| Fri 16 Apr 2010, 16:00 | | PLN - Platmin poised to acquire a 10% interest in the Sedibelo Platinum Project |
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PLN
PLN
PLN - Platmin poised to acquire a 10% interest in the Sedibelo Platinum Project
Platmin Limited
Incorporated in the accordance with the laws of Canada
Registration number: 610178-0
Share code on TSX: PPN
Share code on AIM: PPN
Share code on JSE: PLN
ISIN: CA72765Y1097
Platmin poised to acquire a 10% interest in the Sedibelo Platinum Project
NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE
SERVICES
April 16, 2010 TORONTO: Platmin Limited ("Platmin": TSX/AIM: PPN; JSE: PLN) is
pleased to announce that it has concluded an agreement to acquire the 10%
interest in the Sedibelo Platinum Project ("Sedibelo") held by Barrick Gold
Corporation ("Barrick") for a consideration of US$15 million. The remaining 90%
of Sedibelo is owned by the Bakgatla-Ba-Kgafela Tribe. The agreement with
Barrick is subject to certain customary conditions precedent, including a 60 day
pre-emptive rights held by the Bakgatla-Ba-Kgafela Tribe.
In a separate agreement, Barrick has undertaken to transfer to Platmin, at cost,
various long lead items required for the development of Sedibelo. The final
consideration, up to US$45 million, is still to be determined.
The Sedibelo Platinum Project is located between Platmin`s Pilanesberg Platinum
Mine ("PPM") and the Magazynskraal platinum property. A subsidiary of Platmin is
currently conducting a bankable feasibility study on the latter on behalf of its
owners.
These transactions are set to close by the end of the second quarter of 2010.
Further disclosure related to this announcement may be found on the Platmin
website at www.platmin.com, including:
The location of PPM, Sedibelo and Magazynskraal.
Regional geology underlying this area.
The group structure.
Tom Dale, Platmin`s Chief Executive Officer, said today, "I am very pleased,
that after extensive negotiations, Platmin has managed to secure this 10%
interest in Sedibelo, as well as key long-lead items essential for mining
development. This transaction positions Platmin well for the participation in
any regional development."
Cassie Boggs, Sr. Vice President at Barrick, said today, "Following our decision
in November last year not to mine at Sedibelo, we received a number of
expressions of interest from parties wanting to acquire our stake. After due
consideration, we accepted the Platmin offer, and hope the property will be
developed to its full potential and for the benefit of all stakeholders."
About Platmin
Platmin explores for and develops and operates platinum group metals (PGM)
deposits in South Africa. The company`s principal current focus is the
Pilanesberg Platinum Mine, which is building up to full production. In addition,
it holds platinum interests on the eastern limb of the Bushveld Complex.
Platmin`s long term goal is to become a significant producer of PGMs.
For further information
Charmane Russell
Russell & Associates
+27 11 880 3924
+27 82 372 5816
Nicola Taylor
Russell & Associates
+27 11 880 3924
+ 27 82 927 8957
16 April 2010
Investment Bank and sponsor: Investec Bank Limited
Date: 16/04/2010 16:00:03 Produced by the JSE SENS Department.
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