AQUARIUS PLATINUM LIMITED - Statement re Everest Platinum Mine Update
Symbols:
AQPBF
Nov 19, 2009 (PR Newswire Europe via COMTEX) --
AQPBF | Quote | Chart | News | PowerRating -- e>AQUARIUS PLATINUM LIMITED
19 November 2009
Everest Platinum Mine Update:
Phase 2 of the re-establishment project commences
Aquarius Platinum Limited (Aquarius) is pleased to announce that Phase 2 of the
re-establishment project at Everest Platinum Mine has commenced. Phase 2
includes the establishment of all underground and surface infrastructure
required for a resumption of operations.
Aquarius has been committed to bring the Everest mine to a state of readiness
to resume production and this position has more recently been supported by the
improvement in the current market conditions, which have seen the PGM basket
price for AQP's South African operations increase from R 7,763 per 4E oz as at
end September 2009 to current levels above R9,000 per 4E oz. It is therefore
now envisaged that the mine will restart immediately following the completion
of the re- establishment project.
Phase 1 of the project is currently ahead of schedule, and this early approval
of Phase 2 will enable a parallel implementation, reducing the remaining
project timeframe to nine months of this date. This will enable Everest to be
in a position to resume milling operations in the latter part of the first
quarter of next financial year. The capital expenditure for Phase 1 and 2
remains at R 259 million (as previously disclosed).
Aquarius announced the temporary suspension of the Everest Mine resulting from
a subsidence event in December 2008. Re-establishment of the mine commenced in
June 2009, with Phase 1 of the re-establishment project focusing on the
excavation of the North and South boxcuts and the initial development of the
new declines.
For further information please visit www.aquariusplatinum.com or contact:
In Australia:
Willi Boehm
+61 (0)8 9367 5211
In the United Kingdom:
Stuart Murray
+ 27 (0) 11 656 1140
In South Africa:
Charmane Russell
+27 (0) 11 880 3924
Registered Office
Clarendon House, 2 Church Street, Hamilton HMCX, Bermuda
E-mail: info@aquariusplatinum.com
Tel: +61 8 9367 5211
END
AQPBF | Quote | Chart | News | PowerRating -- e>AQUARIUS PLATINUM LIMITED
19 November 2009
Everest Platinum Mine Update:
Phase 2 of the re-establishment project commences
Aquarius Platinum Limited (Aquarius) is pleased to announce that Phase 2 of the
re-establishment project at Everest Platinum Mine has commenced. Phase 2
includes the establishment of all underground and surface infrastructure
required for a resumption of operations.
Aquarius has been committed to bring the Everest mine to a state of readiness
to resume production and this position has more recently been supported by the
improvement in the current market conditions, which have seen the PGM basket
price for AQP's South African operations increase from R 7,763 per 4E oz as at
end September 2009 to current levels above R9,000 per 4E oz. It is therefore
now envisaged that the mine will restart immediately following the completion
of the re- establishment project.
Phase 1 of the project is currently ahead of schedule, and this early approval
of Phase 2 will enable a parallel implementation, reducing the remaining
project timeframe to nine months of this date. This will enable Everest to be
in a position to resume milling operations in the latter part of the first
quarter of next financial year. The capital expenditure for Phase 1 and 2
remains at R 259 million (as previously disclosed).
Aquarius announced the temporary suspension of the Everest Mine resulting from
a subsidence event in December 2008. Re-establishment of the mine commenced in
June 2009, with Phase 1 of the re-establishment project focusing on the
excavation of the North and South boxcuts and the initial development of the
new declines.
For further information please visit www.aquariusplatinum.com or contact:
In Australia:
Willi Boehm
+61 (0)8 9367 5211
In the United Kingdom:
Stuart Murray
+ 27 (0) 11 656 1140
In South Africa:
Charmane Russell
+27 (0) 11 880 3924
Registered Office
Clarendon House, 2 Church Street, Hamilton HMCX, Bermuda
E-mail: info@aquariusplatinum.com
Tel: +61 8 9367 5211
END
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