PLA Enters Agreement with JOGMEC covering Stellex


 

TIDMPLAA 
 
RNS Number : 2413F 
Platinum Australia Limited 
08 January 2010 
 

AIM Release 
 
 
 
 
8 January 2010 
 
 
 
 
PLA ENTERS INTO AGREEMENT WITH JOGMEC COVERING THE STELLEX NORTH PROJECT 
 
 
Platinum Australia Limited (ASX:PLA) (AIM:PLAA) is pleased to announce it has 
entered into an Agreement with Japan Oil, Gas and Metals National Corporation 
("JOGMEC") under which JOGMEC will earn an initial 35% interest in the Stellex 
North Project by providing US$3.5 funding for exploration over the next 4 years. 
 
 
The balance of the project will be held by Stellex Platinum (Pty) Ltd 
("Stellex") a joint venture company currently owned 49% by PLA and 51% by 
Batsalani Mining & Resources (Pty) Ltd ("Batsalani"). PLA anticipates increasing 
its interest in Stellex following the expenditure of an initial $30,000 on work 
undertaken on the project to date, as provided under the Joint Venture 
Agreement. 
 
 
A Prospecting Right has been issued to Stellex covering the project and a 
detailed aeromagnetic survey and initial geochemical sampling program on the 
project area is due to be completed in the current quarter. 
 
 
PLA Managing Director John Lewins said: "We are pleased to have entered into 
this agreement with a partner of the status of JOGMEC, which is a company owned 
by the Government of Japan and charged with securing a stable supply of natural 
resources for the country. The agreement will provide the necessary funding to 
complete our planned exploration programme over the next four years at a time 
when PLA expects to put significant funding into more advanced projects such as 
Kalplats and Rooderand to bring them into production. PLA will remain manager of 
the project 
 
 
 
 
Stellex North Project 
 
 
The Stellex North PGM Project is located 330km west of Johannesburg and adjacent 
to the Kalplats (PLA earning 49% from ARMplatinum) and Kalplats Extended (PLA 
50%) Projects. The Kalplats Project currently has Measured, Indicated and 
Inferred Resource of 6.4 Moz 3E which is set out in summary in Table 1, 
according to the guidelines of the JORC Code (2004) as previously announced on 8 
October 2009. 
 
 
The Stellex North Project covers a strike length of 26 kilometres of the 
Kraaipan Greenstone belt immediately to the north of the Kalplats Extended 
Project. PLA believes that this project has the potential to host extensions of 
the known Kalplats style mineralisation. An aeromagnetic survey of the project 
area and detailed soil geochemistry program is planned for the project area in 
2010. 
 
 
 
 
  Table 1 Combined Coffey Mining plus Harmony Resource Estimate for the Kalplats 
Project 
 
 
+------------+-------------+------+-----------+------------+-------+-----------+------------+------+-----------+ 
| TABLE 1  COFFEY MINING and HARMONY RESOURCE SUMMARY FOR KALPLATS                                             | 
+--------------------------------------------------------------------------------------------------------------+ 
|  Deposit   |        Total Resource3         |      Main Reef Resource2       |     High Grade Resource1      | 
+------------+--------------------------------+--------------------------------+-------------------------------+ 
|            |   Tonnes    |  3E  |    Ozs    |  Tonnes    |Grade  |    Ozs    |  Tonnes    |  3E  |    Ozs    | 
|            |             | g/t  |           |            |       |           |            | g/t  |           | 
+------------+-------------+------+-----------+------------+-------+-----------+------------+------+-----------+ 
|            |             |      |           |            |       |           |            |      |           | 
+------------+-------------+------+-----------+------------+-------+-----------+------------+------+-----------+ 
| Crater4    |  26,215,785 |2.04  | 1,719,530 | 11,543,219 |  2.6  |   966,740 | 11,638,000 |3.21  | 1,201,590 | 
+------------+-------------+------+-----------+------------+-------+-----------+------------+------+-----------+ 
|            |             |      |           |            |       |           |            |      |           | 
+------------+-------------+------+-----------+------------+-------+-----------+------------+------+-----------+ 
| Orion4     |  11,856,000 |1.58  |   603,210 |  5,597,000 | 2.14  |   385,710 |  2,720,000 |3.33  |   291,100 | 
+------------+-------------+------+-----------+------------+-------+-----------+------------+------+-----------+ 
|            |             |      |           |            |       |           |            |      |           | 
+------------+-------------+------+-----------+------------+-------+-----------+------------+------+-----------+ 
| Crux4      |  28,038,000 |1.42  | 1,238,400 | 12,946,000 | 1.70  |   706,700 |  5,092,000 |2.67  |   436,100 | 
+------------+-------------+------+-----------+------------+-------+-----------+------------+------+-----------+ 
|            |             |      |           |            |       |           |            |      |           | 
+------------+-------------+------+-----------+------------+-------+-----------+------------+------+-----------+ 
| Vela5      |  36,662,000 |1.34  | 1,579,676 | 14,804,000 | 2.08  |   991,573 |  8,171,000 |3.07  |   806,439 | 
+------------+-------------+------+-----------+------------+-------+-----------+------------+------+-----------+ 
|            |             |      |           |            |       |           |            |      |           | 
+------------+-------------+------+-----------+------------+-------+-----------+------------+------+-----------+ 
| Sirius4    |   9,484,000 |1.42  |   431,490 |  3,103,000 | 2.11  |   210,390 |  1,570,000 |3.19  |   161,020 | 
+------------+-------------+------+-----------+------------+-------+-----------+------------+------+-----------+ 
|            |             |      |           |            |       |           |            |      |           | 
+------------+-------------+------+-----------+------------+-------+-----------+------------+------+-----------+ 
| Serpens    |   7,703,000 |1.43  |   353,950 |  3,199,000 | 1.93  |   198,820 |  1,269,000 |3.20  |   130,640 | 
| North5     |             |      |           |            |       |           |            |      |           | 
+------------+-------------+------+-----------+------------+-------+-----------+------------+------+-----------+ 
|            |             |      |           |            |       |           |            |      |           | 
+------------+-------------+------+-----------+------------+-------+-----------+------------+------+-----------+ 
| Serpens    |  10,762,228 |1.34  |   462,071 |  5,890,324 | 1.81  |   324,262 |    848,289 |5.09  |   138,993 | 
| South6     |             |      |           |            |       |           |            |      |           | 
+------------+-------------+------+-----------+------------+-------+-----------+------------+------+-----------+ 
|            |             |      |           |            |       |           |            |      |           | 
+------------+-------------+------+-----------+------------+-------+-----------+------------+------+-----------+ 
| Total      | 130,721,013 | 1.53 | 6,433,327 | 57,083,543 | 2.06  | 3,784,195 | 30,308,289 |3.14  | 3,165,882 | 
+------------+-------------+------+-----------+------------+-------+-----------+------------+------+-----------+ 
 
1 Includes the high grade UM (+UUM in Crater and Vela) and LM Reefs 
2 Includes the UM (+UUM in Crater and Vela), Main Reef Residual and LM, which 
constitute the Main Reef 
3 Includes the UM, UUM, LM, MR, LG, MMW and the Main Reef Residual layers, which 
is the total mineralised width for all seven layers 
4 Coffey Mineral Resource estimates of Measured, Indicated and Inferred 
resources 
5 Coffey Mineral Resource estimates of Indicated and Inferred resources 
6 Harmony Mineral Resource estimates of Inferred resources 
 
 
 
 
Qualification Statement 
The information in this announcement that relates to the Crux, Orion, Crater, 
Vela, Sirius and North Serpens Mineral Resource is based on a resources estimate 
compiled by Mr. Ken Lomberg who is a full-time employee of Coffey Mining 
Specialists and is a Member of the South African Council for Natural Scientific 
Professions (member no 400038/01) . 
 
 
Mr. Lomberg has more than 15 years experience which is relevant to the style of 
mineralisation and type of deposit under consideration and to the activity which 
he is undertaking and qualifies as a Competent Person as defined in the 2004 
edition of the 'Australasian Code for Reporting of Exploration Results, Mineral 
Resources and Ore Reserves'.  Mr Lomberg consents to the inclusion in this 
announcement of the matters based on his information in the form and context in 
which they appears. 
 
 
  Yours faithfully 
PLATINUM AUSTRALIA LIMITED 
JOHN D LEWINS 
Managing Director 
 
 
 
 
 
 
+------------------+-------------------+------------------+-------------------+----------------------+ 
| John Lewins      | Media             | AIM Nominated    | UK Broker:        |                      | 
| Managing         | enquiries UK:     | Advisor:         | RBC Capital       |                      | 
| Director         | Ron Marshman &    | David Nabarro    | Markets           |                      | 
| Platinum         |                   | Ambrian Partners | +44 207 653 4000  |                      | 
| Australia        | John              | Limited          |                   |                      | 
| +61 08 9324 1491 | Greenhalgh        | +44 207 634 4700 |                   |                      | 
| M: 0419 910 061  | City of London    |                  |                   |                      | 
|                  | PR                |                  |                   |                      | 
|                  | +44 020 7628 5518 |                  |                   |                      | 
+------------------+-------------------+------------------+-------------------+----------------------+ 
 
 
Glossary 
4E - Platinum + Palladium + Rhodium + Gold 
3E - Platinum + Palladium + Gold 
Moz - Million ounces 
Mt - Million tonnes 
Symbols and abbreviations; Pt is platinum, Pd is palladium, Au is gold, ppm is 
parts per million which is equivalent to grams per tonne (g/t), m is metres. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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