30th Sep 2005 07:00
African Platinum Plc30 September 2005 African Platinum plcTicker: APPIndex: AIMSector: Exploration AFPLATS 2005 ANNUAL REPORT London, 30 September 2005 - African Platinum plc (Afplats) today published itsannual report for the financial year ending 31 March 2005. In the report, chairman Charles Hansard notes that during the review periodAfplats underwent a transformation from an entrepreneurial entity into anasset-rich investment vehicle. The company is now well placed to achieve itsimmediate goal of developing the first phase of its flagship Leeuwkop project onthe Western Limb of the South African Bushveld Complex and its longer-termobjective of building a premier platinum company on its world-class asset base. The company's current priorities, he says, are * to complete the definitive feasibility study on Leeuwkop in order for the board to make a development decision; * to complete the drilling at its adjacent Imbasa and Inkosi properties during the first quarter of 2006; * to upgrade the indicated resource to the measured category and convert some of the inferred ounces to indicated status; * to initiate a scoping study for expanding production to 1 million ounces once this has been done; * to convert all prospecting rights to "new order" as defined in South African law; * to finalise the agreement with the company's black economic empowerment partners in accordance with the requirements of the South African Mining Charter; and * to complete the secondary listing on the American Stock Exchange currently in progress. Hansard adds: "Further down the road, the focus is on significantly increasingthe size of the Bushveld resource base, finding and developing other attractivePGM opportunities, and continuing to improve market awareness of the company andits prospects. It is worth noting at this point that Afplats has the equivalentof approximately US$25 million in cash and no debt, and is, therefore, wellplaced to continue with the bankable feasibility study as well as to investfurther in exploration opportunities until project funding has been secured." Copies of the annual report are being posted to shareholders today. It is alsoavailable online at www.afplats.com. AFRICAN PLATINUM PLC ENQUIRIES:Chief Executive - Roy Pitchford+27 (0)82 419 2581 or +44 (0)77 9390 9985 Investor & Media Relations - Kathy du Plessis+27 (0)11 728 4701 or +27 (0)83 266 5847 (Mobile) [email protected] Website: www.afplats.com DISCLAIMER: Investing in all equities, including natural resources-relatedequities, carries risks which should be taken into consideration when making aninvestment. This announcement contains forward-looking statements regardingAfrican Platinum plc, including the development of its mining developmentprojects. Actual results relating to any and all of these subjects may differmaterially from those presented. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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