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The Grootfonteinberg Project, which encompasses parts of the farms Little Joker, Ceylon, Lisbon and Grootfonteinberg located in the vicinity of the towns of Pilgrim’s Rest, Graskop and Sabie, is covered by a single prospecting right, with the principal target being that part of Grootfonteinberg immediately adjacent to the historical TGME Beta mine now held by Simmer & Jack. The rights cover prospective gold mineralisation areas in the Transvaal Drakensberg Goldfield.

In the period under review additional mapping and compilation of plans and models have been completed with this culminating in the award of a drilling tender and the start of drilling in March 2009.

Exploration in the coming year is focused on the completion of the reconnaissance drilling programme on Grootfonteinberg (approximately three to five boreholes), completion of geophysical data acquisition over Grootfonteinberg, and the reconnaissance and appraisal of the parts of Lisbon, Ceylon and Little Joker also covered by the prospecting right.

Data collected to date for the three projects is sufficient to publish the following exploration targets:

• between 0.37 and 16.24 million ounces of 4E PGE (Pt, Pd, Rh, Au) for the Berg Project where prospecting rights were previously issued with a further potential exploration target of between 1.29 and 30.77 million ounces 4E PGE on the farm Draaikraal where prospecting rights have recently been granted; for a total potential target of between 1.67 and 47.01 million ounces;
• between 0.59 and 2.48 million ounces of 4E PGE on the Liger Project; and
• between 0.04 and 3.43 million ounces of gold on the farm Grootfonteinberg 561KT.

Additional work needs to be completed on all three projects to convert targets into Mineral Resources within the next 12 to 24 months. The total exploration budget for (excluding project extensions, new projects and corporate costs) the completion of phases 1 and 2 for the period to the end of first quarter 2010 is estimated at approximately R94.8 million.

Platfields has adequate funding in place to continue with its exploration programmes for at least the completion of the first phases. The exploration budget is tabulated below: