Statement re Unprotected Strike Action at Everest Mine

2 Jun 2008 08:40

AQUARIUS PLATINUM LIMITEDASX, LSE & JSEMonday, 2 June2008

Unprotected Strike Action at Everest Mine

Aquarius Platinum South Africa (AQPSA) advises that on late Wednesday, 28 May 2008, 42 load-haul-dumper (LHD) operators embarked on an unprotected work stoppage at the company's Everest Mine. On Thursday, 29 May 2008, the remainder of the underground workforce (some 1,300 employees) joined the work stoppage in sympathy with the LHD operators.

Following discussions with employee representatives and the National Union of Mineworkers (NUM), notice in terms of the South African Labour Relations Act was given to employees that they should return to work on Monday, 2 June 2008. AQPSA has applied for and obtained a Labour Court interdict in support of this notice.

AQPSA is committed to addressing and resolving the issues under dispute and, in addition to building constructive relations with the NUM on site, has embarked on a process to educate employees on the process of industrial engagement in line with South Africa's labour relations regime and to foster good union/ management relationships. Employees at Everest mine have only recently been employed by AQPSA and many of the labour relations tactics employed stem from a lack of experience in collective bargaining and the previous contractor/ employee relationship.

Production losses are small at this stage - in the region of 1,300 ounces of PGMs (650 ounces per day).

For further information please contact:

In Australia and the United Kingdom:

Nick Bias Aquarius Platinum + 44 7887 920 530 In South Africa: Charmane Russell Russell & Associates +27 11 880 3924 REGISTERED OFFICE

Aquarius Platinum Limited - Clarendon House - 2 Church Street - Hamilton HMCX Bermuda

Email: info@aquariusplatinum.com

Telephone: +61 8 9367 5211