Kenmare Warrant Underwriting Agreed and Warrantholder EGM Result

20 November 2009

Kenmare is pleased to announce that it has entered into an agreement with an existing institutional shareholder in Kenmare (the Underwriter), whereby the Underwriter has committed to subscribe for up to 26,370,553 outstanding warrants, which have not been exercised prior to 31 December 2009 at the warrant exercise price of Stg19p. Each warrant entitles the holder to subscribe for one ordinary share in the Company, representing in aggregate approximately 3.0% of the existing issued share capital of the Company. Exercise in full of the outstanding warrants would raise approximately Stg£5 million for the Company. This arrangement will secure the funds represented by the warrants for the Company and does not impact on the existing rights of Warrantholders to exercise their warrants. As the Company continues to ramp-up production at the Moma Mine, the funds raised by exercise of the warrants will be available for working capital purposes and to provide further financial resources to the Company.

An Extraordinary General Meeting (EGM) of Warrantholders was held today. As anticipated, the meeting was adjourned due to an insufficient quorum of Warrantholders being present. As set out in the circular to Warrantholders issued on 27 October 2009, the EGM will be reconvened at 11.00 a.m. on 30 November 2009 at the Companys offices at Chatham House, Chatham Street, Dublin 2. At this adjourned meeting, one or more persons present in person holding Warrants and/or being proxies will form a quorum.

The proposed resolution for the EGM, approval of which is a condition of the agreement with the Underwriter, enables the transfer of warrants which are unexercised by 31 December 2009.

Proxy votes received are as follows:

Votes received in favour of the resolution: 5,481,448 Votes received against the resolution: 26,733 Votes Withheld: 862,620

Additional detail of proposed resolution is available in the circular issued to Warrantholders which is also available on the Kenmare website: www.kenmareresources.com

For more information:

Kenmare Resources plc
Michael Carvill, Managing Director
Tel: +353 1 6710411
Mob: + 353 87 674 0110

Tony McCluskey, Financial Director
Tel: +353 1 6710411
Mob: + 353 87 6740346

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