Update : Disruptions at Pilanesburg Platinum Mine (7162J)

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RNS Number : 7162J

Platmin Limited

04 July 2011

NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES

UPdate: Disruptions at Pilanesburg Platinum Mine

July 4, 2011, TORONTO: On 24 June, Platmin Limited issued an announcement relating to disruptions at the Pilanesberg Platinum Mine caused by a small group of employees of mining contractor, MCC Contracts (Proprietary) Limited (MCC). Platmin's priorities since the disruptions have been to ensure the safety of employees and the security of assets and equipment; to minimise the impact on production by processing stockpile material and conducting maintenance; and the rapid resumption of mining operations.

The damage to MCC-owned and leased operational and personally-allocated vehicles is being assessed. Drilling and blasting equipment, which is fundamental to the mining activity, was not affected.

Platmin is assisting MCC, who are engaged with the National Union of Mineworkers (NUM) in terms of MCC's recognition agreement, and the parties are working closely with the South African Police Services in identifying and prosecuting those individuals involved in the disruptions. Several arrests have been made.

While mining activities have been affected by these events, Platmin's concentrator has operated at full capacity throughout the period by processing stockpiled, oxidised reef and in fact despatched record metal in concentrate during June. Scheduled preventative maintenance will be bought forward to align with future production planning.

The process of consultation with the NUM on the safe and orderly resumption of operations has been constructive and a further meeting has been scheduled for today, Monday, 4 July. MCC's engineering personnel could resume work immediately thereafter to repair or replace the affected vehicles. Drilling and blasting crews and the load and haul crews not involved in the disruptions can start work as soon as agreement has been reached between the parties. Inevitably though, mining operations will be disrupted for a period, and the build-up of ore stockpiles accordingly delayed. A further announcement will be made when the impact has been more accurately established.

For further information:

Craig Shaw Chief Financial Officer [phone]

Investec Bank plc (Nominated Adviser) Charles Batten [phone]

Russell & Associates Charmane Russell [phone]

This information is provided by RNS

The company news service from the London Stock Exchange

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