17th May 2010 07:00
AQUARIUS PLATINUM LIMITED 17 May 2010 Everest Mine Ships First Concentrate Following Restart
Aquarius Platinum Limited ("Aquarius" or the "Company") is pleased to announce that following the announcement initiating the restart of the Everest Mine, the concentrator plant has now been commissioned and milling operations have recommenced. First concentrate was shipped from Everest last Friday, some three months ahead of schedule. It is anticipated that approximately 120,000 tons of ore will be processed at Everest in May and June, contributing approximately 8,000 PGM (4E) ounces to Aquarius' attributable production for the financial year ending 30 June 2010.
The capital cost of the project to restart Everest of R259 million, of which approximately R170 million has been spent to date, remains within budget. Revenues from the above-mentioned production and the associated operating costs will be charged to the income statement.
Stuart Murray, CEO of Aquarius, said:
"We are very pleased with the progress at Everest. Following the closure of the mine in December 2008 due to the subsidence event, the restart of the mine has been delivered ahead of schedule and within budget, and in a better PGM price environment than that originally anticipated when the restart was authorised. We anticipate a fairly rapid ramp-up of production as underground stoping is being complemented with opencast tons being mined from a reserve that was previously sterilised. We expect Everest will be producing approximately 120,000 PGM (4E) ounces in the 2011 financial year, approximately 180,000 ounces in the 2012 financial year and reaching steady-state production of 200,000 ounces beyond that."
For further information please contact:
In the United KingdomGavin Mackay+44 7909 547 042In Australia: In South Africa: Willi Boehm Stuart Murray Aquarius Platinum Corporate Services +27 (0) 11 656 1140
+61 8 9367 5211
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