28th Nov 2005 08:46
African Platinum Plc28 November 2005 African Platinum plcTicker: APPIndex: AIMSector: Exploration AFPLATS APPOINTS SHAFT SINKERS AS PREFERRED SHAFT TENDERER ON LEEUWKOP PROJECT San Francisco, 28 November 2005 - AIM-listed platinum exploration anddevelopment company African Platinum plc (Afplats) is pleased to announce thatit has appointed Shaft Sinkers (Pty) Limited as the preferred tenderer for thedesign and construction of the twin- shaft system and critical undergrounddevelopment works for its proposed Leeuwkop Phase 1 development. Shaft Sinkers is a leading international operator in this field, involved inboth vertical and incline shaft sinking since its inception in 1961. Thecompany holds the ISO 9001/2000, 14001 and 18001 quality certifications and hasbeen awarded the South African Chamber of Mines' 5-Star safety rating. ShaftSinkers recently completed several shafts in the immediate vicinity of Leeuwkopat similar depths and is currently sinking the largest shaft complex for aplatinum mine in South Africa. Afplats chief executive Roy Pitchford said the appointment of Shaft Sinkers wasanother significant step forward in the development of the Leeuwkop project. "The pre-feasibility study indicates that this portion of the total twin-shaftinfrastructure and access development constitutes more than 30% of the estimatedcapital required to develop Phase 1 of the Leeuwkop project. Therefore, havingone of the most successful and highly experienced contractors in the miningindustry appointed to the team undertaking the largest capital work item is asignificant advance. Furthermore, as the rapid accessing of the orebody iscritical to the development of the mine Afplats now believes with a high degreeof confidence that the targets it has set will be achieved," Pitchford said. Afplats has already spent some ZAR112 million on proving the 53 million ounceLeeuwkop resource base (including 5 million measured, 9 million indicated plus39 million inferred) but according to results from the step-out explorationprogramme on Imbasa and Inkosi, Afplats could double this over time. Thepre-feasibility study envisages a 300 000 ounce per year mining andconcentrating operation with a mine life in excess of 20 years. The estimatedcapital required for the project will be some ZAR1.9 billion. AFRICAN PLATINUM PLC ENQUIRIES:Chief Executive - Roy Pitchford+27 (0)82 419 2581 or +44 (0)77 9390 9985Investor & Media Relations - Kathy du Plessis+27 (0)11 728 4701, +27 (0)83 266 5847 (Mobile) or [email protected]: 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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