| Mon 6 Dec 2010, 17:15 | | BAU - Bauba Platinum - Update on Review Application |
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BAU
BAU
BAU - Bauba Platinum - Update on Review Application
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 Platinum" or "the Company")
UPDATE ON REVIEW APPLICATION
Bauba Platinum was created through a reverse listing following the transfer of a
60% interest in Bauba A Hlabirwa Mining Investments (Pty) Limited ("Bauba
Hlabirwa") into the Company. The reverse listing has transformed Bauba
Platinum, with its primary focus now being the exploration and development of a
platinum group metals resource base located on the Eastern Bushveld Complex.
The BaPedi Nation (37.6%) and Hlabirwa Mining Investments (Pty) Limited (2.4%),
which represents the interests of the family of the late King of the BaPedi
Nation, collectively hold a 40% direct interest in Bauba Hlabirwa.
The board of directors of Bauba Platinum ("the Board") refer shareholders to the
litigation statement contained in the circular to shareholders dated 7 May 2010
regarding the listing and incorporating revised listing particulars of Bauba
Platinum ("the Circular"). For ease of reference, the litigation statement
informed shareholders that there is a review application pending in the North
Gauteng High Court of South Africa, Pretoria, brought by Rustenburg Platinum
Mines Limited ("RPM") and ARM Mining Consortium Limited ("ARM"). This
application is against a decision made by the Department of Mineral Resources
("DMR") and citing certain other parties in respect of the refusal of the DMR of
an application to grant prospecting rights in respect of certain farms to RPM
and ARM. Some of these farms make up Bauba Hlabirwa`s Southern Cluster, namely
Groot Vygenboom 284KT and Genokakop 285KT, which the DMR granted prospecting
rights for on 4 October 2006. These prospecting rights have been notarially
executed in favour of Bauba Hlabirwa.
At the time when the prospecting rights were granted, as surface owner of the
relevant properties, the BaPedi Nation had a preferential right, in terms of
Section 104 of the Mineral and Petroleum Resources Development Act, to be
granted prospecting rights in respect of those properties. As at the date of
the Circular, Bauba Hlabirwa was not a party to nor had it been cited in the
application, however, the Board has since been informed that Bauba Hlabirwa has
been joined as a respondent in a separate application ("the Application").
Shareholders are advised that the Board has taken legal advice in this regard
and submitted a notice to oppose the Application. The Company will inform
shareholders of any further developments.
Johannesburg
6 December 2010
Sponsor
One Capital
For further information, please contact Pine Pienaar on 083 297 5886 or Mark
Rosslee on 083 308 8000.
Date: 06/12/2010 17:15:01 Produced by the JSE SENS Department.
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