Chrometco Limited - Additional mining rights secured by Chrometco
CHROMETCO LIMITED
previously known as "Sweet Equity Investments (Proprietary) Limited)
(Incorporated in the Republic of South Africa)
(Registration number: 2002/026265/06)
(JSE Code: CMO & ISIN: ZAE000070249)
("Chrometco" or "the company")
Additional mining rights secured by Chrometco
Directors are pleased to announce that the company Versatex Trading 12 (Pty) Ltd
has been granted a prospecting right on the farm Vaalboschlaagte 454KS.
Notification of the granting of this permit was issued by the DME on the 26th of
October 2005.
This farm is adjacent to Versatex"s Naboom 451 KS. Versatex now has the right to
prospect for chromite ore on these two properties and with this additional
prospect area which now includes Vaalboschlaagte, extends the contiguous strike
of the LG 6 seam from approximately 3,3 kilometers to approximately 5,3
kilometers.
Naboom has an estimated target resource of 25 million tons of LG 6 chromite and
Vaalboschlaagte adds an additional 10 million tons of LG 6 to this resource.
Chrometco holds an option to acquire up to 74% of the equity in Versatex Trading
12 (Pty) Ltd.
Warning: The listing of ordinary shares in the company is on the AltX.
Shareholders are advised of the risks of investing in a company listed on the
AltX. Shareholders are advised that the JSE does not guarantee the viability or
the success of a company listed on the AltX. In terms of the JSE Listings
Requirements a Designated Advisor has to be retained by the company. The
Designated Advisor is required to, inter alia, attend all board meetings held by
the company to ensure that all JSE Listings Requirements and applicable
regulations are complied with, approve the financial director of the company and
guide the company in a competent, professional and impartial manner. If the
company fails to retain a Designated Advisor it must make arrangement to appoint
a new Designated Advisor within 10 business days, failing which the company
faces suspension of trading of its securities. If a Designated Advisor is not
appointed within 30 days of its suspension the company faces the termination of
its listing without an offer to minority shareholders.
Pretoria
21 November 2005
Designated Adviser
River Group
Date: 21/11/2005 07:00:03 AM Produced by the JSE SENS Department
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