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ELD
ELD
ELD - Eland Platinum - UG2 mineral reserve estimate;acquisition of
contiguous prospecting rights;
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:
- UG2 MINERAL RESERVE ESTIMATE;
- ACQUISITION OF CONTIGUOUS PROSPECTING RIGHTS;
- AND CONFIRMATION OF MINING RIGHT
AT ELANDSFONTEIN PLATINUM MINE
Eland Platinum Holdings Limited (Eland Platinum) announced today (25
January 2007) the following UG2 Mineral Reserve Estimate for its
Elandsfontein Platinum Mine; details of the areas for which prospecting
rights have been obtained on the farm Zilkaatsnek 439JQ, contiguous with
the mine; and confirmation of the area and nature of the mining right
awarded in December 2006.
UG2 Mineral Reserve Statement
The SAMREC-compliant UG2 Mineral Reserve Estimate completed by RSG Global
(Pty) Limited is as detailed in the table below. The mineral reserve
described is situated on the original Elandsfontein Platinum Project area,
as acquired from Anglo Platinum.
Elandsfontein Platinum Mine
UG2 Mineral Reserve Estimate
Tonnes True Grade Contained Prill Split
(Mt) thick (g/t Metal %Pt %Pd %Rh %Au
(m) 4E) (Moz 4E)
Classification
Proved 11.400 1.81 3.48 1.277 63 26 11 1
Probable 30.629 2.15 3.39 3.340 62 27 10 1
TOTAL 42.029 2.06 3.41 4.617 62 27 10 1
The detailed mineral reserve estimate is available on the Eland Platinum
website, www.elandplats.com
Prospecting rights awards on Zilkaatsnek
In Eland Platinum`s prospectus of March 2006 it was disclosed that Eland
Platinum Mines (Pty) Limited (Eland Mines) had acquired certain
prospecting rights from Pharaoh Mining (Pty) Limited and Pyramids Mining
(Pty) Limited subject to obtaining Department of Minerals and Energy
consent to the transfer of these prospecting rights to Eland Mines in
terms of section 11 of the Mineral and Petroleum Resources Development
Act. Such consent has now been received and thus Eland Mines is now in
possession of a prospecting right for PGMs in, on or under the remaining
extent of portion 58 and portions 80, 81, 82, and 87 of the farm
Zilkaatsnek 439, registration division JQ (the Zilkaatsnek properties).
The Zilkaatsnek properties add approximately 1.5km of UG2 outcrop and thus
a potentially significant resource increment to the Elandsfontein Platinum
Mine. Work has begun to evaluate the nature and extent of the UG2 deposit
on the Zilkaatsnek properties.
Mining right
A mining right was awarded to Eland Mines, the operator of the
Elandsfontein Platinum Mine, in December 2006. This right covers the
original Elandsfontein Project area, acquired from Rustenburg Platinum
Mines Limited, as well as the `triangle` former state land property
contiguous with it. "The `triangle` (portion 91 of the farm Elandsfontein
440JQ, measuring 900ha) will be mined by Eland Mines as part of the
Elandsfontein Platinum Mine.
The resource base of the mine is some 165Mt at a grade of 4.05g/t 4E PGM,
as determined by independent consultants RSG Global in August 2006, made
up as follows:
Original project area 130.619Mt at 3.99g/t 4E PGM giving 16.78Moz
Triangle area 34.810Mt at 4.28g/t 4E PGM giving 4.80Moz
Total 165.429Mt at 4.05g/t 4E PGM giving 21.58Moz
Eland Mines holds 100% of the original Elandsfontein Project area and an
initial 49% participation right in the `triangle`, with Waterberg Portion
Property (Pty) Ltd (Waterberg), a Black Economic Empowerment (BEE)
company, holding the balance. Eland Mines has the right to increase its
participation right in the `triangle` at any time in the future in terms
of an option agreement with Waterberg. Eland Mines has signaled its
intention to Waterberg to exercise this option during the course of 2007.
Waterberg is led by Mr. Mpume Sikhosana, a Pretoria-based businessman.
Eland Platinum is involved in evaluating, on an exclusive basis, a number
of other PGM properties held by Mr Sikhosana and his partners.
Queries: James Duncan
27 11 880-3924
27 82 892-8052
Date: 25/01/2007 13:49:01 Produced by the JSE SENS Department.
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