Offer Update

RNS Number:9018M
Montrose Partners LLP
29 November 2006


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

                               PRESS ANNOUNCEMENT

FOR IMMEDIATE RELEASE                                           29 November 2006

                                   CASH OFFER
                                       BY
                             MONTROSE PARTNERS LLP
                                  ON BEHALF OF
                              SPI PARTNERS LIMITED
                                      FOR
                    PLATINUM MINING CORPORATION OF INDIA PLC

On 23 November 2006 it was announced that as at 1.00pm on 23 November 2006 SPI
owned or had received valid acceptances in respect of 111,114,224 PMCI Shares
representing approximately 63.26 per cent. of PMCI's existing issued share
capital.

The announcement also stated that, SPI reserved the right, if sufficient
acceptances were 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.

On 24 November 2006 the board of PMCI announced that it recognised that control
of PMCI had effectively passed to SPI.

In that announcement the board of PMCI also advised PMCI shareholders who had
not accepted the Offer to "consider carefully the risks of not accepting the
Offer, including the fact that they could become minority shareholders in a
company controlled by SPI without any market for their shares in PMCI".

As at 1.00pm on 28 November 2006 SPI had received valid acceptances in respect
of 90,156,140 PMCI Shares representing approximately 51.33 per cent. of PMCI's
existing issued share capital. Accordingly, as at 1pm on 28 November 2006 SPI
owned or had received valid acceptances in respect of 119,111,148 PMCI Shares
representing approximately 67.82 per cent. of PMCI's existing issued share
capital.

SPI has not, during or prior to the offer period, expressed an opinion on
whether it would wish to (i) acquire compulsorily the remaining PMCI Shares to
which the Offer relates or (ii) 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. Following the PMCI announcement of 24 November 2006, SPI has
decided that even if sufficient acceptances are received by 1.00pm (London time)
on 8 December 2006 it does not intend to (i) acquire compulsorily the remaining
PMCI Shares to which the Offer relates or (ii) 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. Accordingly, if PMCI Shareholders
wish to remain as shareholders in PMCI they may do so and SPI will endeavour,
subject to the rules of AIM, to ensure that the listing of PMCI on AIM is
maintained.

Now that SPI holds a majority of the PMCI Shares, the board of SPI intends to
devote substantial resources to come to an understanding on the commercial
relationship between FACOR and BPM and to find mutually satisfactory
arrangements between the participants in the Boula mine going forward. Although
there can be no assurance that FACOR will be willing to enter into any such
arrangements, the board of SPI is cautiously optimistic that satisfactory
working arrangements will be agreed with FACOR in the near future.

Enquiries:

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

Matthew Clarke

Further information

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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            The company news service from the London Stock Exchange

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