AQP - Aquarius Platinum Limited - Everest Platinum Mine Update: Phase 2 Of The
AQP
AQP
AQP - Aquarius Platinum Limited - Everest Platinum Mine Update: Phase 2 Of The
Re-Establishment Project Commences
Aquarius Platinum Limited
(Incorporated in Bermuda)
Registration Number: EC26290
JSE Code: AQP
ISIN: BMG0440M1284
EVEREST PLATINUM MINE UPDATE: PHASE 2 OF THE RE-ESTABLISHMENT PROJECT COMMENCES
Aquarius Platinum Limited (Aquarius) is pleased to announce that Phase 2 of the
re-establishment project at Everest Platinum Mine has commenced. Phase 2
includes the establishment of all underground and surface infrastructure
required for a resumption of operations.
Aquarius has been committed to bring the Everest mine to a state of readiness to
resume production and this position has more recently been supported by the
improvement in the current market conditions, which have seen the PGM basket
price for AQP`s South African operations increase from R 7,763 per 4E oz as at
end September 2009 to current levels above R9,000 per 4E oz. It is therefore now
envisaged that the mine will restart immediately following the completion of the
re- establishment project.
Phase 1 of the project is currently ahead of schedule, and this early approval
of Phase 2 will enable a parallel implementation, reducing the remaining project
timeframe to nine months of this date. This will enable Everest to be in a
position to resume milling operations in the latter part of the first quarter of
next financial year. The capital expenditure for Phase 1 and 2 remains at R 259
million (as previously disclosed).
Aquarius announced the temporary suspension of the Everest Mine resulting from a
subsidence event in December 2008. Re-establishment of the mine commenced in
June 2009, with Phase 1 of the re-establishment project focusing on the
excavation of the North and South boxcuts and the initial development of the new
declines.
For further information please visit www.aquariusplatinum.com or contact:
In Australia:
Willi Boehm
+61 (0)8 9367 5211
In the United Kingdom:
Stuart Murray
+ 27 (0) 11 656 1140
In South Africa:
Charmane Russell
+27 (0) 11 880 3924
19 November 2009
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 19/11/2009 08:12:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
