International Goldfields is partnering Nkwe Platinum and Genorah at two projects in the Bushveld region of South Africa.

It has upgraded its resource by more than 45 per cent as it aims to become a producer of platinum group metals.

The group is aiming to produce precious metals including rhodium, palladium and platinum.

The resource for two of the seven projects in the southern area of the Nkwe Platinum Tubatse project has increased to 20.4 million ounces.

International Goldfields is earning a 15 per cent stake in three of the southern farms after investing $10 million on exploration.

Meanwhile, Nkwe Platinum has a 74 per cent interest in two of the northern farms and could acquire a further 59 per cent in the southern farms if it takes up its share option.

Reports from the AAP revealed that shares in Nkwe Platinum dropped yesterday (Thursday) along with shares in International Goldfields.



Source:

International Goldfields upgrades resource at platinum project, 03/07/08
http://www.theaustralian.news.com.au/story/0,25197,23963155-5005200,00.html