Platmin Increases and Upgrades Grootboom Tailings Mineral Resource Estimate



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

    TORONTO, Feb. 24 /CNW/ - Platmin Limited ("Platmin" or "the Company";
TSX/AIM: PPN) is pleased to announce a revised Mineral Resource estimate for
its Grootboom Tailings Project. The revised Measured Mineral Resource estimate
totals 1.075Mt @ 3.87g/t 5PGE+Au for 133.7koz.

    
    HIGHLIGHTS:

    -   Revised Measured Mineral Resources for the Grootboom Tailings Dam
        total 1.075Mt @ 3.87g/t 5PGE+Au for 133.7koz, this compares to the
        previous Inferred Mineral Resource estimate of 1.12Mt at 2.25g/t 3PGE
        + Au for 80koz.

    -   Platmin attributable Measured Mineral Resources are 0.696Mt @
        3.87g/t 5PGE+Au for 86.6koz
    

    Commenting on the revision of the Grootboom Tailings Dam Mineral
Resource, Platmin CEO Ian Watson said today, "The inclusion of Iridium and
Ruthenium make an additional contribution to the economics of this proposed
project. The Grootboom Tailings Dam represents a PGE mineral resource that
could readily be brought to account. PGE grades in the tailings material are
attractive and the relatively low cost of reprocessing this material adds to
the low risk and potential profitability of such operations. Platmin will now
be considering alternatives for processing of the tailings dam to recover the
contained PGEs and base metals."

    REVISED MINERAL RE

SOURCE The revised Mineral Resources reported in this market release have been estimated by Minxcon (Pty) Limited ("Minxcon"). Details of the revised Mineral Resource presented in this market release have been extracted from an independent technical report entitled "Technical Report on the Mineral Resource Estimation of the Grootboom Tailings Dam Project, Grootboom Project Area, Mpumalanga Province, South Africa" and dated 1 February 2009. The Technical Report will be filed on SEDAR within the time period required under Canadian regulations (www.sedar.com). The revision of the Mineral Resource for the Grootboom Tailings Dam is based on new nickel sulphide collection fire assay analyses of previously collected auger drilling samples and a comprehensive study into the in-situ bulk density of the tailings material. This additional assay information has allowed for the inclusion of Iridium (Ir) and Ruthenium (Ru), in the Mineral Resource which is now declared as a 5PGE + Au or "6E" Mineral Resource. Estimates of the contained Ni and Cu have also been made. The more reliable determination of the in-situ bulk density contributed to the upgraded classification of the Mineral Resource estimate from Inferred to Measured. Based on a comprehensive study by Epoch Resources (Pty) Ltd the dry density of the Grootboom Tailings Dam has been determined to be 2.2t/m(3). Based on a number of parameters, such as sampling quality assurance and quality control ("QA/QC"), estimation parameters, geology, survey and digital terrain model generation, the Mineral Resource of the Tailings Dam is now classified as a Measured Mineral Resource. Due to the fact that the Mineral Resource is for a tailings facility, the entire Tailings Dam will be reclaimed and hence no 'cut-off' has been used to declare the Mineral Resource. The Mineral Resource does not include any material that has subsequently been added to the Tailings Dam following the drilling of the 94 auger holes in 2001. The revised Measured Mineral Resource totals 1.075Mt @ 3.87g/t 5PGE+Au (6E) for 133.7koz, this compares to the previous Inferred Mineral Resource estimate of 1.12Mt at 2.25g/t 3PGE + Au for 80koz. Details of the Mineral Resource estimate are presented in the table below. To view the table, please go to http://files.newswire.ca/533/Platmin_Table.pdf. GROOTBOOM TAILINGS DAM PROJECT The Grootboom Tailings Dam Project (also previously known as the "Lannex Tailings Storage Facility" or "Lavino Tailings Dam") forms part of Platmin's greater Grootboom Project where Platmin is completing a feasibility study on the mining and processing of UG2 Chromitite Layer orebodies on the property. Quality Assurance, Quality Control and Qualified Persons Exploration at the Grootboom Tailings Dam Project was conducted under the supervision of Mr Chris Beater, Senior Project Geologist for the Grootboom Project. Mr Beater (M.Sc. Mineral Exploration) is a geologist with more than 35 years experience in PGE, base metal and chrome exploration and mining and is a registered professional natural scientist ("Pr.Sci.Nat.") with the South African Council of Natural Scientific Professions ("SACNASP"). Mr Beater is an employee of Platmin. Group Consulting Geologist, Mr John Astrup, the Company's Qualified Person (as defined in National Instrument 43-101 (Standards of disclosure for Mineral projects)) for the Grootboom Tailings Dam Project, as defined under National Instrument 43-101, is responsible for the technical material in this market release. Mr Astrup has verified the data disclosed in this Market Release. Mr John Astrup (M.Sc. Exploration Geology) is a registered professional natural scientist with SACNASP and has 10 years of experience in PGE, Ni, and Cu exploration. During 2007, a selection of samples previously collected from the Tailings Dam were submitted to SGS Lakefield Research Africa Laboratories in Johannesburg ("Lakefield") where they are prepared and analysed for Pt, Pd, Au, Rh, Ir and Ru. Lakefield is an ISO 17025 accredited laboratory. The Pt, Pd, Au, Ir and Ru analyses were carried out using a fire assay technique with nickel sulphide (NiS) as the collector and ICP-OES finish. Previously in 2002, samples collected from the Tailings Dam were analysed by lead-collection fire assay for 3PGE + Au. For the recent analyses, quality control ("QC") procedures include the submission of certified standards. Results of the standards are analysed on a batch by batch basis as is all internal quality assurance ("QA") included by the laboratory which includes laboratory repeats, standards and blanks. Mrs Heather L. King is a Senior Resource Geologist employed by Minxcon and is the Qualified Person (as defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects)) for the Resource estimations statement set out in this market release. Mrs King holds a M.Sc. (Econ. Geol.) degree and G.D.Eng diploma and is registered with the SACNASP as a professional natural scientist. Mrs King completed her Masters thesis on the chromitite seams of the Western Limb of the Bushveld Complex and has in excess of 10 years experience in the mining industry. Mrs King is a senior member of the Minxcon team, and is involved primarily in the modelling and geostatistical evaluation of various ore-bodies. Mrs King is proficient in data processing, orebody modelling and Mineral Resource evaluation using Datamine (TM). Mrs King visited the operation on 28 May 2008 and is familiar with all aspects of the project. The Mineral Resource estimation methodology applied to the Grootboom Tailings Dam involved: - Statistical analysis and comparison of the 6E 2007 NiS data with the 4E 2001 lead fire assay data, which allowed for the larger 4E data set to be converted to a 6E data set and used for geostatistical analysis; - Variograms were then modelled for each individual element; and - Grade estimates were then modelled using ordinary kriging on three metre sample composite values for each element and have been interpolated into a 3D block model. The classification of the Mineral Resource is NI 43-101 compliant and is consistent with both the South African Code for Reporting of Mineral Resources and Mineral Reserves ("SAMREC Code") and the CIM code. About Platmin Platmin is an explorer and emerging PGM producer whose four key projects host mineral resources and reserves: Pilanesberg, Mphahlele, Grootboom and Loskop. The Pilanesberg Project is under construction with production of PGM concentrate expected in 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 mineral resources. For additional information on Platmin visit www.platmin.com. Definitions: In this market release "5PGE+Au" or "6E" means: Platinum ("Pt"), Palladium ("Pd"), Rhodium ("Rh"), Gold ("Au"), Iridium ("Ir") and Ruthenium ("Ru"), "3PGE+Au" or "4E" means: Platinum ("Pt"), Palladium ("Pd"), Rhodium ("Rh") and Gold ("Au"), "Mt" means million tonnes, ("g/t") means grams per tonne, ("koz") means thousand ounces. Mineral Resource estimates stated in this market release were estimated by Minxcon, Johannesburg. Information contained in this market release was prepared by Minxcon in accordance with Canadian Institute of Mining, Metallurgy and Petroleum standards (commonly known as the "CIM" standards) and reported in accordance with National Instrument 43-101 in an Independent Technical Report entitled "Technical Report on the Mineral Resource Estimation of the Grootboom Tailings Dam Project, Grootboom Project Area, Mpumalanga Province, South Africa" and dated 1 February 2009. The Technical Report will be filed on SEDAR shortly and available to be downloaded from www.sedar.com. FORWARD-LOOKING INFORMATION, FUTURE ORIENTED FINANCIAL INFORMATION AND FINANCIAL OUTLOOKS 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 forth below. Forward-looking statements in this Market Release include statements regarding the planned development of the Grootboom Tailings Project and the realization of Mineral Resource estimates, which are based on a number of material factors and assumptions, including, the result of drilling activities, density determinations, Mineral Resource estimates being accurate estimations of ore, and that access and all equipment and personnel necessary for construction and development and reprocessing is available, that no labour shortages or delays are incurred, that plant and equipment functions as specified, that no unusual geological or technical problems occur, and that other 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 development and 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. To view the Grootboom Project Map, please go to http://files.newswire.ca/533/Platmin_Map.pdf. %SEDAR: 00023797E

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

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