A competent person’s report (CPR) has reportedly sparked investor interest in empowered precious metals explorer Platfields - but CEO Bongani Mbindwane is remaining tight-lipped on new CPR-induced developments until next month's annual general meeting (AGM).
"At this stage, I can only divulge that Platfields foresees exciting times ahead, and it holds great future prospects for our shareholders," Mbindwane tells Mining Weekly ahead of the February 8 AGM.
AngloGold Ashanti deputy chairperson and Teba CEO Dr James Motlatsi, Sheldon Erasmus and Mbindwane have bought R40-million worth of shares in Platfields, which has raised black economic empowerment component to 29%.
The CPR was implemented to test the market before embarking on a medium-term strategy of listing the company on the JSE or an international exchange.
Evidence of a substantial resource base is believed to have triggered the "excitement".
A resource base of six million ounces has reportedly been established at Platfields' Berg project. Applications for more prospecting rights have been lodged for the surrounding farms of Mapochsgronde and Draaikraal, which indicate a further potential of up to 118-million ounces, leading up to a total target of 125-million ounces in that area.
A further 1,3-million ounces at Platfields' Leeuwkop project means a PGMs target of 126, 362 943-ounces. Platfields has also increased its stake in the project from 16,5% to 35%.
Grootfonteinberg has an exploration target of 2,2-million ounces of high-grade gold.
The Berg project - which straddles farms in Belfast and Middelburg, between Dullstroom, Roosenekal and Lydenburg -contains both Merensky reef and upper group two reef.
Motlatsi believes that Platfields will become a major force in local platinum exploration.
Bongani Mbindwane
Chief Executive
E-mail: bongani@platfields.co.za
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