| Thu 16 Aug 2007, 13:31 | | WEZ - Wesizwe - Results of Annual General Meeting |
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WEZ
WEZ
WEZ - Wesizwe - Results of Annual General Meeting
Wesizwe Platinum Limited
(Incorporated in the Republic of South Africa)
Registration number 2003/020161/06
JSE code: WEZ & ISIN: ZAE000075859
(the "Company" or "Wesizwe")
Results of Annual General Meeting
Wesizwe shareholders are advised that at the Annual General Meeting of members
held on Thursday, 16 August 2007, all resolutions as proposed in the Notice of
the Annual General Meeting were approved by the requisite majority of members.
At the Annual General Meeting, the chairperson, Thuthukile Skweyiya, made the
following address:
"Wesizwe has achieved a number of significant milestones over the past year as
it continued to deliver on undertakings made to shareholders. The project has
gathered further momentum and we`re on track for the completion of the Bankable
Feasibility Study and the commencement of capital construction in 2008.
This week we announced our latest drilling results to the end of June. It is
worth noting that this set of drilling results is very significant for Wesizwe
as 6.244 million ounces are now recorded in the Indicated and Measured
categories equaling 93.2% of the original ounce target set in January 2005 and
providing the project with the first 25 years of production. The project has
reached the point where the economic geology is definitively supporting the
critical mass for the viable mining entity described in the Pre-Feasibility
Study published in March this year.
Ongoing fundraising to finance the exploration activities of the company
continued to be successful, with total capital raised to date amounting to R300m
at the end of May 2007. We continue to be delighted by the response from
investors in South Africa.
In May 2007, Wesizwe signed two very important contracts. CGG Veritas was
appointed to conduct the 3D Geoseismic survey and Murray & Roberts Cementation
to act as principal contractor for the capital construction. Murray & Roberts
Cementation will work in conjunction with TWP Consulting who are the design
engineers and project managers for the shaft sinking and capital construction
project. The 3G geoseismic will further increase the level of confidence in the
structural model of the ore body on our core properties. The survey was
commissioned in June 2007 and is due to be completed in the next couple of
weeks. (In addition, Wesizwe`s application for a mining right was accepted by
the Department of Minerals and Energy last month.)
Despite the inevitable dilutive effect of ongoing capital raisings on the BEE
status of the company, Wesizwe is committed to remaining a black-owned company.
Following the approval of the Vunani Capital deal, the company`s HDSA
shareholding increased from 43% to 46.9% and the fulfillment of conditions
precedent relating to the Africa Wide acquisition will mark Wesizwe`s return to
black-owned status with an effective HDSA shareholding of 52.74%. Significantly,
the acquisition of Africa Wide Mineral Prospecting, and its 26% in the
neighboring Western Bushveld Joint Venture, will add 3.5 million ounces to
Wesizwe`s current attributable resource inventory of 8.954 million ounces.
We are very satisfied with the progress made on the project and the underlying
value created. We are now a full year ahead of the original schedule on our core
project and look forward to a very exciting year ahead".
ENQUIRIES
Wesizwe Platinum +27 11 215 2375
Mike Solomon, CEO
Melanie Low, Corporate Affairs Manager
College Hill +27 11 447 3030
Nick Williams +27 83 607 0761
www.wesizwe.com
Johannesburg
16 August 2007
Investment Bank and Sponsor
Investec Bank Limited
Date: 16/08/2007 13:31:10 Produced by the JSE SENS Department.
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