/NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES
TORONTO, June 9 /CNW/ - Platmin Limited ("Platmin", TSX/AIM: PPN) advises
that mining activities carried out by MCC Contracts (Pty) Limited (MCC) at the
company's Pilanesberg Platinum Mine in South Africa were temporarily suspended
by the safety inspectorate of the Department of Minerals and Energy on Friday
June 05, 2009. MCC was appointed in July 2008 to conduct the open-cast mining
activities at Pilanesberg.
Mine Management have been closely engaged with the authorities in order
to rectify the procedures for mining activities to resume.
During this time the plant operations and commissioning progress have not
Shareholders will be kept informed of developments.
Platmin is an emerging PGM producer. Its flagship Pilanesberg platinum
mine on the western limb of the Bushveld Complex is currently ramping up to
full production. Platmin also holds interests in a suite of exploration and
development projects, viz Mphahlele, Grootboom and Loskop projects which offer
long-term growth potential on the eastern limb of the Bushveld Complex. The
South African Bushveld Complex is estimated to contain approximately 90% of
global platinum mineral resources.
Information contained in this Market Release is based on a National
Instrument 43-101 (Standards of Disclosure for Mineral Projects) and Canadian
Institute of Mining, Metallurgy and Petroleum (commonly known as the "CIM"
standards) compliant Independent Technical Report dated August 7, 2007 which
has been filed on SEDAR and is available to be downloaded from www.sedar.com.
FORWARD-LOOKING INFORMATION, FUTURE ORIENTED FINANCIAL INFORMATION AND
Certain statements contained in this market release constitute
forward-looking information, future oriented financial information, and
financial outlooks (collectively "forward-looking information") within the
meaning of Canadian securities laws. Forward-looking information may relate to
the matters discussed in this market release and other matters identified in
Platmin's public filings, Platmin's future outlook and anticipated events or
results and, in some cases, can be identified by terminology such as "may",
"will", "should", "expect", "plan", "anticipate", "believe", "intend",
"estimate", "predict", "potential", "continue" or other similar expressions
concerning matters that are not historical facts. Actual results may vary from
such forward-looking information for a variety of reasons, including those set
Forward-looking statements in this market release include statements
regarding future production and are based on a number of material factors and
assumptions, including Eskom supplying adequate power to the Northam smelter,
that contracted parties provide goods and/or services on the agreed
timeframes, that equipment necessary for construction and development and
mining is available as scheduled and does not incur unforeseen break downs,
that no labor shortages or delays are incurred, that plant and equipment
function as specified, that no unusual geological or technical problems occur,
and that on-going contractual negotiations will be completely successful and
progressed and/or completed in a timely manner.
There can be no assurance that Platmin's actual results will match the
forward-looking information as a result of a number of risks for Platmin's
projects with power requirements or otherwise normal hazards (geological,
technical, and production) associated with mining operations, adverse currency
fluctuations, and those risks publicly disclosed by Platmin in its filings
available at www.sedar.com. While Platmin considers these assumptions to be
reasonably based on information currently available to it, they may ultimately
prove to be incorrect.
For further information:
For further information: Ian Watson, Chief Executive Officer, +27 12 661
4280; Terry Holohan, Chief Operating Officer, +27 12 661 4280; Fiona Owen,
Grant Thornton UK LLP (Nominated Adviser), +44 207 383 5100; Marion Brower,
Russell & Associates, +27 11 880 3924