WEZ
WEZ
WEZ - Wesizwe Project Update
Wesizwe Platinum Limited
(Incorporated in the Republic of South Africa)
(Registration number 2003/020161/06)
JSE code: WEZ & ISIN: ZAE000075859
(the "Company" or "Wesizwe")
WESIZWE PROJECT UPDATE
Wesizwe Platinum Limited announces that it will commence with its 3D Geoseismic
Survey in June 2007. A Managed Services contract has also been signed with
Murray and Roberts Cementation to act as principal contractor for the capital
construction project due to commence during 2008.
The Bankable Feasibility Study remains on-track and the accelerated drilling
programme has achieved 43 932 metres of core, 41 boreholes and 89 deflections
since the last mineral resource estimates dated end December 2006.
Wesizwe has appointed and signed a contract with CGG Veritas, the French company
specialising in 3D Geoseismic Surveys. The 3D Geoseismic Survey will commence in
June and is due for completion in August 2007. A full interpretative report will
be given to Wesizwe three months after the last recording. The survey has been
commissioned to further increase the levels of confidence in the structural
model of the orebody on the Frischgewaagd-Ledig Complex. It is being conducted
concurrently with the Bankable Feasibility Study which is scheduled for
completion in the last quarter 2007. Results will be released in the first
quarter 2008.
The survey will provide the Company`s geologists with very detailed information
about the stratigraphy and structural geology of the orebody. This information
will be tied in to existing drilling and geophysical data derived from the
exploration programme to date, and will significantly enhance the understanding
of the structural geology of the proposed mining area.
The methodology employs the generation of seismic waves and the capturing and
interpretation of the seismic reflection of these waves off the dominant
geological structures. The process employs high resolution seismic technology
which is able to generate accurate images of the cross-sectional local geology
along defined cut-lines, directly highlighting the different layers of the
predominant strata.
This information is then correlated with gravity and electromagnetic geophysical
techniques. The process is vital for identifying and defining main structural
features and providing accurate structural infill information between boreholes.
As significantly, the company has also signed a Managed Services Contract with
Murray & Roberts Cementation (MRC) to act as principal contractor for the
capital construction project due to commence during 2008 provided the results of
the Bankable Feasibility Study do not delineate any fatal flaws. MRC will work
in conjunction with TWP Consulting (Pty) Limited who are the design engineers
and project managers for the shaft sinking and capital construction project. MRC
will participate fully in and provide appropriate inputs into the design phase.
The contract provides for the provision of cost plus-based managed services with
performance-related incentives and penalties in line with FIDIC Silver Book
guidelines.
Says Mike Solomon (CEO), "The signing of these two contracts is the next
significant milestone in the short history of Wesizwe. We are already a full
year ahead of schedule. The positive December 2006 mineral resource estimates
and the commissioning of the Bankable Feasibility Study in March 2007 give us
the confidence to sign these contracts so that we will be able to continue
building shareholder value within our specified timeframes."
Enquiries
Wesizwe Platinum +27 11 215 2375
Mike Solomon, CEO
Melanie Low, Corporate Affairs Manager
www.wesizwe.com
College Hill +27 11 447 3030
Nick Williams or Fred Cornet
Date: 31/05/2007 14:18:28 Produced by the JSE SENS Department.
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