SOURCE: African Platinum PLC

May 31, 2005 05:38 ET

African Platinum PLC - Gears up for US Listing

London -- (MARKET WIRE) -- May 31, 2005 --

African Platinum plc (formerly Southern African Resources Plc)
Ticker: APP (formerly SFU)
Index:  AIM
Sector: Exploration


London, 31 May 2005 - AIM-listed platinum exploration development company African Platinum (formerly Southern African Resources*) announced today that it had appointed KPMG Audit Plc as its auditors in preparation for its planned secondary listing on the American Stock Exchange. The US listing is designed to facilitate further investment by North American investors.

Afplats now expects to publish its audited abridged results for the year to 31 March 2004 in the course of August, and its annual financial statements will be published in September.

Afplats today also announced the appointment of Evolution Securities as its nominated advisor and sponsoring broker with immediate effect.

Meanwhile, the pre-feasibility study on Afplats's flagship Leeuwkop project in the Western limb of the South African Bushveld Complex is due to be published shortly. The current mineral resource is 50 million ounces 4E (the three platinum group metals plus gold) including 8 million ounces in the indicated category, and the company's objective is to build a resource base exceeding 100 million ounces 4E in the greater Leeuwkop/Imbasa/Inkosi project area. The Leeuwkop scoping study envisages a 300 000 ounce 4E per year mining and concentrating operation as the first phase of a project that will eventually encompass multiple mines on the property. Afplats also holds exploration rights over prospective platinum group metals targets in countries neighbouring South Africa.


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)  or

Website: or

*NOTE ON AFPLATS: On 25 May 2005, Shareholders of Southern African Resources Plc approved a proposal to change the company's name to African Platinum plc - Afplats for short - which was registered with the Registrar of Companies with immediate effect. The company's AIM trading symbol changed from SFU to APP with effect from 26 May 2005. The name change was designed to give the company a more clearly descriptive identity ahead of its planned secondary listing on the American Stock Exchange. "Given our exclusive focus on platinum group metals and our goal of building the premier pan-African platinum investment opportunity, we felt our old name was too generic to support our expanding corporate marketing campaign. 'African Platinum' on the other hand states the nature of our business explicitly," CEO Roy Pitchford said.

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 Southern African Resources 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.

                      This information is provided by RNS
            The company news service from the London Stock Exchange