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From: Nigel
ArtDate: 20th September 2006
Section: (FILLYABOOTS NEWS RELEASES)
Remote Name: 87.74.115.61
Date: 10/10/06
Time: 22:48
20th September 2006
Sylvania Resources - Operations Update at Everest North
News Item - Conduit PR
DRILLING RESULTS
Sylvania wishes to announce some early results from its drilling campaign at Everest North that commenced in June 2006. To date, 5 diamond drillholes have been completed including 6 deflections for a total of 11 intersections of the UG2 target body at site. The average reef thickness returned to date is 1.42 metres, with the narrowest intersection being 1.21 metres and thickest intersection being 2.00 metres; assay results are awaited. The reef thickness recovered is excellent for future mine planning with the reef intersections being composite UG2 reef comprising the full UG2 package with no internal pyroxenite waste. It is also pleasing to note that the reef intersections are robust with good top and bottom contacts with a very competent country rock. Such properties auger well for the future mining of the UG2 at Everest North.
SAMANCOR CONTRACTS
During May 2006 the Directors of Sylvania announced that Sylvania has entered into a detailed contract with Samancor Chrome Limited ("Samancor") known as the Services and Supply Agreement ("Agreement"). It was announced that pursuant to the terms of the Agreement Sylvania inter alia acquired rights to the PGE material found in Samancor's tailing dumps at its Western Chrome Mines (Buffelsfontein, Waterkloof, Mooinooi, Elandsdrift, and Millsell) and its Eastern Chrome Mines (Tweefontein, Lannex, Steelport, Doornbosch, Montrose, Groothoek, Onverwacht, and Mooihoek) and Samancor's current arisings. It was disclosed in the Company's Listing Prospectus that there may be certain risks associated with the current understanding of the ownership of mineral rights in tailings dumps in South Africa.
Following the announcement, it has come to the Directors' attention that a third party, per force of contract, has reserved to itself certain rights to PGE minerals in the Mooinooi dump, and the Mooinooi current arisings. Such reservation of rights does not affect the chrome ore found in such material.
The Directors are of the view that these issues will be resolved in the normal course of business and that Sylvania's growth plans remain on track.
Edward Portman Conduit PR Ltd 76 Cannon St EC4N 6AE Office: +44 (0) 20 7429 6666 Direct: +44 (0) 20 7429 6607 Fax: +44 (0) 20 7429 6699 Mob: +44 (0) 773 3363 501
www.conduitpr.com
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