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October 13, 2008


Palmary extends offer for Consolidated to January 1st 2008

Ukraine's Palmary Enterprises Thursday announced that it is extending its offer for the shares of Australian manganese miner Consolidated Minerals to January 1st 2008. Under the Corporations Act, the offer was automatically extended to close at 7:00 PM Melbourne time on January 1st 2008.

Palmary said that its voting power in Consolidated Minerals had increased to more than 50% on December 18th 2007 and this was within the last seven days of the offer period.

Palmary earlier this month raised its cash offer for Consolidated to AUD 5 per share from its earlier bid of AUD 4.7 a share, as it sought to ward off a rival offer from Pallinghurst Resources Australia. Pallinghurst has since conceded defeat, and agreed to sell its 4% stake in Consolidated to Palmary.

Consolidated Minerals owns and operates the Woodie Woodie manganese operation and the Coobina chromite operation in the Pilbara region of Western Australia, as well as the Kambalda nickel operations located in the Eastern Goldfields region of Western Australia.