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From: Nigel
ArtDate: 5th October 2006
Section: (FILLYABOOTS NEWS RELEASES)
Remote Name: 87.74.115.61
Date: 10/10/06
Time: 22:56
5th October 2006
Platmin Ltd Announces Completion of BEE Transaction & Grants Option to Rights on Annex Grootboom
News Item - Conduit PR
NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES
PLATMIN LIMITED Solar Place 5 Eddington Crescent Highveld Technopark Centurion, 0067 South Africa News Release October 5, 2006
Completion of BEE transaction grants option to rights on Annex Grootboom
TORONTO: Platmin Limited (“Platmin” or “the Company”; TSX/AIM: PPN) today announces the completion of a Black Economic Empowerment (“BEE”) transaction granting it’s principal South African operating subsidiary Boynton Investments (Pty) Ltd (“Boynton”) an option to acquire the mining rights in respect of the Annex Grootboom property upon completion of a bankable feasibility study. Annex Grootboom is adjacent to Platmin’s Grootboom Project.
In addition, as part of the completion of this transaction, Boynton is granted the option to acquire 100% of the PGM mineral rights on the Scheiding property (nearby to Platmin’s M’Phatlele Project) upon the completion of a bankable feasibility on the property.
In return for the granting of the options, Boynton will issue 2% of its share capital to the BEE party granting the options thereby increasing its BEE ownership interest from 18% to 20%. Platmin is aiming to achieve the minimum 26% BEE ownership interest (required from April 30, 2014 onward) upon approval by the Department of Minerals and Energy of an agreement to consolidate the Pilanesberg Project ownership structure.
Platmin has previously reported an inferred resource of 705,000 oz (3PGE + Au) on Annex Grootboom. Should the option be exercised, the resource on Annex Grootboom will be consolidated into the Grootboom Project. Total resources for the Grootboom Project (including Annex Grootboom) are attached in the Annexure below.
The Company is currently studying the development strategy for the Grootboom Project, and in particular the potential sale of ore to existing concentrators in the immediate project area. The Company plans a bulk sample programme for metallurgical test work from Grootboom Hill to be undertaken shortly, and also an application for a mining right on the Grootboom 336KT property.
All of the mineral resources mentioned in this press release have previously been communicated in Platmin’s previously filed NI 43-101 compliant technical report, which can be viewed at www.sedar.com.
To see the Grootboom project map please go to: www.platmin.com
For more 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
Grant Thornton Corporate Finance (Nomad) Fiona Owen +44 870 991 2318
Conduit PR Leesa Peters +44 20 7429 6605
Haywood Securities (UK) Limited James Hannon +44 20 7031 8015
RBC Capital Markets Craig Werstiuk +44 20 7653 4567
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, completion of the second phase of Platmin’s two phase BEE strategy, the purchase of the mineral rights on the Annex Grootboom property on completion of a bankable feasibility study, the purchase of the mineral rights on the Scheiding property on completion of a bankable feasibility study, the sale of ore to concentrators, the completion of a bulk sample and metallurgical test work and the results of such work, and the granting of a mining license. Factors that could cause actual results to differ materially from these forward-looking statements include, in addition to those risk set out in Platmin’s prospectus dated July 28, 2006, the timing of receipt of regulatory approvals, the timing and completion of a bankable feasibility study on the Grootboom Project, and exploration plans for the Grootboom Project. 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.
Mr John Astrup is Platmin's qualified person for purposes of Canadian National Instrument 43-101. Mr Astrup is an employee of Platmin, and is not independent of Platmin for purposes of NI 43-101. A complete description of data verification, exploration results and other technical and scientific information related to Platmin's South African mineral projects is contained in the report titled "Platmin Limited's South African Platinum Minerals Properties" dated May 15, 2006 and prepared by RSG Global which has been filed and is available at www.sedar.com. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Jos Simson Conduit PR Ltd 76 Cannon St EC4N 6AE Office: +44 (0) 20 7429 6666 Direct: +44 (0) 20 7429 6603 Fax: +44 (0) 20 7429 6699 Mob: +44 (0) 789 987 0450
www.conduitpr.com
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