APP.L Regulatory News (APP)

31 May 2005 10:27

African Platinum Plc31 May 2005 African Platinum plc (formerly Southern African Resources Plc)Ticker: APP (formerly SFU)Index: AIMSector: Exploration AFPLATS GEARS UP FOR US LISTING London, 31 May 2005 - AIM-listed platinum exploration development companyAfrican Platinum (formerly Southern African Resources*) announced today that ithad appointed KPMG Audit Plc as its auditors in preparation for its plannedsecondary listing on the American Stock Exchange. The US listing is designed tofacilitate further investment by North American investors. Afplats now expects to publish its audited abridged results for the year to 31March 2004 in the course of August, and its annual financial statements will bepublished in September. Afplats today also announced the appointment of Evolution Securities as itsnominated advisor and sponsoring broker with immediate effect. Meanwhile, the pre-feasibility study on Afplats's flagship Leeuwkop project inthe Western limb of the South African Bushveld Complex is due to be publishedshortly. The current mineral resource is 50 million ounces 4E (the threeplatinum group metals plus gold) including 8 million ounces in the indicatedcategory, and the company's objective is to build a resource base exceeding 100million ounces 4E in the greater Leeuwkop/Imbasa/Inkosi project area. TheLeeuwkop scoping study envisages a 300 000 ounce 4E per year mining andconcentrating operation as the first phase of a project that will eventuallyencompass multiple mines on the property. Afplats also holds exploration rightsover prospective platinum group metals targets in countries neighbouring SouthAfrica. 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)platinum@dpapr.com or info@afplats.com Website: www.afplats.com or www.sar-plc.com *NOTE ON AFPLATS: On 25 May 2005, Shareholders of Southern African Resources Plcapproved a proposal to change the company's name to African Platinum plc -Afplats for short - which was registered with the Registrar of Companies withimmediate effect. The company's AIM trading symbol changed from SFU to APP witheffect from 26 May 2005. The name change was designed to give the company amore clearly descriptive identity ahead of its planned secondary listing on theAmerican Stock Exchange. "Given our exclusive focus on platinum group metalsand our goal of building the premier pan-African platinum investmentopportunity, we felt our old name was too generic to support our expandingcorporate marketing campaign. 'African Platinum' on the other hand states thenature of our business explicitly," CEO Roy Pitchford said. 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 regardingSouthern African Resources Plc, including the development of its miningdevelopment projects. Actual results relating to any and all of these subjectsmay differ materially from those presented. This information is provided by RNS The company news service from the London Stock Exchange