Elgin Resources Inc.

Jonpol Explorations Ltd.

February 03, 2005 12:26 ET

Elgin Resources Inc. and Jonpol Explorations Ltd.: New Mineral Resource Estimates Confirm Spitzkop as a Shallow, Multi-Million Ounce, High Grade, Platinum Rich, PGM Resource


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: ELGIN RESOURCES INC.

TSX SYMBOL: ELR

AND JONPOL EXPLORATIONS LTD.

TSX SYMBOL: JON

FEBRUARY 3, 2005 - 12:26 ET

Elgin Resources Inc. and Jonpol Explorations Ltd.: New
Mineral Resource Estimates Confirm Spitzkop as a
Shallow, Multi-Million Ounce, High Grade, Platinum
Rich, PGM Resource

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 3 2005) - Elgin
Resources Inc. (TSX:ELR) and Jonpol Explorations Ltd. (TSX:JON)

Mr. Ian Rozier, President and CEO of Elgin Resources Inc., and Mr.
Gordon Keep, President of Jonpol Explorations Ltd. are pleased to report
that new Mineral Resource Estimates have been completed for the Spitzkop
Platinum Group Metals ("PGM") project ("Spitzkop") located in Mpumalanga
Province in the Republic of South Africa. On November 1, 2004, Elgin
announced its joint-venture agreement with Spitzkop Platinum Ltd of
South Africa and its proposed amalgamation with Jonpol Explorations Ltd.
On closing the merged entity will have an 87% interest in Spitzkop, as
well as a 75% interest in Mareesburg PGM Project, and be the operator of
both projects.

The new Resource Estimates are included in an independent NI 43-101
Technical Report, prepared by Mr. Al Maynard of Maynard and Associates
of Perth Australia who fulfills the requirements to be a Qualified
Person for the purposes of National Instrument 43-101. The Resource
Estimates confirm that Spitzkop is a high grade, near surface, shallow
dipping, platinum rich PGM deposit with PGM Resources in both the UG2
and Merensky Reefs. Spitzkop is located in an area which is fast
becoming one of the world's prominent PGM producing areas with Amplats
and other majors currently exploring and developing PGM deposits on
neighbouring properties.

The new Mineral Resource Estimate and the key points of the NI 43-101
Technical Report are summarized as follows;

- The 2005 Mineral Resource estimates for the UG2 reef are shown on the
following table. In accordance with NI 43-101 requirements the
individual 'prill-splits' are provided for each of five platinum group
elements and gold (5PGE + Au).



2005 Mineral Resource Estimate in the UG2

---------------------------------------------------------------------
CUT- 5PGE+
OFF Tonnes Pt Pd Rh Ru Ir Au Au M
CLASS (g/t) (million) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) ozs
---------------------------------------------------------------------
Measured 2.0 41.50 3.24 2.02 0.60 0.95 0.23 0.07 7.11 9.50
---------------------------------------------------------------------
Measured 3.0 37.46 3.49 2.20 0.65 1.03 0.25 0.08 7.70 9.27
---------------------------------------------------------------------
Measured 4.0 30.59 3.91 2.57 0.74 1.15 0.28 0.09 8.74 8.60
---------------------------------------------------------------------
Measured 5.0 22.88 4.37 3.11 0.83 1.25 0.31 0.11 9.98 7.34
---------------------------------------------------------------------


- The Company considers the UG2 Measured Resource using a 3 g/t
'cut-off' grade to be most appropriate at this time; the various
'cut-off' grades are provided such that the Measured Resource in the UG2
Reef can be evaluated as mineral prices vary in the future.

- One intrusive body was interpreted to replace a limited and defined
portion the UG2 reef at Spitzkop and anticipated losses due to this have
been accounted for in the Measured Resource estimates.

- The NI 43-101 Technical Report recommends that a further 10% losses be
applied to the Resource Estimates (such that the resulting discounted
Measured Resource in the UG2 using a 3 g/t 'cut-off' grade would contain
8.3 M oz (5PGE + Au)).

- 296 UG2 Reef intersections were used in the Resource Estimate. As 14%
of the sample intervals assayed were incomplete or not fully
representative due to core loss, the assayed intervals are only
partially representative. Hence true grades in the UG2 may be
underestimated.

- The UG2 Reef varies between 0.7m to 2.7m thickness across the
property. At the northeast end of the property the reef varies between
1.6m and 2.5m thick and the grade varies between 6.1 and 10.5 g/t (5PGE
+ Au). This combination of high grade and well-developed reef occurring
at shallow depth in the northeast part of the property is significant in
that this area would be the subject of initial mining operations at
Spitzkop.

- The average dip of the UG2 Reef is approximately 12 degrees to the
west across most of the property.

- 'Prill-splits' showing the assays of the individual platinum group
elements in the UG2 demonstrate that platinum is the dominant PGM and
that concentrates from Spitzkop would be platinum rich.

- Indicated Resources in the Merensky Reef at Spitzkop were reported by
Impala in 2003 as being 47.38 Mt at 2.43 g/t (5PGE + Au) for 3.7 M ozs
This Resource estimate is considered to be current and in accordance
with JORC standards. In accordance with NI 43-101 reporting requirements
the individual prill-splits are provided for each PGE.



---------------------------------------------------------------------
5PGE+
Tonnes Pt Pd Rh Ru Ir Au Au
CLASS (million) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) M ozs
---------------------------------------------------------------------
INDICATED 47.38 1.30 00.7 0.07 0.15 0.03 0.18 2.43 3.71
---------------------------------------------------------------------


- The Merensky Reef has an average thickness of 2.3m and has the same
dip as the UG2.

- New Mineral Resource estimates have not yet been undertaken for the
Merensky Reef and in accordance with NI 43-101 requirements it is not
considered appropriate to re-interpret Resource classifications until
new estimates are available. However, from the review of all geological
data, the Q.P. suggests that the continuity of thickness and form and
the consistency of grade, are such that a new resource estimate might
well result in the reclassification of a proportion of Impala's
Indicated Resource in the Merensky.

- 'Prill-splits' showing the assays of individual PGE's in the Merensky
at Spitzkop demonstrate that platinum is also the dominant PGM in this
reef.

- In the NI 43-101 Technical Report the Q.P. suggests that the PGM
resource in the Merensky may not be economic at this time but that if
PGM prices were to increase significantly, or the South African Rand
depreciate significantly, the PGM mineral resource in the Merensky at
Spitzkop might impact positively on the economic viability of the
project.

- A two Phase technical work program has been recommended for the
Spitzkop project. The Phase 1 program is a pre-feasibility study with an
estimated cost of Cdn$1,300,000. The Phase 2 program is a feasibility
study with an estimated cost of approximately Cdn$2,500,000.

A copy of the NI43-101 Technical Report will be posted on SEDAR within
30 days of this News Release.

The Spitzkop PGM project is located approximately 15 km from the
Mareesburg PGM project. A pre-feasibility study is currently underway at
Mareesburg and the results are anticipated in mid 2005. On completion of
the acquisition of the Spitzkop project from Impala and the amalgamation
with Jonpol Explorations Ltd., ("Jonpol") the amalgamated company, to be
renamed Eastern Platinum Ltd. ("Eastplats"), will commence a feasibility
study at Spitzkop.

Both Mareesburg and Spitzkop are high grade, platinum rich, near
surface, shallow dipping PGM deposits. It is anticipated that Mareesburg
would commence as an open-pit mine operation for the initial portion of
mine life before underground resources are accessed from the open pit.
Spitzkop is envisaged to be a decline mining operation that will exploit
high grade PGM resources at shallow depth without the requirement for
high capital cost mine infrastructure and underground pre-production
development such as shafts.

Upon completion of the Spitzkop acquisition and the amalgamation with
Jonpol, Eastplats will have control over two projects with Measured
Resources containing over 10.3 M oz PGM's in the UG2 and an Indicated
Resource containing over 3.7 M oz PGM's in the Merensky. The Company is
actively pursuing other similar opportunities in South Africa to add to
these core projects. Elgin currently has over Cdn$17 million in working
capital and is well positioned to become a significant player in the PGM
sector.

Ian Rozier, MSc., P.Eng., is the Qualified Person who has reviewed the
contents of this News Release on behalf of the Company.

Cautionary Note to U.S. Investors Concerning Estimates of Measured,
Indicated and Inferred Resources:

This presentation uses the terms "Measured", "Indicated" and "Inferred"
Resources. U.S. investors are advised that while such terms are
recognized and required by Canadian regulations, the Securities and
Exchange Commission does not recognize them. "Inferred Resources" have a
great amount of uncertainty as to their existence, and great uncertainty
as to their economic and legal feasibility. It cannot be assumed that
all or any part of an inferred resource will ever be upgraded to a
higher category. Under Canadian rules, estimates of Inferred Resources
may not form the basis of feasibility or other economic studies. U.S.
investors are cautioned not to assume that all or any part of Measured
or Indicated Resources will ever be converted into reserves. U.S.
investors are also cautioned not to assume that all or any part of an
Inferred Mineral Resource exists, or is economically or legally mineable.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Elgin Resources Inc.
    Mr. Ian Rozier, M.Sc., P. Eng.
    President
    (604) 685-6851
    (604) 685-6493 (FAX)
    info@elginresources.com
    www.elginresources.com
    or
    Jonpol Explorations Ltd.
    Mr. Gordon Keep
    President
    (604) 609-6110
    (604) 609-6145 (FAX)
    or
    Vanguard Shareholder Solutions
    (604) 608-0824 or Toll Free: 1-866-358-0824