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BRE
BRE
BRE - Braemore Resources Plc - Announcement
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
("Braemore" or "the Company")
Announcement
As stated in the Operations Update released on 19 May 2009 Braemore has
commenced with the restructuring of its 3.2MW demonstration smelting facility at
Mintek to further reduce operating costs of the demonstration smelter.
In addition, the Company is in discussions regarding funding to construct and
commission the hydrometallurgical refining process, designed to significantly
uplift the value of the PGM product. This is achieved by separating the PGM`s
from the base metals such as Nickel, Copper, Cobalt and Iron, and therein
producing a high value PGM concentrate for direct processing at PGM refineries.
The furnace has successfully demonstrated the technology offering to the
Platinum industry and has allowed Braemore to progress with the development of
the hydrometallurgical refining process. The refining process is key to ensuring
the commercial viability of the demonstration facility within the current market
environment of a strong South African rand and suppressed metal prices.
The 3.2MW demonstration furnace operation will remain temporarily halted during
this period while we restructure the operation and focus on the construction of
the refinery process. The reduced furnace throughput during this period is
expected to be offset by the Company`s ability to provide an extended process
offering by both smelting and refining of Platinum Group Metal (PGM)
concentrates.
Leon Coetzer, Chief Executive Officer, commented, "Having demonstrated the
success of the furnace technology, our focus now turns to the installation of
the hydrometallurgical refining plant. This broadened capability will enable
Braemore to deliver a complete process offering to the PGM sector and is a key
part of the commercialisation of the Company`s proven technology."
10 June 2009
Sasfin Capital
(A division of Sasfin Bank Limited)
Enquiries:
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
Date: 11/06/2009 08:00:02 Produced by the JSE SENS Department.
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