Offer Update

RNS Number:6247M
Montrose Partners LLP
23 November 2006


  THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO
                                CANADA OR JAPAN

                               PRESS ANNOUNCEMENT

FOR IMMEDIATE RELEASE                                          23 November 2006
                                   CASH OFFER

                                       BY

                             MONTROSE PARTNERS LLP

                                  ON BEHALF OF

                              SPI PARTNERS LIMITED

                                      FOR

                    PLATINUM MINING CORPORATION OF INDIA PLC

                  OFFER DECLARED UNCONDITIONAL IN ALL RESPECTS

On 28 September 2006, Montrose Partners LLP ("Montrose Partners") announced a
cash offer on behalf of SPI Partners Limited ("SPI") to acquire the entire
issued share capital of Platinum Mining Corporation of India PLC ("PMCI") not
already owned by SPI on behalf of SPI (the "Offer"). The offer document setting
out the full terms of the Offer (the "Offer Document") was posted to PMCI
Shareholders on 13 October 2006.

SPI announces that the conditions to the Offer have now been either been
satisfied or, to the extent not satisfied, waived and the Offer is now declared
unconditional in all respects.

SPI announces that, as at 1.00 pm on 23 November 2006, valid acceptances of the
Offer had been received in respect of a total of 82,259,216 PMCI Shares,
representing approximately 46.83 per cent. of PMCI's existing issued share
capital. This total includes acceptances received in respect of 51,984,000 PMCI
Shares (representing approximately 29.6 per cent. of PMCI's issued share
capital) which were subject to irrevocable undertakings to accept the Offer from
Mr Steven Newbery and Ms Lisa Pickering.

As disclosed in the Offer Document and the announcements on 3 November and 20
November 2006, SPI owns 28,855,008 PMCI Shares representing approximately 16.42
per cent. of PMCI's existing issued share capital. None of the PMCI Shares owned
by SPI are included in the total number of valid acceptances received as at
1.00pm on 23 November 2006.

Accordingly, as at 1.00pm on 23 November 2006 SPI owns or has received valid
acceptances in respect of 111,114,224 PMCI Shares representing approximately
63.26 per cent. of PMCI's existing issued share capital.

In accordance with the conditions of the Offer, the board of SPI has waived the
requirement to receive acceptances in respect of not less than 90 per cent. of
the PMCI Shares to which the Offer relates and has decided to declare the Offer
unconditional as to acceptances having acquired or agreed to acquire (either
pursuant to the Offer or otherwise (including for such purposes PMCI Shares
already held by SPI and/or any of its wholly owned subsidiaries)) PMCI Shares
carrying, in aggregate, more than 50 per cent. of the voting rights exercisable
at a general meeting of PMCI.

All the other conditions to the Offer, set out in the Offer Document, have
either been satisfied or, if not satisfied, waived. The Offer has therefore
become unconditional in all respects.

The Offer is not being extended beyond 24 November 2006 and accordingly will
remain open for acceptances until 1.00pm (London time) on 8 December 2006.

PMCI Shareholders who have not yet accepted the Offer and who hold PMCI Shares
in certificated form are urged to complete, sign and return the Form of
Acceptance as soon as possible and in any event by no later than 1.00pm (London
time) on 8 December 2006. If you hold your PMCI Shares in uncertificated form
(that is in CREST) you are urged to accept the Offer by TTE Instruction as soon
as possible and in any event so as to be settled not later than 1.00pm (London
time) on 8 December 2006.

Settlement of the consideration due under the Offer will be dispatched (or, in
respect of PMCI Shares held in uncertificated form, credited through CREST) on
or before 7 December 2006 in respect of PMCI Shares in respect of which valid
and complete acceptances of the Offer have already been received or, in respect
of PMCI Shares held in uncertificated form, for which Electronic Acceptances
have already been made. Settlement of the consideration in respect of valid
acceptances received or made after 23 November 2006 will be despatched (or, in
respect of PMCI Shares held in uncertificated form, credited through CREST)
within 14 days of such acceptances being received or made.

SPI reserves the right, if sufficient acceptances are received by 1.00pm (London
time) on 8 December 2006 to (i) acquire compulsorily the remaining PMCI Shares
to which the Offer relates on the same terms as the Offer and/or (ii) exercise
its rights to procure the making of an application by PMCI to the London Stock
Exchange for the cancellation of the admission of PMCI Shares to trading on AIM.

PMCI Shareholders who have any enquiries about the Offer or who are experiencing
problems lodging their acceptance of the Offer should contact Montrose Partners
as detailed below as soon as possible.

Enquiries:
Montrose Partners LLP Tel:                                    [phone]
(Financial Adviser to SPI Partners Limited)
Matthew Clarke

Further information

SPI beneficially owns 100,000 PMCI Shares (representing approximately 0.06 per
cent. of PMCI's existing issued share capital) in addition to the 28,855,008
PMCI Shares referred to above. Save in respect of such PMCI Shares and PMCI
Shares the subject of valid acceptances, no PMCI Shares have been acquired or
agreed to be acquired by or on behalf of SPI or any person acting in concert
with SPI during the Offer Period and neither SPI nor any person acting in
concert with SPI has the benefit of any irrevocable commitment or letter of
intent in respect of any PMCI Shares or has any interest in any PMCI Shares, or
any short position (whether conditional or absolute and whether in the money or
otherwise and including any short position under a derivative), any agreement to
sell, any delivery obligation, any right to require another person to purchase
or take delivery in respect of any PMCI Shares, any right to subscribe for any
PMCI Shares or any stock borrowing or lending arrangement in respect of any PMCI
Shares.

SPI, Mr Steven Newbery and Ms Lisa Pickering are acting in concert for the
purposes of the City Code on Takeovers and Mergers.

Terms used in this announcement shall have the meaning given to them in the
Offer Document, save where the context otherwise requires.
Montrose Partners LLP, which is authorised and regulated in the United Kingdom
by the Financial Services Authority, is acting exclusively for SPI and for
no-one else in connection with the Offer and will not be responsible to anyone
other than SPI for providing the protections afforded to clients of Montrose
Partners or for providing advice in relation to the Offer or any other matter
referred to herein.

This announcement does not constitute, or form part of, any offer for, or any
solicitation of any offer for, securities. Any acceptance or other response to
the Offer should be made only on the basis of information referred to in the
Offer Document and, in relation to PMCI Shares in certificated form, the Form of
Acceptance.

The Offer is not being made, directly or indirectly, in or into, or by the use
of the mails of, or by any means or instrumentality (including, without
limitation, electronic mail, facsimile transmission, telex, telephone, internet
or other forms of electronic communication) of interstate or foreign commerce
of, or any facility of a national securities exchange of, Canada or Japan or any
jurisdiction where to do so may violate the laws in that jurisdiction.
Accordingly, copies of the Offer Document and the Form of Acceptance are not
being, and must not be, directly or indirectly, mailed, transmitted or otherwise
forwarded, distributed or sent in, into or from, Canada or Japan or any such
jurisdiction and the Offer will not be capable of acceptance by any such use,
means, instrumentality or facility. Any person (including, without limitation,
any nominee, trustee or custodian) who could, or otherwise intends to, or who
may have a contractual or legal obligation to, forward the Offer Document and/or
the accompanying Form of Acceptance and/or any other documents related to the
Offer outside the United Kingdom, should read the details in this regard which
are contained in the Offer Document before taking any action.




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