| Wed 15 Feb 2006, 9:57 | | Barplats granted 10 prospecting rights |
|
BPL
BPL
Barplats granted 10 prospecting rights
BARPLATS INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/004830/06)
Share code: BPL & ISIN: ZAE000028692
("Barplats" or "the Company")
Barplats granted 10 prospecting rights
Barplats Investments Limited is pleased to announce that the group has been
granted for its Crocodile River mine 10 "new order"* prospecting rights by the
Department of Minerals and Energy, five of which relate to new prospecting areas
and five of which relate to previous prospecting areas over which the company
held "old order" rights.
One of these permits is for the Crocette (previously Krokodildrift) area of
operations, contiguous to the current operations at Maroelabult and Zandfontein.
Wayne Robinson, Barplats Managing Director, comments that this permit in
particular is important as it will allow Barplats to advance the proposed mine
on this site to bankable feasibility study level. Drilling will soon begin at
Crocette and it is planned that open cast mining operations will begin within a
year.
"Our initial estimates are that the Crocette deposit will sustain a 40,000 to
50,000 tonne per month operation at full production, with a mine life in excess
of 10 years. Initially the deposit will be mined through open cast methods, with
a decline and underground operation following in time.
"The ore will be processed at the Crocodile River mine concentrator which is
currently being upgraded to increase capacity to 180,000 tonnes per month, from
80,000 tonnes per month. The concentrator is currently running exceptionally
well, with recoveries in the region of 80%."
* New order prospecting permits are granted by the South African Department of
Minerals and Energy in line with the Minerals and Petroleum Resources
Development Act
Queries: Charmane Russell
Russell & Associates
+27 11 880 3924 (office)
+27 82 372 5816 (mobile)
________________________________________________________________________________
DISCLAIMER:
This announcement may contain certain forward-looking statements concerning
Barplats" operations, economic performance and financial condition, and plans
and expectations. These statements, including without limitation, those
concerning the economic outlook for the platinum group metals (PGM) industry and
market, expectations of PGM prices, production, the commencement and completion
of certain exploration and production projects, may contain forward-looking
views. Such views involve both known and unknown risks, assumptions,
uncertainties and other important factors that could materially influence the
actual performance of the company. No assurance can be given that these will
prove to be correct and no representation or warranty, express or implied, is
given as to the accuracy or completeness of such views or as to any of the other
information in this announcement. Barplats" future results may differ materially
from past or current results, and actual results may differ materially from
those projected in the forward-looking statements.
Date: 15/02/2006 09:57:04 AM Produced by the JSE SENS Department
