Mvelaphanda Resources, Northam Platinum and Anglo Platinum have successfully negotiated terms on the various aspects of the Booysendal transaction.

The parties have agreed to increase the project area by 1.3 kilometres and move into Anglo Platinum's Der Brochen project area.

An independent due diligence, commissioned by Northam Platinum, suggested the amendments and an inferred resource for Booysendal of 94 million ounces of platinum, palladium, rhodium and gold was agreed - compared to the 112 million ounces originally agreed.

Glyn Lewis, Chief Executive Officer of Northam Platinum, told Mining Weekly: "The inclusion of Booysendal Extension into the project area adds 1.3 km of strike to the project area, taking the total strike length to 14.5 km.

"Having completed detailed work on the orebody, the company now has an increased level of confidence in our planning for the project," he added.

An agreement in principle has been decided on key assets and services including power, water, sites for dams and access to the area.

Pine Pienaar, the Chief Executive Officer of Mvela Resources, said: "Having agreed on these essential items, Mvela Resources will be able to move steadily towards concluding the transaction and bringing Booysendal to account."

Source:

BEE negotiations end in handshake, 11/04/08

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