Sylvania Resources has announced that it will be disposing its interests in the Aurora, Harriet's Wish and Cracouw exploration projects to Great Australian Resource Limited (GAU).

Under the terms of the agreement, Sylvania - which has a 13.8 per cent interest in GAU - will retain an option to acquire a 71 per cent stake in the projects upon their completion.

Commenting on the deal, Sylvania Managing Director Terry McConnachie said: "This effective transfer of assets from Sylvania to GAU in exchange for new equity in GAU is in line with Sylvania's original stated objective of increasing its stake in GAU to a meaningful percentage and then to support GAU as Sylvania's preferred exploration partner."

http://www.sylvaniaresources.com/pdf-SLVDisposalofProjectstoGAU271008.pdf

Meanwhile, Canadian firm Hinterland Metals has moved to reassure its stakeholders that it is "still focused on building a long-term profitable business", despite the current depressed market conditions.

Most of the company's exploration resources have been dedicated to the Ebay platinum and palladium property near Matagami, in Quebec, since June 2006, and it has posted positive drilling results in November 2006, March 2007 and February 2008.

It confirmed that it has around $650,000 of unrestricted working capital and that its portfolio of exploration properties will not require additional investment for at least the next four years.

http://www.marketwatch.com/news/story/Hinterland-Corporate-Update/story.aspx?guid=%7bCF14671E-F4BD-443D-8DAD-6B939FB4A513%7d

Jubilee Platinum and private firm Benhaus have announced a joint deal which will make a significant contribution to the planned development of the former's $500 million prime platinum project, Tjate.

Jubilee will be using the deal to extract additional cashflow to complement its cash reserves of $28 million which have been earmarked for the project on the eastern limb of South Africa's Bushveld Complex.

Chief Executive Officer Colin Bird said: "The partnership will allow the joint venture to fast-track the exploitation of a number of short-term production opportunities in both opencast mining and tailings re-treatment."

Mr Bird also confirmed that the deal brings together chrome and PGM rights of both parties on the Elandsdrift and Bokfontein farms on the western limb of the complex.

Tjate has an inferred resource of 65 million ounces of PGMs and gold and Jubilee claimed last year that it should eventually be able to produce 300,000 oz PGM 4E per year.

http://www.mineweb.co.za/mineweb/view/mineweb/en/page35?oid=72241&sn=Detail

Russia's position in the global platinum market looks set to improve after it was confirmed that it has begun developing major new deposits for the first time since the era of the former Soviet Union.

Although market leader Norilsk Nickel is unlikely to be challenged, UralPlatinum Holding has claimed that there are 250 tonnes of reserves at the Kievei field on the Kola peninsula in the north of the country.

Leading Australian natural resources company BHP attempted to develop the field over ten years ago, but its plans were curtailed by the financial crisis in Russia.

In addition, Canadian miner Barrick Gold confirmed recently that it has found reserves at a nearby deposit of a similar size, so a joint exploration adventure between the two companies is now a possibility.

Malaya Pana, a subsidiary of UralPlatinumHolding, has invested $8 million in the project since acquiring its license in 2004, but another $30 million will be required to complete prospecting at the deposit.