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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Sylvania | LSE:SLV | London | Ordinary Share | AU000000SLV8 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 48.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSLV TIDMJLP
RNS Number : 8605W
Sylvania Resources Ltd
26 November 2010
Sylvania Resources Limited ('Sylvania' or the 'Company')
SYLVANIA RESOURCES LIMITED Jubilee Platinum Plc ("Jubilee") ASX: SLV AIM: JLP AIM: SLV JSE: JBL Registration No: 091 415 968 Registration number: 4459850 ISIN: AU000000SLV8 ISIN GB0031852169
Joint Announcement
Jubilee and Sylvania enter into a specific agreement on PGE/Ni, Cu smelting and refining of Sylvania's new JORC compliant Volspruit deposit
Further to previous joint announcements on 2 November 2009 and 4 February 2010, Jubilee and Sylvania (collectively "the Parties") are pleased to announce that they have entered into the Volspruit Smelting and Refining Agreement ("Smelting Agreement") that sets out the respective responsibilities of the Parties and milestone achievements for the next phase of their strategic partnership.
The Smelting Agreement seeks to expand on the Framework Agreement whereby the Parties have agreed to extend their joint investigations to progress a study into the design and construction of a smelter and refinery complex allocated to processing concentrate from the proposed Volspruit mine that is currently being developed by Sylvania.
The Volspruit mine project and the Volspruit smelter/refinery projects are inter-related and will be developed concurrently by Sylvania and the Sylvania/Jubilee JV respectively, with the intention of developing solutions that will allow the viable exploitation of concentrates which cannot be treated by conventional processes. The combination of the ConRoast process with a DC arc smelter associated with a base metal refining process is the key to unlocking value from these concentrates. The base metal refining process that has been identified produces base metal products including iron (which is normally a discard product) in a form that commands a premium on London Metal Exchange prices.
Under the Smelting Agreement the Parties have agreed that a Scoping study will be completed by 28 February 2011, and if satisfied with the outcome the Parties will incorporate a new company and subscribe equally for the shares in the new company and enter into a shareholder agreement.
Subject to finalizing the establishment of the new company, the Parties will procure that the new Company will conclude a pre-feasibility study at a budgeted cost of R2 million (GBP180,000) by 31 May 2011.
Subject to both Parties being satisfied with the results of the pre-feasibility study, the new company will then proceed to conduct a bankable feasibility study and use all reasonable endeavours to complete the bankable study by 31 January 2012. An amount of R5 million (GBP445 000) has been budgeted for this study. The budgeted amounts for each study may be increased by agreement by both parties and will be equally funded by the parties.
For further information please contact:
South Africa
Jubilee Platinum Sylvania Resources Leon Coetzer Terence McConnachie Chief Executive Officer Managing Director Braemore Platinum (Pty) Ltd Tel +27 11 673 1171 Tel +27 (0) 11 4651913 Leonard Eiser Louis Carroll Sasfin Capital Tel +27 (0) Finance Director/Joint Company 11 809 7500 Secretary Tel +27 11 673 1171
United Kingdom
Andrew Sarosi Richard Brown Jubilee Platinum plc Ambrian Tel +44 (0) 1752 221937 Partners Limited, Nominated Adviser Tel +44 20 7634 4700 Michael Kinirons Bishopsgate Communications Ltd Tel +44 (0) 20 7562 3350 Laurence Read/Beth Harris Threadneedle Communications Public Relations Adviser Tel +44 20 7653 9855 Matthew Robinson FinnCap Tel +44 (0) 20 7600 1658 Australia Richard Rossiter Non Executive Chairman Tel +61 41 868 8338 Grant Button Director/Joint Company Secretary Tel +61 8 922 64777
This information is provided by RNS
The company news service from the London Stock Exchange
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