Platmin Reports M'Phatlele Drill Results and completion of Current Drill Program to a depth of 500 meters


    TORONTO, March 15 /CNW/ - Platmin Limited ("Platmin" or "the Company";
TSX/AIM: PPN) is pleased to announce further encouraging drilling results from
it's M'Phatlele Project marking the completion of its first phase drill
program to a depth 500 meters.


    -   All 79 of the holes planned in the first phase of the program have
        been completed. This drilling is down to 500m and will form the basis
        of a resource revision and the pre-feasibility study underway with
        SRK Consulting.
    -   A further drilling program aimed at increasing confidence in the
        resource base to a depth of 1,000m and to demonstrate reef continuity
        to a depth of 1,500m is currently in progress with 4 deep capacity
        drill rigs on site.
    -   Deep drill holes MP-082, MP-083 and MP-084 have intersected the UG2
        Chromitite Layer at 939.30m, 858.71m and 891.59m respectively.
    -   The M'Phatlele Project has 8km strike of Merensky Reef and UG2
        Chromitite Layer and is adjacent to Lonmin's Limpopo Platinum
    -   Highlights of the latest drill results are as follows:

    Merensky Reef.
                           sected  3PGE
    Drill                   Width   +Au    Pt    Pd    Rh    Au     Ni     Cu
    hole       Reef   From   (m)    g/t   g/t   g/t   g/t   g/t    ppm    ppm

    MP-028/D5   MR   302.13  1.67  3.71  2.13  1.23  0.12  0.23  2,179  1,246
    MP-047      MR   120.58  1.81  4.89  2.74  1.57  0.12  0.46  3,009  1,950
    MP-047/D4   MR   119.83  2.17  5.66  3.28  1.86  0.16  0.36  3,698  2,011

    UG2 Chromitite Layer.
                           sected  3PGE
    Drill                   Width   +Au    Pt    Pd    Rh    Au     Ni     Cu
    hole      Reef   From    (m)    g/t   g/t   g/t   g/t   g/t    ppm    ppm

    MP-018/D2  UG2  325.50  3.41  5.43  2.98  1.87  0.48  0.09  1,238    845
    MP-034/D2  UG2  485.95  2.47  6.01  3.14  2.20  0.56  0.11  1,357    828
    MP-050     UG2   63.39  2.91  7.60  3.34  3.52  0.58  0.16  1,987  1,319
    MP-050/D1  UG2   63.85  2.69  7.35  3.26  3.36  0.58  0.15  1,926  1,323
    MP-050/D2  UG2   64.56  2.52  6.82  3.08  3.03  0.53  0.18  1,806  1,259
    MP-053/D1  UG2  194.55  1.88  7.18  3.42  3.04  0.53  0.18  1,472    966
    MP-061     UG2  183.35  3.05  4.45  2.37  1.62  0.38  0.08  1,084    661
    MP-061/D1  UG2  183.41  3.16  4.47  2.36  1.62  0.40  0.08  1,253    703
    MP-061/D2  UG2  183.49  3.30  4.27  2.16  1.64  0.36  0.12  1,062    835
    MP-062     UG2  170.34  2.62  7.12  3.35  3.03  0.59  0.15  1,815    943
    MP-062/D2  UG2  170.40  3.16  7.15  3.06  3.36  0.54  0.19  2,025  1,425
    MP-064     UG2  193.20  2.78  8.50  3.38  4.33  0.54  0.25  3,673  1,414
    MP-064/D1  UG2  193.38  3.05  7.28  2.85  3.77  0.50  0.15  2,629  1,555
    MP-065/D2  UG2   80.41  3.56  4.17  2.04  1.69  0.35  0.09    952    628

    Results from the Drill Program to 500 meters depth

    Results have been returned for a further 14 Merensky Reef intersections
and 52 UG2 Chromitite Layer intersections. In the case of the Merensky Reef
these represent 1 mother hole intersection and 13 deflection intersections,
and for the UG2 Chromitite Layer 15 mother hole intersections and 37
deflection intersections. The higher proportion of UG2 results is due to many
of the holes reported in this release collaring below the Merensky Reef and
thus only intersecting the UG2 (generally at depths less than 200m). Drill
results from the M'Phatlele Project were previously reported in Platmin's
Independent Technical Report entitled "Platmin Limited's South African
Platinum Mineral Properties" dated May 15, 2006 as well as in a release dated
November 27, 2006. The results reported in this release are those that have
been returned since the date of the last release. To view a comprehensive list
of all new drill intersections for both reefs, please follow the link below:

    Accelerated Work Program

    The Company is pleased to report that the first phase drill program
targeting areas down to a vertical depth of 500m on the UG2 Chromitite Layer
has been completed.
    Assay results for some of the drill holes remain outstanding and will be
reported in a subsequent release once available.
    The drilling down to a depth of 500m on the UG2 Chromitite Layer will
allow for a resource revision of both the Merensky Reef and UG2 Chromitite
Layer. A revised resource based on results from the completed drilling program
to a depth of 500m will form the basis of a pre-feasibility study underway
with SRK Consulting.
    A further drill program to improve confidence in the deeper portion of
the existing resource from 500m to 1,000m; and to confirm the depth extent of
the mineralisation between 1,000m to 1,500m remains in progress. Currently
four long hole capacity drill rigs remain on site to advance this campaign. To
date drill holes MP-082, MP-083 and MP-084 have intersected the UG2 Chromitite
Layer at 939.30m, 858.71m and 891.59m respectively. The same holes also
intersected the Merensky Reef at 768.63m, 694.15m and 710.90m respectively.
    The M'Phatlele Project Drilling map, attached at illustrates the current
status of the drilling program on the M'Phatlele Project. Holes with results
reported in this press release as well as deep phase holes that have
intersected the reef are labelled.

    Background on the M'Phatlele Project

    The M'Phatlele Project is located approximately 50km south of Polokwane,
the capital city of the Limpopo province, and covers an area of 11,725
hectares constituting the entire farm M'Phatlele 457KS. The M'Phatlele Project
is located in the northern part of the eastern limb of the Bushveld Complex,
contiguous with Lonmin's Limpopo platinum operations. At the M'Phatlele
Project the Merensky Reef and UG2 Chromitite layer have been confirmed over a
strike length of approximately 8km; reef strike is east-west and average dip
51 degrees south. Platmin has previously declared an Inferred Resource of
87.9 Mt at 4.47 g/t 3PGE+Au for 12.6 million ounces on the property. The
resource is from surface to a depth of 1,000m and includes both the Merensky
Reef and UG2 Chromitite Layer. A summary of the resource is presented in the
table below and a map of the project is attached at . The resource excludes
the results of the current drill program referred to in this release.


                                                 Contained   Reef    Metal
    Property and Reef            Tonnage  Grade    Metal    Width    Ratio
    -------------------          -------  -----  --------- ------ -----------
                                   000     g/t    ounces      m   Pt:Pd:Rh:Au
    Inferred Mineral
      Merensky ........           35,128   3.52  3,980,000   1.41  54:33:3:10
      UG2 .............           52,783   5.11  8,666,000   1.79   50:39:9:2
                                 -------  -----  --------- ------ -----------
    Total Inferred
     Resources ........           87,911   4.47 12,646,000
                                 -------  -----  --------- ------ -----------
                                 -------  -----  --------- ------ -----------

                             Resource  Base Metals
                               Depth   --------------------------------------
    Property and Reef           (2)        Ni        Cu       Ni        Cu
    -------------------      --------  --------  --------  --------  --------
                                 m        ppm       Ppm     tonnes    Tonnes

    Inferred Mineral
      Merensky ........        1,000     2,210     1,347    77,640    47,320
      UG2 .............        1,000     1,234       684    65,130    36,110
                             --------  --------  --------  --------  --------
    Total Inferred
     Resources ........                                    142,770    83,430
                             --------  --------  --------  --------  --------
                             --------  --------  --------  --------  --------

    (1) Platmin, as operator, currently has a 54.29% attributable interest in
    (2) Vertical depth below surface.
    (3) Prepared in accordance with the Canadian Institute of Mining,
        Metallurgy and Petroleum commonly known as the CIM standard

    The M'Phatlele resource was calculated by RSG Global and has been
reported in Platmin's Independent Technical Report entitled "Platmin Limited's
South African Platinum Mineral Properties" dated May, 15 2006 which was filed
to SEDAR on August 10, 2006 (hereinafter referred to as Platmin's "Independent
Technical Report"). Platmin's Independent Technical Report can be down loaded

    Quality Assurance, Quality Control and Qualified Persons

    Exploration at the M'Phatlele Project is being conducted under the
supervision of Mr. Mike Bowen, Project Manager for the M'Phatlele Project.
Mr. Bowen (M.Sc. Geology) is a geologist with more than 10 years experience in
PGM exploration and a member of the Geological Society of South Africa.
Mr. Bowen is an independent contractor to Platmin.
    Group Exploration Manager, Mr. John Astrup, the Company's Qualified
Person for the M'Phatlele Project, as defined under National Instrument
43-101, is responsible for the technical material in this release, excluding
the mineral resource estimate. Mr. Astrup has verified the data disclosed in
this release, including the sampling, analytical and test data underlying the
drill results and his most recent site visit to the M'Phatlele Project which
included inspection of the drill core was conducted on February 22, 2007.
Mr. John Astrup (M.Sc. Exploration Geology) is a registered Professional
Natural Scientist ("Pr.Sci.Nat.") with the South African Council for Natural
Scientific Professions ("SACNASP") and has 10 years of experience in PGM, Ni,
Cu exploration. The content of this press release has been compiled by
Mr. John Astrup.
    Drill holes were drilled with a combination of NQ, and TNW core;
generally mother holes are completed with NQ core and deflections with TNW
core. The core is logged by qualified geologists and mineralised intervals
identified and sampled. Sample intervals are kept to approximately 20cm; core
is then split by means of a diamond saw. Geological logging and sampling was
carried out under the supervision of Mr. Bowen. Further details of Platmin's
geological procedures have been reported Platmin's Independent Technical
    Samples are submitted to SGS Lakefield Research Africa Laboratories in
Johannesburg where they are prepared and analysed. Samples are analysed for
Pt, Pd, Au, Rh, Ni and Cu by SGS Lakefield Research Africa an ISO 17025
accredited laboratory. Pt, Pd and Au analyses were carried out using a lead
fire assay technique with a silver collector and ICP-OES finish, Rh is
analysed with a separate with a separate lead fire assay using a palladium
collector and ICP-OES finish. Ni and Cu analyses are done by Aqua Regia with
an AA finish and reflect the acid soluble metal content. Quality control
("QC") procedures include the submission of certified standards with every
reef intersection submitted. Results of the standards are analysed on a batch
by batch basis as is all internal Quality Assurance ("QA")/QC included by the
laboratory which includes laboratory repeats, standards and blanks. Prior to
major revisions to the resource estimates, a selection of pulps that have been
returned from Lakefield are relabelled and resubmitted to Lakefield for check
analyses, in addition further pulps are submitted to an independent second or
referee laboratory (Genalysis). Further details of Platmin's QA/QC procedures
have been described in Platmin's Independent Technical Report.
    All of the mineral resources reported in this press release have
previously been communicated in Platmin's previously filed NI 43-101 compliant
Independent Technical Report dated May 15, 2006, which can be viewed at

    About Platmin

    Platmin is a TSX- and AIM (PPN) listed exploration and development
company focused on its four key project areas: Pilanesberg, M'Phatlele,
Grootboom, and Loskop (collectively, the "Key Projects") on which PGM mineral
resources have been estimated. All of Platmin's projects are located in the
Bushveld Complex of South Africa, which region is estimated to contain
approximately 90% of global platinum resources. Platmin's M'Phatlele Project
is located on the eastern limb of South Africa's Bushveld Complex. Lonmin's
Limpopo operations are located adjacent to Platmin's M'Phatlele Project.


    This news release contains forward-looking statements contained that are
not historical facts. Forward-looking statements involve risks, uncertainties
and other factors that could cause actual results, performance, prospects and
opportunities to differ materially from those expressed or implied by such
forward-looking statements. Forward looking statements in this news release
include, but are not limited to, statements regarding the estimation of
mineral resources, potential mineralization and resources, exploration
results, timing of pre-feasibility studies and resource estimations and the
Company's exploration plans with respect to the M'Phatlele Project or any of
its Key Projects. Although Platmin believes that the assumptions and factors
used in preparing the forward-looking statements are reasonable, undue
reliance should not be placed on these statements, which only apply as of the
date of this news release, and no assurance can be given that such events will
occur in the disclosed time frames or at all. Platmin disclaims any intention
or obligation to update or revise any forward-looking statement, whether as a
result of new information, future events or otherwise. Furthermore, forward
-looking statements reflect the current expectations and beliefs of the
Company based on information currently available to the Company.
Forward-looking statements are subject to a number of risks and uncertainties
that may cause the actual results of the Company to differ materially from
those discussed in the forward-looking statements, and even is such actual
results are realised or substantially realised, there can be no assurance that
they will have the expected consequences to, or effects on the Company.
Factors that would cause actual results or events to differ from current
expectations include, among other things, changes in commodity prices, changes
in equity markets, failure to establish estimated mineral resources (the
inferred mineral resource figures in this press release are estimated and no
assurance can be given that the indicated levels of minerals will be
produced), political risks arising from operating in Africa, changes to
regulations affecting the Company's activities, delays in obtaining or
failures to obtain required regulatory approvals, failure of equipment,
uncertainties relating to the availability and costs of financing needed in
the future, the uncertainties involved in interpreting drilling results and
other geological data, delays in obtaining geological results, and the other
risks involved in the mineral exploration industry. Any forward-looking
statement only speaks as of the date on which it was made and, except as may
be required by applicable securities laws, as mentioned above in this
disclaimer the Company disclaims any intent or obligation to update any
forward-looking statement, whether as a result of whether as a result of new
information, future events or otherwise. As mentioned above, although the
Company believes that the assumptions inherent in the forward-looking
statements are reasonable, forward-looking statements are not guarantees of
future performance and accordingly undue reliance should not be put on such
statements due to the inherent uncertainty therein.
    This news release does not constitute or form part of any offer or
invitation to sell or issue or any solicitation of any offer to purchase or
subscribe for any securities in any jurisdiction, nor shall it (or any part of
it) or the fact of its distribution form the basis of, or be relied upon in
connection with, or act as any inducement to enter into, any contract or
commitment therefore.

For further information:

For further information: Platmin Limited, Solar Place, 5 Eddington
Crescent, Highveld Technopark, Centurion, 0067, South Africa, Keith Liddell,
Executive Deputy Chairman, +61 8 9221 7466; Ian Watson, Chief Executive
Officer, +27 12 665 4360; RBC Capital Markets, Craig Werstiuk, +44 20 7653
4567; Grant Thornton, Corporate Finance (Nomad), Gerry Beaney, +44 870 991
2589; Conduit PR, Leesa Peters, +44 20 7429 6605; Haywood Securities, John
Willett, (416) 507-2345

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