hi22 May 2009 12:22
Platinum Australia Limited (ASX: PLA) (AIM : PLAA) is pleased to announce that it has
signed a conditional Heads of Agreement (HOA) with Atla Mining Resources (Pty) Ltd
(“Atla”) to acquire up to 70% of the Rooderand Platinum Project located on the western Limb
of the Bushveld Igneous Complex (BIC) in South Africa.
The Agreement is subject to completion of Due Diligence by PLA and the issuing of a
Prospecting Right covering the project to Atla.
Rooderand is an advanced platinum exploration project, where previous explorer, Anglo
Platinum Limited, has reported in their 2006 Annual Report, a JORC-compliant Inferred
Resource for their 45% attributable interest, of 5.3 million tonnes at a grade of 5.39 g/t 4E
(platinum plus palladium plus rhodium plus gold) in the UG2 reef and 1.7 million tonnes at
7.99g/t 4E in the Merensky Reef. That is 1.35 million ounces of 4E for their 45% attributable
interest. For 100% the Inferred Resource for both reefs combined would be equivalent to 3.01
million ounces of 4E.
Commenting on the Agreement, PLA Managing Director John Lewins said: “We are extremely
pleased to have signed this Heads of Agreement with Atla, which is the mandated representative of
the Bakgatla-Ba-Kgafela Tribe, to jointly evaluate and develop the Rooderand Project. The resource
is based on the UG2 Reef which is present from surface to a depth of almost 500 metres below
surface. The characteristics of the project are therefore very consistent