SOURCE: African Platinum PLC

July 05, 2005 04:31 ET


London -- (MARKET WIRE) -- July 5, 2005 --African Platinum plc (formerly Southern African Resources Plc)

Ticker: APP (formerly SFU)

Index: AIM

Sector: Exploration


Johannesburg, 5 July 2005 - London-listed exploration and development company African Platinum has completed the field work on a three-dimensional seismic survey of its flagship Leeuwkop project in the Western Limb of South Africa's Bushveld Complex in preparation for a bankable feasibility study. The results of the prefeasibility study on the project were released last month. The 3D survey is being conducted for Afplats by Compagnie Generale de Geophysique (CGG) at a cost of ZAR30 million (USD4.4 million). The final interpretation of the data is due for completion by the end of 2005.

Chief executive Roy Pitchford said today that initial results from a line traversing the entire property from north to south confirmed the company's geological model, which is based on its own drilling and the original two-dimensional seismic survey conducted by Rand Mines some 20 years ago.

"The quality of the results is very good and will allow us to define faults to some 10 metres, identify medium and large scale pot holes and highlight any significant rolling of the reef. The increased structural confidence will facilitate detailed mine planning during the bankable feasibility," he said.

"The final interpretation, expected at the end of 2005, will enable us to upgrade our indicated resource to the measured category and to convert some of the inferred ounces to indicated status. This will provide a more robust resource statement for the bankable study."

Afplats recently reported that its new resource numbers for the Leeuwkop project were in line with its original estimates. The updated resource of 50 million ounces 4E (the three platinum group metals and gold) contains approximately 8 million ounces in the indicated category and 42 million in the inferred category.

As part of the continuation of Afplats's exploration programme, a new generation drill rig - the first of its kind in the world - has been commissioned at the greater Leeuwkop project site. The directors believe that the use by drilling contractors Murray & Roberts Cementation of manufacturer Boart Longyear's new and highly manoeuvrable LS 240 drill rig at Leeuwkop will produce quicker drill core results which should accelerate the comprehensive drilling programme currently underway.


Chief Executive - Roy Pitchford

+27 (0)82 419 2581 or +44 (0)77 9390 9985

Investor & Media Relations - Kathy du Plessis

+27 (0)11 728 4701 or +27 (0)83 266 5847 (Mobile)


DISCLAIMER: Investing in all equities, including natural resources-related equities, carries risks which should be taken into consideration when making an investment. This announcement contains forward-looking statements regarding African Platinum plc, including the development of its mining development projects. Actual results relating to any and all of these subjects may differ materially from those presented.

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