/NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES/
TORONTO, April 16 /CNW/ - Platmin Limited ("Platmin": TSX/AIM: PPN; JSE: PLN) is pleased to announce that it has concluded an agreement to acquire the 10% interest in the Sedibelo Platinum Project ("Sedibelo") held by Barrick Gold Corporation ("Barrick") for a consideration of US$15 million. The remaining 90% of Sedibelo is owned by the Bakgatla-Ba-Kgafela Tribe. The agreement with Barrick is subject to certain customary conditions precedent, including a 60 day pre-emptive rights held by the Bakgatla-Ba-Kgafela Tribe.
In a separate agreement, Barrick has undertaken to transfer to Platmin, at cost, various long lead items required for the development of Sedibelo. The final consideration, up to US$45 million, is still to be determined.
The Sedibelo Platinum Project is located between Platmin's Pilanesberg Platinum Mine ("PPM") and the Magazynskraal platinum property. A subsidiary of Platmin is currently conducting a bankable feasibility study on the latter on behalf of its owners.
These transactions are set to close by the end of the second quarter of 2010.
Further disclosure related to this announcement may be found on the Platmin website at www.platmin.com, including:
- The location of PPM, Sedibelo and Magazynskraal.
- Regional geology underlying this area.
- The group structure.
Tom Dale, Platmin's Chief Executive Officer, said today, "I am very pleased, that after extensive negotiations, Platmin has managed to secure this 10% interest in Sedibelo, as well as key long-lead items essential for mining development. This transaction positions Platmin well for the participation in any regional development."
Cassie Boggs, Sr. Vice President at Barrick, said today, "Following our decision in November last year not to mine at Sedibelo, we received a number of expressions of interest from parties wanting to acquire our stake. After due consideration, we accepted the Platmin offer, and hope the property will be developed to its full potential and for the benefit of all stakeholders."
Platmin explores for and develops and operates platinum group metals (PGM) deposits in South Africa. The company's principal current focus is the Pilanesberg Platinum Mine, which is building up to full production. In addition, it holds platinum interests on the eastern limb of the Bushveld Complex. Platmin's long term goal is to become a significant producer of PGMs.
SOURCE PLATMIN LIMITED
For further information: For further information: Charmane Russell, Russell & Associates, +27 11 880 3924, +27 82 372 5816; Nicola Taylor, Russell & Associates, +27 11 880 3924, + 27 82 927 8957