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ELD
ELD
ELD - Eland Platinum - Acquisition of control of Madibeng and a controlling
interest in the PGM exploration assets of Mululamisi
Eland Platinum Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2005/029957/06)
(ISIN number: ZAE000078655)
Share code: ELD
("Eland Platinum" or "the Company")
Eland Platinum Holdings Limited agrees to acquire:
* control of Madibeng Platinum (Pty) Limited; and
* a controlling interest in the PGM exploration assets of Mululamisi Mining
and Exploration (Pty) Limited
Eland Platinum Holdings Limited (Eland Platinum) announced two important
transactions today, 6 June 2007.
In the first, Eland Platinum has acquired a controlling interest in Madibeng
Platinum (Pty) Limited (Madibeng) from Allan Hochreiter (Pty) Limited,
increasing to 66% should certain conditions be fulfilled. The total
consideration payable for 66% of Madibeng is R106 million.
Madibeng has a new order prospecting right for platinum group metals (PGMs) over
the farm Hoekfontein 432JQ, totaling 3 238 hectares, which is contiguous with
Eland Platinum`s existing Elandsfontein Platinum Mine. All of this area is
believed to be underlain by both the UG2 and Merensky platiniferous horizons.
Further, Eland Platinum has agreed to acquire 70% of Mululamisi Mining and
Exploration (Pty) Limited`s (Mululamisi) interest in the new order PGM
prospecting right on portion 1 and the remaining extent of portion 30 of the
farm Schietfontein 427JQ and portion 29 of the farm Krelingspost 425JQ, totaling
354 hectares, for a cash consideration of R11.285 million in a transaction
brokered by Allan Hochreiter (Pty) Limited. The Mululamisi areas are contiguous
with both those of the Elandsfontein Platinum Mine and Madibeng. It is believed
that the majority of the Mululamisi area is underlain by both the UG2 and
Merensky platiniferous horizons.
The Mululamisi transaction is conditional on the approval of the Department of
Minerals and Energy (DME).
The acquisition of these assets provides the potential to expand the operations
of the Elandsfontein Platinum Mine significantly.
David Salter, Eland Platinum`s managing director, said "These acquisitions form
part of our strategy to grow Eland Platinum into a global top 5 PGM producer. We
intend to develop the greater Elandsfontein Mine complex into a one million
ounce per year operation."
"We will start resource definition work on the new properties as soon as
possible. Our objective is to establish a resource base of an additional 20
million ounces of PGMs (platinum, palladium, rhodium and gold) to add to the
21.6 million total ounces already defined on Elandsfontein", he added.
Shareholders of Eland Platinum are advised that the cautionary announcement of
12 April 2007, renewed on 28 May 2007, remains in effect and, accordingly,
shareholders are advised to continue to exercise caution when dealing in Eland
Platinum shares until a further announcement is made.
Johannesburg
6 June 2007
Investment bank and Sponsor
Nedbank Capital
Date: 06/06/2007 16:30:02 Produced by the JSE SENS Department.
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