APP.L Regulatory News (APP)

3 Jul 2006 09:36

African Platinum Plc03 July 2006 African Platinum plc ("Afplats")Ticker : APPIndex : AIMSector : Exploration AFPLATS - MINERAL RESOURCE UPDATE London, 3 July 2006 - London-listed platinum exploration and development companyAfrican Platinum Plc is pleased to announce a resource update on the ImbasaPlatinum (Pty) Ltd and Inkosi Platinum (Pty) Ltd properties that are located tothe east of Afplats' South African flagship property Leeuwkop. The resources included in this statement are total project resourcesattributable to Afplats and their Black Economic Empowerment (BEE) partners.They only include the properties where prospecting permits have been granted.It excludes the Wolvekraal, Kareepoort and Imbasa North areas that are stillunder application. The total area under permit and application is 12,500ha, theareas where resources are yet to be defined represents 29% or 3,600ha of thetotal area (Ref Figure 1). http://www.rns-pdf.londonstockexchange.com/rns/5373f_1-2006-7-3.pdf The mineral resources of the greater Leeuwkop area have increased 73% to 92million ounces 4E (the 3 platinum group metals plus gold). Afplats' CEO Mr RoyPitchford said, "The substantial increase in resources is yet another steptowards Afplats' aspiration to define a mineral resource in excess of 100million ounces in the greater Leeuwkop area." Table 1 and 2 below summarisesthe break down of the resources. A detailed resource statement is included atthe end of this release. Table 1: UG2 Mineral Resource Summary Category Tonnes 3PGE+Au 3PGE+Au (millions) (g/t) (Moz)Leeuwkop Measured 30 5.2 5.0 Indicated 34 5.0 5.5 Inferred 151 4.7 22.8Imbasa Inferred 70 4.5 10.1Inkosi Inferred 111 4.7 16.8Total 396 4.7 60.2 Table 2: Merensky Reef Mineral Resource Summary Category Tonnes 3PGE+Au 3PGE+Au (millions) (g/t) (Moz)Leeuwkop Indicated 34 3.0 3.3 Inferred 178 2.9 16.6Imbasa Inferred 69 2.1 4.7Inkosi Inferred 107 2.1 7.2Total 388 2.5 31.8 Your directors believe this new resource statement positions Afplats in thefront rank of PGM mineral resources. Using the most recent data available, thechart below shows that the company is now ranked fourth in terms of PGM mineralresources in Southern Africa. (Ref Figure 2) http://www.rns-pdf.londonstockexchange.com/rns/5373f_2-2006-7-3.pdf CEO Roy Pitchford commented: "The key to Afplats' underlying value is the sizeand quality of its resources. This increased resource base has the criticalmass to allow Afplats to build an operation which, in the future, could positionAfplats as a major producer." (Ref Figure 3) http://www.rns-pdf.londonstockexchange.com/rns/5373f_3-2006-7-3.pdf When compared to the other junior PGM explorers/developers, Afplats' resourcebase is now significantly larger than any of its peers. Pitchford also noted that both the Inkosi and Imbasa Resources have new orderprospecting permits following the recent conversion of Imbasa from an Old OrderProspecting Permit to a New Order Prospecting Permit. DETAILED IMBASA - INKOSI UG2 RESOURCE STATEMENTThe total UG2 Mineral Resource estimated for the Imbasa-Inkosi area is 181 Mt ata grade of 4.6 g/t 3PGE+Au. The resource is not reported above a cut-off gradeand areas have been classified as Inferred Resource in accordance with theguidelines of the JORC Code (2004) as listed in Table 3. Table 3: Summary of the Imbasa-Inkosi Project UG2 Mineral Resource#, June 2006Area/Category Tonnes* 3PGE+Au (g/ Pt (g/t) Pd (g/t) Rh (g/t) Au (g/t) (millions) t)ImbasaInferred 70 4.5 2.8 1.2 0.5