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JBL
JUJLP
JBL - Jubilee Platinum Plc - Jubilee and Sylvania enter into smelting and
refining agreement
Sylvania Resources Ltd
ASX: SLV
AIM: SLV
Registration No: 091 415 968
ISIN: AU000000SLV8
Jubilee Platinum Plc
AIM: JLP
JSE: JBL
Registration number: 4459850
ISIN GB0031852162
JOINT ANNOUNCEMENT
JUBILEE AND SYLVANIA ENTER INTO A SPECIFIC AGREEMENT ON PGE/NI, CU
SMELTING AND REFINING OF SYLVANIA`S NEW JORC COMPLIANT VOLSPRUIT DEPOSIT
Further to previous joint announcements on 2 November 2009 and 4 February
2010, Jubilee and Sylvania (collectively "the Parties") are pleased to
announce that they have entered into the Volspruit Smelting and Refining
Agreement ("Smelting Agreement") that sets out the respective
responsibilities of the Parties and milestone achievements for the next
phase of their strategic partnership.
The Smelting Agreement seeks to expand on the Framework Agreement whereby
the Parties have agreed to extend their joint investigations progress as
a study into the design and construction of a smelter and refinery
complex allocated to processing concentrate from the proposed Volspruit
mine that is currently being developed by Sylvania.
The Volspruit mine project and the Volspruit smelter/refinery projects
are inter-related and will be developed concurrently by Sylvania and the
Sylvania/Jubilee JV respectively, with the intention of developing
solutions that will allow the viable exploitation of concentrates which
cannot be treated by conventional processes. The combination of the
ConRoast process with a DC arc smelter associated with a base metal
refining process is the key to unlocking value from these concentrates.
The base metal refining process that has been identified produces base
metal products including iron (which is normally a discard product) in a
form that commands a premium on London Metal Exchange prices.
Under the Smelting Agreement the Parties have agreed that a Scoping study
will be completed by 28 February 2011, and if satisfied with the outcome
the Parties will incorporate a new company and subscribe equally for the
shares in the new company and enter into a shareholder agreement.
Subject to finalizing the establishment of the new company, the Parties
will procure that the new Company will conclude a pre-feasibility study
at a budgeted cost of R2 million (
GBP180,000) by 31 May 2011.
Subject to both Parties being satisfied with the results of the pre-
feasibility study, the new company will then proceed to conduct a
bankable feasibility study and use all reasonable endeavours to complete
the bankable study by 31 January 2012. An amount of R5 million
(
GBP445,000) has been budgeted for this study. The budgeted amounts for
each study may be increased by agreement by both parties and will be
equally funded by the parties.
FOR FURTHER INFORMATION PLEASE CONTACT:
JUBILEE PLATINUM:
Leon Coetzer
Chief Executive Officer
Tel +27(0) 11 4651913
Leonard Eiser
Sasfin Capital
Tel +27 (0) 11 809 7500
SYLVANIA RESOURCES:
Terrence McConnachie
Chief Executive Officer
Tel: +27 11 673 1171
Louis Carroll
Finance Director/Joint Company Secretary
+27 673 1171
Johannesburg
26 November 2010
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
Date: 26/11/2010 09:00:01 Produced by the JSE SENS Department.
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