SOURCE: Southern African Resources PLC

April 07, 2005 08:46 ET

Southern African Resources PLC - Proposed Name Change

London -- (MARKET WIRE) -- April 7, 2005 --Southern African Resources Plc Ticker: SFU Index: AIM Sector: Exploration


London, 7 April 2005 - London-listed platinum exploration and development company Southern African Resources (SAR) has announced that it intends to change its name to African Platinum (Afplats).

Chief executive Roy Pitchford said the change, which is still subject to shareholder approval, was designed to give the company a more clearly descriptive identity ahead of its planned secondary listing on the American Stock Exchange, the purpose of which is to facilitate further investment by North American investors. SAR will call an extraordinary general meeting of shareholders in order to put the necessary resolution to shareholders.

"Given our exclusive focus on platinum group metals, and our corporate strategy that seeks to build the premier pan-African platinum investment opportunity, we felt that our existing name was too generic to support our expanding corporate marketing effort. 'African Platinum', on the other hand, states the nature of our business explicitly," he said.

SAR was listed on the AIM market of the London Stock Exchange in 2002. The company is well-capitalised with cash resources of approximately US$30 million and no debt. Its flagship project is Leeuwkop on the Western Limb of South Africa's Bushveld Complex, the world's premier platinum region. The current inferred resource is 50 million ounces of 4E (the three platinum group metals plus gold), of which 8 million ounces is indicated, and the company's objective is to exceed 100 million ounces 4E under its control on the Bushveld. The Leeuwkop scoping study, in its first phase, envisages a 300 000 ounce 4E per year mining and concentrating operation and is being incorporated into a strategy that would encompass multiple mines on its property holdings as it develops into the premier, institutional-quality platinum exploration and development company. In addition, SAR holds exploration rights over prospective platinum group metals targets in countries neighbouring South Africa.

Earlier this week SAR confirmed that it was seeking a secondary listing on the American Stock Exchange (AMEX). Pitchford said the company had filed for an AMEX listing with the US Securities Exchange Commission and expected to complete the process by the middle of this year. He said the listing was designed to facilitate further investment by US investors, who already account for the bulk of its shareholder base. Major current shareholders include Fidelity Investments, US Global, Royce & Associates, Rubicon Master Fund, Tocqueville Gold Fund and North Sound Capital.


Chief Executive - Roy Pitchford
+27 82 419 2581 or
+44 779 390 9985

Investor & Media Relations - Kathy du Plessis

+27 11 728 4701
+27 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 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
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