Mining Right Applications Accepted for Platmin's Grootboom Project


    TORONTO, March 18 /CNW/ - Platmin Limited ("Platmin" or the "Company"
TSX/AIM: PPN) is pleased to announce that the Department of Minerals & Energy
of South Africa ("DME") has accepted Platmin's applications for Mining Rights
over the Grootboom 336KT property (all minerals (excluding chrome)) and also
the application for the Tailings Dam (PGMs, Gold, Nickel, Copper Cobalt)
situated on the Grootboom 336KT property constituting part of the Grootboom
project located on the eastern limb of the Bushveld Complex in South Africa.

    Grootboom Project Highlights

    -   Mining Right applications for the Grootboom 336KT property and the
        Tailings Dam on the Grootboom 336KT property accepted by the DME
    -   Mining Rights expected to be granted during December 2008
    -   Environmental Impact Assessment Scoping Study Accepted by the DME
    -   Social and Labour Plan designed in consultation with local community
    -   Preliminary Feasibility Study nearing completion
    -   Definitive feasibility study targeted for completion during the
        fourth quarter of 2008
    -   Temporary Power Supply - Diesel power generation planned for the
        construction phase (approximately 1 MVA required)
    -   Permanent Power Supply (10 MVA) application already lodged with Eskom
    -   Alternative permanent power sources under investigation

    Pre-feasibility nearing completion

    Mr. Ian Watson, Platmin's CEO, said that "With the acceptance of the
Mining Right applications by the DME and granting of the Mining Right expected
in December 2008 full attention is now focused on completion of the Definitive
Feasibility Study to coincide with the granting of the Mining Right. With the
Preliminary Feasibility Study nearing completion we are on track to achieve
this objective", and added "With the recent grant of our Mining Right for
Platmin's Pilanesberg project, we are confident that our abilities
communicated to the DME in our Mining Right application for the Grootboom
project will result in the timely granting of this right."

    Mining Right Applications Accepted

    Acceptance of a Mining Right application is becoming an important step in
the process of awarding mineral rights in terms of South Africa's Mineral &
Petroleum Resources Development Act, No. 28 of 2002 ("MPRDA") promulgated in
May 2004. As the holder of the Prospecting Rights for all minerals (excluding
chrome) over the Grootboom 336KT property, in terms of the MPRDA, Platmin held
an exclusive right to apply for a Mining Right. Platmin's Mining Right
application (PGMs, Gold, Nickel Copper, Cobalt) over the Grootboom Tailings
Dam situated on the Grootboom 336KT property was lodged on the same basis.
    Mining Right applications complying with prescribed form requirements in
terms of South Africa's MPRDA must be accepted by the DME provided that no
other person holds a Prospecting Right, Mining Right, Mining Permit or
Retention Permit for the same minerals in the same land. Platmin's Mining
Right applications were accepted on this basis and are currently being
reviewed by the DME. The Mining Right acceptance letter received from the DME
indicated that the Mining Right would be Granted by the end of December 2008.
    The DME will consider various factors in its decision making process
including the mining work program, financial resource and technical capability
to conduct the proposed mining operations optimally, compatibility of the
financial plan with the intended mining operation and duration thereof,
environmental matters, social and labor benefits to the local area, health and
safety issues related to the proposed mine, and the BEE status of the

    Looking ahead

    Platmin's Chief Operating Officer, Mr. Terry Holohan commented that "The
Grootboom project is in an area on the eastern limb of the Bushveld which is
now gaining critical momentum as a platinum producing area. Pooling and
sharing arrangements with neighbours in the area could be a natural first step
toward consolidation.". Mr. Holohan added that "It is expected that production
from the Grootboom project could achieve some of the cheapest ounces in
Platmin's development project portfolio. Notwithstanding that we have applied
for 10 MVA of electricity supply from South Africa's electricity public
utility ("Eskom"), with the possibility of near term potential annual
production of approximately 86,000 3PGE + Au expected (11 year Life of Mine)
it may make sense to adopt a similar approach to some of our neighbours in the
area who have recently ordered diesel generators as a total replacement to
Eskom power. This would ensure that full advantage could be taken of present
metals prices."


    About Platmin

    Platmin is a TSX and AIM (PPN) listed PGM exploration and development
company focused on its four key advanced projects that host PGM Mineral
Resources and Reserves: Pilanesberg, Mphahlele, Grootboom and Loskop, of which
the Pilanesberg Project is currently in the development phase with the balance
expected to follow. 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.

    About the Grootboom Project

    The Grootboom project is located on the eastern limb of the Bushveld
Complex in South Africa and consists of two properties and a tailings dam
situated on one of these properties, namely the; the Grootboom 336KT property
(Tailings Dam location) and the adjacent Annex Grootboom 335KT property. The
total project area is approximately 3,438 hectares. Platmin holds the rights
to the Grootboom 336KT property and the tailings thereon through Boynton
Investments (Pty) Ltd ("Boynton"), its operating subsidiary in South Africa.
Boynton also has the right to purchase the PGM rights over Annex Grootboom on
completion of a bankable feasibility study. A Mining Right application has not
yet been lodged over Annex Grootboom.
    RSG Global has estimated a CIM and 43-101 compliant Indicated Mineral
Resource of 17.7 Mt at 4.59 g/t 3PGE+Au for 2.6 Moz on Grootboom 336KT -
(9.8 Mt at 4.43 g/t 3PGE+Au for 1.4Moz attributable to Platmin). RSG Global
further estimated a CIM and 43-101 compliant Inferred Mineral Resource of
3.9 Mt at 2.84 g/t 3PGE + Au for 0.36 Moz for the Merensky Reef and Tailings
on Grootboom 336KT (2.8 Mt at 2.84 g/t 3PGE+Au for 0.26 Moz attributable to
Platmin). These Mineral Resource estimates are set out in the June 2007
Independent Technical Report which was filed on SEDAR and is available to be
downloaded from
    The Grootboom project is in an area with established roads and
infrastructure and is near a power supply and railhead.


    In this Market Release "3PGE+Au" means: Platinum ("Pt"), Palladium
("Pd"), Rhodium ("Rh") and Gold ("Au"), "Mt" means millions of tonnes, "g/t"
means grams per ton, "km" means kilometre(s), "MPRDA" means South Africa's
Mineral & Petroleum Resources Development Act, No. 28 of 2002, "Moz" means
million ounces, "MVA" means Mega Volts Amps, "Silicate" means the concentrate
emanating from the Merensky reef, Merensky Footwall, the Upper Pseudo Reef,
the Lower Pseudo Reef and the Pseudo Reef Harzburgite mineralization. Mineral
Resource estimates stated in this Market Release were estimated by RSG Global
of Johannesburg ("RSG Global") 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 as previously stated in a Market Release dated
July 24, 2007 as the June 2007 Independent Technical Report and also referred
to in the same Market Release as the June ITR. The June ITR was filed on SEDAR
and is available to be downloaded from


    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
matters disclosed in this Market Release and to 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 among others:
achieving annual production of 86,000 ounces 3PGE+Au production over an 11
year life of mine from the Grootboom project, granting of Mining Rights over
the Grootboom 336KT property and over the Tailings Dam situated on the
Grootboom 336KT property during December 2008 or at all, completion of the
Preliminary Feasibility Study, completion of the Definitive Feasibility Study
by the fourth Quarter of 2008, satisfying temporary power supply requirement
with diesel power generators or at all, the availability of 10 MVA of
permanent power from Eskom in time or at all, the availability or suitability
of alternative permanent power sources, completion of the Definitive
Feasibility Study such that completion coincides with the granting of the
Mining Right, the conclusion of any pooling and sharing arrangements with any
of Platmin's neighbours in the areas surrounding the Grootboom project,
achieving any consolidation in the area surrounding the Grootboom project,
producing cheap ounces from Grootboom relative to Platmin's other projects,
full replacement or partial replacement of power from Eskom, being in a
position to take advantage of "present metal prices".
    Such forward-looking statements are based on a number of material factors
and assumptions, including, that contracted parties provide goods and/or
services on the agreed timeframes, that equipment necessary for construction
and development is available as scheduled and does not incur unforeseen break
downs, that no labor shortages or delays are incurred, that plant and
equipment functions 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. Platmin's
expectation that the Mining Rights over the Grootboom 336KT property and over
the Tailings Dam situated on the Grootboom 336KT property will be granted
during December 2008 is based on letters received from the DME indicating a
latest date of grant of December 31, 2008. This December 31, 2008 granting
date of the Mining Rights is dependent on timely review by the DME of the
applications. Platmin does not have direct or indirect control over the timing
of this review process and there can be no assurances that the DME will be in
a position to grant the Mining Rights by December 31, 2008. There can be no
assurance that Platmin's actual results will match the forward-looking
information as a result of a number of risks, including any unforeseen way
power cuts, brown outs or "Load Shedding" or similar events resulting from any
inability of ESKOM to supply 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
While we consider these assumptions to be reasonable based on information
currently available to us, they may prove to be incorrect.

    %SEDAR: 00023797E

For further information:

For further information: Platmin Limited: 6 EcoFusion Office Park, Block
B, 324, Witch-Hazel Avenue, Highveld Park X59, 0157, Centurion, 0067, South
Africa; Keith Liddell, Platmin Executive Deputy Chairman, +61 8 9221 7466;
Terrance Holohan, Platmin Chief Operating Officer, +27 12 661 4280; Ian
Watson, Platmin Chief Executive Officer, +27 12 661 4280; RBC Capital Markets:
Peter Barrett-Lennard, +44 207653 4253; Grant Thornton Corporate Finance
(Nomad): Fiona Owen, +44 207 383 5100; GMP Securities L.P.: Mark Wellings,
(416) 367-8600; Haywood Securities: John Willett, (416) 507-2345

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