21 November 2011

ZANAGA IRON ORE COMPANY LIMITED

Extension of shareholder lock-ups

On 31 October 2011, Zanaga Iron Ore Company Limited (AIM:ZIOC) announced the commencement of a process to identify a party to become a strategic partner in the development of the Zanaga Iron Ore Project in the Republic of Congo. The process is being conducted jointly by Xstrata and ZIOC. However, Xstrata intends to fully retain its interest in the Zanaga Iron Ore Project.

ZIOC is pleased to announce that, with a view to facilitating the process, Garbet Limited, Guava Minerals Limited, Michael Haworth and Clifford Elphick have agreed to extend their respective existing lock-ups.  Garbet Limited has a direct interest in approximately 41.25 per cent. of ZIOC's issued shares.  Guava Minerals Limited has a direct interest in approximately 31.64 per cent. of ZIOC's issued shares.

Subject to an option for Garbet Limited and Guava Minerals Limited (acting jointly) to terminate the lock-ups on 31 January 2012, the lock-ups will be extended until 16 April 2012.

For further information please contact:

Zanaga UK Services Limited                                                                              

Corporate Development and                                                                                                                  Andrew Trahar
Investor Relations Manager                                                                                                            +44 20 7399 1105

Liberum Capital Limited

Nominated Adviser, Financial                                                                          Chris Bowman, Christopher Britton
Adviser and Joint Corporate Broker                                                                                  and Christopher Kololian

                                                                                                                                                               +44 20 3100 2000

Citigroup Global Markets Limited

Joint Corporate Broker                                                                                                                                   Alex Carter

                                                                                                                                                               +44 20 7986 4000

Pelham Bell Pottinger

Financial PR                                                                                                                                                                                      James MacFarlane
                                                                                                                                                                                                         and Philippe Polman

                                                                                                                                                                                                              +44 20 7861 3232

About us:

Zanaga Iron Ore Company Limited (AIM:ZIOC) is a BVI registered Company and the owner of 50% less one share interest in the Zanaga Iron Ore Project based in the Republic of Congo (Congo Brazzaville) through its joint venture partnership with Xstrata. The Zanaga Project is focused on the management, development and construction of a world-class iron ore mine and related, processing, transportationand port infrastructure.