| Fri 17 Sep 2010, 8:15 | | BAU - Bauba Platinum Limited - Bauba Platinum Limited lists on the main board of |
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BAU
BAU - Bauba Platinum Limited - Bauba Platinum Limited lists on the main board of
The JSE
BAUBA PLATINUM LIMITED
(formerly Absolute Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1986/004649/06)
Share code: BAU ISIN No: ZAE000145686
("Bauba" or "the Company")
BAUBA PLATINUM LIMITED LISTS ON THE MAIN BOARD OF THE JSE
Bauba Platinum commenced trading on the Main Board of the JSE today.
Bauba was created through the reverse listing of a 60% interest in Bauba A
Hlabirwa Mining Investments (the Bauba Project). The listing marked a key
milestone in the transformation of the company.
Bauba`s immediate business objective is the exploration, evaluation and
development of the Bauba Project, a high quality Platinum Group Metals (PGM)
resource base located on the Eastern Limb of the Bushveld Complex. The project,
which extends over approximately 12,700 hectares, is strategically located down-
dip from four producing PGM mines and four development projects.
In order to give full effect to the development of the business imperative
offered by the Bauba Project, the company has realigned itself to optimise
shareholder value, which included listing on the Main Board of the JSE, a
change in name (Bauba Platinum Limited) to reflect the core business and a
reconstituted Board of Directors.
The appointed members are:
Jonathan Best (#) (Chairman) - Former CFO of AngloGold Ashanti;
Pine Pienaar (CEO) - Former CEO of Mvelaphanda Resources;
Mark Rosslee (Financial Director) - Former CFO of Braemore Resources;
Kenneth Dicks (#) - Non-executive director of Harmony Gold and Gold One
International;
Sholto Dolamo (#) - Former head of Lonmin Platinum`s research and development
team for the precious metals refinery;
Dr Mathews Phosa (+) - Former Premier of Mpumulanga; and
Damian Smith (+) - Former Group Geologist of Northam Platinum.
(#) Independent non-executive director
(+) Non-executive director
An introductory capital raising earlier in the year was completed and the
proceeds are funding the initial exploration drilling programme and scoping
study, as well as the working capital.
The exploration programme, which began in April this year, will determine the
nature and extent of the PGM mineralisation.
Initial drill results have exceeded expectations, with the first two boreholes
successfully intersecting the Merensky Reef and confirming the anticipated
mineralisation. These results provide a solid base from which the company can,
with confidence, accelerate the drilling programme and evaluation.
Bauba CEO, Pine Pienaar is confident that the platinum market is poised for
growth and investment over the next five years and expects Bauba to be well-
positioned to take advantage of such. "I am extremely happy to be associated
with a PGM project with such potential. I am confident that with such an
exceptionally experienced team, Board and management in place we will
successfully manage the Bauba Project from a brownfield exploration project to
an operating mine," said Pienaar.
For further information please contact Pine Pienaar (083 297 5886) or Mark
Rosslee (083 308 8000) or visit www.baubaplatinum.co.za.
Johannesburg
17 September 2010
Date: 17/09/2010 08:15:01 Produced by the JSE SENS Department.
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