Canadian mining company Platmin has increased its attributable indicated resources of platinum group metals (pgms) and gold minerals for the UG2 chromitite layer at its Grootboom operation by 165 per cent.

The firm also confirmed that it has added new inferred mineral resources of 0.39 million tonnes with precious metals of 2.6 million ounces from the Merensky Reef.

Ian Watson, Chief Executive Officer at Platmin, said: "We are pleased that our exploration efforts have increased the total indicated mineral resources of the Grootboom project to 2.6 million ounces, which highlights the significance of the project and justifies us advancing towards a feasibility study on this project."

News of the latest projections from Platmin follows the company announcing that it anticipates that its Pilanesburg project will deliver 250,000 oz of  platinum, palladium, rhodium and gold in concentrate during the first 11 years of its operation.

Due to open in 2009, the mine is expected to have a lifespan of 16 years, Platmin predicted.

Platmin is currently conducting exploratory operations at two other locations which host pgms at Phatele and Loksop on the Bushveld complex.

Sources:

Platmin lifts resources at SA platinum prospect, 25/07/07
http://www.miningweekly.co.za/article.php?a_id=113392

Platmin increases Grootboom Project attributable Indicated Mineral Resources by 165%, 24/07/07
http://www.newswire.ca/en/releases/archive/July2007/24/c8727.html


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