25th May 2005 14:27
Southern African Resources PLC25 May 2005 African Platinum plc (formerly Southern African Resources Plc)Ticker: APP (formerly SFU)Index: AIMSector: Exploration SHAREHOLDERS APPROVE SA RESOURCES NAME CHANGE London, 25 May 2005 - Shareholders of AIM-listed platinum exploration anddevelopment company Southern African Resources plc today approved a proposal tochange the company's name to African Platinum plc - Afplats for short -which has been registered with the Registrar of Companies with immediate effect.The company's AIM trading symbol will also change from SFU to APP with effectfrom Thursday 26 May 2005. Chief executive Roy Pitchford said the name change was designed to give thecompany a more clearly descriptive identity ahead of its planned secondarylisting on the American Stock Exchange, the purpose of which is to facilitatefurther investment by North American investors. "Given our exclusive focus on platinum group metals and our goal of building thepremier pan-African platinum investment opportunity, we felt our old name wastoo generic to support our expanding corporate marketing campaign. 'AfricanPlatinum' on the other hand states the nature of our business explicitly," hesaid. The pre-feasibility study on Afplats's flagship Leeuwkop project in the Westernlimb of the South African Bushveld Complex is due to be published early nextmonth. The current mineral resource is 50 million ounces 4E (the three platinumgroup metals plus gold) including 8 million ounces in the indicated category,and the company's objective is to build a resource base exceeding 100 millionounces 4E in the greater Leeuwkop/Imbasa/Inkosi project area. The Leeuwkopscoping study envisages a 300 000 ounce 4E per year mining and concentratingoperation as the first phase of a project that will eventually encompassmultiple mines on the property. Afplats also holds exploration rights overprospective platinum group metals targets in countries neighbouring SouthAfrica. 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] or [email protected] Website: www.sar-plc.com or 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 (formerly Southern African Resources Plc), including thedevelopment of its mining development projects. Actual results relating to anyand all of these subjects may differ materially from those presented. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
APP.L