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WEZ
WEZ
WEZ - Wesizwe - Reviewed Condensed Interim Results For The Six Months
Ended 30 June 2007
Wesizwe Platinum Limited
(Incorporated in the Republic of South Africa)
Registration number 2003/020161/06
JSE code: WEZ & ISIN: ZAE000075859
(the "Company" or "Wesizwe")
REVIEWED CONDENSED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2007
Highlights
- Total tonnage for Pilanesberg project up by 8,394 million (11,4%) and
total PGE(4) ounces increased by 10,7% to 13,470 million ounces for the period
1 January 2007 to 30 June 2007
- Wesizwe attributable, Measured, Indicated and Inferred resources increased
by 19,3% to 8,954 million ounces for the period under review
- Application for a mining right submitted to the Department of Minerals and
Energy in July 2007
- 3D Geoseismics Survey commissioned and commenced in June 2007
- Successful capital raisings of R196 million during period under review
- Shareholders authorised increase of share capital to fund the Africa Wide
- Mineral Prospecting (Pty) Ltd transaction
- Wesizwe Long-Term Incentive Plan and the Share Appreciation Rights Scheme
approved at Annual General Meeting on 16 August 2007
Comment - Mike Solomon, Chief Executive Officer
"During the first six months of 2007, Wesizwe has progressively moved towards
formalising its vision of building on the successful development of its core
Frischgewaagd-Ledig project by using this asset to grow the Group through a
value-accretive merger and acquisition strategy. Wesizwe has also always stated
that this will be achieved, as far as possible, through soliciting direct
investment by black institutions and individuals, and undertaking creative
deals with other black-owned companies which have distinct and tangible
synergies with Wesizwe.
After the release of the positive results of the Pre-feasibility Study in March
2007 and the green light to proceed with the Bankable Feasibility Study (BFS),
Wesizwe immediately dealt its first card in April. The Group entered into a
binding agreement with Africa Wide to acquire its entire issued share capital
through the issue of 62 022 901 shares. The acquisition, once conditions
precedent are met, is a major empowerment deal in the platinum sector. At
present Wesizwe is in the process of finalising the last of the conditions
precedent and expects to close the transaction shortly.
The transaction will give Wesizwe 26% in the neighbouring Western Bushveld
Joint Venture with Anglo Platinum and Platinum Group Metals and increase its
resource base by 3,5 million ounces. It will also increase the Group`s black
empowerment status to 52,7%.
Capacity of the Wesizwe team continues to be strengthened with the creation of
senior posts and with more key appointments to be made in the near future. The
approval by Shareholders of the Wesizwe Long-Term Incentive Plan and the
Wesizwe Share Appreciation Rights Scheme at the AGM on 16 August 2007 is
significant in this recruitment drive as the Schemes will give the Group
further leverage to both attract and retain talent and strengthen
institutional, financial and technical capacity.
The increase in expenditure for the period under review compared to the same
period last year is due to the Group`s further accelerated drilling programme,
the Bankable Feasibility Study, gearing up for capital construction and
staffing capacity. The accelerated drilling programme yielded further
favourable drilling results at the end of June 2007. Attributable ounces
increased by 19,31% to 8,954 million ounces and the Total Mineral Resource was
up to 13,470 million ounces. Significantly, these attributable ounces do not
include the 3,5 million ounces that will be added to the Wesizwe resource
inventory once the Africa Wide transaction is finalised.
On the financial side, private placements made during the period total
R196 million which puts Wesizwe in a strong position to see the project through
the 3D Geoseismics Survey and the Bankable Feasibility Study. The Bankable
Feasibility Study remains on track for delivery in the first quarter of 2008.
Project costs remain satisfactory and within budget targets.
In addition, Wesizwe`s application for a mining right was submitted to the
Department of Minerals and Energy in July 2007 which is another deliverable in
our progress towards progressing towards capital construction in 2008."
Exploration programme
The Pilanesberg Project in-fill drilling programme is well underway to increase
the confidence of the Merensky and UG2 Reef Mineral Resources from Inferred to
Indicated and from Indicated to Measured as per SAMREC (South African Code for
Reporting of Mineral Resources and Mineral Reserves).
Since the previous reporting period, a total of 48 591 metres of core have been
drilled (motherhole metres drilled: 40 061 and deflection metres drilled:
8 529). Fifty one motherholes have been completed as have 125 deflections.
During the reporting period 14 drills were deployed on the farm Ledig 909 JQ
and at the end of the reporting period there were 12 drills in the field.
Summary of results: Period under Review
(Jan 2007 to June 2007)
Metres drilled: 48,591
Boreholes completed: 51
Deflections: 125
Drill rigs in 14 (12 at end June 2007)
operation
The exploration programme in this reporting period has been focused on ground
underlaid by the normal Merensky Reef facies area that occurs mainly on
Frischgewaagd 96 JQ Portion 11 and Ledig 909 JQ Portions 1, 4, 5 and 6 on an
approximate 250m grid. Also now complete is the deflection drilling of the
boreholes in this area which has been a contributing factor in restricting the
attainment of Mineral Resources in some areas to the Indicated category.
The updated Mineral Resources for the Pilanesberg Project are stated in the
following table.
Ore body Resource Tonnage PGE(4)
type (M) (g/t)
Merensky Measured 4,539 5,70
reef
Total Measured 4,539 5,70
Merensky Indicated 15,275 6,06
reef
UG2 Reef Indicated 16,698 4,54
Total Indicated 31,973 5,26
Merensky Inferred 16,790 5,72
reef
UG2 Reef Inferred 28,798 4,47
Total Inferred 45,588 4,93
An overall tonnage increase since December 2006 of 8,395 million tonne within
the Mineral Resource area has been identified. The application of geostatistics
has been applied to the drilling data and the kriging variances, block
variances and block estimation errors have been employed in the classification
of the Mineral Resources as well as facies boundary confidence. The overall
Measured and Indicated Mineral Resources has increased by 5,898 million tonne,
attributable to the Merensky Reef.
The 6,244 million ounces in the Indicated and Measured categories provide 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 prefeasibility study.
Drilling results
The table below reflects the summary results for the total estimated mineral
resources for the Pilanesberg Project at 30 June 2007.
Average Merensky & UG2 Reef data from Datamine Model
Parameter Normal Single Normal Detached Normal Regional
chromitite footwall UG2 pothole
UG2
PGE (4) grade 6,03 5,62 7,00 5,60 4,32 4,66
(g/t)
Average Width 1,44 1,58 1,74 1,15 1,31 1,64
(m)
Average SG 3,23 3,09 3,15 3,24 3,85 3,68
(t/m3)
Pt Grade (g/t) 3,88 3,64 4,69 3,70 2,63 2,82
Pd Grade (g/t) 1,63 1,47 1,84 1,40 1,20 1,29
Rh Grade (g/t) 0,28 0,27 0,25 0,26 0,45 0,45
Au Grade (g/t) 0,24 0,24 0,22 0,23 0,02 0,05
Cu Grade (%) 0,08 0,07 0,04 0,07
Ni Grade (%) 0,25 0,16 0,11 0,20 0,13 0,13
Pt % of 64,34% 64,78% 67,01% 66,18% 60,80% 60,60%
Precious
Metals
Pd % of 27,07% 26,10% 26,31% 25,07% 27,84% 27,70%
Precious
Metals
Rh % of 4,65% 4,83% 3,58% 4,62% 10,51% 9,74%
Precious
Metals
Au % of 3,94% 4,29% 3,10% 4,13% 0,39% 1,02%
Precious
Metals
Mineral resource estimate per reef type and class
Classification Ore body Facies Resource Resource PGE PGE Width
Area (m2) Tonne (4) Moz (m)
(Mt) (g/t)*
Total Measured 915,938 4,539 5,70 0,832 1,53
Merensky 915,938 4,539 5,70 0,832 1,53
Normal 915,938 4,539 5,70 0,832 1,53
Total 6,155,156 31,973 5,26 5,412 1,47
Indicated
Merensky 3,251,250 15,275 6,06 2,976 1,48
Normal 2,201,250 9,917 6,19 1,975 1,39
Single 1,050,000 5,357 5,81 1,001 1,65
Chromitite
UG2 2,903,906 16,698 4,54 2,436 1,46
Normal 1,586,250 8,418 4,44 1,201 1,38
Regional 1,317,656 8,280 4,64 1,235 1,71
Pothole
Total Inferred 9,438,281 45,587 4,93 7,226 1,37
Merensky 4,090,313 16,790 5,72 3,089 1,29
Normal 150,938 0,713 5,91 0,135 1,46
Single 794,531 3,677 5,34 0,631 1,50
Chromitite
Detached 2,776,406 10,384 5,60 1,868 1,15
Normal 368,438 2,015 7,00 0,454 1,74
Footwall
UG2 5,347,969 28,798 4,47 4,137 1,43
Normal 2,782,500 13,670 4,24 1,864 1,28
Regional 2,565,469 15,128 4,67 2,273 1,60
Pothole
All
Merensky All 8,257,500 36,604 5,86 6,897 1,39
UG2 All 8,251,875 45,496 4,49 6,573 1,44
All All 16,509,375 82,100 5,10 13,470 1,42
* Platinum Group Elements comprising: Platinum, palladium, rhodium and gold.
Mineral Resource Estimate per Farm, Class and Reef Type with Attributable PGE
(4) ounces
Farm Resource Class Ore body Resource Tonne
(M)
Frischgewaagd 1 0,683
Indicated 0,026
Merensky 0,026
UG2 0,000
Inferred 0,657
Merensky 0,277
UG2 0,380
Frischgewaagd 11# 37,472
Measured 4,539
Merensky 4,539
Indicated 23,219
Merensky 10,235
UG2 12,984
Inferred 9,714
Merensky 2,676
UG2 7,039
Frischgewaagd 3# 0,462
Indicated 0,000
Merensky 0,000
UG2 0,000
Inferred 0,462
Merensky 0,203
UG2 0,258
Frischgewaagd 4# 16,490
Indicated 1,909
Merensky 1,191
UG2 0,719
Inferred 14,581
Merensky 6,083
UG2 8,498
Ledig 1 16,306
Indicated 0,000
Merensky 0,000
UG2 0,000
Inferred 16,306
Merensky 6,778
UG2 9,529
Ledig 2 10,685
Indicated 6,819
Merensky 3,823
UG2 2,995
Inferred 3,867
Merensky 0,773
UG2 3,094
Totals All All 82,099
Continued:
Farm PGE (g/t) PGE (4) Attribut-able Attribut-able
ozs (M) % PGE
(4) ozs (M)
Frischgewaagd 1 5,00 0,110 100% 0,110
5,60 0,005 0,005
5,60 0,005 0,005
0,000 0,000
4,98 0,105 0,105
5,41 0,048 0,048
4,66 0,057 0,057
Frischgewaagd 11# 5,25 6,325 50% 3,163
5,70 0,832 0,416
5,70 0,832 0,416
5,24 3,909 1,955
6,13 2,019 1,009
4,53 1,890 0,945
5,07 1,584 0,792
6,11 0,526 0,263
4,68 1,058 0,529
Frischgewaagd 3# 4,65 0,069 50% 0,035
0,000 0,000
0,000 0,000
0,000 0,000
4,65 0,069 0,035
5,14 0,034 0,017
4,26 0,035 0,018
Frischgewaagd 4# 5,00 2,649 50% 1,325
4,76 0,292 0,146
5,14 0,197 0,098
4,14 0,096 0,048
5,03 2,357 1,178
5,74 1,123 0,561
4,52 1,234 0,617
Ledig 1 4,84 2,535 100% 2,535
0,000 0,000
0,000 0,000
0,000 0,000
4,84 2,535 2,535
5,60 1,219 1,219
4,30 1,316 1,316
Ledig 2 5,20 1,787 100% 1,787
5,50 1,205 1,205
6,15 0,756 0,756
4,67 0,449 0,449
4,68 0,581 0,581
5,60 0,139 0,139
4,45 0,442 0,442
Totals 5,11 13,475 66%* 8,954
# Remaining 50% owned by Western Bushveld Joint Venture (Anglo Platinum, PTM
and Africa Wide).
*Once conditions precedent have been met with the Africa Wide transaction
Wesizwe`s attributable share will increase to 71%.
Competent person`s report
The abovementioned independent mineral resource estimates have been prepared in
accordance with the SAMREC Code and incorporate the drilling results for both
the Merensky and UG2 reefs on the listed farms. The Competent Person,
Mr D R Young, a director of Mineral Corporation Consultancy (Proprietary)
Limited, has issued a report updating their Competent Person`s Report issued on
5 November 2005.
Mr Young`s qualifications are BSc (Hons), FAusIMM, Pr Sci Nat and his business
address is: Homestead Office Park, 65 Homestead Avenue, Bryanston 2021.
Pilanesberg Project: Exploration activities timelines
The results of the BFS are anticipated to be published by the end of the first
quarter of 2008. This will mark the beginning of the last phase (phase 5) of
the exploration programme on the Pilanesberg Project.
Phase 1 Establish Group, discovery drilling (successfully completed)
Phase 2 Establish Inferred Resource; list the company on JSE Limited
(successfully completed)
Phase 3 Move Mineral Resource from Inferred to Indicated category and embark
on Pre-feasibility Study (successfully completed)
Phase 4 Move Mineral Resource from Indicated to Measured category and
commission a BFS (currently in progress)
Phase 5 Capital construction and mine development
Wesizwe anticipates that phase 5 will commence during the course of the second
quarter 2008. In light of this Wesizwe has signed a managed services-type
contract with Murray & Roberts Cementation and has also secured critical long-
lead items.
Funding and going concern
Wesizwe`s Board of Directors is satisfied that the Group has sufficient funds
to complete its exploration activities on the Pilanesberg Project. As at 14
August 2007, the Group has current cash resources amounting to R135 million and
expenditure to date is well within budgeted targets.
At the Annual General Meeting held on 16 August 2007 it was resolved that 15%
of the Group`s issued share capital be placed under the control of the
directors. It was further resolved that the directors be authorised to allot
shares for cash to persons other than existing shareholders up to a maximum of
15% of the Group`s issued share capital.
In an effort to maintain BEE status, Wesizwe has entered into negotiations with
a BEE Company which has expressed interest to take up R100 million worth of
shares in Wesizwe at a 10% discount on the last 30 days volume weighted average
share price. This is an initial tranche of the BEE Company`s intended
strategic investment in Wesizwe.
The Group has sent out Request for Proposal (RFP) to ten Financial Institutions
to act as Lead Arranger for the funding of phase 5 of the Pilanesberg Project.
The funding will be a combination of debt and equity.
Condensed Consolidated Group Balance Sheet
Group Group Group
Six months Six months Year ended
ended June ended June December
2007 2006 2006
Reviewed Unaudited Audited
R R R
ASSETS
Non-current assets
164,897,283 80,168,308 109,148,112
Property, plant and
equipment 7,921,002 411,260 559,591
Tangible exploration and -
evaluation assets 8,812,386 -
Intangible exploration and
evaluation assets 147,727,513 79,410,666 108,152,139
Environmental deposit
436,382 346,382 436,382
Current assets
177,959,042 9,640,141 63,965,412
Other receivables
10,981,393 2,299,278 3,797,428
Cash
166,977,649 7,340,863 60,167,984
TOTAL ASSETS
342,856,325 89,808,449 173,113,524
EQUITY AND LIABILITIES
Capital and reserves
330,717,030 58,710,432 145,357,627
Share capital
4,574 3,564 3,992
Share premium
394,371,844 102,029,602 201,624,098
Share-based payment
reserve 55,030,000 730,000 730,000
Accumulated loss
(118,689,388 ) (44,052,734) (57,000,463)
Non-current liabilities
- 10,165,833 -
Long term portion of
interest bearing - 10,165,833 -
borrowings
Current liabilities
12,139,295 20,932,184 27,755,897
Trade and other payables
12,139,295 4,165,724 9,352,644
Current portion of
interest bearing - 16,766,460 18,403,253
borrowings
TOTAL EQUITY AND
LIABILITIES 342,856,325 89,808,449 173,113,524
CONDENSED CONSOLIDATED INCOME STATEMENT
Group Group Group
Six months Six months Year ended
ended June ended June December
2007 2006 2006
Reviewed Unaudited Audited
R R R
Revenue
- - -
Administration
expenditure (13,006,093) (6,528,795) (20,772,173)
Share-based expense
(54,300,000) - -
Loss on sale of non-
current assets - - (470)
Depreciation
(122,314) (73,012) (166,928)
Loss from operations
(67,428,407) (6,601,807) (20,939,571)
Finance income 5,741,482
213,212 2,313,077
Finance cost
(2,000) (165,857) (875,688)
Loss before taxation
(61,688,925) (6,554,452) (19,502,182)
Income tax expense
- - -
Loss for the period /
year (61,688,925) (6,554,452) (19,502,182)
Basic loss per share
(cents) (14,25) (1,84) (5,29)
Diluted loss per share
(cents) (14,25) (1,84) (5,29)
CONDENSED CONSOLIDATED GROUP STATEMENT OF CHANGES IN EQUITY
Share Share Share Accumulated Total
Capital Premium Based Loss
Payment
Reserve
R R R R R
Balance at 1
January 2006 3,564 102,029,602 730,000 (37,498,281) 65,264,885
Recognised - - -
income and (6,554,452) (6,554,452)
expense for
the period
Balance at 30
June 2006 3,564 102,029,602 730,000 (44,052,733) 58,710,433
Issue of share - - -
capital 428 428
Premium on - - -
issue of share 102,393,232 102,393,232
capital
Share issue - - -
expenses (2,798,736) (2,798,736)
written-off
Recognised - - -
income and (12,947,730 ) (12,947,730)
expense for
the period
Balance at 31
December 2006 3,992 201,624,098 730,000 (57,000,463) 145,357,627
Issue of share - - -
capital 582 582
Premium on - - -
issue of share 195,445,731 195,445,731
capital
Share-based - - 54,300,00 -
expenditure 0 54,300,000
Share issue - - -
expenses (2,697,985) (2,697,985)
written-off
Recognised - - -
income and (61,688,925) (61,688,925)
expense for
the period
Balance at 30
June 2007 4,574 394,371,844 55,030,00 (118,689,388) 330,717,030
0
CONDENSED CONSOLIDATED GROUP CASH FLOW STATEMENT
Group Group Group
Six months Six months Year ended
ended June ended June December
2007 2006 2006
Reviewed Unaudited Audited
R R R
Cash flows utilised by
operating activities (17,403,406) (6,155,840) (16,103,904)
Finance cost
(2,000) (165,857) (875,688)
Finance income
5,741,482 213,212 2,313,077
Net Cash outflow from
operating activities (11,663,925) (6,108,485) (14,666,515)
Cash flows utilised by
investing activities
Acquisition of property
plant and equipment (7,483,725) (151,184) (399,784)
Acquisition of intangible
exploration and evaluation (39,575,374) (9,166,507) (38,514,524)
assets
Acquisition of tangible - -
exploration and evaluation (8,812,386)
assets
Increase in environmental -
deposits - (90,000)
Proceeds on disposal of -
property plant and equipment - 5,884
Net cash outflows from
investing activities (55,871,485) (9,317,691) (38,998,424)
Cash flows from financing
activities
Shares issued
192,748,328 - 99,594,924
(Decrease)/increase in (18,403,253) 8,619,686 90,646
interest bearing borrowings
Net cash inflow from
financing activities 174,345,075 8,619,686 99,685,570
Net increase in cash
106,809,665 (6,806,490) 46,020,631
Cash at the beginning of the
period/year 60,167,984 14,147,353 14,147,353
Cash at the end of the
period/year 166,977,649 7,340,863 60,167,984
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
Basis of preparation and accounting policies
The condensed interim financial information for the six months ended 30 June
2007 is prepared in accordance with the recognition, measurement and
presentation and disclosure requirements of IAS34 Interim Financial Reporting.
The accounting policies have been applied consistently through the Group and
are consistent with those for the year ended 31 December 2006.
Financial results
The net loss for the six months under review was R61,7 million (compared to a
loss of R6,6 million for the same period in 2006). The net loss for the period
comprises administration expenses of R13,0 million, share-based payment expense
for R54,3 million and depreciation of R0,1 million offset by net finance income
of R5,7 million.
Administration expenses increased by R6,5 million to R13,0 million compared to
the same period in 2006. The increased costs are primarily related to the
expansion of the Group`s capacity to manage the BFS, capital construction and
the future involvement in the Western Bushveld Joint Venture. These costs are
mainly associated with building the executive staff, increasing the
administrative capacity and employing more technical and professional staff.
The share-based payment expense relates to an IFRS 2 adjustment for the
specific issue for cash of 30 million shares to Vunani Capital (Pty) Ltd, a
black owned financial institution. On 8 February 2007, a mutual shared
understanding of the terms and conditions of the issue was reached. The strike
price for the issue was set at R3,36. This was determined by applying 10%
discount to the 30 day Volume Weighted Average Price as at 30 November 2006
when initial discussion with Vunani was held. The price was agreed to by the
Board of Directors of Wesizwe on 29 November 2006. The difference between fair
value at the grant date and the strike price of R3,36 represents a share-based
payment expense. The closing price on 8 February 2007, which represents the
fair value, of the Wesizwe share was R5,17.
As an exploration Group, Wesizwe does not earn revenue from mining activities
until such time as a mine is brought into production.
The basic loss per share for the period was 14,25 cents per share (June 2006:
1,84 cents per share). The headline loss per share was 14,25 cents per share
(June 2006: 1,84 cents per share). The calculation of the basic loss per share
and headline loss per share is based on the weighted average number of shares
of 432 839 111.
No dividend was declared during the period ended 30 June 2007.
(June 2006: Nil).
No segmental report has been produced as the Group is conducting exploration
activities in one location.
Exploration and evaluation expenses capitalised for the period under review
amounted to R39,6 million (compared to R9,2 million for the same period in
2006), R8,8 million was spent on mine establishment costs, and R7,4 million on
acquisition property, plant and equipment.
Mine establishment cost relates to engineering and design costs associated with
capital construction of the mine. These are reflected as tangible exploration
and evaluation assets on the face of the balance sheet. Property, plant and
equipment includes R5 million and R1,7 million spent in the acquisition of
certain equipment and property respectively.
Exploration and evaluation expenses are capitalised in accordance with IFRS 6:
exploration for and evaluation assets.
During January 2007, R18,4 million was repaid to Ledig Minerale Regte 909 JQ
(Pty) Ltd, which arose from the purchase of mineral rights in 2004. At present
the Group has no borrowings.
The Group issued 58 168 372 shares during period under review, raising R196
million.
Date Issued Number of shares Price per share
(cents)
30 January 28 168 372 336
2007
02 May 2007 30 000 000 336
Total number of shares in issue at 30 June 2007 was 457 407 524 (June 2006: 356
366 659)
Reconciliation of net loss for the period to cash utilised by operations
Group Group Group
Six months Six months Year ended
ended June ended June December
2007 2006 2006
Reviewed Unaudited Audited
R R R
Loss from operations (67,428,408) (6,601,807) (20,939,571)
Adjustment for:
- -
Share based payments 54,300,000
Impairment - - 606,544
Depreciation 122,314 73,012 166,928
Loss on disposal of - 470
fixed assets
Operating loss before (13,006,094) (6,528,795) (20,165,629)
working capital
changes
Changes in working (4,397,312) 372,955
capital 4,061,725
(Increase) / decrease
in other receivables (7,183,964) 1,854,730 356,580
Increase/(decrease) in
trade and other 2,786,652 (1,481,775)
payables 3,705,145
Cash utilised by (17,403,406) (6,155,840) (16,103,904)
operations
The following related party transactions were entered into for the period under
review:
Related Party Transaction Transaction Amount
Type Amount Outstanding
R R
Asset Liability Treasury 138 215 66 178
Management services
(Pty) Limited
Bakubung Minerals Loan advanced 52 086 784 162 044 308
(Pty) Limited
A performance bonus of R0,9 million was paid to the Chief Executive Officer
during the period under review.
Capital commitments at 30 June 2007 are as follows:
3D geoseismic survey contract:
Total value of commitment R35 436
263
Less: Payments made subsequently to R21 929
30 June 2007 237
Balance of commitment R13 507
016
Subsequent events:
On 8 August 2007 the Group entered into a 5 year lease agreement for office
rental of approximately R7,5 million.
At the annual general meeting held on 16 August 2007 the Wesizwe Long-Term
Incentive Plan and the Share Appreciation Rights Scheme were approved.
Contingent liabilities
On 16 January 2007 Gemini Pumps (Proprietary) Limited (Gemini) and the Company
entered into a memorandum of understanding relating to the unused old order
mining rights in respect of properties, which rights are registered in Gemini`s
name, that the Company wishes to acquire from Gemini on the granting of the new
order prospecting rights in terms of the Mineral and Petroleum Resources
Development Act.
In terms of memorandum of understanding the Company would pay R80 000 to Gemini
(at the date of writing this report this amount has been paid to Gemini),
R120 000 on registration of the prospecting rights into the companies
subsidiary, Bakubung Minerals (Proprietary) Limited, R650 000 on the
intersection of Merensky reef on the properties and this amount is to be
doubled should this occur at a depth of less that 1 000 metres below surface,
and on inclusion of the properties into an area to be mined by either the
Company or Bakubung R650 000.
Independent Auditors report.
KPMG Inc., the group`s independent auditor, has reviewed the condensed
consolidated interim results contained in this report and has expressed an
unqualified review opinion. The report is available for inspection at the
company`s registered office.
Directorate
There has been no change for the period under review
Disclaimer: Forward looking statements
Certain statements included in this report constitute "forward looking
statements" that are not profit forecasts or statements in any way as defined
by JSE Listings Requirements. Such forward looking statements involve known
and unknown risks, uncertainties and other factors that may cause the actual
results, performance or achievements of Wesizwe, or of the platinum mining
industry, to be materially different from future results, performance or
achievements expressed or implied by those forward looking statements. Wesizwe
is subject to the effect of changes in platinum group metals prices, currency
and the risks involved in mining operations.
7 September 2007
Sponsor: Investec Bank Limited
Date: 07/09/2007 10:00:01 Produced by the JSE SENS Department.
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