SOURCE: African Platinum PLC

November 28, 2005 04:03 ET

African Platinum PLC announce Shaft Sinkers appointed

London -- (MARKET WIRE) -- November 28, 2005 --

African Platinum plc
Ticker: APP
Index: AIM
Sector: Exploration


San Francisco, 28 November 2005 - AIM-listed platinum exploration and development company African Platinum plc (Afplats) is pleased to announce that it has appointed Shaft Sinkers (Pty) Limited as the preferred tenderer for the design and construction of the twin- shaft system and critical underground development works for its proposed Leeuwkop Phase 1 development.

Shaft Sinkers is a leading international operator in this field, involved in both vertical and incline shaft sinking since its inception in 1961. The company holds the ISO 9001/2000, 14001 and 18001 quality certifications and has been awarded the South African Chamber of Mines' 5-Star safety rating. Shaft Sinkers recently completed several shafts in the immediate vicinity of Leeuwkop at similar depths and is currently sinking the largest shaft complex for a platinum mine in South Africa.

Afplats chief executive Roy Pitchford said the appointment of Shaft Sinkers was another significant step forward in the development of the Leeuwkop project.

"The pre-feasibility study indicates that this portion of the total twin-shaft infrastructure and access development constitutes more than 30% of the estimated capital required to develop Phase 1 of the Leeuwkop project. Therefore, having one of the most successful and highly experienced contractors in the mining industry appointed to the team undertaking the largest capital work item is a significant advance. Furthermore, as the rapid accessing of the orebody is critical to the development of the mine Afplats now believes with a high degree of confidence that the targets it has set will be achieved," Pitchford said.

Afplats has already spent some ZAR112 million on proving the 53 million ounce Leeuwkop resource base (including 5 million measured, 9 million indicated plus 39 million inferred) but according to results from the step-out exploration programme on Imbasa and Inkosi, Afplats could double this over time. The pre-feasibility study envisages a 300 000 ounce per year mining and concentrating operation with a mine life in excess of 20 years. The estimated capital required for the project will be some ZAR1.9 billion.

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, +27 (0)83 266 5847 (Mobile) or

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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