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WEZ
WEZ
WEZ - Wesizwe Platinum - Subsequent events since release of provisional
condensed results for year ended 31 December 2006
WESIZWE PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2003/020161/06)
JSE code: WEZ & ISIN: ZAE000075859
(the "Company" or "Wesizwe")
SUBSEQUENT EVENTS SINCE RELEASE OF PROVISIONAL CONDENSED RESULTS FOR YEAR
ENDED 31 DECEMBER 2006
Highlights
* Continued progress being made with the accelerated drilling programme
for the Frischgewaagd-Ledig Compex of Pilanesberg Project where 5,5%
of total resources are now classified as Measured and 36,7% as
Indicated based on contained PGE(4) ounces.
* Total PGE(4) ounces increased to 12,165 million ounces.
* Wesizwe`s attributable Measured, Indicated and Inferred resources now
total 7,5 million ounces.
* Successful capital raisings total R300 million as at end April 2007.
* Bankable Feasibility Study on schedule.
* 3D geoseismic study commissioned and commenced.
* Black empowerment credentials strengthened through Vunani Capital
investing in 6,5% of Wesizwe shares on issue and the Africa Wide
Mineral Prospecting (Pty) Ltd deal.
* Black empowerment dilution through capital raisings further
ameliorated through Wesizwe purchasing Africa Wide. Once conditions
precedent have been met, Wesizwe`s empowerment status will be 52,74%.
* Africa Wide deal will give Wesizwe a 26% interest in the Western
Bushveld Joint Venture with Anglo Platinum and Platinum Group Metals
increasing resource base by 47% and giving Wesizwe a foothold in the
WBJV.
Comment
Michael Solomon, CEO, says "We are pleased with our annual results and have
once again delivered on our undertakings to our shareholders. During the
financial year of 2006 and the first 6 months of 2007, the project has
gathered momentum and is on track for the completion of the Bankable
Feasibility Study and the commencement of capital construction during 2008.
The 3D geoseismics survey is underway and the upgrade of the established
resource inventory is continuing and going well.
We are very satisfied with our progress and the underlying value created in
the core project and look forward to a very exciting year to come."
Subsequent Events
The subsequent events statement, since the release of the provisional
condensed results for the year ended December 2006 on SENS on 3 April 2007
and published in the newspapers on 4 April 2007, has been updated to
include the following:
1 On 19 April 2007, Wesizwe signed an offer to purchase agreement with
Africa Wide Investment Holding (Proprietary) Limited, in terms of
which Wesizwe, subject to the successful fulfilment of the conditions
precedent, will acquire the entire issued share capital of Africa Wide
Mineral Prospecting and Exploration (Proprietary) Limited for R650
million. The purchase price will be settled through the issue of
62,022,901 new Wesizwe shares at an issue price of R10.48 per share.
2 At a general meeting held on 30 April 2007, the Wesizwe Shareholders
approved the specific issue for cash of 30 million shares to Vunani
Capital (Pty) Limited at a strike price of R3.36 per share.
3 On 14 May 2007 Wesizwe signed a Memorandum of Agreement with Murray &
Roberts Cementation Limited (MRC). In terms of this Memorandum of
Agreement the execution and completion of the works is divided into 3
distinct phases:
* In Phase 1 MRC has joined the project design team and will provide
expert and experienced input and advice with regard to the design and
project execution, and will materially contribute to the robustness of
the Bankable Feasibility Study. The results of the BFS will be
released during the first quarter of 2008.
* In Phase 2, commencing in about March 2008, M&R Cementation is
committed to a vertical mine access system and related surface and
underground infrastructure.
* In Phase 3, between about early 2010 and 2011, M&R Cementation shall
complete the capital development for the establishment of a mine as
going concern.
In terms of the contract Wesizwe will give written approval to
commence Phase 2 and Phase 3 only upon Wesizwe securing adequate
funding for the establishment of the mine.
4 On 25 May 2007, Wesizwe signed a contract with CGG Services SA, a
company incorporated in France. CGG Services will conduct a 3D
geoseismics survey on some of the Pilanesberg Project properties. The
survey will commence in June 2007, take approximately 3 months and
cost Wesizwe R35 million.
HDSA Percentage Shareholding
The HDSA percentage shareholding in the Company increased from 43% to 46,9%
during the three month period following the publication of the reviewed
condensed provisional results. Once conditions precedent have been met for
the binding agreement signed with Africa Wide, the percentage will increase
to 52.74%.
Mineral Resource Estimate
Since the release of the reviewed condensed provisional results the mineral
resource estimate has been updated. The results as disclosed for the
quarter ended 31 December 2006 and published on SENS on 18 April 2007 show
continued progress being made with the drilling programme for the
Frischgewaagd-Ledig complex where 5.5% of total resources are now
classified as Measured and 36.7% as indicated based on contained PGE(4)
ounces.
The total PGE (4) ounces have increased to 12.165 million ounces and
Wesizwe`s attributable Measured, Indicated and Inferred Resources now total
7.5 million ounces.
Mineral resource estimate per farm, class and reef type with attributable
PGE(4) ounces as at 31 December 2006
Farm Resourc Ore Resourc PGE PGE(4) Attribut Attribut
e Type Body e (g/t) (Moz) able able
Tonnage % PGE(4)
(Mt) (Moz)
FRISCH 0.678 4.84 0.105 100% 0.105
1
Indicat 0.025 5.75 0.005 0.005
ed
Meren 0.025 5.75 0.005 0.005
sky
Inferre 0.653 4.80 0.101 0.101
d
Meren 0.259 5.50 0.046 0.046
sky
UG2 0.394 4.34 0.055 0.055
FRISCH 38.382 5.38 6.641 50% 3.320
11
Indicat 19.019 5.25 3.212 1.606
ed
Meren 6.531 6.61 1.389 0.694
sky
UG2 12.488 4.54 1.824 0.912
Inferre 15.615 5.50 2.763 1.381
d
Meren 8.216 6.48 1.711 0.856
sky
UG2 7.398 4.42 1.052 0.526
Measure 3.748 5.53 0.666 0.333
d
Meren 3.748 5.53 0.666 0.333
sky
FRISCH 0.459 4.63 0.068 50% 0.034
3
Indicat 0.069 4.09 0.009 0.005
ed
UG2 0.069 4.09 0.009 0.005
Inferre 0.391 4.73 0.059 0.030
d
Meren 0.197 5.40 0.034 0.017
sky
UG2 0.193 4.04 0.025 0.013
FRISCH 16.662 4.88 2.613 50% 1.306
4
Indicat 3.471 4.54 0.506 0.253
ed
Meren 1.307 5.32 0.224 0.112
sky
UG2 2.164 4.07 0.283 0.141
Inferre 13.191 4.97 2.106 1.053
d
Meren 5.898 5.73 1.086 0.543
sky
UG2 7.293 4.35 1.020 0.510
LEDIG 11.017 4.67 1.654 100% 1.654
1
Inferre 11.017 4.67 1.654 1.654
d
Meren 4.860 5.12 0.800 0.800
sky
UG2 6.157 4.31 0.854 0.854
LEDIG 6.506 5.18 1.084 100%
2
Indicat 4.281 5.33 0.733 0.733
ed
Meren 2.210 5.52 0.392 0.392
sky
UG2 2.071 5.12 0.341 0.341
Inferre 2.225 4.91 0.351 0.351
d
Meren 0.839 5.56 0.150 0.150
sky
UG2 1.386 4.51 0.201 0.201
Grand
Total 73.704 5.13 12.165 62% 7.504
Investor relations enquiries to:
College Hill
Fred Cornet
Telephone + 27 11 447 3030
Wesizwe
Melanie Low
Telephone + 27 11 215 2375
Website:http://www.wesizwe.com
Date: 28/06/2007 15:22:38 Produced by the JSE SENS Department.
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