/NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES/
TORONTO, July 29 /CNW/ - Platmin Limited (TSX/AIM: PPN; JSE: PLN) announces today an update on the status of agreements with Barrick Gold Corporation ("Barrick") regarding the Sedibelo platinum project ("Sedibelo"). As initially announced on April 16, 2010, Platmin would have acquired a 10% interest in Sedibelo for $15 million from Barrick and in a separate agreement, Platmin had also agreed to acquire various long lead items required for the development of Sedibelo from Barrick for a consideration of $45 million.
The conditions precedent for the transactions, were not fulfilled. Accordingly, the transactions did not close. Further details are set out in Barrick's 2010 Second Quarter Report available on its website at www.barrick.com as follows:
"In April 2010, we entered into an agreement to dispose of our 10% interest in the Sedibelo platinum project ("Sedibelo") for consideration of $15 million to Platmin Limited ("Platmin"). Subsequently, the Bakgatla-Ba-Kgafela Tribe, owner of the remaining 90% interest in Sedibelo, informed us that they had validly exercised their pre-emptive right to prevent the sale from closing and have filed an action in the South African High Court against Barrick and Platmin. We believe that the right was not lawfully exercised and we will defend the action in court and seek confirmation of our rights pursuant to the arbitration provisions of the agreement between the parties.
In a separate agreement, we had agreed to transfer various long lead items required for the development of Sedibelo to Platmin for a consideration of $45 million. This transaction has not closed as originally expected as a result of actions taken by the Bakgatla-Ba-Kgafela Tribe."
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; Investec Bank plc (Nominated Adviser), Stephen Cooper, +44 207 597 5104