Hi there, Please find below two notes on Sable Mining from their house broker GMP Securities, and Shore Capital Stockbrokers, following a positive announcement by Sable Mining detailing initial results from expansion drilling on Plateau 3 of its flagship Nimba Iron Ore Project in Guinea. The results continue to demonstrate high grade canga at the Project, bringing the total Nimba exploration target to over 200Mt, which the Company is targeting to delineate before the end of Q4 2013.

Nimba has already proven itself to be one of the largest high grade DSO projects in West Africa, with a current JORC Code compliant Resource of 135.5Mt Fe, and these results continue to underpin the commercial capability of the project.

Nimba is now larger than most of its West African peers, with established and under-utilised rail infrastructure in place nearby, and the Project remains a strategic high grade, high margin and low capex asset. GMP Securities: “We are increasingly confident the company will hit its targeted upgrade to over 200Mt of DSO in 4Q13 – the asset is already the largest on-rail undeveloped DSO project not owned by majors globally, so such an upgrade would propel Nimba into a whole new league… With a wealth of major catalysts ‘near future’…Sable is well placed to start construction at Nimba as soon as next year.” Shore capital: “We believe Sable can now be regarded effectively as a West African iron ore ‘pure play’…and one of our favoured stories in the space at that.” I have included the full notes and announcement below. Kind regards, Charlotte
[GMP Securities logo email] 18 September 2013 SUBJECT: Nimba extension highlights 23.0m @ 61.5% Fe, on track for upgrade to >200Mt DSO in 4Q13, and permitting in “near future” IMPACT: Positive – the key implication to today’s drill results is the canga close to Mt Nimba appears to be thick and high grade, supporting the company’s 4Q13 targeted resource upgrade to over 200Mt of DSO.

Being closer to the mountain, physiographically we would expect a great lump proportion, which should enable an early years dry-only plant, reducing startup capex.

As reported in the media, the company submitted its PFS to the government last Friday, which we think could enable the Guinea government’s historic positive sentiment to soon translate to granted permits.

Specifically, Sable noted five days ago that “further announcements [are] anticipated shortly”, reiterating this today where issue of a Mining Licence and Export Decree was noted as being targeted in the “near future”. DETAILS: Sable Mining has released results from the first nine holes of the now-completed 53 hole extension programme at Nimba, with highlights of 23.9m @ 61.5% and 23.9m @ 60.0% Fe.

These and future results awaiting assay will feed into the company’s revised JORC resource, scheduled for release in 4Q13.

Sable previously published an exploration target of +45Mt to +80Mt, which would take the total resource over 200Mt, a target reiterated today. OUR VIEW: These drill results have been returned from an extension to the Nimba plateaus closer to the ‘mountain’ than previously drilled.

What is apparent is the accumulations of channel iron / canga shedding of the mountain are, as one would logically expect, thicker closer to the mountain.

We would also expect a higher lump proportion given the shorter distance travelled in alluvial environs.

This in itself has two implications – firstly we are increasingly confident the company will hit its targeted upgrade to over 200Mt of DSO in 4Q13 – the asset is already the largest on-rail undeveloped DSO project not owned by majors globally, so such an upgrade would propel Nimba into a whole new league.

Secondly a high-lump portion would lower pre-production capex as a dry-plant only can be relied on in early years, stockpiling fines (which hold clay that interferes with wet season shipping) until a second-stage wet plant is commissioned. Stepping back from the drill results, we note that, as reported by Reuters, Sable presented a PFS to the government last Friday, which is typically done with the mining licence application.

As such, for the first time since pegging Nimba only last year, as of this week the government is now ‘able’ to grant a mining licence and export decree should they wish.

Guinea ministers at both Indaba (February 2013), and the Guinea Mining Code briefing in London (June 2013) expressed strong support for licensing SE Guinea iron ore mines for both mining and export via Liberia, but noted at the time that the first step for any miner is of course to submit a mining licence application which peers are yet to do.

As such, we think this positive historic-sentiment could soon equate to granted licences, and note that Sable published only five days ago that “further announcements [are] anticipated shortly”, reiterating this today. With a wealth of major catalysts ‘near future’, and being literally the only undeveloped on-accessible-rail DSO over 100Mt not owned by majors globally, Sable is well placed to start construction at Nimba as soon as next year.

Given existing rail, and no requirement for beneficiation or a port, we flag that capex is expected to be lowest-in-class by a substantial margin.

This should make financing relatively easy via offtake agreements given the company hasn’t already sold its offtake. CATALYSTS: > 4Q13: Mining licence for Nimba > 4Q13: Guinea export decree (to export via Liberia) > 4Q13: Resource upgrade (Sable exploration target of over 200Mt DSO) > 4Q13/1Q14: Rail allocation on Liberian state-owned rail (~23Mtpa spare capacity)
SABLE MINING AFRICA (SBLM^, NR, CNP at Current Price 5.4p).

Sable had good results from the first 9 diamond holes of the recently completed expansion drilling programme at the Nimba iron ore project in Guinea. The programme was targeting the area of Plateau 3 immediately adjacent to that hosting Sable’s recently updated JORC-compliant resource (135.5Mt @ 59.4%, of which 90.7Mt is Indicated).

High grade canga was indeed intersected; highlights included 23m @ 61.5% Fe (including 3.5m of cavities) and 11.8m @ 61.2% Fe (including 2.0m of cavities). Sable has an announced target of 45-80Mt of canga on Plateaus 2 and 3, and is targeting an overall 200Mt.

The company is to issue another resource update in Q4 2013, which it hopes will see a significant increase in resources.

In our opinion, there is yet further potential resource upside from Plateau 1 (which is larger than Plateau 2 but is yet to be properly explored).

The potential size and high grade mean the project has good potential to be a low-capex, high-margin operation, with under-utilised standard gauge railway nearby.

We believe Sable can now be regarded effectively as a West African iron ore ‘pure play’ despite its other assets, and one of our favoured stories in the space at that. Sable Mining Africa Ltd / Index: AIM / Epic: SBLM / Sector: Natural Resources 18 September 2013 Sable Mining Africa Limited (‘Sable Mining’ or ‘the Company’) Positive Initial Results from Expansion Drilling on Plateau 3 of Nimba Iron Ore Project Sable Mining Africa Limited, the AIM listed exploration company, is pleased to announce encouraging initial assay results from the Company’s recently completed expansion exploration programme at the Nimba Iron Ore Project in south-east Guinea (‘Nimba Project’). Overview · Assay results received to date from the first 9 of 18 diamond drill holes on Plateau 3 demonstrate high grade canga in the expansion area, including; o P3.13-050: best grade over 23.0m at 61.5% iron (‘Fe’) representing thickest mineralised intercept in this batch of results (that includes 3.5m of cavities) o P3.13-049: excellent grade of 61.2% Fe over a drilled vertical width of 11.8m (that includes 2.0m of cavities) · Drilling programme targeting an extension to the area of mineralisation immediately adjacent to the recently updated and published JORC Code compliant Mineral Resource of 135.5Mt at an in-situ grade of 59.4% (see announcement dated 13 September 2013 for full details) · Canga mineralised extension area 200m wide and up to 3.9km and has a previously announced exploration target potential of between 45Mt and 80Mt of canga on Plateau 2 and Plateau 3 · Inclusion of extension area exploration target brings total Nimba exploration target to over 200Mt which the Company is targeting to delineate before the end of Q4 2013 · 53 drill holes completed in extension drilling programme; 18 on Plateau 3 and 35 on Plateau 2 – remaining batches delivered to Ultratrace laboratory in Perth Sable Mining CEO Andrew Groves said, “Nimba has already proven itself to be one of the largest high grade DSO projects in West Africa, and the drilling of this extension area, which we anticipate will enable us to further develop the current JORC Code compliant Resource of 135.5Mt towards the stated overall exploration target of 200Mt, will further enhance the commercial attractiveness of the project.

Not only is Nimba now larger than most of its West African peers, with established and under-utilised rail infrastructure in place nearby, Nimba remains a strategic high grade, high margin and low capex asset. “I look forward to providing further updates regarding the results of the expansion drilling, the enlarged JORC Code compliant Resource and importantly our corporate advancements, including the issue of a Mining Licence and Export Decree, in the near future.” Table 1: Initial Assay Results for Plateau 3, Nimba Project (Analysis by Ultratrace Laboratories, Perth for diamond drill hole composites) Borehole From To Thickness (m)* %Fe* %SiO2* %Al2O3* % P* Cavity (m)** P3.13-046 0 6.1 6.1 59.3 3.5 4.9 0.07 0.0 P3.13-047 0 16.4 16.4 60.7 3.3 3.3 0.09 3.4 P3.13-048 0 23.9 23.9 60.0 4.1 3.8 0.08 11.5 P3.13-049 0 11.8 11.8 61.2 2.7 3.4 0.09 2.0 P3.13-050 0 23.0 23.0 61.5 3.4 2.9 0.09 3.5 P3.13-051 0 15.4 15.4 60.8 6.5 1.6 0.08 3.5 P3.13-052 0 13.9 13.9 58.6 7.2 3.5 0.06 2.5 P3.13-053 0 20.0 20.0 52.6 8.5 7.1 0.09 9.3 P3.13-054 0 7.9 7.9 60.7 3.9 3.5 0.08 0.0 * Assay results length weighted over the target mineralised zone, comprising multiple material types ** Length included in overall thickness attributed to no core recovery due to the presence of cavities These results must be seen in the context of an extension of the existing exploratory grid programme aimed at confirming the presence of additional canga material on Plateau 3. The information in this announcement that relates to Mineral Exploration results and Mineral Resources, together with any related assessments and interpretations have been reviewed by a qualified geologist.

Kevin Lowe, Principal Consultant Geologist at Xstract Mining Consultants Pty Ltd has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a qualified person as defined by the AIM Note for Mining and Oil & Gas Companies. ** ENDS ** For further information please visit www.sablemining.com or contact: Andrew Groves Sable Mining Africa Ltd Tel: 020 7408 9200 David Foreman Cantor Fitzgerald Europe Tel: 020 7894 7000 Stewart Dickson Cantor Fitzgerald Europe Tel: 020 7894 7000 Richard Greenfield GMP Securities Tel: 020 7647 2836 Andy Cuthill Peat & Co. Tel: 020 3540 1722 John Beaumont Peat & Co. Tel: 020 3540 1723 Susie Geliher St Brides Media & Finance Ltd Tel: 020 7236 1177 Charlotte Heap St Brides Media & Finance Ltd Tel: 020 7236 1177