2nd Oct 2006 08:00
African Platinum Plc02 October 2006 African Platinum plcTicker: APPIndex: AIMSector: Platinum and precious metals AFPLATS SECURES NEW ORDER RIGHT FOR LEEUWKOP PROJECT London, 2 October 2006 - London-listed exploration and development companyAfrican Platinum plc (Afplats) today announced that the South AfricanDepartment: Minerals and Energy (DME) had granted it a New Order prospectingright on the Leeuwkop 402JQ property, its flagship project on the Western Limbof the Bushveld Complex. Chief executive Roy Pitchford said the conversion of the company's Old Orderright into a New Order right marked the completion of a key stage in theprogress of the project, clearing the way for the granting of the New Ordermining right currently being processed by the DME . Afplats now has nooutstanding Old Order rights requiring conversion on any of its properties. In the company's 2006 annual report, published last week, Afplats saidconstruction of Phase One of the Leeuwkop project was expected to start in thefirst quarter of 2007 after granting of a New Order mining right. The first orewill be mined in 2008 and the mine is set to achieve full production in 2011.Total development cost is estimated at ZAR2.3 billion. Phase One will be a 300 000 ounce 4E (platinum group elements, plus gold) peryear mining and concentrating operation with a life of more than 20 years.However, Afplats and its black economic empowerment partners have a resourcebase of 92 million ounces 4E in the Greater Leeuwkop Project area - exceededonly by the three major platinum group metal producers - and its eventual aimis to treble the size of the Phase One operation through two further shaftsystems. AFRICAN PLATINUM PLC ENQUIRIES:Chief Executive - Roy PitchfordTel +27 (0)82 419 2581 or +44 (0)77 9390 9985 Investor & Media Relations - Kathy du PlessisTel +27 (0) 11 728 4701, Mobile +27 (0)83 266 5847, E-mail: [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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