Mvela Resources - CAUTIONARY ANNOUNCEMENT
Mvelaphanda Resources Limited
Registration number:
1980/001395/06
ISIN: ZAE000037610
JSE Code:MVL
("Mvela Resources")
CAUTIONARY ANNOUNCEMENT
In line with its strategy to become a major producer of platinum group elements
("PGE"), Mvela Resources is pleased to announce that it is in negotiations for
the acquisition of a 50% joint venture interest in a significant PGE resource on
the Eastern Limb ("the eastern limb") of the Bushveld igneous complex.
The measured, indicated and inferred, attributable resource on the UG2 horizon
exceeds 35 million ozs (3 PGE + Au). The proposed acquisition has received
approval in principle from the South African Department of Minerals and Energy.
Mvela Resources also holds a 22.4% equity stake in Northam Platinum Limited and
a 50% joint venture interest with SouthernEra Resources Limited in the Dwaalkop
properties on the western extension to the eastern limb. The measured, indicated
and inferred attributable resource on the UG2 on the Dwaalkop properties is 3.9
million ozs (3 PGE + Au).
The Corporate Advisors to Mvela Resources are evaluating the options for the
consolidation of all Mvela Resource"s PGE assets in a platinum empowerment
vehicle under Mvela Resource"s control.
A further announcement will be made as soon as the current negotiations have
been concluded. In the meantime shareholders are advised to exercise caution in
their dealings in the securities of Mvela Resources.
The Cautionary Announcement dated 8 October 2003 regarding the acquisition of
15% of the South African mining assets of Gold Fields Limited remains in force.
Johannesburg
5 November 2003
Sponsor to Mvela Resources
PricewaterhouseCoopers Corporate Finance (Proprietary) Limited
Date: 05/11/2003 05:16:02 PM Supplied by www.sharenet.co.za
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