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Issue of shares to BEE partner

(Previously Washington Resources Limited)
(Incorporated and registered in Australia and registered as an
external company in the Republic of South Africa)
(Registration number A.C.N. 097 532 137)
(External company registration number 2011/116305/10)
Share code on the ASX: FCR
Share code on AIM: FCR
Share code on the JSE: FCR           ISIN: AU000000WRL8
("Ferrum Crescent" or "the Company")


Ferrum Crescent announces that the Company has today issued
25,281,620 ordinary shares to its BEE partner Mkhombi AmaMato
(Pty) Limited ("AmaMato") to fulfil Stage one of the Company's
BEE "flip" transaction.

AmaMato holds 60% of Mkhombi Investments (Pty) Ltd ("Mkhombi
Investments") which in turn owns 26% of Turquoise Moon Trading
157 (Pty) Ltd ("TMT"). This equates to ownership of 15.6% of the
Company's exploration and development interests (which are all
held through TMT). The "flip" is intended to result in the
exchange of AmaMato's 15.6 % interest in the Company's projects
for 15.6% of the Company's shares.

On 8th August 2012, the Company's shareholders approved the
"flip" to be implemented in two stages:

Stageone: Completion of the first stage will take place on the
third business day after the last date of fulfilment or waiver
of the conditions precedent referred to in the Notice of General
Meeting (the "Closing Date").   On the Closing Date:
AmaMato will sell its shares in (and any and all claims it has

against) Mkhombi Investments to Nelesco 684 (Pty) Ltd for ZAR
7.5 million; and

AmaMato will subscribe for new ordinary shares equal to 7.8% of
the Company's enlarged issued share capital (the "First
Subscription") for ZAR 7.5 million (approximately A$780,000);
Stage two: AmaMato will subsequently (within 120 days after the
Closing Date), subscribe for a further 7.8% of the Company (the
"Second Subscription") for a further ZAR 7.5 million
(approximately A$780,000).

Accordingly, application has been made for 25,281,620 Ferrum
Crescent shares to be admitted to trading on the Australian
Securities Exchange Limited, the AIM market of the London Stock
Exchange and on the JSE Limited. Admission is expected to become
effective at 09:00am (Australian Eastern Daylight Savings time),
8:00am (UK time) and 09:00am (SA time) on 27 November 2012.

Following admission the Company will have 324,123,325 fully paid
ordinary shares in issue.

For more information, please visit or
Australia and Company enquiries:
Ferrum Crescent Limited
Ed Nealon    T: +61 8 9380 9653
Executive Chairman

Bob Hair    T: +61 414 926 302
Managing Director

UK enquiries:
Ocean Equities Limited (Broker)
Guy Wilkes   T: +44 (0) 20 7786 4370

RFC Ambrian Limited (Nominated Adviser)
Richard Morrison   T: +44 (0) 20 3440 6800
Jen Boorer   T: +44 (0) 20 3440 6800

South Africa enquiries:
Sasfin Capital
Leonard Eiser    T: +27 11 809 7500

27 November 2012

Sasfin Capital (a division of Sasfin Bank Limited)


Date: 27/11/2012 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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