BRR Braemore Res

 

TIDMBRR 
 
RNS Number : 4819S 
Braemore Resources PLC 
19 May 2009 
 

 
 
Braemore Resources Plc 
("Braemore" or "the Company") 
Operational Update 
Braemore Resources (AIM: BRR; JSE: BRE), together with its technology partner 
Mintek, has achieved the stated research and development programme objective of 
developing a proven, industry-leading technology for the smelting of high chrome 
Platinum Group Metals ('PGM') concentrates. Braemore is now at the point in its 
business strategy, which will allow the company to transform from a technology 
development company into a commercially viable entity on the back of its 
technology. 
The conclusion of the research into the PGM refining process, to complement the 
ConRoast smelting process, will enhance the commercial strength of the smelting 
process and is the final stage required to complete the research and development 
phase of the company. 
The company has also undertaken to restructure the demonstration smelting 
facility in response to current metal prices and a strengthening South African 
Rand ("Rand".). The company has experienced working cost increases in US Dollar 
("Dollar") terms of some 12.5% within an eight week period whilst Dollar metal 
prices have remained static. This has put significant pressure on the company's 
working capital as it accelerated the conclusion of its research and development 
programme. The restructuring of the demonstration facility is targeted towards 
significant reductions in operating costs and reviewing the process units to 
better align with the proposed refining process. The process restructuring will 
be undertaken as swiftly as possible to minimise interruption to production at 
the demonstration unit. The refining process, once implemented, will increase 
the margins of the process to ensure strong commercial viability even at times 
of a strong Rand and low metal prices. 
The company has entered into discussions with various parties to support the 
financing of the commercialisation strategy both for the development capital to 
build a next stage ConRoast facility with refining capability as well as 
addressing the Company's short term working capital needs. In addition the 
company is well advanced in forming joint ventures with existing and near-term 
producers of PGMs to secure feed material for a fully commercial smelting and 
refining facility. 
Leon Coetzer, Chief Executive Officer, stated that Braemore is fulfilling its 
potential. "We have steadily met our targets and we are poised for expansion. 
Funding the commercialisation of ConRoast and refining process is key, and we 
believe that the success of the development work done to date with the 
demonstration smelter showcases our ability to address the financing, smelting 
and refining challenges within the platinum industry." 
Enquiries: 
Braemore Resources Plc 
Leon Coetzer, Chief Executive Officer 
      +27 11 557 6413 
WH Ireland: (Nomad and Joint Broker) 
James Joyce 
                                +44 207 220 1666 
Mirabaud Securities: (Joint Broker) 
Rory Scott 
                                    +44 207 878 3360 
Qinisele Resources: (RSA Corporate Advisers) 
Dennis Tucker 
                               +27 82 492 4957 
Russell and Associates: (RSA Public Relations) 
Nicola Taylor/Charmane Russell 
            +27 11 880 3924 
Walbrook PR: (UK Public Relations) 
Louise Goodeve/Leah Kramer 
             +44 207 933 8780 
Sasfin: (RSA Corporate Sponsor) 
Sharon Owens 
                              +27 11 809 7762 
 
 
Notes to Editors: 
Braemore Resources offers investors an attractive opportunity to enter into the 
PGMs and nickel business, initially through the mid-stream processing of these 
metals and, in time, through mine-to-market production opportunities. 
Braemore Resources is principally involved in evaluating, establishing and 
operating independent facilities for the roasting, smelting and refining of 
concentrates containing PGM and associated base metals and for the reclamation 
and processing of sulphide nickel tailings. Diversified both geographically and 
in terms of product, the company is located in two key mining regions - Braemore 
Nickel in Western Australia and Braemore Platinum in South Africa. Braemore's 
access to proprietary technology, and in particular the Mintek ConRoast 
technology, which has successfully operated at test plant level, makes the 
company well-positioned to become a significant player in the burgeoning South 
African PGMs sector, offering a more cost-effective, environmentally friendly 
and accessible smelting option to many junior mining companies. Unlike 
conventional smelters, ConRoast is unaffected by the high-chrome content ores, 
which are increasingly being mined. 
Braemore's management team, in South Africa and Australia, bring with them 
impressive credentials in their respective sectors, combined with a Board that 
has experience in metals processing, financial and commodities markets. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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