Sapphire Update On China Vanadium

Sapphire Corporation Limited (Company Registration. No 198502465W) (Incorporated in Singapore)

UPDATE ON CHINA VANADIUM TITANO-MAGNETITE MINING COMPANY LIMITED (中國釩

鈦磁鐵礦業有限公司)

Further to the announcement made by the Company on 7 October 2009 and the Media Release on 8 October 2009, the Board of Directors of Sapphire Corporation Limited (the “Company”) wishes to provide the following update to its shareholders regarding the Company’s effective interests in China Vanadium Titano-Magnetite Mining Company Limited, (“China VTM”), a company listed in the Stock Exchange of Hong Kong. On 29 October 2009, China VTM announced that the stabilizing period in connection with the Global Offering ended on 29 October 2009 and resulted in the over allocation of an aggregate of 88,320,000 shares, of which China VTM allotted and issued 75,000,000 shares. As a result, the Company’s effective indirect 9.6% stake in China VTM was reduced to 9.2%. SHAREHOLDERS ARE ADVISED TO REFRAIN FROM TAKING ANY ACTION IN RESPECT OF THEIR SHARES IN THE COMPANY WHICH MAY BE PREJUDICIAL TO THEIR INTEREST, AND TO EXERCISE DUE CAUTION WHEN DEALING IN THE SHARES OF THE COMPANY. BY ORDER OF THE BOARD TEO CHENG KWEE CHIEF EXECUTIVE OFFICER Date : 10th November 2009

This announcement has been prepared by the Company and its contents have been reviewed by the Company’s sponsor, Stamford Corporate Services Pte Ltd (the “Sponsor”), for compliance with the relevant rules of the SGX-ST. The Sponsor has not independently verified the contents of this announcement. This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement including the correctness of any of the statements or opinions made or reports contained in this announcement. The contact person for the Sponsor is Mr. Bernard Lui. Telephone number: 6389 3000 Email: [email protected]