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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

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From: goldcat	11/23/2005 9:04:41 AM
	of 78411

African Platinum plc-One of Dines recs I have been following. TIDM APP Headline Upgraded mineral resource Released 08:27 23-Nov-05 Number 5387U African Platinum plc Ticker: APP Index: AIM Sector: Exploration UPGRADED MINERAL RESOURCE STATEMENT FROM AFPLATS London, 23 November 2005 - AIM-listed platinum exploration and development company African Platinum plc (Afplats) today published an upgraded mineral resource statement on the Leeuwkop project. The following summarises the key points associated with the upgrade: • 5 million ounces 4E (the three platinum group metals plus gold) have been converted from the Indicated Category to the Measured Category, the highest confidence category • An additional 6 million ounces of 4E have been converted from the Inferred category to the Indicated category • This has resulted in a total resource of 53 million ounces which comprises 5 million ounces in the Measured category, 9 million ounces in the Indicated Category and 39 million ounces in the Inferred category This upgrade in confidence in the resource base includes final results of the 3D seismic survey completed earlier in the year. The seismic data indicates that the Leeuwkop orebody is remarkably consistent over the planned bankable project area and reveals no significant geological disturbances. The survey confirmed the excellent quality of the ground surrounding the proposed shaft positions and that the orebody is suitable for mechanised mining given the consistent nature of the reef and lack of geological features that could potentially disrupt mining operations. Chief executive Roy Pitchford said this updated resource statement was another important step towards completing the Leeuwkop bankable feasibility study process. “The key point with regards to this resource statement is the conversion of indicated and inferred resources into measured and indicated categories, respectively. This more robust resource statement will allow both proven and probable reserves to be utilised in the bankable feasibility study. In addition, the level of detail of the orebody that the 3D seismic survey has provided gives us the utmost confidence in the ability to mine the orebody,” Pitchford said. Afplats has already spent some ZAR112 million on proving the 53 million ounce Leeuwkop resource base but according to results from the step-out exploration programme on Imbasa and Inkosi, this could be significantly increased over time. The pre-feasibility study envisages a 300 000 ounce per year mining and concentrating operation with a mine life in excess of 20 years. The estimated capital required for the project will be some ZAR1.9 billion.

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