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27 November 2009 25 November 2009 31 March 2009
HIGHLIGHTS Further strategic positioning achieved through a value accretive deal between Wesizwe Platinum Limited (Wesizwe), Anglo Platinum Limited (Anglo Platinum) and Platinum Group Metals (RSA) (Proprietary) Limited (PTM), giving Wesizwe 100% control of its Core Project and welcoming Anglo Platinum as a 26% shareholder on the effective date of the transaction. The Core Project is technically and economically sound and Wesizwe remains financially strong with R244 million cash on hand at the date of this report. Contractors are mobilised and ready to commence construction, in line with Wesizwe’s reviewed staged approach, as detailed in November 2008. Long lead items for electricity and bulk water supply, winders and shaft sinking equipment have been secured. Market volatility during the course of 2008 prompted an internal review of the March 2008 Bankable Feasibility Study. The first review confirms the viability and strength of the Core Project at the peak cost levels prevailing up to September 2008 and the second, to be completed at the end of April 2009, is in progress and will assess the implications of post-September 2008 declines in key Capex and Opex inputs. The results of this review are expected to be released in early May 2009 and will inform strategic decision and next steps. The process of the various statutory permissions to commence mining activities was progressed during the year and will be concluded shortly. Wesizwe Platinum Limited is single minded in its objective to be one of the pre-eminent broad-based black mining companies in South Africa. Wesizwe’s greatest strengths lie in its high quality resource, excellent management skills, and its rapid progression towards construction and commissioning. 3D geoseismic survey image of Wez flat lying reef
Wesizwe’s first successful project is the creation of a core asset and a value card in its exploration and resource development of the Frischgewaagd-Ledig Complex of its Pilanesberg Project. In addition to these properties, the company has two as-yet unexplored nearby properties at Mimosa and Zandrivierspoort and a portfolio of other properties elsewhere in the Bushveld. Wesizwe released the positive results of its Bankable Feasibility Study (BFS) for the Frischgewaagd-Ledig Complex in March 2008. The recommendation from the BFS was to proceed with the implementation phase and capital construction is scheduled to commence in the third quarter 2008. The financial results of the study confirm that the project is commercially viable with an Internal Rate of Return (IRR) of 18% and a Net Present Value (NPV) of R9,5 billion. All third party reviews by independent consultants confirm that there are no major technical risks with the proposed designs. Mining layout allows flexibility to overcome possible unforeseen and difficult geological conditions. Metallurgical test work has also shown that the project is feasible and that the proposed plant design should achieve the planned production performance. Confirmation of the detailed metallurgical operating parameters will be obtained once mining commences and bulk ore samples are made available for further metallurgical test work. By December 2008, an accelerated drilling programme on the properties located on the Western Limb of the world-renowned Bushveld Igneous Complex (the Bushveld) had yielded highly positive results. Within 36 months of the commencement of its operations, Wesizwe had established a total Measured, Indicated and Inferred resource of 13,491 PGE(4) million ounces of which 10,278 are attributable to Wesizwe. Total resource tonnage is now 81 million tons. A 3D geoseismics study to further confirm the structural geology was commissioned in June 2007 and completed a week ahead of schedule on 23 August 2007. The interpretation of field processed data for the 3D geoseismics study was delivered at the end of November 2007 and the results confirmed the integrity of the project’s structural geology. The quality of data received was of an exceptionally high quality and the data was incorporated into the BFS. Wesizwe’s strategy is to develop its current project as a value card with which it will grow the company by leveraging this into significant M&A opportunities which have been identified and are being explored. Along with the acquisition of new prospecting rights, this dual growth strategy is directed towards the development of a credible, sustainable, South African black-empowered resources company. Wesizwe listed on the JSE Limited in December 2005 and trades under the JSE code WEZ. It was the first platinum exploration company to list on the Johannesburg bourse. |
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