PURSUIT MINERALS LTD — Board/Management Information 2011

May 31, 2011

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1 June 2011 ASX / Media Announcement ASX Code: SFZ

SAFM Announces Changes to Board of Directors

Appointment of New Director

The Bo a rd of Sout h American Ferro Met a ls Limited ( A SX:SFZ) ( “SAFM” or the “Comp a ny”) announ c es the ap p ointment o f Alan Doyl e as a Non-Executive D irector, eff e ctive 1 Ju n e 2011.

Mr Doyle brings to SAFM mor e than 30 y e ars experi e nce in the mining ind u stry, predominantly working in a privat e equity an d investment banking c a pacity. Hi s company, Africa Paci f ic Capital, has found e d and funded a numb e r of early stage minin g ventures, including International Ferro Metals and SAFM, which have gr o wn into si g nificant mi n ing companies.

His exp e rtise in re c ognising a n d funding p rojects lik e SAFM will add considerable wei g ht to moving the Comp a ny forward into becoming a subst a ntial iron ore produce r in Brazil. T he Board looks f o rward to M r Doyle’s v a luable contribution to t h e success and growt h of SAFM.

Transition of Stephen Fabian to Director

With th e appointm e nt of Philip Hopkins a s Chief Exe c utive Offic e r on 9 Ma y 2011, Ste p hen Fabian t ransitions t o the position of Non- E xecutive Director of S A FM, effec t ive 30 Jun e 2011.

The Bo a rd thanks M r Fabian f o r his signi f icant contri b ution duri n g his perio d as Chief E xecutive Officer a nd Manag i ng Directo r , and looks forward to his continuing involve m ent with th e Compa n y in his ne w role as Director of S A FM.

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For mo r e informati o n:

South A merican Fe rro Metals (S AFM)	MAG Com NUS Inves munication tor Relation s + Corpora te
Terence +61 2 92 Willsteed (C 51 3804 hairman)	Joh +61 n Gardner 2 8999 1010

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Alan Doyle, Director

Mr Doyle graduate d as a geol o gist in 197 9 and work e d as a fiel d geologist b efore entering the financi a l services i n dustry in 1984. In the early 1990’ s , Mr Doyle founded T u rnbull Doyle Resour c es, a private equity a n d investm e nt banking company t h at took po s itions in s m all and emergi n g resource companie s . During hi s time at Turnbull Doyl e Resource s , Mr Doyle identified and managed thes e assets pr i or to either a trade sal e of float o n internatio n al stock ex c hanges. Several of these e a rly assets in West Afri c a, Australi a and Russia have be c ome significant mines a nd project s , with Mr D o yle intimat e ly involve d in the fina n cing and d evelopment of key project s . More rec e ntly, Mr D o yle’s comp a ny, Africa P acific Capital, has fo u nded and f u nded a numbe r of early st a ge mining v entures w h ich have g r own into significant mining comp a nies.

About South American Ferro Metals:

South A merican F e rro Metals Limited (A S X:SFZ) ow n s 100% of the producing Ponto V erde Iron Ore Pr o ject in the h eart of the Iron Ore Q u adrilateral in Brazil, 5 5 kilometre s from the t o wn of Belo H o rizonte in t h e state of M inas Gerais. The Iron Ore Quad r ilateral is a prolific iron ore mining a rea, and t h e Project i s located pr o ximate to e stablished mining op e rations, iro n and steel pl a nts and existing infra s tructure.

Websit e : www.saf m l.com

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