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From: Nigel
ArtDate: 21st December 2006
Section: (FILLYABOOTS NEWS RELEASES)
Remote Name: 87.74.94.174
Date: 06/01/07
Time: 15:45
21st December 2006
Platmin Reports Initial Drill Results from Scheiding
News Item - Conduit PR
TORONTO: Platmin Limited (“Platmin” or “the Company”; TSX/AIM: PPN) is pleased to announce initial drilling results for portion 2 of the Scheiding 407 KS property (“Scheiding”) where Platmin’s subsidiary Boynton Investments (Pty) Ltd holds an option to acquire 100% of the PGM mineral rights on portion 2 of Scheiding (nearby to Platmin’s M’Phatlele Project) upon the completion of a bankable feasibility on Scheiding.
Highlights
Merensky Reef and UG2 Chromitite Layer confirmed to be underlying Scheiding. High grade Merensky Reef intercepts – Hole SHB-001/D2 8.71 g/t over 1.2m, Hole SHB-004 6.69 g/t over 1.8m and SHB-009 9.19 g/t over 1.23m. High grade UG2 intercepts in hole SHB-005 10.73 g/t over 1.32m and an additional 6.16 g/t over 1.77m in the immediate footwall. A summary of the better intersections is presented in the table below:
Hole_ID Reef From Intersected Thickness m 3PGE+Au g/t Au g/t Pt g/t Pd g/t Rh g/t Ni ppm Cu ppm
Merensky Reef and Footwall Mineralisation in the Merensky Pyroxenite
SHB-001/D2 MR 138.93 1.20 8.71 0.63 5.15 2.64 0.30 4248 2068
SHB-004 MR 80.70 1.80 6.69 0.28 3.75 2.43 0.24 1950 1286
SHB-004 MRFW 88.76 1.00 5.37 0.41 2.94 1.89 0.13 2390 1246
SHB-004 MRFW 90.56 3.60 3.45 0.27 1.82 1.31 0.06 2118 1694
SHB-009 MR 92.07 1.23 9.19 0.46 5.08 3.40 0.26 753 345
UG2 Chromitite Layer and Footwall Mineralisation
SHB-001/D1 UG2 384.70 0.92 8.33 0.21 3.35 4.14 0.64 1795 1128
SHB-001/D1 UG2FW 385.62 1.18 4.02 0.12 1.17 2.49 0.24 1693 770
SHB-005 UG2 341.91 1.32 10.73 0.27 4.26 5.35 0.85 2231 1501
SHB-005 UG2FW 343.23 1.77 6.16 0.15 1.90 3.81 0.30 2708 1277
All drill holes reported were drilled vertically
Location, Geology and Drilling results from the Current Program
The Scheiding is situated approximately 20km north east of Platmin’s M’Phatlele Project on the northern margin of the eastern limb of the Bushveld Complex, some 80km south of Polokwane in the Limpopo Province of South Africa and is adjacent to Anglo Platinum’s Lebowa Platinum Mine. Platmin holds an option to purchase the PGM and base metal mineral rights on portion 2 of Scheiding after the completion of a bankable feasibility study.
Scheiding is located in a complex structural setting on the northern margin of the eastern limb of the Bushveld Complex. In this area the lithological units of the Bushveld Complex terminate against footwall meta-sediments of the Transvaal Supergroup. The normally regular and planar Bushveld Stratigraphy is disrupted by attenuation of certain units as well as apparent slumping within the magmatic stratigraphy and the area is complicated by faulting. Stratigraphic correlations on Scheiding can be tenuous.
Whilst encouraging intersection results have been obtained from the initial drilling program on the property, these should be considered in light of the geological complexity of the area. Further work, ,including drilling, will be required to better understand the geology of Scheiding. The drill results reported in this release are not corrected to reflect true thicknesses.
A complete list of Merensky Reef and UG2 Chromitite Layer intersections relating to Scheiding is attached in the appendix to this release.
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/Jos Simson +44 20 7429 6600
Haywood Securities John Willett +1 416 507 2345
RBC Capital Markets Craig Werstiuk +44 20 7653 4567
Jos Simson Conduit PR Ltd 76 Cannon St EC4N 6AE Direct: +44 (0) 20 7429 6603 Office: +44 (0) 20 7429 6666 Fax: +44 (0) 20 7429 6699 Mob: +44 (0) 789 987 0450
www.conduitpr.com
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