| Mon 17 May 2010, 8:00 | | AQP - Aquarius Platinum - Everest mine ships first concentrate following restart |
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AQP
AQP
AQP - Aquarius Platinum - Everest mine ships first concentrate following restart
Aquarius Platinum Limited
(Incorporated in Bermuda)
Registration Number: EC26290
Share Code JSE: AQP
ISIN Code: BMG0440M1284
17 May 2010
EVEREST MINE SHIPS FIRST CONCENTRATE FOLLOWING RESTART
Aquarius Platinum Limited ("Aquarius" or the "Company") is pleased to announce
that following the announcement initiating the restart of the Everest Mine, the
concentrator plant has now been commissioned and milling operations have
recommenced. First concentrate was shipped from Everest last Friday, some three
months ahead of schedule. It is anticipated that approximately 120,000 tons of
ore will be processed at Everest in May and June, contributing approximately
8,000 PGM (4E) ounces to Aquarius` attributable production for the financial
year ending 30 June 2010.
The capital cost of the project to restart Everest of R259 million, of which
approximately R170 million has been spent to date, remains within budget.
Revenues from the above-mentioned production and the associated operating costs
will be charged to the income statement.
Stuart Murray, CEO of Aquarius, said:
"We are very pleased with the progress at Everest. Following the closure of the
mine in December 2008 due to the subsidence event, the restart of the mine has
been delivered ahead of schedule and within budget, and in a better PGM price
environment than that originally anticipated when the restart was authorised. We
anticipate a fairly rapid ramp-up of production as underground stoping is being
complemented with opencast tons being mined from a reserve that was previously
sterilised. We expect Everest will be producing approximately 120,000 PGM (4E)
ounces in the 2011 financial year, approximately 180,000 ounces in the 2012
financial year and reaching steady-state production of 200,000 ounces beyond
that."
For further information please contact:
In the United Kingdom
Gavin Mackay
+44 7909 547 042
In Australia: In South Africa:
Willi Boehm Stuart Murray
Aquarius Platinum Corporate Services +27 (0) 11 656 1140
+61 8 9367 5211
Sponsor in South Africa
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 17/05/2010 08:00:11 Produced by the JSE SENS Department.
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