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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (38379)	6/10/2009 5:50:36 PM
From: LoneClone	Read Replies (1) of 193988

Nkwe buys IGE’s 15% stake in Tubatse platinum project miningweekly.com By: Esmarie Swanepoel 9th June 2009 JOHANNESBURG (miningweekly.com) - Australian platinum exploration company International Goldfields (IGC) would sell its 15% stake in the Tubatse project, in South Africa, to junior company Nkwe Platinum for A$60-million, it announced on Tuesday. IGE and Nkwe had an option agreement in place since late 2008, that enabled Nkwe to negotiate on an exclusive basis to acquire IGC stake’s stake in the three farms that mad up the Tubatse project. Originally, the two parties had been negotiating a merger through a court-approved scheme of arrangement. However, IGC stated that its board believed that at this time, an asset sale was in the best interest of its shareholders. “We strongly believe that to have significant funds at a time when there are a number of exciting projects on the market at fair prices represents the best opportunity for IGC to deliver sustained value to its shareholders,” said chairperson Tony Sage. IGC was currently reviewing a number of acquisitions it believed will deliver value to its shareholders over the medium- to long-term. Nkwe has also previously exercised an option to acquire a 59% interest in the Tubatse project, and the option agreement with IGC would provide the company with an increased participation of 74%. Black-empowerment company Genorah Resources held the remaining 26% interest in the project.?? The platinum explorer also held a 74% working interest in the two farms directly adjacent to the Tubatse project, and has a stated goal of becoming a platinum producer with its joint-venture partner Xstrata. Nkwe hoped to produce one-million ounces a year of platinum group metals.

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