SLV Sylvania

TIDMJLP TIDMSLV

RNS Number : 8314W

Jubilee Platinum PLC

26 November 2010

For immediate release

26th November 2010

SYLVANIA RESOURCES LIMITED ('Sylvania' or the 'Company')

ASX: SLV

AIM: SLV

Registration No: 091 415 968

ISIN: AU000000SLV8

Jubilee Platinum Plc ("Jubilee")

AIM: JLP

JSE: JBL

Registration number: 4459850

ISIN GB0031852169

Joint Announcement

Jubilee and Sylvania enter into a specific agreement on PGE/Ni, Cu smelting and refining of Sylvania's new JORC compliant Volspruit deposit

Further to previous joint announcements on 2 November 2009 and 4 February 2010, Jubilee and Sylvania (collectively "the Parties") are pleased to announce that they have entered into the Volspruit Smelting and Refining Agreement ("Smelting Agreement") that sets out the respective responsibilities of the Parties and milestone achievements for the next phase of their strategic partnership.

The Smelting Agreement seeks to expand on the Framework Agreement whereby the Parties have agreed to extend their joint investigations progress as a study into the design and construction of a smelter and refinery complex allocated to processing concentrate from the proposed Volspruit mine that is currently being developed by Sylvania.

The Volspruit mine project and the Volspruit smelter/refinery projects are inter-related and will be developed concurrently by Sylvania and the Sylvania/Jubilee JV respectively, with the intention of developing solutions that will allow the viable exploitation of concentrates which cannot be treated by conventional processes. The combination of the ConRoast process with a DC arc smelter associated with a base metal refining process is the key to unlocking value from these concentrates. The base metal refining process that has been identified produces base metal products including iron (which is normally a discard product) in a form that commands a premium on London Metal Exchange prices.

Under the Smelting Agreement the Parties have agreed that a Scoping study will be completed by 28 February 2011, and if satisfied with the outcome the Parties will incorporate a new company and subscribe equally for the shares in the new company and enter into a shareholder agreement.

Subject to finalizing the establishment of the new company, the Parties will procure that the new Company will conclude a pre-feasibility study at a budgeted cost of R2 million (GBP180,000) by 31 May 2011.

Subject to both Parties being satisfied with the results of the pre-feasibility study, the new company will then proceed to conduct a bankable feasibility study and use all reasonable endeavours to complete the bankable study by 31 January 2012. An amount of R5 million (GBP445 000) has been budgeted for this study. The budgeted amounts for each study may be increased by agreement by both parties and will be equally funded by the parties.

For further information please contact:

South Africa

 
 Jubilee Platinum               Sylvania Resources 
 Leon Coetzer                   Terence McConnachie 
  Chief Executive Officer        Managing Director 
  Braemore Platinum (Pty) Ltd    Tel +27 11 673 1171 
  Tel +27 (0) 11 4651913 
 Leonard Eiser                  Louis Carroll 
  Sasfin Capital Tel +27 (0)     Finance Director/Joint Company 
  11 809 7500                    Secretary 
                                Tel +27 11 673 1171 
 
 

United Kingdom

 
 Andrew Sarosi                                                                                       Richard Brown 
 Jubilee Platinum plc                                                                                Ambrian 
 Tel +44 (0) 1752 221937                                                                             Partners 
                                                                                                     Limited, 
                                                                                                     Nominated 
                                                                                                     Adviser Tel 
                                                                                                     +44 20 7634 
                                                                                                     4700 
 Michael Kinirons Bishopsgate Communications Ltd Tel +44 (0) 20 7562 3350                            Laurence 
                                                                                                     Read/Beth 
                                                                                                     Harris 
                                                                                                     Threadneedle 
                                                                                                     Communications 
                                                                                                     Public 
                                                                                                     Relations 
                                                                                                     Adviser Tel 
                                                                                                     +44 20 7653 
                                                                                                     9855 
 Matthew Robinson 
  FinnCap 
 Tel +44 (0) 20 7600 1658 
 

Australia

 
 Richard Rossiter 
 Non Executive Chairman 
  Tel +61 41 868 8338 
 Grant Button 
 Director/Joint Company Secretary 
  Tel +61 8 922 64777 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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