APP.L Regulatory News (APP)

7 Apr 2005 13:30

Southern African Resources PLC07 April 2005 Southern African Resources PlcTicker: SFUIndex: AIMSector: Exploration SA RESOURCES PROPOSES TO CHANGE NAME TO AFRICAN PLATINUM London, 7 April 2005 - London-listed platinum exploration and developmentcompany Southern African Resources (SAR) has announced that it intends to changeits name to African Platinum (Afplats). Chief executive Roy Pitchford said the change, which is still subject toshareholder approval, was designed to give the company a more clearlydescriptive identity ahead of its planned secondary listing on the AmericanStock Exchange, the purpose of which is to facilitate further investment byNorth American investors. SAR will call an extraordinary general meeting ofshareholders in order to put the necessary resolution to shareholders. "Given our exclusive focus on platinum group metals, and our corporate strategythat seeks to build the premier pan-African platinum investment opportunity, wefelt that our existing name was too generic to support our expanding corporatemarketing effort. 'African Platinum', on the other hand, states the nature ofour business explicitly," he said. SAR was listed on the AIM market of the London Stock Exchange in 2002. Thecompany is well-capitalised with cash resources of approximately US$30 millionand no debt. Its flagship project is Leeuwkop on the Western Limb of SouthAfrica's Bushveld Complex, the world's premier platinum region. The currentinferred resource is 50 million ounces of 4E (the three platinum group metalsplus gold), of which 8 million ounces is indicated, and the company's objectiveis to exceed 100 million ounces 4E under its control on the Bushveld. TheLeeuwkop scoping study, in its first phase, envisages a 300 000 ounce 4E peryear mining and concentrating operation and is being incorporated into astrategy that would encompass multiple mines on its property holdings as itdevelops into the premier, institutional-quality platinum exploration anddevelopment company. In addition, SAR holds exploration rights over prospectiveplatinum group metals targets in countries neighbouring South Africa. Earlier this week SAR confirmed that it was seeking a secondary listing on theAmerican Stock Exchange (AMEX). Pitchford said the company had filed for anAMEX listing with the US Securities Exchange Commission and expected to completethe process by the middle of this year. He said the listing was designed tofacilitate further investment by US investors, who already account for the bulkof its shareholder base. Major current shareholders include FidelityInvestments, US Global, Royce & Associates, Rubicon Master Fund, TocquevilleGold Fund and North Sound Capital. SOUTHERN AFRICAN RESOURCES ENQUIRIES:Chief Executive - Roy Pitchford+27 82 419 2581 or+44 779 390 9985 Investor & Media Relations - Kathy du Plessis+27 11 728 4701+27 83 266 5847 (Mobile)platinum@dpapr.com Website: www.sar-plc.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 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