| Mon 21 May 2012, 12:10 | | PGL - Pallinghurst Resources Limited - Sedibelo transactions receive DMR |
|
PGL
PGL
PGL - Pallinghurst Resources Limited - Sedibelo transactions receive DMR
approval
PALLINGHURST RESOURCES LIMITED
(Previously Pallinghurst Resources (Guernsey) Limited)
(Incorporated in Guernsey)
(Guernsey registration Number: 47656)
(South African external company registration number 2009/012636/10)
Share code on the BSX: PALLRES ISIN: GG00B27Y8Z93
Share code on the JSE: PGL
("Pallinghurst" or the "Company")
Sedibelo transactions receive DMR approval
The Company is pleased to announce that the approvals necessary for the
completion of the acquisition of 49.9% of the Sedibelo property by the
Pallinghurst Co-Investors from the Bakgatla Ba Kgafela Tribe ("Bakgatla")
have been received from the South African Department of Mineral Resources
("DMR"). In addition, Platmin Limited ("Platmin") has also received the DMR
approvals necessary for the completion of its acquisition of Sedibelo West.
Shareholders are reminded that the Company`s African Queen strategy is to
consolidate three contiguous Platinum Group Metals ("PGM") properties on the
Western Limb of the Bushveld Complex of South Africa (the "Consolidation") to
create a low cost PGM producer of industry significance with a large and
shallow resource base. Over the past four years, the Company, along with the
Pallinghurst Co-Investors, has acquired interests in each of the three
properties. At 31 December 2011, the Company held indirect interests in
Pilanesberg Platinum Mine ("PPM"), via its investments in Platmin and the
Moepi Group companies, and in Magazynskraal. The Company acquired its right
to its share of the investment in Sedibelo as part of the Magazynskraal
transaction, and committed to the acquisition during October 2009.
During March 2011, a suite of transactions was announced that provided the
platform for the Consolidation, including the acquisition by the Pallinghurst
Co-Investors of a 49.9% stake in Sedibelo, and interests in certain other
assets. Funds were contributed during 2011 to Pallinghurst Ivy Lane Capital
Limited ("Ivy Lane"), one of the Company`s associates, for the satisfaction
of these commitments. The DMR approvals have therefore enabled completion of
this suite of transactions.
The completion of the investment in Sedibelo is a key step towards the
completion of the African Queen strategy and realising the Consolidation of
the three contiguous properties.
Guernsey
21 May 2012
Sponsor
Investec Bank Limited
Date: 21/05/2012 12:10:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
