Update on Everest North

8th Mar 2007 07:03

Sylvania Resources Ltd08 March 2007 UPDATE ON EVEREST NORTH Sylvania Resources Ltd ("Sylvania") is pleased to announce that the old orderprospecting rights held by Aquarius Platinum Ltd ("Aquarius") at Everest North (the farm Vygenhoek 10JT ) have now been converted to new order prospectingrights. As per agreement, Aquarius will nominate Sylvania as the applicant forthe new order mining right once the bankable feasibility has been completed. Diamond drilling of the UG2 reef horizon by Sylvania at Everest North to upgradethe deposit to the measured category continues to progress well. To date, 14drillholes have been completed, each with two deflections; all holes haveintersected a competent and composite type UG2 reef. Only assays for the firstsix holes (plus deflections) are currently available returning excellent resultsas follows:- Borehole No True Width (m) Pt (g/t) Pd (g/t) Rh (g/t) Au (g/t) Total 4E (g/t)VH1 1.28 2.74 2.77 0.49 0.07 6.07VH2 1.21 3.15 1.99 0.57 0.07 5.78VH3 1.52 2.65 1.40 0.51 0.03 4.59VH4 1.33 2.67 1.56 0.51 0.04 4.78VH5 1.42 2.79 1.48 0.54 0.04 4.85VH6 1.47 3.21 1.85 0.61 0.06 5.73 On the basis of using 4E ( Pt,Pd,Rh, and Au) grades only, the average gradedrilled to date is 5.30g/t over 1.37 metres. The metal split is 56% Pt, 32% Pd,11% Rh, and 1% Au. On the basis of using 6E (Pt,Pd,Rh,Au,Ir,Ru) grades, the average grade rises to6.45g/t over 1.37 metres. The UG2 reef outcrops at surface along its entire perimeter and dips shallowlybetween 5 and 15 degrees; the depth of the orebody ranges from 0 to 150m belowsurface. The orebody is easily accessible and will be mined using both opencastand underground methods. The combination of a shallow depth and excellent reefwidth lends itself readily to mechanized mining. Access to the orebody will beby shallow decline shafts developed while the opencast mining is in progress. The technical exploration and mining information contained in this report wascompiled by Mr Ed Nealon, a Sylvania Resources Ltd director. Mr Nealon providesconsulting services via his company Athlone International Pty Ltd. Mr Nealon isa member of the Australasian Institute of Mining and Metallurgy and isconsidered to be a Competent Person in his respective area of expertise pursuantto the Australasian Code for Reporting of Mineral Resources and Ore Reserves. MrNealon consents to the inclusion in the report of the matters based on hisinformation in the form and context in which it appears. For further information please contact: In South AfricaTerence McConnachieCEOSylvania Resources Limited(+27 11) 803 7214 In AustraliaGrant ButtonExecutive DirectorSylvania Resources Limited(+618) 9481 8711 In United KingdomRichard BrownAmbrian Partners Limited(+44) 20 7776 6417 Laurence Read/Leesa PetersConduit PR(+44) 20 7429 6605/(+44) 20 7429 6600 This information is provided by RNS The company news service from the London Stock Exchange

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