Miranda - Progress report: Miranda signs explorati
MMH
MMH
Miranda - Progress report: Miranda signs exploration joint venture agreement
MIRANDA MINERAL HOLDINGS LIMITED
(previously Proper Group Limited)
(incorporated in the Republic of South Africa)
(Registration Number: 1998/001940/06)
Share code: MMH & ISIN: ZAE000074019
("Miranda" or "the company" or "the group")
Progress report: Miranda signs exploration joint venture agreement
Shareholders are referred to the announcement dated 14 February 2006, which
detailed the lodging of the environmental financial guarantee covering the
rehabilitation for the group"s prospecting programme for diamonds on the farms
Turffontein 126 IQ (3,738 hectares) and Blaauwbank 125 IQ (3,430 hectares) in
the Ventersdorp District ("the North West diamond project").
The board is pleased to announce that the group has signed its first agreement
with an exploration joint venture ("JV") partner, Bekker Plant Hire (Pty) Ltd
("BPH"), for the North West diamond project on the following terms:
* a 15% revenue participation based on the gross proceeds of the sale of
diamonds recovered from the operation;
* in the event of the grade exceeding 1.5 carats per 100 tonnes, Miranda"s share
of the revenue increases to 20%;
* in the event that any one stone exceeds R1 million in value, the proceeds of
the sale of that stone will be split on a 35% (Miranda) against 65% (BPH) basis;
and
* an allocation by Miranda to BPH of approximately 700 hectares of the farm
Turfontein.
The first phase of the exploration was conducted by De Beers in 1988 on behalf
of Gold Fields of SA. The company is negotiating with other potential JV
parties for participation on the North West diamond project.
Centurion
17 March 2006
Sponsor:
Sasfin Capital
(A division of Sasfin Bank Limited)
Corporate Advisor:
Radagast Capital (Pty) Ltd
Date: 22/03/2006 09:00:03 AM Produced by the JSE SENS Department
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