Kenmare Resources : Kenmare Debt Update

Kenmare Resources plc ("Kenmare" or "the Company")

26 February 2015

Kenmare Debt Update

Kenmare Resources (LSE: KMR, ISE: KMR), the project lenders and Absa Bank Limited, a member of Barclays, are continuing to make progress to put in place a financial solution intended to provide additional financial stability to the Company, including the provision of a new liquidity line.  The new liquidity line would be able to be drawn to service working capital and certain other requirements as necessary.  As part of this process, Kenmare has agreed with its project lenders to extend the date for delivery of a budget for 2015 to 31 March 2015.

Lenders continue to be supportive of the Company's business and its continuing stability and remain engaged in active and productive discussions with the Company's management.

Managing Director Michael Carvill commented: "We appreciate the continued strong support that project lenders and Absa have shown to Kenmare and the Moma Mine during the current period of low product prices.  We look forward to concluding the terms and announcing the final agreement in the coming weeks."

For further information, please contact:

Kenmare Resources plc
Michael Carvill, Managing Director                         
Tel: +353 1 671 0411                                                             
Mob: + 353 87 674 0110                                                     

Tony McCluskey, Financial Director
Tel: +353 1 671 0411
Mob: + 353 87 674 0346

Jeremy Dibb, Corporate Development and Investor Relations Manager
Tel: +353 1 671 0411
Mob: + 353 87 943 0367

Murray Consultants                                                             
Joe Heron                                                                                  
Tel: +353 1 498 0300                                                         
Mob: +353 87 690 9735

Buchanan       
Bobby Morse / Gordon Poole
Tel: +44 207 466 5000

The Directors of Kenmare accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise. The distribution of this announcement in jurisdictions outside Ireland or the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.

A person interested in 1% or more of any class of relevant securities of Kenmare or Iluka may have disclosure obligations under Rule 8.3 of the Irish Takeover Rules, effective from 26 June 2014, the date of the commencement of the offer period for Kenmare under the Irish Takeover Rules.

HUG#1897344