Platmin closes out bridging loan facility



    
    /NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES
    NEWSWIRE SERVICES/
    

    TORONTO, Sept. 2 /CNW/ - Platmin Limited ("Platmin", TSX/AIM: PPN, JSE:
PLN) is pleased to announce that it has paid out and closed its bridge loan
facility with The Standard Bank of South Africa Limited ("Standard Bank"). The
bridge facility had an outstanding amount of ZAR404 million. The bridge loan
facility was repaid in full from the cash collateral of the equivalent amount
held on deposit with Standard Bank as security against the outstanding loan
balance. Platmin is currently completing the definitive documentation with
Investec Bank Limited (South Africa) for a twelve month renewable revolving
commodity finance facility of up to ZAR400 million (USD 51.0 million at an
exchange rate of ZAR7.85: USD1.00) for working capital purposes ("the
Facility") as announced previously on 3 August 2009. Platmin expects the
Facility to be formally established by 30 September, 2009.

    About Platmin

    Platmin is a mineral exploration, development and operating company
engaged in the exploration for, and development of, Platinum Group Element
("PGE") deposits in South Africa. The Company has developed the Pilanesberg
Project into the Pilanesberg Platinum Mine and is exploring for PGE's on its
other three key projects: Mphahlele, Grootboom and Loskop. Platmin's goal is
to become a significant producer of PGEs through the development and operation
of several mines on its key projects. The Pilanesberg Platinum Mine is
presently in the 'ramp up' phase and is expected to meet the design production
rates during 2009. The despatch of PGM concentrates for processing commenced
in April 2009. 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.





For further information:

For further information: Keith Liddell, Chairman, +27 12 661 4280; Wayne
Koonin, Chief Financial Officer, +27 12 661 4280; Grant Thornton UK LLP
(Nominated Adviser), Fiona Owen, +44 20 7383 5100; Russell & Associates,
Marion Brower, +27 11 880 3924, +27 82 372 5816

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PLATMIN LIMITED

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