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WEZ
WEZ
Wesizwe - Increase in attributable pgm ounces by 6.5 percent to 6.886 million
ounces.
Wesizwe Platinum Limited
(Incorporated in the Republic of South Africa)
(Registration number 2003/020161/06)
JSE code: WEZ
ISIN code: ZAE000075859
("Wesizwe" or "the Company")
INCREASE IN ATTRIBUTABLE PGM OUNCES BY 6.5 PERCENT TO 6.886 MILLION OUNCES.
Wesizwe has increased the mineral resource estimates for its Pilanesberg
project, based on its latest drilling results. The updated independent resource
estimates have been prepared in accordance with Section 12 of the Listing
Requirements of the JSE Limited, and the South African Code for Reporting of
Mineral Resources and Reserves ("the SAMREC Code").
Total Inferred Mineral Resource estimates for both the Merensky and UG2 Reefs
have increased from 63.608 million tonnes at an average grade of 5.09 g/t PGE(4)
to 68.758 million tonnes at an average grade of 5,08 g/t PGE(4). This represents
an increase in contained PGE(4)(*) ounces from 10.417 million ounces to 11.223
million ounces for the Project. Wesizwe"s attributable ounces have increased by
6.5 percent from 6.463 million ounces to 6.886 million ounces. Details are given
in the tables below.
"The updated exploration results are in line with our expectations and fall well
within our original planning parameters in terms of grade, tonnes and ounces.
Wesizwe will be accelerating its drilling programme after our capital raising
anticipated in the second quarter of 2006 and in so doing, hope to bring the
bankable feasibility study forward from 2008," says Michael Solomon, CEO of
Wesizwe.
These results exclude a substantial amount of ground within Portions 3 and 4 of
the farm Frischgewaagd 96JQ, which has yet to be explored for Merensky and UG2
Reef. To date Wesizwe has successfully drilled 35 boreholes (30 705 metres of
drilling).
The company"s preliminary results for the year ended 31 December 2005 will be
published before the end of March 2006.
The following table contains a summary of the mineral resource estimates as at
28 February 2006.
Total Attributable
PGE(4) PGE(4)(*) PGE(4)
Tonnage Grade Million Million
Farm Reef (Mt) (g/t) Ounces Ownership Ounces
Ledig Merensky 7.615 4.99 1.222 100% 1.222
909JQ UG2 9.815 4.20 1.327 100% 1.327
Frischgewaagd Merensky 24.185 6.16 4.793 50%(**) 2.396
96JQ (Portions UG2 27.141 4.45 3.881 50%(**) 1.941
3, 4 & 11)
Total 68.758 5.08 11.223 6.886
* Platinum group elements comprising platinum, palladium and rhodium plus gold.
** Remaining 50% owned by Anglo Platinum.
The tables below show the drilling results since the listing on the JSE Limited
on 21 December 2006.
New Merensky Reef Intersection Data
Intersection
Reef Width Depth PGE(4) Pt Pd Rh Au
BHID Deflection Type (cm) (m) (g/t) (g/t) (g/t) (g/t) (g/t)
WF07 D0 Normal 157 728.09 5.80 3.50 1.79 0.31 0.18
WFA01 D1 Normal 174 772.53 4.50 3.00 1.09 0.10 0.31
WFA01 D2 Normal 193 772.62 4.94 3.08 1.43 0.20 0.22
WFA03 D1 Normal 136 777.72 7.40 4.47 2.33 0.37 0.23
WFA03 D2 Normal 146 777.77 6.48 4.15 1.79 0.22 0.33
WF09 D0 Normal 185 729.16 3.82 2.39 1.08 0.10 0.25
WF09 D2 Normal 190 729.26 5.09 3.31 1.37 0.22 0.19
WF09 D3 Normal 177 729.02 3.80 2.45 0.99 0.22 0.15
WF60 D3 Normal 107 647.46 5.74 3.51 1.67 0.31 0.26
WF60 D4 Normal 112 647.17 14.29 8.97 4.43 0.52 0.38
WF61 D0 Normal 112 648.82 1.72 1.07 0.52 0.07 0.06
WFA04 D0 Single
Chromitite 99 859.39 2.48 1.53 0.64 0.13 0.17
WFA04 D1 Single
Chromitite 100 859.45 6.50 5.07 1.03 0.21 0.19
WF79 D0 Detached 105 818.46 5.06 3.16 1.36 0.27 0.28
WFA14 D1 Normal
Footwall 177 812.57 5.52 3.62 1.18 0.24 0.20
New UG2 Reef Intersection Data
Intersection
Reef Width Depth PGE(4) Pt Pd Rh Au
BHID Deflection Type (cm) (m) (g/t) (g/t) (g/t) (g/t) (g/t)
WF69 D3 Normal 122 643.34 3.54 2.36 0.87 0.31 0.01
WFA14 D0 Normal 158 846.49 5.12 3.00 1.61 0.49 0.02
WF09 D0 Regional
P/H 178 774.70 5.83 2.95 2.29 0.56 0.03
WF09 D1 Regional
P/H 179 775.04 5.97 2.62 2.75 0.56 0.04
WF09 D2 Regional
P/H 169 774.86 4.34 2.34 1.46 0.53 0.01
WF61 D1 Regional
P/H 129 699.76 3.27 2.02 0.86 0.39 0.00
WF79 D0 Regional
P/H 106 864.42 6.40 3.19 2.53 0.64 0.04
WFA01 D0 Regional
P/H 221 814.07 3.61 2.02 1.24 0.35 0.00
WFA01 D1 Regional
P/H 220 814.74 3.20 1.77 1.20 0.23 0.00
WFA01 D2 Regional
P/H 254 814.25 1.56 0.82 0.64 0.10 0.00
WFA04 D0 Regional
P/H 128 880.62 4.89 3.15 1.09 0.63 0.02
WFA04 D1 Regional
P/H 125 880.79 5.92 3.48 1.76 0.64 0.04
Further information is available on the Wesizwe web site:
http://www.wesizwe.co.za.
Enquiries:
Wesizwe Platinum Tel. 011 215 2200
Michael Solomon, Chief Executive Officer
Melanie Low, Manager, Corporate Affairs
College Hill
Nicholas Williams Tel: 011 447 3030
NOTES
Wesizwe is a black owned and controlled resource based investment company
conducting platinum group metals exploration operations in the western portion
of the Bushveld Complex in South Africa. Wesizwe was listed the on the JSE
Limited on 21 December 2006 under the Mining - Platinum and precious metals
sector. Its market capitalisation on 03 March 2006 was R880m.
The area currently being explored by Wesizwe is home to the Bakubung-Ba-Ratheo
community located between 30 to 40 kilometres north-northwest of Rustenburg. The
tribe is the largest shareholder holding 33 per cent of the equity with the
balance of 19 per cent held by other unencumbered black interests.
Wesizwe intends following a dual approach by developing its current portfolio of
exploration properties and identifying appropriate acquisitive growth
opportunities to achieve its objective of becoming a credible, sustainable,
broad based black economically empowered resources investment company.
The directors believe that the strategic strengths of the company are:
The drilling results to date are encouraging with detailed exploration
programmes underway;
Excellent location of properties with the potential for consolidation;
Broad based black control of 52 per cent, substantially greater than most mining
or exploration companies in South Africa;
Holder of new order prospecting rights for the majority of its properties; and
Experienced executive team.
Date: 09/03/2006 02:21:04 PM Produced by the JSE SENS Department
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