| Fri 24 Apr 2009, 8:00 | | BRE - Braemore Resources Plc - PGM Production Update |
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BRE
BRE
BRE - Braemore Resources Plc - PGM Production Update
BRAEMORE RESOURCES PLC
(A company incorporated in England and Wales with Registration Number 5350550)
(South African registration number: 2008/013973/10)
Share code on the JSE Limited: BRE
Share code on AIM: BRR & ISIN: GB00B06GJQ01
PGM PRODUCTION UPDATE
Braemore Resources Plc ("Braemore" or "the Company"; AIM: BRR, JSE: BRE) is
pleased to confirm platinum group metal (PGM) production figures for the second
period of operation of its 3.2MW smelter at the Mintek facility.
- In the three months from January to March 2009, the enlarged Mintek smelter
produced 10,574 PGM ounces (6E*), (9,007 PGM ounces (4E**)).
- Excellent recovery rate of 99.13% achieved from the high-chrome content PGM
concentrate
- Smelter fully repaired and in operation after powering up on 17 April 2009
after recently announced incident.
In the three months to 31 March 2009, Braemore successfully treated low-PGM
content, high-chrome smelter feed at its ConRoast demonstration facilities using
Mintek`s DC arc furnace in Johannesburg, South Africa.
The facility is capable of processing around 2,000 tonnes of concentrate and
other smelter feed per month and producing PGMs in an iron-nickel alloy at an
annualised rate of up to 70,000 ounces per year, depending on the feed grade. At
the time of the recently announced smelter incident it had been progressively
ramping up to capacity and has produced a total of 17,609 PGM ounces (6E),
(14,638 ounces PGM (4E)) since commissioning the expanded smelter operations in
October 2008. During the month of March, despite the smelter incident late in
the month, 3,777 PGM ounces, (6E) (3,208 PGM ounces (4E)) from high-chrome
content feed were produced. Smelter recoveries averaged 99.1% over this period
and chrome content was as high as 5.19%. Financial year-to-date production
figures total 19,053 PGM ounces (6E) (15,053 PGM ounces (4E)).
Leon Coetzer, CEO of Braemore, commented: "Our recovery rates are exceptional
for a smelter processing high-chrome, low-PGM content concentrates. Following
the relatively minor damage to the furnace caused by the incident in late March,
repairs were quickly completed and powering up began on April 17th. The smelter
is being carefully monitored and throughput is being gradually built up towards
achieving our annualised PGM production targets."
* 6E refers to the six elements of the platinum group metals, namely platinum
(Pt), palladium (Pd), rhodium (Rh), iridium (Ir), ruthenium (Ru) and gold (Au).
** 4E refers to the four elements of the platinum group metals, namely platinum
(Pt), palladium (Pd), rhodium (Rh) and gold (Au).
For further information please visit our website at www.braemoreresources.com or
contact:
Braemore Resources Plc
Leon Coetzer, Chief Executive Officer
+27 11 557 6413
WH Ireland: (Nomad and Joint Broker)
James Joyce
+44 207 220 1666
Mirabaud Securities: (Joint Broker)
Rory Scott
+44 207 878 3360
Qinisele Resources: (RSA Corporate Advisers)
Dennis Tucker
+27 82 492 4957
Russell and Associates: (RSA Public Relations)
Nicola Taylor / Charmane Russell
+27 11 880 3924
Walbrook PR: (UK Public Relations)
Louise Goodeve / Leah Kramer
+44 207 933 8780
Sasfin: (RSA Corporate Sponsor)
Sharon Owens
+27 11 809 7762
Johannesburg
24 April 2009
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
Date: 24/04/2009 08:00:11 Produced by the JSE SENS Department.
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