Platinum exploration group South African Resources (SAR) says it has secured shareholder investment that will allow it to develop its operations.

The AIM-listed mineral exploration outfit said that institutional investor Fidelity had bought 44,075,000 ordinary shares, or 13.3 per cent of the company's issued share capital.

SAR chief executive Roy Pitchford said that the deal marked a significant landmark in the development of the company's projects.

"Fidelity is one of the leading North American institutional investors. Their stake has enhanced our shareholder base and demonstrates support for the company's stated objective of positioning itself as one of the market's premier institutional quality platinum group metal development companies," he commented.

" With the support of Fidelity and other leading institutional investors, we believe the company is well placed, following the completion of a bankable feasibility study, to raise the funding to develop its first pgm mining operation on the Bushveld Igneous Complex in South Africa, and continue its exploration for new mineral deposits in southern Africa."