| Thu 29 Jul 2010, 15:42 | | PLN - Platmin Limited - Platmin Provides Update on Proposed Sedibelo Acquisition |
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PLN
PLN
PLN - Platmin Limited - Platmin Provides Update on Proposed Sedibelo Acquisition
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
NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE
SERVICES
For immediate release
Platmin Provides Update on Proposed Sedibelo Acquisition
29 July 2010: Toronto. Platmin Limited (TSX/AIM: PPN; JSE: PLN) announces today
an update on the status of agreements with Barrick Gold Corporation ("Barrick")
regarding the Sedibelo platinum project ("Sedibelo"). As initially announced on
April 16, 2010, Platmin would have acquired a 10% interest in Sedibelo for $15
million from Barrick and in a separate agreement, Platmin had also agreed to
acquire various long lead items required for the development of Sedibelo from
Barrick for a consideration of $45 million.
The conditions precedent for the transactions, were not fulfilled. Accordingly,
the transactions did not close. Further details are set out in Barrick`s 2010
Second Quarter Report available on its website at www.barrick.com as follows:
"In April 2010, we entered into an agreement to dispose of our 10% interest in
the Sedibelo platinum project ("Sedibelo") for consideration of $15 million to
Platmin Limited ("Platmin"). Subsequently, the Bakgatla-Ba-Kgafela Tribe, owner
of the remaining 90% interest in Sedibelo, informed us that they had validly
exercised their pre-emptive right to prevent the sale from closing and have
filed an action in the South African High Court against Barrick and Platmin. We
believe that the right was not lawfully exercised and we will defend the action
in court and seek confirmation of our rights pursuant to the arbitration
provisions of the agreement between the parties.
In a separate agreement, we had agreed to transfer various long lead items
required for the development of Sedibelo to Platmin for a consideration of $45
million. This transaction has not closed as originally expected as a result of
actions taken by the Bakgatla-Ba-Kgafela Tribe."
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 Nicola Taylor
Russell & Associates Russell & Associates
+27 11 880 3924 +27 11 880 3924
+27 82 372 5816 + 27 82 927 8957
Investec Bank plc (Nominated Adviser)
Stephen Cooper
+44 207 597 5104
29 July 2010
Sponsor: Investec Bank Limited
Date: 29/07/2010 15:42:27 Produced by the JSE SENS Department.
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