Acquisition Platinum Mining Corporation of India PLC
19 Octubre 2007 - 6:10AM
UK Regulatory
19th October 2007
Platinum Mining Corporation of India Plc
"Platinum Mining Corporation of India PLC ("PMCI") announces it has entered
into an agreement, subject to completion of due diligence and necessary
Government approvals, to acquire a 20% stake in Majormatic167 (Proprietary)
Limited ("Majormatic") for US$1 million, which will be re-invested in an
exploration programme. Majormatic has been granted the prospecting rights over
the Naboom Platinum Deposit in South Africa.
The investment will be used to fund the first phase of exploration at this
deposit which will start in October/November of this year. If results from this
exploration are sufficiently promising, the share subscription agreement allows
PMCI to increase its stake to 51% by investing a further US$3.5 million in more
extensive exploration. The consideration for this investment will be funded by
PMCI's own cash resources.
The Naboom Platinum Deposit was originally discovered in 1923 and was mined in
1926 before being closed by its operator, Transvaal Platinum Limited. It has not
been mined since. The ore body is a platinum rich deposit occurring within a
quartz host rock. It lies within the Bushveld region of the Limpopo Province of
South Africa.
Philip Adeane, Chairman of PMCI, commented "This investment will diversify our
asset base and give shareholders the opportunity to participate in a platinum
project related to the highly prospective Bushveld complex. PMCI is fully
committed to the platinum industry and we look forward to informing shareholders
of the results of our initial exploration which is expected to be completed by
the year end."
PMCI is a member of the SUN Group, whose subsidiary, SUN Mining, encompasses
assets in Russia, the countries of the former Soviet Union, India and Southern
Africa. Keith Rumble, SUN Mining's CEO added "We are pleased that this
agreement has been concluded as it will significantly add to PMCI's platinum
exposure and will contribute to SUN's existing mining activities. PMCI will
have an important role to play in growth and success of SUN Mining."
Enquiries:
PMCI:
Charles Zorab +44 (0) 20 7340 0970
W H Ireland:
James Joyce/Sarang Shah +44 (0) 20 7220 1666
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