African Platinum has revealed its preliminary results for the year ended March 31st 2005.

The exploration and development firm, which was known as Southern African Resources until this year, announced that it expects to see an overall loss for the financial year of 54 pence per share, greater than its loss of 27 pence per share the previous year.

African Platinum blamed the continued fall on the company's furthering of its exploration programme and the group's continuing operations.

The firm also referred to the positive pre-feasibility study received it received earlier in the year on its flagship Leeuwkop project, suggesting that the company may see an improvement on its profits over the coming year.

The report on Leeuwkop in June revealed that the project is "one of the most attractive development opportunities in the world's prime platinum region", according to African Platinum.

African Platinum is also confident that its continued research and exploration will ensure it achieves its aim of owning a 100 million ounce pgm resource base.

Welcoming the preliminary results, non-executive chairman Charles Hansard commented: "In the past year Afplats has taken great strides forward – it has undergone a transformation from an entrepreneurial entity into an asset-rich investment vehicle."


Ÿ Adfero Ltd