Wesizwe’s core project is the Frischgewaagd-Ledig Complex of the Pilansberg Project.

Location: Western limb of the Bushveld Complex. The properties are situated near Rustenburg and are southwest of the Pilanesberg Game Reserve and Sun City, referred to as the Pilanesberg Project.
Farms: The remaining portions of the farms Frischgewaagd 96JQ, Ledig 909JQ, Mimosa 81JQ and Zandrivierspoort 210JP, which total 4 676 hectares. Frischgewaagd 96JQ and Styldrift comprise the BRPM joint venture project between the Royal Bafokeng Nation and Anglo Platinum Limited.
Core focus: Portions 1, 3, 4 and 11 of Frischgewaagd 96JQ, and portions 3, 4, 6 and 7 and the remaining extent of the farm Ledig 909JQ. These farms are referred to as the Frischgewaagd-Ledig Complex of the Pilanesberg Project.
Reefs: Merensky and UG2 Reefs of the Bushveld Complex.
Mineral rights: New order prospecting rights for the farms have been granted in terms of the Mineral and Petroleum Resources Development Act No. 28 of 2002.
Metres drilled: 172 425 metres in total since October 2004.
Boreholes drilled: 179 in total since October 2004.
Deflections drilled: 439 in total since October 2004.

Resource summary

The latest results from the September 2009 Competent Person’s Report show that 10% of total resources can now be classified as Measured and 63,6% as Indicated based on contained PGE(4) ounces. Total PGE (4) ounces are 13,261 million ounces. Wesizwe’s attributable Measured, Indicated and Inferred resources total 9,876 million ounces.

Mineral resource estimates

All the independent mineral resource estimates have been prepared in accordance with the SAMREC Code (2007) and have been substantiated by evidence obtained from site visits and observations. They are supported by details of drilling results, analyses and other evidence and they take account of all relevant information supplied by the Wesizwe Directors and management. The Mineral Resource update was prepared by The Mineral Corporation and the Mineral Resources are signed off according to the SAMREC Code (2007) by Mr David Young, a Director of The Mineral Corporation. Mr Young’s qualifications are BSc (Hons), FGSSA, FAusIMM, Pr Sci Nat and his business address is Homestead Office Park, 65 Homestead Avenue, Bryanston 2021.

Exploration programme

The exploration properties are located within the Bushveld Complex immediately to the south of the intrusive Pilanesberg Complex. The well-known Merensky and UG2 Reefs have been intersected by drillhole cores which have been sampled in a methodical and acceptable manner consistent with SAMREC requirements.

By the end of May 2008, Wesizwe had finalised its exploration programme for the Core Frischgewaagd-Ledig Complex. The focus of the exploration programme during 2007 and early 2008 was on upgrading the PGE(4) resource inventory from Inferred to Indicated, and Indicated to Measured rather than an increase in PGM ounces. The reason for this is that the results of the Prefeasibility Study (PFS) had shown that Wesizwe had the resources to sustain a 25 year Life of Mine (LOM), and the project had already delivered almost double the original targets of tonnage and ounces for the Frischgewaagd-Ledig Complex of the Pilanesberg Project.

The project now has over 100% of the original target of 6,46 million ounces set in January 2005 in the Indicated and Measured categories (9,787 million ounces) with a total delivery of 13,260 million ounces. Of this, 9,876 million ounces are attributable to Wesizwe, which will become effective on the conclusion of the acquisition of the 37% participation interest and mineral rights from Anglo Platinum. In addition, the exploration programme has yielded a total tonnage of 79 million tonnes against an initial target of 47 million tonnes.

The September 2009 results confirm 1,35 million ounces in the Measured category, 8,436 million ounces in Indicated and 3,473 million ounces in Inferred to give a Total Mineral Resource of 13,260 million ounces. The PGE(4) breakdown was 8,323 million ounces for platinum, 3,673 million ounces for palladium, 0,974 million ounces for rhodium and 0,289 million ounces for gold. Tonnage for copper and nickel were 0,029 million tonnes and 0,158 million tonnes respectively.

The results to January 2009 of the now completed exploration campaign have been employed in conjunction with the geological data reported in the September 2009 Competent Person’s Report to estimate Mineral Resources. The geological facies models of the Merensky and UG2 Reefs provided in the November 2005 Competent Person’s Report have been identified and modelled separately. The updated reef type boundaries for the Merensky Reef and UG2 Reef are contained in Figure 1 and Figure 2 respectively.

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Figure 1: Merensky Reef type distribution and mineral resource classification polygons

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Figure 2: UG2 Reef mineral resource classification polygon