8th Jul 2005 11:36
African Platinum Plc08 July 2005 African Platinum plc (formerly Southern African Resources Plc)Ticker: APP (formerly SFU)Index: AIMSector: Exploration AFPLATS GRANTED PROSPECTING RIGHT FOR INKOSI PROJECT AREA ______________________________ Positive drill results from Imbasa East more than double strike length ofproject since April Johannesburg, 8 July 2005 - London-listed exploration and development companyAfrican Platinum has been granted the prospecting right by the Department ofMinerals and Energy Affairs in South Africa for various portions of the farmHartebeestpoort "B" 410 JQ, known as the Inkosi project area, east of itsLeeuwkop flagship project. Chief executive Roy Pitchford said the new prospecting permit occupied theintervening ground between the company's existing land holdings. "Having nowrendered the property wholly contiguous, this development marks another keymilestone in achieving Afplats's objective of controlling a resource base inexcess of 100 million ounces 4E (3 Platinum Group Metals ("PGM") + gold) aspart of its greater Leeuwkop development plan on the western bushveld complex,"he said. Afplats today also announced positive drilling results from its Imbasa Eastproject area. The Imbasa project area consists of an east and west portion thatlie adjacent to the Leeuwkop project. In April, Afplats announced drill resultsfrom the Imbasa West project area which increased the lateral extent of themineralisation from 6 kilometres to 9 kilometres. The latest results furtherincrease the mineralised strike length by some 45% to 13 kilometres. UG2 Reef - Imbasa EastMother Hole Depth Total UG2 zone UG2 Reef only Width Grade Width Grade (3PGM & Au) (3PGM & Au) SIB04 1,173.6m 127m 5.11g/t 70m 6.71g/t It should be noted that the UG2 zone grade from this drillhole is above theaverage grade of the inferred resource of 4.9 g/t (3PGM + gold). "We are delighted with these excellent results," said Pitchford. "With theInkosi prospecting permit secured, and the positive drilling results from theImbasa East project area essentially doubling our strike length since April, thecompany is more confident than ever that it is emerging as the premierexploration and development investment in the platinum sector. In line with ourobjective of building exceptional value for Afplats' shareholders, we have nowmobilised drill rigs to commence infill drilling on Inkosi with the target ofproving up an inferred resource over the area by the second quarter of 2006." 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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