On London – On 22 September 2008, T1 declared an interim dividend of US 4 cents per share (2.25 pence). This has reduced pro rata the offer of Gemfields to buy 30,754,970 TanzaniteOne Limited (“T1”) common shares at 45 pence per share to now buy at 42.75 pence per share.

The offer had outlined that in case of T1 paying any dividend or making any other payment to T1 Shareholders prior to completion of the transaction, Gemfields would reduce the offer pro rata. The offer places before the T1 Shareholders, the option to receive as consideration either, or a combination of, cash or 1.4 Gemfields Shares for each T1 Share.

Gemfields had announced to acquire by a “first-come, first-served” tender offer, on the terms and subject to the conditions set out in the Tender Offer Document and in the Tender Form, up to 30,754,970 T1 Shares. The offer requires Gemfields to acquire acceptance from numbers representing such number of T1 Shares as represents 50.1 per cent of the issued and to be issued share capital of T1 (on a fully diluted basis).

Gemfields currently holds 11,668,330 T1 Shares. Pallinghurst Resources (Guernsey) Limited (“Pallinghurst”), of Gemfields, holds a further 2,100,000 T1 Shares. Together, the T1 Shares represent approximately 18.5 per cent of the issued share capital of T1 on 20 October 2008.