Platmin revealed yesterday (15th July) that the commissioning of the processing plant at its flagship Pilanesberg mine should be completed by the third quarter of 2010.

Construction on the plant started in October 2007 and it is expected to process over five million tonnes of reef ore and 250,000 oz pgm 4E (platinum, palladium, rhodium and gold) per year.

Furthermore, the Canadian junior miner confirmed that it has reduced expenditure on its Mphahlele and Grootboom projects in order to bring Pilanesberg up to full pgm production.

"Platmin will commit sufficient expenditure to these projects to ensure that the new order prospecting and mining rights are preserved," the company said in its fiscal first-quarter results.

"These expenditures will be funded from existing cash on hand and where necessary, additional funding will be raised to fund future exploration and development expenditure."

Platmin has revised the expected cost of developing Pilanesberg to R2.7 billion, having revealed at the end of May that it had already spent R2.33 billion on the project.

The company also announced on Wednesday that it will commence trading on the Johannesburg Stock Exchange on 22nd July after being granted a secondary listing.

Sources:

Junior-miner Platmin to list on JSE next week (15/07/09)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MAY 31, 2009 (15/07/09)

Ÿ Adfero Ltd