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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Platmin | LSE:PPN | London | Ordinary Share | CA72765Y1097 | COM SHS NPV (CDI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 17.25 | - | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
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09/11/2007 22:30 | On 2/10 appears that Karrick (Mittel family) bought at 502.5p two blocks of 6,532,630, and 3,143,750 for a total of 9,676,380 which matches the same figure mentioned on google search in name Karrick Ltd. Tonight on Canadian tsx they mention Karrick purchase of 9,577,951 at C$9.90 from CDC Group effective 23/11, and at same time sale by latter of 11,122,049 to Mineral Securities at the same price effective January '08...that gives latter 26,351,819 or 27.2%. Not sure if Karrick purchases are the same? Plus we have the annoucement of a minimum funding placement of C$150 million plus by various Canadian financial names. Not sure how this fits in with appointment of Standard Bank just a few days earlier on 2/10 to raise $200 million again for the "Pilanesberg Platinum Project!!!!????? | cyberian | |
09/11/2007 19:24 | An article by mineweb on platinum juniors (with the relevant extract): Platmin (AIM:PPN, TSX:PPN), also among the fund's top five picks, could be acquired by platinum producer Lonmin, which already holds a stake (22.5%) in the company. Interestingly, a "huge" share block of $100m in the company was recently exchanged between a fund and another party. | utwiq | |
09/11/2007 19:15 | the news is available at the head of the page: 1. raising $150m by share offering 2. sale by major shareholder (CDC?) of its stake to Karrick (Mittal family I think) and MXX at the price of C$9.90, so above the current price not what I expected (certainly not MXX increasing its stake like that) | utwiq | |
09/11/2007 18:44 | Platmin has halted trading in Canada, pending news. As someone who is very overweight in MXX, which holds a major stake in PPN, I have to say I am half hoping for a cash takeover, say at a 30% premium, freeing up almost £100m for MXX, which is pretty close to its MCap. Unlikely certainly (not sure what the news will be however) and probably shortsighted on my part. | utwiq | |
03/11/2007 18:25 | Platinum said on Friday that it was planning to build a 250 000 oz/y mine with a life of 16 years in the Bushveld Complex | pillion | |
10/10/2007 10:53 | just bought some of these at 4.05,rated on a reserves basis about half the level of lonmin,as production nears this discount should narrow or a buy out becomes more attractive. | lonrho | |
09/10/2007 08:45 | From an article in www.mineweb.com today (entitled "A dozen for the Christmas stocking"): Among platinum stocks, Platmin (PPN, C$7.91) continues to stand out. Lonmin (LMI.L, £35.29) increased its stake in this junior platinum stock to 22%, during July, at +C$9.00 a share. Platmin owns the asset base and uncommitted concentrate to graduate to a 500 000 ounce a year fully integrated PGM (platinum group metal) producer by 2012. Mineral Securities (MXX.L, £0.77) may be the preferred (but illiquid) entry to Platmin. | utwiq | |
30/7/2007 10:59 | Could be. In a recent financial report the CEO (?the Chairman?) said something along the lines that they intended building their own smelter while remaining independent but remarked that everything has its price. A fairly pointed public utterance I think. | whealan | |
30/7/2007 10:33 | Rumours heard of a 600p take-out...but only rumours!! | cyberian | |
27/7/2007 22:04 | in platmins aim prospectus it says that 2 big shareholders (cdc and minsec) are locked in till mid-Aug. these guys own about 40% of platmin and lonmin have 20%. so i'm thinking to buy platmin as lonmin may try a takeover. thoughts, anyone? | drillabit | |
24/7/2007 14:37 | LONDON (Dow Jones)--Platmin said Tuesday that it has increased its attributable Indicated Mineral Resources (3PGE+Au) for the UG2 Chromitite Layer on the Grootboom Project by 165%, and has added new Inferred Mineral Resources from the Merensky Reef. | lasata | |
16/7/2007 18:52 | Mineweb: INDEPENDENT SMELTER PLANNED Platmin gets green light for its first platinum mine TSX and AIM listed platinum junior Platmin has completed a positive bankable feasibility study for its Pilanesberg project on the western limb of South Africa's Bushveld complex. Author: Tessa Kruger Posted: Monday , 16 Jul 2007 Johannesburg - Platinum junior Platmin (PNN: TSX, AIM) has got the final green light for its key Pilanesberg project and will now proceed to raise the R1.6 billion ($239 918million) of capex for the mine's development. Chief executive officer Ian Watson told Mineweb today production would be ramped up in the first quarter of 2009 - after two open pit mines were developed on the company's Pilanesberg property on the western limb of the Bushveld complex. Watson said Platmin's board was still considering the various options of raising funds for the mine's construction and would announce its plans in a few months. He said the money would be raised in various phases. The bankable feasibility study on the Pilanesberg project confirmed economics for a 16-year mine to produce 250,000 ounces a year of 3PGE (platinum, palladium, rhodium) and gold in concentrate in the first 11 years. Watson said the final study improved the findings of the feasibility study as its internal rate of return proved slightly higher at 21.7% in real terms and 31.3% in nominal terms. The study set the average operating margin over the life of mine at 46%. Platmin has not been approached yet by mining companies seeking a platinum asset in the near production phase. The company's strategy was to be an independent organisation with its own smelter. "However, everything has its price," he added. Platmin is going ahead with a feasibility study on constructing an independent smelter in various locations in the Pilanesberg area. The company believes it will reach the "critical mass" of 500,000 PGM ounces required for smelter construction with the completion of its Mphatele project's feasibility study by the end of the year. Watson said the positive completion of the feasibility study was a major milestone in the life of the company and Platmin was looking forward to take stakeholders on a tour of construction on its property. He said the pre-feasibility study showed that the project would be 70% viable. The bankable study raised viability of the Pilanesberg project to 90%. The bankable feasibility study was based on platinum, palladium, rhodium and gold. But ruthenium and iridium are also present in the Pilansberg project's ore and thus has the potential to improve project values at current stronger prices (of ruthenium and iridium). | lasata | |
16/7/2007 14:46 | Platmin Feasibility Study Results RNS Number:3118A Platmin Limited 16 July 2007 NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES PLATMIN LIMITED 6 EcoFusion Office Park, Block B, 324, Witch-Hazel Avenue, Highveld Park X59, 0157 Centurion, 0067 South Africa Market Release July 16, 2007 PLATMIN POSTS POSITIVE FEASIBILITY STUDY RESULTS AND DEVELOPMENT GO-AHEAD OF PILANESBERG PROJECT TORONTO: Platmin Limited ("Platmin", TSX/AIM: PPN) is pleased to announce the results of its Feasibility Study on its Tuschenkomst and Ruighoek properties, which form part of the Pilanesberg Project. In this Market Release "3PGE+Au" means: Platinum ("Pt"), Palladium ("Pd"), Rhodium ("Rh") and Gold ("Au"). The Mineral Resource and Reserve estimates were carried out by SRK Consulting of Johannesburg ("SRK"), as part of SRK's independent assessment of the Pilanesbers Project. Information contained in this Market Release is based on a National Instrument 43-101 (Standards of disclosure for Mineral projects) ("NI" or "National Instrument 43-101") and Canadian Institute of Mining, Metallurgy and Petroleum (commonly known as the "CIM" standards) compliant Independent Technical Report ("Pilanesberg ITR") which will be filed on SEDAR shortly and will subsequently be available to be downloaded from www.sedar.com. . Highlights from the Pilanesberg Feasibility * The positive results of the Pilanesberg Project Feasibility Study ("FS ") confirm a robust project. Platmin's Board of Directors has given approval to proceed with the development of the project. * FS completed by SRK Consulting ("SRK"), based on Proven and Probable PGE Mineral Reserves totalling 4.4 million ounces ("Moz") of 3PGEs + Au (3.2 Moz attributable to Platmin). * Life of Mine ("LoM") 16 years with production planned to commence early 2009 with an average production rate of 250,000 oz/year 3PGE+Au in concentrate for the first 11 years. * Base Case Internal Rate of Return ("IRR") of 21.7% in real terms and 31.3% in nominal terms (ungeared after tax). * Base Case Net Present Value at an 8% real discount rate (ungeared after tax) ("NPV (8%)") of ZAR1.82 billion (US$260 million). * Payback period on capital of 2.5 years following first production. * Average operating margin of 46% over LoM. * The presence of Ruthenium and Iridium in ores and concentrates which will be co-produced with the 3PGEs has the potential to improve project values, positively affecting the IRR and NPV of the project. * Engineering firm Dowding Reynard and Associates ("DRA") has been appointed to implement the design and construction phase of the project. "Operation of two open pits enables production to be ramped up rapidly, resulting in acceleration to steady state production of 250,000 3PGE+Au oz/year within the first year of production which commences early in 2009 and with production reaching a peak of 296,000 3PGE+Au in 2010" said Mr. Ian Watson, Chief Executive Officer of Platmin. Mr. Keith Liddell Executive Deputy Chairman of Platmin said that "this development milestone further advances Platmin's strategy of becoming a significant independent PGE producer. Platmin is now in the process of considering various funding options over the near term" and added that "Platmin remains confident that the M'Phatlele Project will provide the mineral resources required to provide the critical mass necessary to continue our investigations into building an independent smelter". Mr. Kwape Mmela, Platmin's Chief Strategy Officer said that "the positive feasibility gives Platmin the ability to make a meaningful contribution to the local community in the Pilanesberg Project area". Platmin holds a 72.39% indirect interest in the Pilanesberg Project through Pilanesberg Platinum Mines (Pty) Limited, a wholly owned subsidiary of Boynton Investments (Pty) Ltd., Platmin's operating subsidiary in South Africa. PILANESBERG PROJECT FEASIBILITY STUDY | kasman | |
06/7/2007 18:54 | Found this from 29th June LONDON (Thomson Financial) - Platmin Ltd said its feasibility study is nearing completion and will be announced shortly. Last week, Platmin had said the latest results from its M'Phatlele project in South Africa for the first phase and second phase drilling are encouraging. TFN.newsdesk@thomson | initiate | |
06/7/2007 15:21 | Someone knows something? | hardcarbon | |
06/7/2007 08:52 | Looks like it could be an interesting day. Any particular reason why? | koshka29 | |
06/7/2007 08:46 | Quiet around here. | hardcarbon | |
21/5/2007 13:30 | Sell the lot. Bad drill result out soon. | jonnyboy1 | |
10/5/2007 11:17 | guess everyone prefers PLAA ??!? I have both but am amazed at how quiet this thread is. still got further to go i reckon..... | markralph | |
10/5/2007 08:09 | hardcarbon- id say! from 320 (odd) from start of Apr, keep on hearing good things about this one....Lonmins have 20% stake, plat at all time high, bid rumours from canadian barrick, huge vols on TSX etc etc. Still a BUY in my view!! | markralph | |
08/5/2007 14:50 | I'm here markralph. Happy with your investment so far? | hardcarbon | |
04/5/2007 08:19 | Barrick bid rumour gets stronger = I buy more! | markralph | |
26/4/2007 23:06 | I've only just spotted this. Fantastic 99% increase in measured and indicated resource at Pilanesberg! Platmin Updated Pilanesberg resource RNS Number:6214V Platmin Limited 26 April 2007 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 April 26, 2007 Measured and Indicated Mineral Resources attributable to Platmin from Tuschenkomst and Ruighoek have increased by 99% TORONTO: Platmin Limited ("Platmin", TSX/AIM: PPN) is pleased to announce the results of updated Mineral Resource estimates on its Tuschenkomst and Ruighoek properties, which form part of the Pilanesberg Project. In the case of both properties the Mineral Resource estimates were carried out by SRK Consulting of Johannesburg ("SRK"), as part of SRK's independent assessment of the Pilanesberg Project. Information contained in this release is based on a National Instrument 43-101 compliant Independent Technical Report (the "April 2007 Independent Technical Report" or the "April ITR") which will be filed on SEDAR shortly and available to be downloaded from www.sedar.com. Highlights Mineral Resources * Tuschenkomst - An updated Measured and Indicated Mineral Resource estimate of 66.8 million tonnes ("Mt") at 2.09 g/t (3PGE+Au) for a total of 4.49 million ounces has been defined by SRK at Tuschenkomst. The revised Mineral Resource estimate is in the context of bulk mining as detailed below. This represents a 58% increase in estimated Measured and Indicated Mineral Resources, being an increase of 1.66 Moz in contained 3PGE+Au ounces from the previous estimation of 2.83 Moz. * Ruighoek - An updated Mineral Resource estimate for Ruighoek has increased the "Shallow" Indicated Mineral Resource (0-200m below surface) to 12.0 Mt at 3.07 g/t (3PGE+Au) for a total of 1.18 Moz . This represents an increase in estimated Indicated Mineral Resources of 0.15 Moz, or 14.5% increase in contained ounces (3PGE+Au) from the previous estimation of 1.03 Moz . * Attributable to Platmin - Mineral Resources attributable to Platmin from the Tuschenkomst and Ruighoek deposits have changed and reflect an increase of the estimated Mineral Resources and also changes in the underlying ownership of Platmin's subsidiaries. Measured and Indicated Mineral Resources attributable to Platmin from Tuschenkomst and Ruighoek have increased by 99% or 2.04 Moz of contained Metal (3PGE+Au). The estimated Measured and Indicated Mineral Resources attributable to Platmin at the Pilanesberg Project are 57.07Mt at 2.24 g/t 3PGE+Au for 4.10 Moz, and attributable Inferred Mineral Resources are 28.35Mt at 4.54 g/t 3PGE+Au for 4.13 Moz. Mining Options The April 2007 Independent Technical Report indicates that: * The preferred mining option for the Pilanesberg Project is to mine the Tuschenkomst and Ruighoek PGE deposits in two large open cast mines with treatment of ores through two conventional Merensky and UG2 flotation concentrators ("Concentrator") at a combined production rate of approximately 250,000 ounces 3PGE+Au per annum in concentrate. * On Tuschenkomst, all the silicate reefs (Merensky ("MR"), Upper Pseudo ("UPR") and Lower Pseudo ("LPR")) may be suitable to be bulk mined as a package together with the parting material consisting of Merensky Footwall Mineralisation, "MRFW" and Pseudo Reef Harzburgite Mineralisation ("PRHZB"). The UG2 Chromitite Layer ("UG2") is being evaluated for selective mining. Some of the lower grade material arising from bulk mining of the silicate reef package (MR, MRFW, UPR, PRHZB and LPR) on Tuschenkomst would be treated through a dense media separation ("DMS") plant to remove low grade material and waste prior to milling. * On Ruighoek, the deposit is being considered for selective mining of the four individual reefs (MR/UPR/LPR/UG2). The main reason for this is the absence of significant Merensky Footwall and Pseudo Reef Harzburgite mineralisation in the Ruighoek deposit. Feasibility Study * The Pilanesberg Project "Bankable Feasibility Study" ("BFS") is underway with SRK engaged as the independent consultant. It is anticipated that the BFS will be completed shortly. The updated Mineral Resource estimate described in this release forms the Mineral Resource base for the BFS. The BFS will be a feasibility study within the meaning of NI 43-101 of the Canadian Securities Administrators. Summary of Mineral Resources Summary of Mineral Resources for Tuschenkomst (bulk mining option) and Ruighoek (selective mining) - April 2007. Property Tonnage Grade Metal Ratio Contained Precious Base Metals Metal ('000 3PGE+Au Pt :Pd :Rh : 3PGE+Au Ni Cu Ni Cu Au tonnes) g/t %:%:%:% kg Oz ('000) ppm ppm tonnes tonnes Measured Mineral Resource Tuschenkomst 2,945 4.76 60:28:10:2 14,030 451 559 143 1,650 420 Total Measured 2,945 4.76 60:28:10:2 14,030 451 559 143 1,650 420 Indicated Mineral Resource Tuschenkomst 63,895 1.97 61:28:7:4 125,560 4,037 947 219 60,520 14,020 Ruighoek 12,001 3.07 62:28:7:3 36,830 1,184 751 173 9,010 2,080 Total Indicated 75,895 2.14 61:28:7:4 162,390 5,221 916 187 69,530 16,100 Tuschenkomst Only 66,840 2.09 61:28:8:3 139,590 4,488 930 216 62,170 14,440 Measured + Indicated Total Measured + 78,841 2.24 61:28:7:4 176,420 5,672 903 185 71,180 16,520 Indicated Inferred Mineral Resource Ruighoek1 17,708 4.33 63:28:7:2 76,600 2,463 900 300 15,930 5,320 Total Inferred 17,708 4.33 63:28:7:2 76,600 2,463 900 300 15,930 5,320 Notes to above Table (1) The preferred mining method for the Inferred Mineral Resource on Ruighoek has not been evaluated. PILANESBERG PROJECT The Tuschenkomst and Ruighoek properties form part of Platmin's Pilanesberg Project which is situated approximately 60km north-west of Rustenburg, a major centre of the platinum mining industry in South Africa. SRK has prepared the April 2007 ITR updating Mineral Resource estimates on Tuschenkomst and Ruighoek as reported in this release. The updated Mineral Resource estimates reported in the April ITR was evaluated within the context of potential mining scenarios. The April ITR reported that the optimum mining and process route consists of: * bulk mining the silicate reefs at Tuschenkomst from the top of the MR to the base of the LPR and selectively mining the UG2 reef, with processing of the ores through separate UG2 and silicate Concentrator; * selective mining of all reefs (MR, UPR, LPR and UG2) at Ruighoek and transporting the ore by road to the Concentrator at Tuschenkomst; and * upgrading the bulk silicate reef package in areas away from the higher grade pothole areas at Tuschenkomst through a DMS plant to remove waste and low grade material before milling (subject to further confirmation by metallurgical testing expected shortly). Mineral Resources SRK re-estimated the Tuschenkomst Mineral Resource to incorporate the mineralised parting material between the MR and UPR (known as the Merensky Footwall Mineralisation ("MRFW")) and mineralised material between the UPR and LPR (known as the Pseudo Reef Harzburgite Mineralisation ("PRHZB")). The MRFW and PRHZB contain PGE mineralisation particularly within and close to pothole areas, where the MR reef is close to, or potholed onto the UPR. The new Mineral Resource for Tuschenkomst is shown in the table below and indicates the amount of additional mineralisation contributed by the MRFW and PRHZB material. The Mineral Resource estimation carried out by SRK contains 66.8 Mt at 2.09 g/t (3PGE+Au) for a total of 4.49 Moz. Of this 2.9 Mt of UG2 and LPR at a combined grade of 4.76 g/t 3PGE+Au for 0.45 Moz is within the Measured Mineral Resource category with the remainder classified as an Indicated Mineral Resource. This Measured and Indicated Mineral Resource represents a 58% increase in contained 3PGE+Au ounces from the previous estimation of 2.83 Moz. Mineral Resource Statement for Tuschenkomst 135JP - April 2007 Reef Tonnage Grade Metal Ratio Contained Precious Base Metals Metal ('000 3PGE+Au Pt :Pd :Rh : 3PGE+Au Ni Cu Ni Cu Au tonnes) g/t %:%:%:% kg Oz ppm ppm tonnes tonnes ('000) Measured Mineral Resource Lower Pseudo 1,172 2.66 59:31:4:6 3,120 100 1,405 360 1,650 420 UG2 1,773 6.15 60:27:12:1 10,910 351 Total 2,945 4.76 60:28:10:2 14,030 451 559 143 1,650 420 Indicated Mineral Resource Merensky 2,757 4.01 66:24:5:5 11,060 356 1,500 868 4,140 2,390 Merensky 26,182 1.01 61:28:6:5 26,400 849 373 171 9,760 4,470 Footwall Upper Pseudo 4,345 4.32 61:30:5:4 18,770 603 1,744 494 7,580 2,150 Pseudo Reef 19,554 0.90 59:30:5:6 17,530 564 1,658 168 32,420 3,290 Harzburgite Lower Pseudo 4,707 2.80 59:31:4:6 13,160 423 1,406 364 6,620 1,720 UG2 6,349 6.09 61:27:12:1 38,640 1,242 Total 63,895 1.97 61:28:7:4 125,560 4,037 947 219 60,520 14,020 Measured + Indicated Mineral Resource Total 66,840 2.09 61:28:8:3 139,590 4,488 930 216 62,170 14,440 Notes to above Table (1) Mineral Resource estimate reported in the context of Bulk Mining - SRK March 2007. A revised Mineral Resource was also estimated for the Ruighoek mineral deposit with selective mining of the four individual reefs (MR/UPR/LPR/UG2) being reported as the optimal mining method. The revised Mineral Resource estimate for Ruighoek has increased the "Shallow" Indicated Mineral Resource (0-200m below surface) to 12.0 Mt at 3.07 g/t (3PGE+Au) for a total of 1.18 Moz. This represents an increase of 0.15 Moz or in contained 3PGE+Au ounces from the previous estimation of 1.03 Moz In addition to the Indicated Mineral Resource on Ruighoek an Inferred Mineral Resource is also present. The Inferred Mineral Resource estimate has decreased slightly and reflects a portion of the previous Inferred Mineral Resource estimate being upgraded to an Indicated Mineral Resource estimate. Mineral Resource Statement for Ruighoek 169JP (portions 1-4, 6, 9 and 15) - April 2007 Reef Tonnage Grade Metal Contained Precious Base Metals Ratio Metal ('000 3PGE+Au Pt :Pd :Rh 3PGE+Au Ni Cu Ni Cu :Au tonnes) g/t %:%:%:% kg Oz ('000) ppm ppm tonnes tonnes Indicated Mineral Resource1 Merensky 3,300 3.44 64:27:5:4 11,370 365 1,012 328 3,340 1,080 Upper Pseudo 2,195 1.77 62:29:5:4 3,880 125 1,090 190 2,390 420 Lower Pseudo 2,968 1.96 61:31:3:5 5,810 187 1,106 194 3,280 580 UG2 3,538 4.46 62:27:11:1 15,780 507 Total 12,001 3.07 62:28:7:3 36,830 1,184 751 173 9,010 2,080 Inferred Mineral Resource2 Merensky 4,921 5.09 65:27:4:4 25,050 805 1,576 674 7,750 3,320 Upper Pseudo 1,964 3.53 61:31:5:3 6,940 223 1,532 373 3,010 730 Lower Pseudo 3,782 2.93 61:31:4:5 11,070 356 1,367 336 5,170 1,270 UG2 7,041 4.76 62:27:11:0 33,540 1,079 Total 17,708 4.33 63:28:7:2 76,600 2,463 900 300 15,930 5,320 Notes to above Table (1) Indicated Mineral Resource to 200m below surface includes diluting material - estimated by SRK March 2007. (2) Inferred Resource Mineral undiluted - estimated by RSG Global May 2006 Total Mineral Resources for the entire Pilanesberg Project have been updated and are summarised in the Table below. The entire Pilanesberg Project includes Ruighoek and Tuschenkomst as well as portions of 6 other properties. Of these other properties, resources have also been defined on Witkleifontein and Rooderand. Total Measured and Indicated Mineral Resources now stand at 78.8 Mt at 2.24 g/t 3PGE+Au for 5.67 Moz. Inferred Mineral Resources now total 39.2 Mt at 4.54 g/t 3PGE+Au for 5.71 Moz. The National Instrument 43-101 compliant Independent Technical Report (the April 2007 Independent Technical Report) prepared in accordance with the Canadian Institute of mining, Metallurgy and Petroleum commonly known as the CIM standard) for the revised Mineral Resource estimates on Tuschenkomst and Ruighoek as disclosed in this release is due for filing on SEDAR shortly and will be available for download at www.sedar.com. Mineral Resource Statement for the Pilanesberg Project - April 2007 Property Tonnage Grade Metal Ratio Contained Base Metals Precious Metal ('000 3PGE+Au Pt :Pd :Rh : 3PGE+Au Ni Cu Ni Cu Au tonnes) g/t %:%:%:% kg Oz ppm ppm tonnes Tonnes ('000) Measured Mineral Resource Tuschenkomst 2,945 4.76 60:28:10:2 14,030 451 559 143 1,650 420 Total Measured 2,945 4.76 60:28:10:2 14,030 451 559 143 1,650 420 Indicated Mineral Resource Tuschenkomst 63,895 1.97 61:28:7:4 125,560 4,037 947 219 60,520 14,017 Ruighoek 12,001 3.07 62:28:7:3 36,830 1,184 751 173 9,010 2,077 Total Indicated 75,895 2.14 61:28:7:4 162,390 5,221 916 187 69,530 16,095 Total Measured + 78,841 2.24 61:28:7:4 176,420 5,672 903 185 71,180 16,516 Indicated Inferred Mineral Resource Ruighoek 17,708 4.33 63:28:7:2 76,600 2,463 900 300 15930 5320 Witkleifontein1 16,331 4.70 61:29:8:3 76,700 2,465 894 314 14,600 5,130 Rooderand1 5,134 4.75 61:29:8:3 24,400 785 512 271 2,630 1,390 Total Inferred 39,173 4.54 62:29:7:2 177,700 5,713 846 302 33,160 11,840 Notes to above Table (1) Mineral Resource estimates previously reported in Platmin's Independent Technical Report entitled "Platmin Limited's South African Platinum Mineral Properties" dated May 15, 2006 which was filed to SEDAR on August 10, 2006 (2) Ni and Cu estimates have not been completed for all reefs. (3) Apparent inconsistencies between grades, tonnage and contained metal may arise due to rounding. Attributable Mineral Resources Mineral Resources attributable to Platmin from the Tuschenkomst and Ruighoek Mineral deposits have changed and reflect upgrading of the Mineral Resource estimates and also changes in the underlying ownership of Platmin's subsidiaries. Measured and Indicated Mineral Resources attributable to Platmin from both Tuschenkomst and Ruighoek have increased by 98.9% or 2.04Moz of contained Metal (3PGE+Au). Inferred Mineral Resources (which are only applicable to Ruighoek) have decreased by 15.9% or 0.34Moz of contained Metal (3PGE+Au). A summary of Mineral Resources attributable to Platmin for the entire Pilanesberg Project are presented below. Platmin Attributable Mineral Resource Statement for the Pilanesberg Project - April 2007 Property Tonnage Grade Metal Ratio Contained Base Metals Precious Metal ('000 3PGE+Au Pt :Pd :Rh : 3PGE+Au Ni Cu Ni Cu Au tonnes) g/t %:%:%:% kg Oz ppm ppm tonnes tonnes ('000) Measured Mineral Resource Tuschenkomst 2,132 4.76 60:28:10:2 10,160 327 559 143 1,190 300 Total Measured 2,132 4.76 60:28:10:2 10,160 327 559 143 1,190 300 Indicated Mineral Resource Tuschenkomst 46,253 1.97 61:28:7:4 90,900 2,922 947 219 43,810 10,150 Ruighoek 8,687 3.07 62:28:7:3 26,660 857 751 173 6,520 1,500 Total Indicated 54,941 2.14 61:28:7:4 117,560 3,780 916 187 50,330 11,650 Total Measured + 57,073 2.24 61:28:7:4 127,720 4,106 903 185 51,520 11,950 Indicated Inferred Mineral Resource Ruighoek 12,819 4.33 63:28:7:2 55,450 1,783 900 300 11530 3,850 Witkleifontein1 11,822 4.70 61:29:8:3 55,520 1,784 894 314 10,570 3,720 Rooderand1 3,717 4.75 61:29:8:3 17,660 568 512 271 1,900 1,000 Total Inferred 28,357 4.54 62:29:7:2 128,630 4,135 846 302 24,000 8,570 Notes to above Table (1) Mineral Resource estimates previously reported in Platmin's Independent Technical Report entitled "Platmin Limited's South African Platinum Mineral Properties" dated May 15, 2006 which was filed to SEDAR on August 10, 2006 (2) Attributable Mineral Resources calculated on the basis of Platmin's 72.39% interest in Boynton and Boynton's 100% interest in Pilanesberg Platinum Mines. (3) Ni and Cu estimates have not been completed for all reefs. (4) Apparent inconsistencies between grades, tonnage and contained metal may arise due to rounding. Feasibility Study It is anticipated that the BFS will be completed shortly. The April ITR Report has indicated that the Tuschenkomst and Ruighoek PGE deposits should optimally be mined in two large open cast operations with treatment of ores through two conventional Merensky and UG2 flotation concentrators. The BFS contemplates mining 3.78 and 0.6 Mt of ore per annum from the Tuschenkomst and Ruighoek open cast operations respectively for an estimated combined total annual production of 250,000 ounces 3PGE+Au in concentrate. Some of the lower grade material arising from the bulk mining of the silicate reef package (MR, MRFW, UPR, PRHZB and LPR) on Tuschenkomst will be treated through a DMS plant to remove low grade material and waste prior to milling. Quality Assurance, Quality Control and Qualified Persons Exploration at the Tuschenkomst Property of the Pilanesberg Project is being conducted under the supervision of Mr Grant Hayward a Senior Project Geologist. Mr Hayward (BSc. Geology) is a geologist with more than 18 years experience in precious metals exploration and mining and is a registered Professional Natural Scientist ("Pr.Sci.Nat.") with the South African Council of Natural Scientific Professions ("SACNASP"). Mr Hayward is an employee of Platmin and has contributed to the content of this release. Exploration at the Ruighoek Property of the Pilanesberg Project is being conducted under the supervision of Mr John Astrup, Platmin's Exploration Manager. Mr Astrup (M.Sc. Exploration Geology) is a registered Professional Natural Scientist ("Pr.Sci.Nat.") with the South African Council for Natural Scientific Professions ("SACNASP") and has 10 years of experience in PGM, Ni, Cu exploration. Mr. Astrup is an employee of Platmin and has contributed to the content of this release. Project Management at the Pilanesberg Project (covering all aspects of the Bankable Feasibility Study) is being conducted under the supervision of Dr Paul Woolrich, a geologist with over 30 years experience in the exploration and mining industry, focusing on gold, PGE and base metals throughout the world. Dr Woolrich is a Member of the AusIMM. Group Exploration Manager, Mr John Astrup, the Company's Qualified Person (as defined in National Instrument 43-101 (Standards of disclosure for Mineral projects)) for the Pilanesberg Project is responsible for the technical material in this release, excluding the mineral resource estimate. Mr Astrup has verified the data disclosed in this release, including the drillcore sampling, analytical and the data underlying the resource estimation. Mr John Astrup (M.Sc. Exploration Geology) is a registered Professional Natural Scientist (" Pr.Sci.Nat.") with the South African Council for Natural Scientific Professions ("SACNASP") and has 10 years of experience in PGM, Ni, Cu exploration. Drill holes were drilled with a combination of diamond drill core of size 47.6mm in diameter ("NQ"), diamond drill core of size 61mm in diameter ("TNW") and diamond drill core of size 65mm in diameter ("HMLC") core; where reef intersections are expected to be in weathered material, drilling comprises triple tube drilling with HMLC sized core. Fresh reef intersections are cut with either NQ or TNW core depending on the drill rig used. The core is logged by qualified geologists and mineralised intervals are identified and sampled. Sample intervals are kept to approximately 20cm width and core is then split by means of a diamond saw. Geological logging and sampling was carried out under the supervision of Mr Hayward and Mr Astrup. Further details of Platmin's geological procedures have been reported in Platmin's Independent Technical Report dated May 15, 2006. Samples are submitted to SGS Lakefield Research Africa Laboratories in Johannesburg ("Lakefield") where they are prepared and analysed for Pt, Pd, Au, Rh, Ni and Cu. Lakefield is an ISO 17025 accredited laboratory. Pt, Pd and Au analyses were carried out using a lead fire assay technique with a silver collector and ICP-OES finish, Rh is analysed with a separate lead fire assay using a palladium collector and ICP-OES finish. Ni and Cu analysis is done by Aqua Regia with an AA finish and reflect the acid soluble metal content. Quality Assurance, Quality Control ("QA/QC") procedures include the submission of certified standards with every reef intersection submitted. Results of the standards are analysed on a batch by batch basis as is all internal QA/QC included by the laboratory with includes laboratory repeats, standards and blanks. Prior to major revisions to the resource estimates, a selection of pulps that have been returned from Lakefield are relabelled and resubmitted to Lakefield for check analyses, in addition further pulps are submitted to an independent second or referee laboratory (Genalysis Laboratory Services (Pty) Limited). Further details of Platmin's QA/QC procedures have been described in Platmin's Independent Technical Report dated May 15, 2006. Mr Victor Simposya is employed by SRK Consulting and is the Qualified Person (as defined in National Instrument 43-101 (Standards of disclosure for Mineral projects)) for the Mineral Resource estimation on the Tuschenkomst Property reported in this release. He is registered with the South African Council for Natural Scientific professions ("Pr.Sci.Nat") and has 28 years experience as a geologist and 17 years in mineral resource estimation. The Tuschenkomst reef models were generated from composites of the drillhole reef picks. There are two main facies identified, pothole and contact and geostatistical modelling of the variables within each reef were constrained to the boundaries of the facies. A 2D geostatistical modelling approach was adopted for each facies and estimation was based on the reef width and accumulations of width and grade variables using ordinary co-kriging. The search parameters were developed based on the quality of the mineralised width estimates. Drillhole sampling in the MRFW and PRHZB zones is incomplete with either portions of the intersected zones sampled and or the entire drillhole intersection not sampled. The resource model was based on the total intersected thickness of the zones but the composites grades were derived from the sampled intervals over the total intersected thickness. Unsampled drillholes were assigned zero grade values over the total intersected thickness. The approach adopted for the geostatistical modelling and grade estimation of the main reefs was applied for the MRFW and PRHZB intersections within each of the facies. Estimation was by ordinary kriging into a 2D model of the width and accumulations within a search neighbourhood developed from the geostatistical studies. The grade estimates for the main reefs and the MRFW and PRHZZB were back calculated from the estimates of width and accumulations and these were then migrated into the 3D model for each reef. Mr Mark Wanless is employed by SRK Consulting and is the Qualified Person (as defined in National Instrument 43-101 (Standards of disclosure for Mineral projects)) for the Mineral Resource estimation on the Ruighoek Property reported in this release. He is registered with the South African Council for Natural Scientific professions ("Pr.Sci.Nat") and has 11 years experience as a geologist and nine years in mineral resource estimation. Wireframe surface models are created for the four reef packages, namely the Merensky, Upper Pseudo, Lower Pseudo and UG2 Reefs (MR, UPR, LPR, and UG2 respectively). Composites are created for each drillhole based on the lithology and grade, which are used to generate a seam model, by interpolating thicknesses into the wireframe. The four mineralised layers are consistent across the property which allows a 2D approach to the mineral resource estimate. A two dimensional block model is populated with metal accumulations and thickness for Pt, Pd, Rh and Au utilising ordinary co-Kriging and ordinary Kriging for the two base metal accumulations. For the MR, the presence of three facies resulted in the use of simple Kriging and simple co-Kriging with a mean value for each facies. The two dimensional model was migrated into the three dimensional framework defined by the seam models. A dilution envelope of mineralised material was included for each of the four reefs. The dilution envelope thickness was based on minimum mining cuts calculated for each drillhole intersection, and interpolated onto the seam model wireframes. The average grade of the top cut composite values in each dilution envelope was assigned to the diluting material. Mr Andre van der Merwe is employed by SRK Consulting and is a Qualified Person (as defined in National Instrument 43-101 (Standards of disclosure for Mineral projects)). Mr van der Merwe has compiled the Technical Report covering the Mineral Resource estimation on the both the Tuschenkomst and Ruighoek Properties reported in this release. He is registered with the South African Council for Natural Scientific professions ("Pr.Sci.Nat"), is a Member of the Australasian Institute of Mining and Metallurgy ("AusIMM") and has 19 years experience as an exploration and mining geologist. About Platmin Platmin is a TSX and AIM (PPN) listed exploration and development company focused on its four key project areas: Pilanesberg, M'Phatlele, Grootboom, and Loskop on which PGM mineral resources have been estimated. All of Platmin's projects are located in the Bushveld Complex of South Africa, which region is estimated to contain approximately 90% of global platinum resources. www.platmin.com For more information Platmin Limited Grant Thornton Corporate Finance 6 EcoFusion Office Park, Block (Nomad) B, 324, Witch-Hazel Street, Highveld Park X59, 0157 Centurion, 0067 Gerry Beaney +44 870 991 2589 South Africa Keith Liddell +61 8 9221 7466 Haywood Securities Executive Deputy Chairman John Willett +1 416 507 2345 Ian Watson +27 12 661 4280 Chief Executive Officer RBC Capital Markets Craig Werstiuk +44 20 7653 4567 This release contains forward-looking statements 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 release include, but are not limited to, statements regarding the estimation of mineral resources and / or reserves, potential mineralization and mineral resources and/or reserves, exploration results, the use of or the successful implementation of or any implementation at all of or otherwise of reported mining options - optimal or not, or the success of any mining options used in the future including potential open cast mining of deposits, treatment of ore through conventional concentrators, achieving a production rate of 250,000 ounces per annum in concentrate or any production at all, bulk mining of the silicate reefs or selective mining of the UG2 Chromitite Layer, or bulk mining or selective mining of any reef horizons or any part of any deposit of Platmin, the success of treatment of any material through a dense media separator plant, positive results from expected metallurgical testing and also as related to dense media separation or otherwise, upgrading of mineral resources into mineral reserves or upgrading of inferred mineral resources or indicated mineral resources into higher mineral resource categories, the completion of the Pilanesberg Bankable Feasibility Study and/or the result or outcome of such Bankable Feasibility Study, and all of the beforementioned as applicable to any of Platmin's Key Projects. 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 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. Furthermore, forward -looking statements reflect the current expectations and beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even is such actual results are realised or substantially realised, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that would cause actual results or events to differ from current expectations include, among other things, changes in commodity prices, changes in equity markets, failure to establish estimated mineral resources or mineral reserves (the inferred, indicated and measured mineral resource figures in this release are estimated and no assurance can be given that the reported levels of minerals will be produced), political risks arising from operating in Africa, changes to regulations affecting the Company's activities, delays in obtaining or failures to obtain required regulatory approvals, failure of equipment, uncertainties relating to the availability and costs of financing needed in the future, the uncertainties involved in interpreting drilling results and other geological data, delays in obtaining geological results, and the other risks involved in the mineral exploration industry. Any forward-looking statement only speaks as of the date on which it was made and, except as may be required by applicable securities laws, as mentioned above in this disclaimer the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. As mentioned above, although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. This release does not constitute or form part of any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for any securities in any jurisdiction, nor shall it (or any part of it) or the fact of its distribution form the basis of, or be relied upon in connection with, or act as any inducement to enter into, any contract or commitment therefore. This information is provided by RNS The company news service from the London Stock Exchange END MSCSESFAMSWSESL | hardcarbon |
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