/NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES
ON TRACK FOR NEAR-TERM PRODUCTION
TORONTO, June 30 /CNW/ - Platmin Limited ("Platmin", TSX/AIM: PPN) is
pleased to advise the conclusion of a concentrate off-take agreement between
its Pilanesberg Platinum Mines Limited ("Pilanesberg") and Northam Platinum
In terms of the agreement, Northam will provide smelting and refining
facilities for the Pilanesberg mine's PGM concentrate. The Pilanesberg open
pit mine is currently in the construction phase with over 75% of the plant
capital expenditure committed, and presently ramping up the overburden
extraction rates during July to approximately 1 million tonnes per month. The
mine is due to produce its first metal in the first quarter of calendar year
2009, building up to steady state production of 250,000 oz (3PGM + Au) by mid
to late 2009.
Platmin CEO Ian Watson said, "The conclusion of this agreement represents
a further step in Platmin's growth from an exploration company into a credible
PGM miner and producer. This agreement underpins our revenue and cost
forecasts which further confirms the robustness of this project"
Northam's smelter and base metals removal plant are located in the
western Bushveld Complex, only 60 kilometers from the Pilanesberg mine, and
all its precious metals are refined by WC Heraeus GmbH at their plants in
Germany and Port Elizabeth, South Africa.
While Platmin is confident that an adequate power supply will be
available from Eskom for the sustained operation of the Northam smelter,
Platmin has agreed, that, in the event of insufficient Eskom supply,
additional power required will be provided by semi-portable generator sets.
Platmin COO Terry Holohan commented, "The Pilanesberg concentrate
package, being a blend of Merensky, Pseudo and UG2 reef horizons, was
identified early on in the project to be 'smelter friendly' in that it has a
low (~1%) chromitite content. This has made our concentrate a sought after
commodity within the platinum industry and we have utilised this to realise
some of the best payment terms in the industry."
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 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.
In this Market Release "3PGE+Au" means: Platinum ("Pt"), Palladium
("Pd"), Rhodium ("Rh") and Gold ("Au").
Information contained in this Market Release is based on a National
Instrument 43-101 (Standards of disclosure for Mineral projects) ("NI" or
"National Instrument 43-101") 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 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 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.
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;
Nicola Brower, Russell & Associates, +27-11-880-3924