5th Jul 2005 09:30
African Platinum Plc05 July 2005 African Platinum plc (formerly Southern African Resources Plc) Ticker: APP (formerly SFU) Index: AIM Sector: Exploration THREE-DIMENSIONAL SEISMIC SURVEY CONFIRMS LEEUWKOP PROJECT MODEL Johannesburg, 5 July 2005 - London-listed exploration and development companyAfrican Platinum has completed the field work on a three-dimensional seismicsurvey of its flagship Leeuwkop project in the Western Limb of South Africa'sBushveld Complex in preparation for a bankable feasibility study. The resultsof the prefeasibility study on the project were released last month. The 3Dsurvey is being conducted for Afplats by Compagnie Generale de Geophysique (CGG)at a cost of ZAR30 million (US$4.4 million). The final interpretation of thedata is due for completion by the end of 2005. Chief executive Roy Pitchford said today that initial results from a linetraversing the entire property from north to south confirmed the company'sgeological model, which is based on its own drilling and the originaltwo-dimensional seismic survey conducted by Rand Mines some 20 years ago. "The quality of the results is very good and will allow us to define faults tosome 10 metres, identify medium and large scale pot holes and highlight anysignificant rolling of the reef. The increased structural confidence willfacilitate detailed mine planning during the bankable feasibility," he said. "The final interpretation, expected at the end of 2005, will enable us toupgrade our indicated resource to the measured category and to convert some ofthe inferred ounces to indicated status. This will provide a more robustresource statement for the bankable study." Afplats recently reported that its new resource numbers for the Leeuwkop projectwere in line with its original estimates. The updated resource of 50 millionounces 4E (the three platinum group metals and gold) contains approximately 8million ounces in the indicated category and 42 million in the inferredcategory. As part of the continuation of Afplats's exploration programme, a new generationdrill rig - the first of its kind in the world - has been commissioned atthe greater Leeuwkop project site. The directors believe that the use bydrilling contractors Murray & Roberts Cementation of manufacturer BoartLongyear's new and highly manoeuvrable LS 240 drill rig at Leeuwkop will producequicker drill core results which should accelerate the comprehensive drillingprogramme currently underway. 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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