Miranda Mineral Holdings Limited - Progress report
MMH
MMH
Miranda Mineral Holdings Limited - Progress report: Miranda signs second
exploration joint venture agreement on North West diamond project
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 second exploration joint venture agreement on
North West diamond project
The announcements dated 14 February, 17 March and 5 May 2006 related, inter
alia, to the group"s activities in gearing up to prospect for diamonds on the
farms Turffontein 126 IQ (3,738 hectares) and Blaauwbank 125 IQ (3,430
hectares), which are located in the centre of an established alluvial diamond
mining area in the Ventersdorp District ("the North West diamond project").
These announcements detailed, respectively, the lodging of the environmental
financial guarantee, the signing of a first exploration joint venture ("JV")
agreement and the granting of a prospecting right by the Department of Minerals
and Energy.
The board is pleased to announce that the group has signed its second agreement
with an exploration JV partner, JS Steyn Delwery ("JSSD"), for the North West
diamond project on the following terms:
* a 20% 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 25%;
* 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 50%:50% basis; and
* an allocation by Miranda of approximately 700 hectares of the farm
Turffontein to be worked by JSSD.
Utilising the results of the initial prospecting work done on behalf of Gold
Fields by De Beers on certain areas of the property in the late-1980s, the group
remains on course to commence with exploration during the next six weeks.
Centurion
15 May 2006
Sponsor
Sasfin Capital
(a division of Sasfin Bank Limited)
Corporate Advisor
Radagast Capital (Pty) Limited
Date: 15/05/2006 10:50:51 AM Produced by the JSE SENS Department
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