each, credited as fully paid-up,
      in the issued share capital of Kwanda;
|----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|8.1.2 | Kwanda shall discharge its obligation to pay to RPM the
      portion of the purchase consideration payable in respect of its 50% (FIFTY
      PERCENT) of the Prospecting Rights, by the allotment and issue to RPM, at
      an issue price (inclusive of share premium thereon) of R15 000 000
      (FIFTEEN MILLION RAND) in aggregate, of 50 (FIFTY) Ordinary Shares of R1
      (ONE RAND) each, credited as fully paid-up, in the issued share capital of
      Kwanda; and                                 
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|8.1.3 | any value-added tax payable by Kwanda in respect of any
      of the Sale Assets shall be owed by Kwanda on loan account to Plateau or
      RPM, pending receipt by Kwanda of any value-added tax refund arising
      therefrom, which loan account claims shall be repaid by Kwanda to Plateau
      or RPM, as the case may be, forthwith upon receipt by it of the refund
      concerned, and                                                                                                                 

|8.2 | each of Plateau and RPM hereby elect that the sale to
      Kwanda of, respectively, the Sale Assets, or any part thereof, shall
      constitute a company formation transaction within the meaning of section
      42 of the Income Tax Act, and Kwanda hereby concurs with such election
      and
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

pursuant thereto undertakes, to do all
such things, take all such steps and execute all such documents as Plateau
and/or RPM may reasonably require in order to give effect thereto.

|9. | DELIVERY OF SALE
ASSETS
|-- | -----------------------

|9.1 | Against compliance by Kwanda with its obligations in
      terms of clause 8.1, Plateau and RPM shall cede and deliver to Kwanda the
      Prospecting Rights for which purpose delivery thereof shall be evidenced
      by way of the lodgement thereof in the MPTRO for registration of transfer
      to Kwanda, together with Ministerial Consent to the cession and transfer
      thereof to Kwanda. The Parties shall co-operate in all reasonable respects
      in relation to procuring the registration by the MPTRO in the name of
      Kwanda of the Prospecting Rights, and all requisite regulatory consents
      relating thereto, as expeditiously as possible after the Closing
    Date.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|9.2 | Against compliance by Kwanda with the provisions of
      clauses 8.1.1 and 8.1.2, Plateau shall deliver to Kwanda the Project
      Information by arranging for Kwanda to take delivery
  thereof.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

|10. | INTERIM PERIOD
|--- | --------------

|10.1 | Plateau and RPM each warrant and undertake in favour of
      the other of them and Kwanda, and Kwanda hereby reciprocally warrants and
      undertakes in favour of each of Plateau and RPM, that it shall (insofar as
      it is legally able to) procure that, between the Signature Date and the
      Effective Date, the Kwanda Project will be carried on in substantially the
      usual and ordinary course on the same basis as it was being
    conducted
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

|     | immediately prior to the Signature Date, and otherwise in
      compliance with the provisions of the JV Agreement, which JV Agreement
      shall terminate on the Effective Date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|10.2 | Between the Effective Date and the date of registration
      of cession of the Prospecting Rights in the name of Kwanda in the MPTRO,
      Plateau and RPM hereby appoint Kwanda as an independent contractor to
      conduct prospecting operations for and on behalf of RPM and Plateau from
      the Effective Date to the date of registration of cession of the
      Prospecting Rights to Kwanda in the MPTRO, to the extent that the Parties
      deem it necessary to conduct such prospecting operations; provided that
      RPM and Plateau shall reimburse Kwanda (pro rata to their indirect
      shareholding in Kwanda) for the costs of conducting such activities and
      RPM and Plateau shall pass ownership of the information and data collected
      to Kwanda on the date of registration of cession of the Prospecting Rights
      in the name of Kwanda in the MPTRO.

|11. | BREACH                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    | Should any Party ("the Defaulting Party") commit a breach
      of any of the provisions hereof, then any of the other Parties ("the
      Aggrieved Party") shall, if it wishes to enforce its rights hereunder, be
      obliged to give the Defaulting Party 14 (FOURTEEN) days written notice to
      remedy the breach. If the Defaulting Party fails to comply with such
      notice, the Aggrieved Party shall be entitled only to claim immediate
      payment and/or performance by the Defaulting Party of all of the
      Defaulting Party's obligations whether or not the due date for payment
      and/or



---

|    | performance shall have arrived, in either event without
      prejudice to the Aggrieved Party's rights only to claim damages.                                                                                                                                                                                                                                                                                                                                       
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|12. | ARBITRATION                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | Any dispute (whether contractual or delictual) between
      the Parties in regard to the interpretation of; the effect of; the
      Parties respective rights and obligations under; a breach of or any other
      matter arising out of; this Agreement shall be decided in accordance with
      the dispute resolution provisions set out in clause 17 of the JV
      Agreement, all of which are deemed to have been specifically incorporated
      herein.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|13. | DOMICILIUM                                                                                                                                                                                                                                                                                                                                                                                                                                                           

|13.1 | The Parties hereto choose domicilia citandi et executandi
      for all purposes of and in connection with this agreement as
    follows:
|---- | -----------------------------------------------------------------------------------------------------------------------------------------

Name
    Physical Address
    TelefaxPlateau
    82 Grayston Drive
    +27-11-883 0836SandtonJohannesburg2146


Marked for the attention of: The Chief
Financial Officer

Name
    Physical Address
    TelefaxRPM and Kwanda
    55 Marshall Street
    +27-11- 373-5111Johannesburg2001


Marked for the attention of: The Company
  Secretary



---

|13.2 | Any Party hereto shall be entitled to change its
      domicilium from time to time, provided that any new domicilium selected by
      it shall be an address other than a box number, and any such change shall
      only be effective upon receipt of notice in writing by the other Party of
      such change.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                     
|13.3 | All notices, demands, communications or payments intended
      for a Party shall be made or given at such Party's domicilium for the time
      being.                                                                                                                                                             
|     |                                                                                                                                                                                                                                                                                                                     
|13.4 | A notice sent by one Party to another Party shall be
      deemed to be received:                                                                                                                                                                                                                                   

|13.4.1 | on the same day, if delivered by hand;                                                                                                                                                                                                                                                                        
|------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                               
|13.4.2 | on the same day of transmission if sent by telefax, with
      receipt received confirming completion of transmission, provided that the
      original of the notice shall, after such transmission, be posted by
      prepaid registered mail to the Party to whom such notice shall have been
      given;
|       |                                                                                                                                                                                                                                                                                                               
|13.4.3 | on the 5th(FIFTH) day after despatch, if sent
      by prepaid courier.                                                                                                                                                                                                                                       

|13.5 | Notwithstanding anything to the contrary herein contained
      a written notice or communication actually received by a party shall be an
      adequate written notice or communication to it notwithstanding that it was
      not sent to or delivered at its chosen domicilium citandi et
      executandi.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

|14. | COSTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    | Each of the Parties shall bear its own costs of and
      incidental to the negotiation, preparation and execution of this
      Agreement. Kwanda shall bear the costs of registration of the Sale Assets
      into its name, together with the costs of procuring all applications for
      Ministerial Consent contemplated in clause 4.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|15. | VALUE-ADDED TAX                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    | All amounts cited in this Agreement are cited exclusive
      of Value Added Tax (VAT). Insofar as the sale of any Sale Asset
      contemplated herein shall attract value-added tax, the purchase
      consideration in respect of the Sale Asset concerned shall be increased by
      an amount equal to such value-added tax. In such event, Kwanda shall be
      obliged, on written demand delivered to it by Plateau or RPM, as the case
      may be, to pay the amount of such value-added tax (including, without
      limitation, all penalties and/or interest which shall have accrued in
      respect of and/or relating to value-added tax payable in respect of such
      sale transaction recorded in this Agreement) to Plateau or RPM, as the
      case may be, against delivery of an appropriate VAT invoice.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|16. | GENERAL                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

|16.1 | This document constitutes the sole record of the
      agreement between the Parties in regard to the subject matter thereof, and
      shall substitute and replace the JV Agreement with effect from the
      Effective Date.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                 
|16.2 | No Party shall be bound by any express or implied term,
      representation, warranty, promise or the like, not recorded
  herein.                                                                                             



---

|16.3 | No addition to, variation or consensual cancellation of
      this Agreement shall be of any force or effect unless in writing and
      signed by or on behalf of the Parties.                                                                                                                                                                                                                                                                             
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|16.4 | No indulgence which any of the Parties ("the Grantor")
      may grant to the other ("the Grantee") shall constitute a waiver of any of
      the rights of the Grantor, who shall not thereby be precluded from
      exercising any rights against the Grantee(s) which might have arisen in
      the past or which might arise in the future.                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|16.5 | The Parties undertake at all times to do all such things,
      to perform all such acts and to take all such steps and to procure the
      doing of all such things, the performance of all such actions and the
      taking of all such steps as may be open to them and necessary for or
      incidental to the putting into effect or maintenance of the terms,
      conditions and import of this agreement.                                       
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|16.6 | No Party shall be entitled to cede, delegate or otherwise
      transfer all or any of its rights, interest or obligations under and in
      terms of this Agreement except with the prior written consent of the other
      Parties.                                                                                                                                                                                                                     
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|16.7 | If any provision of this Agreement, which is not material
      to its efficacy as a whole, is rendered void, illegal or unenforceable in
      any respect under any law, the validity, legality and enforceability of
      the remaining provisions shall not in any way be affected or impaired
      thereby and the Parties shall endeavour in good faith to agree an
      alternative provision to the void, illegal or unenforceable
    provision.



---

SIGNEDat ________________________ on this the ______
day of __________ 2008.

For and on behalf of
RUSTENBURG PLATINUM MINES LIMITED

_____________________________________Name: Capacity:
Who warrants his authority hereto



SIGNEDat ________________________ on this the ______
day of  __________2008.

For and on behalf of PLATEAU
RESOURCES (PROPRIETARY)LIMITED



_____________________________________Name: Capacity:
Who warrants his authority hereto



SIGNEDat ________________________ on this the ______
day of __________ 2008.

For and on behalf of
RICHTRAU NO. 207 (PROPRIETARY) LIMITED



_____________________________________
  Name: 
  Capacity: 
  Who warrants his authority hereto



---

CIS/RUST2-CS3 1059/NLH 02/03/2007

SCHEDULE A

SCHEDULE OF PROSPECTING RIGHTS







---

ANGL12-CS19 
  (RS\AGR\AMPLATS\ANOORAQ ADDENDA\ANGL12-CS19 
  ADDENDUM TO KWANDA SALE OF RIGHTS AGR) 
  AC/gvh 
  06.05.09



FIRST ADDENDUM TO THE SALE OF RIGHTS

AGREEMENT



amongst



RUSTENBURG PLATINUM MINES LIMITED



PLATEAU RESOURCES (PROPRIETARY) LIMITED



and



KWANDA PLATINUM MINE (PROPRIETARY) LIMITED

(formerly Richtrau No 207 (Proprietary) Limited)



---

ANGL12-CS19 
  (RS\AGR\AMPLATS\ANOORAQ ADDENDA\ANGL12-CS19 
  ADDENDUM TO KWANDA SALE OF RIGHTS AGR) 
  AC/gvh

FIRST ADDENDUM TO THE SALE OF RIGHTS AGREEMENT

DATED 28 MARCH 2008

amongst

RUSTENBURG PLATINUM MINES LIMITED

PLATEAU RESOURCES (PROPRIETARY) LIMITED

and

KWANDA PLATINUM MINE (PROPRIETARY) LIMITED

(the Agreement)

AMENDMENTS TO THE AGREEMENT

|1. | Clause 5.1 of the Agreement is hereby amended by the
      deletion of the words its undivided 50% (FIFTY PERCENT) share of in the
      third line of that clause.                                                                                                                                                      
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                            
|2. | Clause 7 of the Agreement is hereby amended by the
      deletion of the reference to R15 000 000 (FIFTEEN MILLION RAND) where it
      appears in clauses 7.1 and 7.2 and the substitution therefor of R10 833
      350 (TEN MILLION EIGHT HUNDRED AND THIRTY THREE THOUSAND AND THREE HUNDRED
      AND FIFTY RAND).
|   |                                                                                                                                                                                                                                                                                                                            
|3. | Clause 8 of the Agreement is hereby amended by the
      deletion of the reference to R15 000 000 (FIFTEEN MILLION RAND) where it
      appears in clauses 8.1.1 and                                                                                                                                                     



---

|ANGL12-CS19                                
|-------------------------------------------
|(RS\AGR\AMPLATS\ANOORAQ ADDENDA\ANGL12-CS19
|ADDENDUM TO KWANDA SALE OF RIGHTS AGR)     
|AC/gvh                                     
|Page 2                                     

8.1.2 and the substitution therefor of R10 833 350 (TEN
  MILLION EIGHT HUNDRED AND THIRTY THREE THOUSAND AND THREE HUNDRED AND FIFTY
  RAND).



THUS DONE and SIGNED at ___________________________ on this
  the ________________ day of  ________________________2009.

For and on behalf of

RUSTENBURG PLATINUM MINES
  LIMITED

by

_____________________________________
  who warrants his
  authority hereto



THUS DONE and SIGNED at ___________________________ on this
  the ________________ day of  ________________________ 2009.

For and on behalf of

PLATEAU RESOURCES (PROPRIETARY)
  LIMITED

by

_____________________________________
  who warrants his authority hereto



---

|ANGL12-CS19                                
|-------------------------------------------
|(RS\AGR\AMPLATS\ANOORAQ ADDENDA\ANGL12-CS19
|ADDENDUM TO KWANDA SALE OF RIGHTS AGR)     
|AC/gvh                                     
|Page 3                                     





THUS DONE and SIGNED at ___________________________ on this the
  ________________ day of ________________________ 2009.

For and on behalf of

KWANDA PLATINUM MINE (PROPRIETARY)
  LIMITED

by

_____________________________________
  who warrants his authority hereto



---

ANGL12-CS19 
  (RS\AGR\AMPLATS\ANOORAQ ADDENDA\ANGL12-CS19 
  SECOND ADDENDUM TO KWANDA SALE OF RIGHTS AGR) 
  AC 
  26.06.09





SECOND ADDENDUM TO THE SALE OF RIGHTS

AGREEMENT



amongst



RUSTENBURG PLATINUM MINES LIMITED



PLATEAU RESOURCES (PROPRIETARY) LIMITED



and



KWANDA PLATINUM MINE (PROPRIETARY) LIMITED

(formerly Richtrau No 207 (Proprietary) Limited)



---

ANGL12-CS19 
  (RS\AGR\AMPLATS\ANOORAQ ADDENDA\ANGL12-CS19 
  SECOND ADDENDUM TO KWANDA SALE OF RIGHTS AGR) 
  AC



SECOND ADDENDUM TO THE SALE OF RIGHTS AGREEMENT

DATED 28 MARCH 2008

amongst

RUSTENBURG PLATINUM MINES LIMITED

PLATEAU RESOURCES (PROPRIETARY) LIMITED

and

KWANDA PLATINUM MINE (PROPRIETARY) LIMITED

(the Agreement)

AMENDMENTS TO THE AGREEMENT

|1. | Clause 6 of the Agreement is hereby deleted and
      substituted therefor by the following:
|-- | --------------------------------------------------------------------------------------------

| | 6 | SUSPENSIVE CONDITIONS
| | -- | ---------------------

| | 6.1 | This entire Agreement (save in respect of this clause 6
      and clauses 1 to 4 (both inclusive), 7, 8, 10.1 and 11 to 16 (both
      inclusive) which shall be of immediate force and effect and binding on the
      Parties) is subject to the fulfilment of the following suspensive
      conditions by not later than the dates respectively specified below for
      the fulfilment of
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

|ANGL12-CS19                                  
|---------------------------------------------
|(RS\AGR\AMPLATS\ANOORAQ ADDENDA\ANGL12-CS19  
|SECOND ADDENDUM TO KWANDA SALE OF RIGHTS AGR)
|AC                                           
|Page 2                                       

such suspensive conditions, or such
  later date as the Parties may agree in writing:

| | 6.1.1 | by not later than a date to be agreed in writing between
      the Parties, the Ministerial Consent in respect of all the applications
      referred to in clause 4 shall have been received by any 1 (ONE) or more of
      the Parties; and
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |       |                                                                                                                                                                                                                                               
| | 6.1.2 | by not later than the last date for the fulfilment of the
      conditions precedent to the Phase 3 Implementation Agreement, the Phase 3
      Implementation Agreement shall have become unconditional in accordance
      with its terms.  

| | 6.2 | The Parties shall use their respective reasonable
      commercial endeavours to procure the fulfilment of the suspensive
      conditions in clause 6.1 (Conditions), as soon as reasonably possible
      after the Signature Date. If the Condition in clause 6.1.1 shall not have
      been fulfilled by the date determined in terms of clause 6.1.1 for its
      fulfilment or if the Condition in clause 6.1.2 shall not have been
      fulfilled by the date specified in clause 6.1.2 for its fulfilment, this
      Agreement (save for this clause 6.2 and clauses 1 to 3 (both inclusive),
      4, 7, 8and 11 to 16 (both inclusive) which shall remain of full force and
      effect and binding on the Parties) shall be of no force or effect and none
      of the Parties shall have any claim against the others of them for
      anything done hereunder or arising hereout.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

|ANGL12-CS19                                  
|---------------------------------------------
|(RS\AGR\AMPLATS\ANOORAQ ADDENDA\ANGL12-CS19  
|SECOND ADDENDUM TO KWANDA SALE OF RIGHTS AGR)
|AC                                           
|Page 3                                       

|2. | Clause 8.1 of the Agreement is hereby amended by the
      insertion of the words and immediately before the implementation of the
      agreements specified in clause 5 of the Phase 3 Implementation Agreement
      immediately after the words on the Closing Date where they appear in
      that clause.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                    
|3. | Clause 9.1 of the Agreement is hereby amended by the
      deletion of the words Closing Date where they appear in the last line of
      that clause and the substitution therefor of the words Effective
      Date.                                                                                         



THUS DONE and SIGNED at ___________________________ on this the
  ________________ day of ________________________ 2009.

For and on behalf of

RUSTENBURG PLATINUM MINES
  LIMITED

by

_____________________________________
  who warrants his authority hereto



---

|ANGL12-CS19                                  
|---------------------------------------------
|(RS\AGR\AMPLATS\ANOORAQ ADDENDA\ANGL12-CS19  
|SECOND ADDENDUM TO KWANDA SALE OF RIGHTS AGR)
|AC                                           
|Page 4                                       

THUS DONE and SIGNED at ___________________________ on this
  the ________________ day of ________________________ 2009.



For and on behalf of

PLATEAU RESOURCES (PROPRIETARY)
  LIMITED

by

_____________________________________
  who warrants his
  authority hereto





THUS DONE and SIGNED at ___________________________ on this the
  ________________ day of ________________________ 2009.



For and on behalf of

KWANDA PLATINUM MINE (PROPRIETARY)
  LIMITED

by

_____________________________________
  who warrants his authority hereto



---