5th Apr 2005 12:15
Southern African Resources PLC05 April 2005 Southern African Resources PlcTicker: SFUIndex: AIMSector: Exploration PLATINUM COMPANY TO LIST ON AMEX San Francisco, 5 April 2005 - London-listed platinum exploration and developmentcompany Southern African Resources (SAR) confirmed today that it was seeking asecondary listing on the American Stock Exchange (AMEX). Speaking at an investment conference here, chief executive Roy Pitchford saidthe company had filed for an AMEX listing with the US Securities ExchangeCommission and expected to complete the process by the middle of this year.Pitchford said the listing was designed to facilitate further investment by USinvestors, who already account for the bulk of its shareholder base. Majorcurrent shareholders include Fidelity Investments, US Global, Royce &Associates, Rubicon Master Fund, Tocqueville Gold Fund and North Sound Capital. SAR was listed on the AIM market of the London Stock Exchange in 2002. Thecompany is well-capitalised with cash resources of approximately US$30 millionand no debt. Its flagship project is Leeuwkop on the Western Limb of SouthAfrica's Bushveld Complex, the world's premier platinum region. The currentinferred resource is 50 million ounces of 4E (the three platinum group metalsplus gold) and the company's objective is to exceed 100 million ounces 4E underits control on the Bushveld. The Leeuwkop scoping study, in its first phase,envisages a 300 000 ounce 4E per year mining and concentrating operation and isbeing incorporated into a strategy that would encompass multiple mines on itsproperty holdings as it develops into the premier, institutional-qualityplatinum exploration and development company. In addition, SAR holdsexploration rights over prospective platinum group metals targets in countriesneighbouring South Africa. SAR yesterday confirmed that its new resource numbers for its flagship Leeuwkopproject, which is situated on the Western Limb of South Africa's BushveldComplex - major platinum region, verified the company's original resourceestimates and upgraded some of the previously classified Inferred resource toIndicated. The new resource statement of approximately 50 million 4E ounces nowcontains approximately 8 million ounces of 4E Indicated resources and 42 millionounces of 4E Inferred resources. SAR added that in addition to thecomprehensive drilling programme currently underway at Leeuwkop, a 3D seismicsurvey over the Leeuwkop Phase 1 project area would be conducted later thisyear. SOUTHERN AFRICAN RESOURCES ENQUIRIES:Chief Executive - Roy Pitchford+27 82 419 2581 or +44 779 390 9985 Investor & Media Relations - Kathy du Plessis+27 11 728 4701 or +27 83 266 5847 (Mobile)[email protected] Website: www.sar-plc.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 regardingSouthern African Resources Plc, including the development of its miningdevelopment projects. Actual results relating to any and all of these subjectsmay differ materially from those presented. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
APP.L