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WEZ
WEZ
Wesizwe - Results of Annual General Meeting and Chairperson"s address
Wesizwe Platinum Limited
(Incorporated in the Republic of South Africa)
(Registration number 2003/020161/06)
JSE code: WEZ & ISIN: ZAE000075859
(the "Company" or "Wesizwe")
Results of Annual General Meeting - 8 September and Chairperson"s address
Wesizwe shareholders are advised that at the Annual General Meeting of
members held on Friday, 8 September 2006, all resolutions as proposed in
the Notice of the Annual General Meeting were approved by the requisite
majority of members.
At the Annual General Meeting, the chairperson, Thuthukile Skweyiya, made
the following address:
"This week we announced the outcome of a successful fundraising to finance
the ongoing exploration activities of the company on the Pilanesberg
project and to undertake further evaluation of the resource there. The
fundraising was carried out by a private placing with nine institutions in
South Africa, raising just over R65m. We are delighted by the response
from investors in South Africa to this fundraising. They obviously
recognise the exciting future potential of the company. We welcome our new
shareholders.
The company"s energies continue to be focused on upgrading our Inferred
Mineral Resources to Indicated Mineral Resources in the Frischgewaad-Ledig
complex so that we can commission the Pre-Feasibility Study as soon as
possible. We expect to do so before the end of the year. In July we
announced our drilling results at 30 June 2006 with our total PGE(4) ounces
increasing to 11,492 million ounces with attributable inferred and
indicated resources up at 7,076 million ounces. We will be providing our
quarterly update on the progress of our exploration activities in early
October 2006..
Prior to the commencement of any drilling by the company in late 2004/
early 2005, a scoping document was completed by independent engineering
consultants that defined the minimum critical mass for a stand-alone mining
operation of 180,000 tons per month for a life of mine of at least 20
years, yielding 16 - 25% IRR over the life of the mine. In this regard,
the study set out the exploration targets of a resource of 47 million tons
containing 6.7 million ounces of PGE(4) metal to achieve these returns. We
have already significantly exceeded our original targets with the most
recent drilling results at 30 June 2006.
We recently commissioned a similar study on the resource base established
to date. This techno-economic assessment considers the latest technological
and economic data to ensure that the original exploration targets remained
appropriate for the planned mining operation and IRR returns. This study
confirms this and we therefore remain very comfortable about the long term
future prospects of developing a profitable mining business.
We remain on track to commission a Bankable Feasibility Study in 2007."
Enquiries
Wesizwe Platinum +27 11 215 2375
Mike Solomon, CEO
Melanie Low, Corporate Affairs Manager
College Hill +27 11 447 3030
Fred Cornet +27 83 307 8286
Nick Williams +27 83 607 0761
www.wesizwe.com
Johannesburg
08 September 2006
Date: 08/09/2006 03:00:04 PM Produced by the JSE SENS Department
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