LONDON, Nov. 23 /CNW/ - Further to the announcement on 9 November 2007,
Mineral Securities Limited ("Minsec") is pleased to announce that it has
completed the acquisition of 1 million common shares of Platmin Limited
("Platmin") shares representing 1.0% of the issued and outstanding shares of
Platmin in accordance with the terms of a share purchase agreement entered
into between CDC Group PLC, Minsec Investments (BVI) Limited, a wholly owned
subsidiary of Minsec and Minsec, as Guarantor (the "Private Share Purchase
Agreement") Minsec now beneficially owns a total of 16,229,770 common shares
of Platmin representing 16.3% of the issued and outstanding shares of Platmin.
The consideration paid was C$9,900,000 which has been funded from Minsec's
Today's acquisition is the first of three tranches which total 11,122,049
common shares of Platmin representing up to 11.2% of the currently issued and
outstanding shares of Platmin. On completion of the proposed share purchases,
Minsec will own 26,351,819 shares representing 26.5% of the currently issued
and outstanding common shares of Platmin.
Minsec is acquiring the securities for investment purposes and may
acquire further common shares or dispose of its holdings of common shares both
as investment conditions warrant. Further details on the arrangement to
acquire the Platmin shares pursuant to the terms of the Private Share Purchase
Agreement can be found in Minsec's announcement of 9 November 2007 and its
early warning report dated 13 November 2007.
Minsec is a multi-commodity resources company listed on the ASX and AIM
(ticker: MXX). In addition to its significant share holding in Platmin, Minsec
currently has cornerstone investments in CopperCo Limited (ASX:CUO), Tianshan
Goldfields Limited (ASX/AIM:TGF) and the Lady Loretta zinc project.
Minsec is chaired by Robert Champion de Crespigny AC (the founder and
Chairman of Normandy Mining Limited until its acquisition by Newmont Mining in
2002) and managed by Keith Liddell (former Managing Director of Aquarius
Platinum Limited and former Executive Chairman of Sally Malay Mining Limited).
Keith Liddell, who has been involved in the platinum industry since 1981, is
also executive deputy chairman of Platmin and Mark Bolton, Minsec's COO, is VP
Corporate Development of Platmin.
More details are available at www.mineralsecurities.com
Platmin is a TSX and AIM (ticker: PPN) listed PGM exploration and
development company focused on four projects that host PGM Mineral Resources
and Reserves: Pilanesberg, M'Phatlele, Grootboom, and Loskop. All of Platmin's
projects are located in the Bushveld Complex of South Africa which is
estimated to contain approximately 90% of global platinum resources.
Platmin's objective is to become a substantial mid-tier PGM producer
commencing with Pilanesberg Project. Pilanesberg has commenced development
with M'phatlele and Grootboom projects currently subject to pre-feasibility
and feasibility studies respectively.
At Pilanesberg, Platmin plans production commencing early 2009 with an
average production rate of 250,000 oz/year 3PGE+Au in concentrate for the
first 11 years and a life of mine of 16 years.
Total Mineral Reserves and Resources for all of Platmin's projects are
currently as follows: Proven plus Probable Mineral Reserves of 67.43Mt at
2.04g/t 3PGE+Au, for 4.42Moz, Measured plus Indicated Mineral Resources of
131.40Mt at 3.31g/t 3PGE+Au for 13.97Moz, Inferred Mineral Resources of
133.90Mt at 3.63g/t 3PGE+Au for 15.64Moz.
More details are available at www.platmin.com
For further information:
For further information: Mr Keith Liddell, Chief Executive Officer, +44
20 7152 6230, Email: email@example.com; RBC Capital Markets, +44
20 7029 7881, Martin Eales, Andrew Smith