Sylvania Resources has announced that platinum production reached 4,802 oz for the first quarter to March - a 34 per cent increase.

The firm also said that it was targeting yearly production of 70,000 oz by 2010.

Near-surface, hard rock explorations on the Bushveld Complex combined with a portfolio of surface tailings and retreatment operations make the firm a low-risk, low-cost and high-margin opportunity, according to its Chief Executive Officer.

Terry McConnachie believes Sylvania Resources is positioned favourably and will achieve its targets.

The Sylvania Dump Operations (SDO), which is 74 per cent owned by Sylvania, contributed to the strong performance.

It constructs and operates plants at various Samancor sites retaining recovered platinum group metals and returning any chrome to Samancor.

The firm also announced profits were 146 per cent higher reflecting the increase in production as well as good prices of precious metals.



Source:

Platinum junior targets 70 000 oz by 2010, 14/05/08
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