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ELD
ELD
Eland Platinum Announces 44% Increase In Ug2 Resources
Eland Platinum Holdings Limited
(formerly Nungu Trading 500 Limited)
(Incorporated in South Africa)
(Registration number 2005/029957/06)
(JSE code: ELD ISIN: ZAE000078655)
("Eland Platinum" or "the Company")
ELAND PLATINUM ANNOUNCES 44% INCREASE IN UG2 RESOURCES
Eland Platinum Holdings Limited today (04 August 2006) announced a 44% increase
in the total UG2 resource of its Elandsfontein Platinum Project to 21.58 million
ounces of PGMs on a 4E basis (platinum, palladium, rhodium and gold).
The re-stated resource - after accounting for geological losses of 20% - is a
SAMREC compliant estimate completed by RSG Global (Pty) Limited as part of a
bankable feasibility study for the project, which is nearing completion.
Previously, total UG2 resources of 14.98 million ounces of 4E PGMs were
identified in the Elandsfontein UG2 mineral resource statement forming part of
the Competent Person"s Report, which was included in the company"s March 2006
prospectus.
The updated RSG estimate includes:
the original Elandsfontein Platinum Project area, as acquired from Anglo
Platinum; and
the so-called `triangle" State mineral rights area contiguous to the eastern
border of the original Elandsfontein project area, which forms part of the
Elandsfontein Mine mining right application accepted by the Department of
Minerals and Energy in April 2006.
A summarised comparison of the original (February 2006) and updated (August
2006) mineral resource statements - after geological losses of 20 per cent - is
presented below:
Tonnes True Grade Contained Prill Split
thick Metal
(Mt) (m) (g/t 4E) (Moz 4E) %Pt %Pd %Rh %Au
August 165.4 1.64 4.05 21.58 63.4 26.0 9.6 1.0
2006
February 107.5 1.30 4.34 14.98 63.9 25.3 10.1 0.7
2006
% 54 26 (7) 44 (0.8) 3 (5) 43
difference
The detailed, updated resource statement is available on the Eland Platinum
website, www.elandplats.com, together with a map depicting the division of the
UG2 resource into three facies - Normal, Split Reef and Zilkaatsnek (wide reef).
Typical stratigraphic sections of the three facies are also presented.
Queries
Eland Platinum
James Duncan
Russell & Associates
+27 11 880 3924 (work)
+27 82 892 8052 (mobile)
DISCLAIMER
All statements in this media release, other than historical facts, that address
exploration activities and mining potential are forward-looking statements.
Although Eland Platinum believes the expectations expressed in such forward-
looking statements are based on reasonable assumptions, such statements should
not in any way be construed as guarantees of future performance. Factors that
could cause developments to differ materially from those expressed include
exploration results, technical analysis and the lack of availability to the
company of necessary capital to progress its project(s) further. The company is
subject to the specific risks inherent in the exploration and mining business
and general economic and business conditions.
Johannesburg
04 August 2006
Investment bank and sponsor
Nedbank Capital
Date: 04/08/2006 08:48:58 AM Produced by the JSE SENS Department
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