| Mon 19 Jul 2010, 7:05 | | AQP - Aquarius Platinum Limited - Update On Directive |
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AQP
AQP
AQP - Aquarius Platinum Limited - Update On Directive
Aquarius Platinum Limited
(Incorporated in Bermuda)
Registration Number: EC26290
Share Code JSE: AQP
ISIN Code: BMG0440M1284
UPDATE ON DIRECTIVE
Aquarius Platinum Limited ("Aquarius" or the "Company") is pleased to give an
update in relation to its announcement of Friday 16 July 2010 in respect of the
imposition of a Directive by the Principal Inspector of the North West Region on
mining companies using bord and pillar mining methods.
The announcement on Friday was made to inform the market as rapidly as possible
and before speculation overtook events.
The Directive issued relates to bord widths and their influence on hanging wall
stability. Aquarius has retained the services of an international mining
consultant who concurs with Aquarius` South African management that the
implementation of the Directive as currently stated, will not give rise to a
safer mining environment in respect of `fall of ground` accidents. Furthermore,
Aquarius believes that the Directive will have a detrimental economic effect on
those Bushveld chromite and platinum mines that use the bord and pillar mining
method.
Aquarius has initiated a pro-active approach to finding the optimal solution for
a safer working environment and has commenced a number of initiatives in this
regard, including the formation of a technical working group. Within this
process, Aquarius has extended an invitation to other Bushveld mining companies
and other key stakeholders, who might be affected by the Directive so that they
may participate in the process.
Specifically relating to the Directive mentioned above, Aquarius will be
formally appealing against the implementation of the Directive at 15:00, South
African time, on Monday 19 July, 2010. At this appeal, Aquarius will present
alternative strategies to ensure safer and at the same time, sustainable bord
and pillar operations.
Aquarius will provide a market update following the outcome of the appeal
process.
For further information please contact:
In the United Kingdom and South Africa
Gavin Mackay
+44 7909 547 042
In Australia:
Willi Boehm
Aquarius Platinum Corporate Services
+61 8 9367 5211
19 July 2010
Sponsor in South Africa
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 19/07/2010 07:05:04 Produced by the JSE SENS Department.
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