Platmin Limited ("Platmin" or "the Company"; TSX/AIM: PPN) is pleased to announce further encouraging drilling results from it's M'Phatlele Project as well as good progress with the current drill program.
Highlights
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- Eight drill rigs now drilling on site
- 56 of 79 drill holes completed of the current program which is
forming the basis for a planned resource revision and pre-feasibility
study.
- Further drilling program aimed at increasing confidence in resource
base to 1,000m depth and to demonstrate reef continuity to 1,500m
depth to commence shortly
- M'Phatlele Project has 8km strike of Merensky Reef and UG2 Chromitite
Layer and is adjacent to Lonmin's Limpopo Platinum operations
- Drill results highlights from the current program as follows:
Merensky Reef
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Intersected
Width 3PGE+ Pt Pd Rh Au Ni Cu
Drill Hole From (m) Au g/t g/t g/t g/t g/t ppm ppm
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MP-001 82.19 1.80 4.55 2.46 1.56 0.11 0.42 2,594 1,809
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MP-002/D3 92.92 2.40 4.53 2.44 1.44 0.11 0.54 2,675 1,623
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MP-004 101.97 3.60 4.03 2.14 1.51 0.09 0.30 2,270 1,196
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MP-004/D4 101.16 2.00 5.05 2.91 1.57 0.14 0.43 2,739 1,951
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MP-019/D3(1) 266.40 2.40 5.32 2.96 1.79 0.13 0.44 3,194 1,579
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MP-020/D4(1) 292.37 2.60 4.42 2.42 1.51 0.11 0.38 2,855 1,714
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(1) Mother Hole previously reported in Independent Technical Report
All drill holes reported were drilled vertically
UG2 Chromitite Layer
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Intersected
Width 3PGE+ Pt Pd Rh Au Ni Cu
Drill Hole From (m) Au g/t g/t g/t g/t g/t ppm ppm
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MP-001 245.09 1.70 6.10 2.97 2.49 0.53 0.11 1,242 788
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MP-003 289.69 1.93 5.84 2.84 2.28 0.59 0.13 1,406 900
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MP-004 293.22 2.01 7.06 3.49 2.80 0.63 0.15 1,559 906
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MP-018/D1(1) 324.81 3.86 5.87 2.82 2.44 0.47 0.14 1,706 1,002
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MP-019/D1(1) 461.28 1.72 5.59 2.87 2.10 0.51 0.10 1,166 652
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MP-020/D1(1) 492.62 1.86 8.17 3.73 3.63 0.67 0.15 1,986 1,045
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MP-020/D2(1) 492.71 2.02 5.65 2.83 2.23 0.49 0.10 1,431 888
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MP-029/D1(1) 377.26 2.59 5.76 2.76 2.36 0.50 0.15 1,561 648
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MP-030/D2 516.34 1.95 6.69 3.28 2.73 0.54 0.14 1,648 1,087
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MP-043/D2 273.47 2.53 5.61 2.51 2.56 0.39 0.15 1,232 602
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MP-044/D2 107.73 1.47 7.76 3.60 3.34 0.56 0.26 1,420 884
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(1) Mother Hole previously reported in Independent Technical Report
All drill holes reported were drilled vertically
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Drilling from the Current Program
Results have been returned for a further 37 Merensky Reef intersections and 40 UG2 Chromitite Layer intersections. In the case of the Merensky Reef these represent 9 mother hole intersections and 27 deflection intersections and for the UG2 Chromitite Layer 10 mother hole intersections and 29 deflection intersections. The majority of the drill results reported here are from the backlog of samples that previously built up on the project. Drill results from the M'Phatlele project were previously reported in Platmin's Independent Technical Report entitled "Platmin Limited's South African Platinum Mineral Properties" dated 15 May 2006. The results reported here are those that have been returned since that report. A comprehensive list of all new drill intersections for both reefs are tabulated in the link below:
http://files.newswire.ca/533/Merensky&UG2_results.doc
Accelerated Work Program
The Company is pleased to report that the activity at the M'Phatlele Project has accelerated significantly with currently eight drill rigs operating on site.
The focus of the current drill program is to complete detailed delineation drilling of the M'Phatlele resource down to a depth of 500m (on the UG2 Chromitite Layer). To date 56 holes have been completed with a further 23 holes planned. These drill holes will form an integral part of the Pre-Feasibility study on the project which is expected to commence early in 2007.
A further drill program has been initiated to improve confidence in the deeper portion of the existing resource from 500 to 1,000m; and to test the depth extent of the mineralisation between 1,000m to 1,500m.
A map which illustrates the current status of the drilling program on the M'Phatlele Project, "Map 1", can be found by selecting the following link (http://files.newswire.ca/533/PLATMIN_MAPS.pdf). Holes with results reported in this press release are labelled.
Background on the M'Phatlele Project
The M'Phatlele Project is located approximately 50km south of Polokwane, the capital city of the Limpopo province, and covers an area of 11,725 hectares constituting the entire farm M'Phatlele 457KS. The M'Phatlele Project is located in the northern part of the eastern limb of the Bushveld Complex, contiguous with Lonmin's Limpopo platinum operations. At the M'Phatlele Project the Merensky Reef and UG2 Chromitite layer have been confirmed over a strike length of approximately 8km; reef strike is east-west and average dip 51(degrees) south. Platmin has previously declared an Inferred Resource of 87.9 Mt at 4.47 g/t 3PGE+Au for 12.6 million ounces on the property. The resource is from surface to a depth of 1,000m and includes both the Merensky Reef and UG2 Chromitite Layer. A summary of the resource is presented in the table below along with a map of the project, "Map 2", which can be found by selecting the following link (http://files.newswire.ca/533/PLATMIN_MAPS.pdf).
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3PGE+Au
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Average Max
Contained Reef Resource
Property and Reef Tonnage Grade Metal Width Metal Ratio Depth(2)
------------------ --------- ----- --------- ------ ------------ --------
000 tonnes g/t ounces m Pt:Pd:Rh:Au m
Inferred Mineral
Resources
M'Phatlele(1)
Merensky ..... 35,128 3.52 3,980,000 1.41 54:33:3:10 1,000
UG2 .......... 52,783 5.11 8,666,000 1.79 50:39:9:2 1,000
--------- ------ ----------- ----- ----------- --------
Total Inferred
Resources ..... 87,911 4.47 12,646,000
--------- ------ ----------- ----- ----------- --------
--------- ------ ----------- ----- ----------- --------
Base Metals
---------------------------------
Ni Cu Ni Cu
------ ------- ------- -------
ppm ppm tonnes Tonnes
Inferred Mineral
Resources
M'Phatlele(1)
Merensky ..... 2,210 1,347 77,640 47,320
UG2 .......... 1,234 684 65,130 36,110
-------- -------- -------- --------
Total Inferred
Resources ..... 142,770 83,430
-------- -------- -------- --------
-------- -------- -------- --------
(1) Platmin, as operator, currently has a 57.4% attributable interest in
M'Phatlele
(2) Vertical depth below surface.
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The M'Phatlele resource was calculated by RSG Global and has been reported in Platmin's Independent Technical Report entitled "Platmin Limited's South African Platinum Mineral Properties" dated May, 15 2006 which was filed to SEDAR on August 10, 2006 (hereinafter referred to as Platmin's "Independent Technical Report").
Quality Assurance, Quality Control and Qualified Persons
Exploration at the M'Phatlele Project is being conducted under the supervision of Mr. Mike Bowen, Project Manager for the M'Phatlele Project. Mr. Bowen (M.Sc. Geology) is a geologist with more than 10 years experience in PGM exploration and a member of the Geological Society of South Africa. Mr. Bowen is an independent contractor to Platmin.
Group Exploration Manager, Mr. John Astrup, the Company's Qualified Person for the M'Phatlele Project, as defined under National Instrument 43-101, is responsible for the technical material in this release, excluding the mineral resource estimate. Mr. Astrup has verified the data disclosed in this release, including the sampling, analytical and test data underlying the drill results and his most recent site visit to the M'Phatlele Project which included inspection of the drill core was conducted on November, 22 2006. Mr. John Astrup (M.Sc. Exploration Geology) is a registered Professional Natural Scientist ("Pr.Sci.Nat.") with the South African Council for Natural Scientific Professions ("SACNASP") and has 10 years of experience in PGM, Ni, Cu exploration. The content of this press release has been compiled by John Astrup.
Drill holes were drilled with a combination of NQ, and TNW core; generally mother holes are completed with NQ core and deflections with TNW core. The core is logged by qualified geologists and mineralised intervals identified and sampled. Sample intervals are kept to approximately 20cm, core is then split by means of a diamond saw. Geological logging and sampling was carried out under the supervision of Mr. Bowen. Further details of Platmin's geological procedures have been reported in the Independent Technical Report dated May, 15 2006.
Samples are submitted to SGS Lakefield Research Africa Laboratories in Johannesburg where they are prepared and analysed. Samples are analysed for Pt, Pd, Au, Rh, Ni and Cu by SGS Lakefield Research Africa an ISO 17025 accredited laboratory. Pt, Pd and Au analyses were carried out using a lead fire assay technique with a silver collector and ICP-OES finish, Rh is analysed with a separate with a separate lead fire assay using a palladium collector and ICP-OES finish. Ni and Cu analyses are done by Aqua Regia with an AA finish and reflect the acid soluble metal content. Quality control/QC procedures include the submission of certified standards with every reef intersection submitted. Results of the standards are analysed on a batch by batch basis as is all internal QA/QC included by the laboratory with includes laboratory repeats, standards and blanks. Prior to major revisions to the resource estimates, a selection of pulps that have been returned from Lakefield are relabelled and resubmitted to Lakefield for check analyses, in addition further pulps are submitted to an independent second or referee laboratory (Genalysis). Further details of Platmin's QA/QC procedures have been described in the Independent Technical Report dated May, 15 2006.
All of the mineral resources reported in this press release have previously been communicated in Platmin's previously filed NI 43-101 compliant Independent Technical Report dated May, 15 2006, which can be viewed at www.sedar.com.
About Platmin
Platmin is a TSX- and AIM (PPN) listed exploration and development company focused on its four key project areas: Pilanesberg, M'Phatlele, Grootboom, and Loskop (collectively, the "Key Projects") on which PGM mineral resources have been estimated. All of Platmin's projects are located in the Bushveld Complex of South Africa, which region is estimated to contain approximately 90% of global platinum resources. Platmin's M'Phatlele Project is located on the eastern limb of South Africa's Bushveld Complex. Lonmin's Limpopo operations are located adjacent to Platmin's M'Phatlele Project.
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www.platmin.com
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This news release contains forward-looking statements contained that are not historical facts. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward looking statements in this news release include, but are not limited to, statements regarding the estimation of mineral resources, potential mineralization and resources, exploration results, timing of pre-feasibility studies and resource estimations and the Company's exploration plans with respect to the M'Phatlele Project or any of its Key Projects. Although Platmin believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Platmin disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Furthermore, forward-looking statements reflect the current expectations and beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even is such actual results are realised or substantially realised, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that would cause actual results or events to differ from current expectations include, among other things, changes in commodity prices, changes in equity markets, failure to establish estimated mineral resources (the inferred mineral resource figures in this press release are estimated and no assurance can be given that the indicated levels of minerals will be produced), political risks arising from operating in Africa, changes to regulations affecting the Company's activities, delays in obtaining or failures to obtain required regulatory approvals, failure of equipment, uncertainties relating to the availability and costs of financing needed in the future, the uncertainties involved in interpreting drilling results and other geological data, delays in obtaining geological results, and the other risks involved in the mineral exploration industry. Any forward-looking statement only speaks as of the date on which it was made and, except as may be required by applicable securities laws, as mentioned above in this disclaimer the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of whether as a result of new information, future events or otherwise. As mentioned above, although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
This news release does not constitute or form part of any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for any securities in any jurisdiction, nor shall it (or any part of it) or the fact of its distribution form the basis of, or be relied upon in connection with, or act as any inducement to enter into, any contract or commitment therefore.
For further information: Platmin Limited, Solar Place, 5 Eddington Crescent, Highveld Technopark, Centurion, 0067, South Africa; Keith Liddell, Executive Deputy Chairman, +61 8 9221 7466; Ian Watson, Chief Executive Officer, +27 12 665 4360; RBC Capital Markets, Craig Werstiuk, +44 20 7653 4567; Grant Thornton, Corporate Finance (Nomad), Gerry Beaney, +44 870 991 2589; Conduit PR, Leesa Peters, +44 20 7429 6605; Haywood Securities, John Willett, (416) 507-2345