ALMA METALS LIMITED — Capital/Financing Update 2007

Sep 5, 2007

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AFRICAN ENERGY RESOURCES LTD ABN 34 115 065 640 Australian Office: Ground Floor, 8 Colin Street, West Perth 6005 Telephone: +61 8 9324 1177 Facsimile: +61 8 9324 2171 www.africanenergyresources.com ASX Code: AFR

6 September 2007

Manager Announcements Company Announcements Office Australian Stock Exchange Limited 10th Floor, 20 Bond Street SYDNEY NSW 2000

Via electronic lodgement

Dear Sir/Madam,

PRE-FEASIBILITY STUDY TO COMMENCE ON NJAME AND GWABE URANIUM PROJECTS, ZAMBIA

HIGHLIGHTS:

• Board approval for Pre-Feasibility Study (PFS) to evaluate the commercial development of uranium resources at the Njame deposit and Gwabe prospect in the Chirundu Joint Venture Project, Zambia.

• Decision to proceed with PFS made following a Scoping Study based on current reported resources at the Njame uranium deposit and recently drilled mineralisation at the Gwabe prospect.

• Scoping Study determined potential for an economically viable project using proven technology and benchmarked costs.

• Base case for the Study is 1.4 Mlb U3O8 annual production over an initial five year mine plan using uranium price of US$65 lb.

• The Pre-Feasibility Study will commence immediately and is expected to be completed by the end of December 2007.

• The forecast cost of the Pre-Feasibility Study is AUD $1.5 million, which includes metallurgical testwork, engineering and drilling to upgrade the resource status to Indicated Resource category.

• African Energy currently has a 30% equity interest in the Chirundu Joint Venture Project (JV partner Albidon Limited).

• On successful completion of the Pre-Feasibility Study African Energy’s interest in the Chirundu Project will increase to 70%.

• On completion of the Pre-Feasibility Study in December the company will have remaining cash reserves of approximately AUD $5.0 million.

Background

African Energy Resources Limited (African Energy) is 71% owned by Energy Ventures Ltd ( ASX: EVE ). African Energy owns mineral rights and joint venture interests over a large exploration package of Karoo sandstones prospective for uranium in Zambia, Botswana and Malawi.

The company has defined resources at the Njame deposit and more recently identified a new uranium discovery at the Gwabe prospect, approx. 20km to the north. Both areas are within the Chirundu JV with Albidon Limited (ASX: ALB), operator of the nearby Munali nickel project. African Energy currently holds a 30% Joint Venture interest in the JV and may earn an additional 40%, for a total 70% interest, by completion of the PFS.

An investor presentation will be lodged on the company’s website outlining the details of the PFS study.

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The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the ‘JORC Code’) sets out minimum standards, recommendations and guidelines for Public Reporting in Australasia of Exploration Results, Mineral Resources and Ore Reserves. The information contained in this announcement has been presented in accordance with the JORC Code and references to “Inferred Resources” and “Indicated Resources” are to those terms as defined in the JORC Code.

Information in this report relating to Exploration results, Mineral Resources or Ore Reserves is based on information compiled by Dr Frazer Tabeart (an employee of African Energy Resources Limited) who is a member of The Australian Institute of Geoscientists. Dr Tabeart has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person under the 2004 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Tabeart consents to the inclusion of the data in the form and context in which it appears.

For any further information, please contact the Company Secretary, Brett Mitchell on +61 8 9324 1177 or info@africanenergyresources.com

For and on behalf of the board

For further information please contact: AFRICAN ENERGY RESOURCES LTD ABN 34 115 065 640 Ground Floor, 8 Colin Street, West Perth 6005 Telephone: +61 8 9324 1177 Facsimile: +61 8 9324 2171 www.africanenergyresources.com ASX Code: AFR

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Diagram 1 Location map showing the Chirundu Project, Kariba Valley Project and significant uranium prospects referred to in the text